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Confirmed with U.S. trade talks to be based on September statement: Japan economy minister

FILE PHOTO: Japan's Minister of Economic Revitalization Toshimitsu Motegi speaks during the signing agreement ceremony for the Trans-Pacific Partnership (TPP) trade deal, in Santiago
FILE PHOTO: Japan's Minister of Economic Revitalization Toshimitsu Motegi speaks during the signing agreement ceremony for the Trans-Pacific Partnership (TPP) trade deal, in Santiago, Chile March 8, 2018. REUTERS/Rodrigo Garrido/File Photo

April 16, 2019

WASHINGTON (Reuters) – Japanese Economy Minister Toshimitsu Motegi said on Monday that he had confirmed with U.S. Trade Representative Robert Lighthizer that new bilateral trade talks would proceed based on the two nations’ joint statement issued last September.

Speaking to reporters in Washington, D.C., Motegi said he had a “frank and good exchange” with Lighthizer. The two would meet again on Tuesday, after which Motegi said he would explain the contents of their talks.

(Reporting by David Lawder in Washington, writing by Kaori Kaneko in Tokyo; Editing by Chang-Ran Kim)

Source: OANN

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Egyptians vote for second day on constitutional changes

Man has his finger stained with ink during the second day of the referendum on draft constitutional amendments, at a polling station in Cairo
A man has his finger stained with ink during the second day of the referendum on draft constitutional amendments, at a polling station in Cairo, Egypt April 21, 2019. REUTERS/Amr Abdallah Dalsh

April 21, 2019

CAIRO (Reuters) – Egyptians voted on Sunday for a second day on whether to back constitutional amendments that could see President Abdel Fattah al-Sisi stay in power until 2030.

The three-day referendum was called last week, a day after Egypt’s 596-member parliament endorsed the draft amendments by 531 to 22.

If approved, the amendments would extend Sisi’s current term to six years from four and allow him to run again for a third six-year term in 2024.

They would also grant the president control over appointing head judges and the public prosecutor from a pool of candidates, and give Egypt’s powerful military the role of protecting “the constitution and democracy”.

Sisi’s supporters say he has stabilized Egypt since becoming president in 2014, but needs more time to pursue development projects. Critics say the changes are anti-democratic and designed to tighten his grip on power.

Some 61 million of Egypt’s nearly 100 million population are eligible to vote. The result is expected within five days of the final day of voting.

(Reporting by Cairo bureau; Writing by Aidan Lewis; Editing by Mark Potter)

Source: OANN

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Rural Danish town of 7,000 to build Western Europe’s tallest skyscraper

A plan to build Western Europe’s tallest skyscraper in a rural Danish town of just 7,000 people has been given a green light by officials who welcome the over-the-top tower.

Bestseller, a European fashion clothing company, has been mulling the idea to build the skyscraper in Brande for years, designing plans for the building with a projected height of about 1,050 feet, beating the current tallest tower – London’s Shard tower – by about 34 feet.

WATCH: CHINESE SKYSCRAPER BOASTS 350-FOOT WATERFALL STREAMING DOWN ITS SIDE

“It will undoubtedly be of the greatest significance for the city of Brande, but I do not doubt it will affect the whole of Central Jutland,” Ib Lauritsen, the mayor of Ikast-Brande, told Danish broadcaster DR.

The retailer picked the town of Brande because that's where Bestseller was founded back in 1975 before attracting international success, making Anders Holch Povlsen, the owner, the richest man in Denmark.

“It will be a landmark that places Brande on the map."

— Anders Krogh Vogdrup, head of constructions for Bestseller

“It will be a landmark that places Brande on the map,” Anders Krogh Vogdrup, head of constructions for Bestseller, said after the town’s council approved the project last month, the Guardian reported. “For more than 30 years, we have been very happy to have our home in Brande, and we feel we are a natural part of the local community."

LEANING TOWER OF PHILLY? FOUNDING FATHERS' CHURCH GETS GRANT

The mayor said none of the town officials raised any concerns about the enormous tower, while the public appears to be in favor of the plans.

Still, the support isn’t unanimous. Danish satirical newspaper Rokokoposten mocked the plans to build the record-shattering tower, comparing it to the Tower of Sauron from The Lord of the Rings.

“Such a big building will make the world claustrophobically small. Why do I have to be reminded of Bestseller when I’m walking by myself in a quiet wood?”

— Trine Kammer

There’s some more serious opposition, too. Trine Kammer, an architect, told the newspaper that the media is ignoring the voices who oppose the project.

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“People in Brande are so afraid to criticize Bestseller. It’s like a religion or something,” she said, warning that the tower will destroy the landscape. “Such a big building will make the world claustrophobically small. Why do I have to be reminded of Bestseller when I’m walking by myself in a quiet wood?”

Source: Fox News World

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Ivanka Trump Called Samantha Bee a Feckless C ***!? WAIT we got that Backwards …

Is Samantha Bee a Feckless C? Watch the latest video at foxnews.com So just a few days after Roseanne lost her TV SHOW it seems our first test at a Double Standard is upon us. TBS host Samantha Bee labeled First Daughter Ivanka Trump a “feckless cunt” on her show, then later apologized for using the […]

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Shock at arrest of deputy’s son in black church fires

No known criminal record. No known history of violence. One friend called him an introverted animal lover. Another said he was a "very sweet guy" with a racially diverse group of friends.

But 21-year-old Holden Matthews is now the lone suspect in the torching of three African American churches in and around Opelousas, Louisiana.

The arrest of the son of a local sheriff's deputy shocked two friends who spoke to The Associated Press.

Meanwhile, pastors of the churches expressed relief that the mystery had apparently been solved.

___

McGill reported from New Orleans and Opelousas. Associated Press writers Stacey Plaisance in Opelousas, and Michael Kunzelman in College Park, Maryland, contributed to this report.

Source: Fox News National

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Erdogan’s election setback dents hopes for big reforms in Turkey

FILE PHOTO: People walk past by AK Party billboards with pictures of Turkish President Tayyip Erdogan and mayoral candidate Binali Yildirim in Istanbul
FILE PHOTO: People walk past by AK Party billboards with pictures of Turkish President Tayyip Erdogan and mayoral candidate Binali Yildirim in Istanbul, Turkey, April 1, 2019. REUTERS/Murad Sezer/File Photo

April 8, 2019

By Ali Kucukgocmen and Jonathan Spicer

ISTANBUL (Reuters) – President Tayyip Erdogan’s losses in local elections have dented investors’ hopes that Turkey will adopt painful reforms they say are needed to stabilize the economy as he moves to shore up his political base.

Erdogan’s Islamist-rooted AK Party (AKP), in power nationally since 2002, lost control of the capital Ankara and the business hub Istanbul in the March 31 polls, initial results showed. The AKP has demanded recounts in both cities.

Turkish Finance Minister Berat Albayrak, who is Erdogan’s son-in-law, is expected this week to announce to jittery foreign investors the structural reforms he hopes will revive an economy plagued by high inflation and a fragile currency. State-owned Anadolu news agency said the announcement would be on Wednesday.

After a currency crisis last year that saw the lira lose nearly 30 percent of its value, economists say Turkey needs to make long-term commitments to increase exports, relieve debt-laden companies and free up the central bank to do its job.

Erdogan, who campaigned hard ahead of the vote, said on election night the AKP would now refocus on the economy.

But many analysts are skeptical about the chances for a comprehensive reform plan, especially after the elections, and fear the AKP will opt instead for short-term stimulus measures that fail to tackle, and may even exacerbate, deeper weaknesses.

“The AKP base want more pro-growth measures, they want more fiscal measures, they want lower inflation. It is exactly what they (the AKP) did before the elections and it will have to continue if (Erdogan) wants to remain popular,” said Guillaume Tresca, senior emerging markets strategist at Credit Agricole.

“I would not expect concrete reforms, it will be just words.”

BOOM AND BUST

At the heart of Turkey’s economic malaise is years of cheap foreign funding that drove a construction-driven boom. Once the lira collapsed, firms could not pay off debts and that exposed their lenders and employees to default and bankruptcy.

As the economy tipped into recession last year, the lira stabilized and inflation dipped a bit from a 15-year high of 25 percent, offering some relief.

But a series of ad hoc measures have stoked investors’ concerns that Turkey is not fully committed to letting its currency float freely or to allowing the central bank to keep interest rates high – at 24 percent since September – for as long as needed to bring inflation down from 20 percent.

To help hard-pressed Turks this year, the government launched discount fruit and vegetable stands and extended tax cuts on some goods. To tackle a lira meltdown last month, it ordered banks to choke off lira funding to a London foreign-exchange market and tapped into central bank reserves.

“It looks like the Erdogan instinct is to survive,” said Nihat Bulent Gultekin, a former Turkish central bank governor and now a professor at the University of Pennsylvania.

“I don’t think they have any long-term objectives. It would require a constant focus on the economy for an extended period of time.”

HARD TO SWALLOW

Albayrak has given few details of the coming reforms, saying only that they would address a wide range of issues.

The lira has settled down in recent days after its pre-election volatility and analysts say Albayrak’s reforms will help determine whether volatility returns.

“The market expects concrete measures to address economic imbalances accompanied by a specific timetable,” said Piotr Matys, emerging markets forex strategist at Rabobank.

Moody’s said “the credibility and effectiveness” of reforms will be key to Turkey’s credit profile, which the ratings agency downgraded in August. “There is a risk that the government will embark on even more expensive stimulus programs as it begins to recognize the extent of the economic downturn,” it said.

Investors and economists say Ankara needs a plan to recapitalize banks dealing with corporate restructuring and non-performing loans, which could more than double this year.

It should also boost competitive export sectors such as auto and textile manufacturing in order to lower its annual current account deficit, which leaves the economy reliant on speculative foreign inflows, they say.

“We need to provide the right training and the right subsidies to the right sectors,” Selva Demiralp, professor at Istanbul’s Koc University. The reforms would take time and “there will be a price to pay because when the production structure is changing some people will be unemployed,” she said.

That may be hard to swallow for Erdogan and Turks in general who would not welcome a recession that lasts beyond the second half of 2019, when economists currently expect a return to growth. Unemployment has already risen above 13 percent.

Although an unlikely option for Erdogan, who has repeatedly said Turkey does not need the International Monetary Fund, Matys of Rabobank said the reforms should ideally be overseen by the IMF to restore investor confidence.

“A PowerPoint presentation (by Albayrak) with slides claiming that the economy is rebalancing quickly and a few bullet points may not prove sufficient to restore confidence among investors,” he said.

(Reporting by Ali Kucukgocmen and Jonathan Spicer; Additional reporting by Ezgi Erkoyun; Editing by Gareth Jones)

Source: OANN

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Netflix amends bylaws allowing shareholders to nominate board members

FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles
FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo

April 3, 2019

(Reuters) – Netflix Inc said on Wednesday it had made changes to its bylaws that allowed certain shareholders to nominate board members.

The video streaming company said a shareholder, or a group of up to 20 stockholders, owning at least 3 percent of the company’s outstanding shares for at least three years may nominate up to 2 directors.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

Source: OANN

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FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircraft are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas/File Photo

April 26, 2019

By Aditi Shah and Abhirup Roy

NEW DELHI/MUMBAI (Reuters) – The grounding of India’s Jet Airways is turning into a quick windfall and long-term opportunity for international airlines keen to scoop up nearly a million outbound passengers from what was once the nation’s biggest airline.

Jet, which previously had a fleet of around 120 largely Boeing Co planes, was forced to indefinitely halt all flight operations on April 17 after its banks rejected the carrier’s plea for emergency funds.

The carrier’s descent into crisis has benefited international airlines in the form of rising fares and demand, data showed.

Fares from India to cities such as Dubai, London, New York, Singapore and Bali in the first quarter of 2019 rose between 4 percent and 32 percent from a year ago, according to Indian travel portal MakeMyTrip Ltd.

In the peak travel months of May and June, fares to London have spiked as much as 36 percent and tickets to San Francisco are up nearly 20 percent from a year ago, according to data from travel portal Yatra.com.

“For the next three months it’s actually bonanza time for international players,” said Ashish Nainan, a research analyst at CARE Ratings. “At least until the middle of June, the fares are not going to come down.”

Due to rising demand, even before Jet’s lessors grounded planes, carriers such as British Airways, Cathay Pacific Airways Ltd, Singapore Airlines Ltd and United Airlines saw an up to a 27 percent increase in passenger numbers from India in the last quarter of 2018, data from India’s aviation regulator showed. That is the latest period for which the data is available.

India is one of the world’s fastest-growing aviation markets, clocking 15-20 percent domestic growth in recent years. It has long had only two full-service long-haul carriers, state-run Air India and Jet.

Jet is now hoping to be bailed out by a new investor, with final bids due on May 10.

INCREASING CAPACITY

Before its grounding, Jet had the biggest share of India’s outbound international air traffic, carrying 12 percent of the 7.8 million passengers headed overseas in the Oct-Dec quarter, down from 14 percent a year earlier, data from the Directorate General of Civil Aviation showed.

For an interactive graphic on Jet’s market share, click https://tmsnrt.rs/2WvDQYi

For an interactive graphic on average daily flights by the airline, click https://tmsnrt.rs/2FeFDel

The total number of passengers traveling overseas with Jet fell 10 percent during the last quarter of 2018 even as the outbound travel market grew about 5 percent.

Meanwhile, Singapore Airlines posted a 27 percent increase in passengers from India, Cathay registered 17 percent growth and British Airways saw a 10 percent rise in the same period.

Cathay said the events at Jet combined with increasing demand for travel had led it to deploy larger aircraft with more seats on some Indian routes.

“In the long term we would certainly like to be able to offer more capacity into India, not just on our existing routes but by establishing new services to secondary cities,” Cathay said in a statement.

Singapore Airlines, in an email to Reuters, said the Indian market is “very promising” but declined to give details of airfare levels or demand patterns in the wake of Jet’s exit, citing a quiet period before the release of its annual results.

DOMESTIC GAINS

Jet’s grounding has also had a big impact on the domestic market, with inter-city air fares to major cities such as New Delhi, Mumbai, Bengaluru and Kolkata soaring more than 20 percent in May and June, according to Yatra.com.

The spike in fares is expected to underpin strong earnings for IndiGo and SpiceJet Ltd, which are set to report results for the quarter ended March 31 in the coming weeks.

“Domestic Indian carriers are the main benefactors, but I suspect if Jet fails to be revived by May 10 then Vistara and other airlines that ply international routes, particularly the lucrative Gulf market, are the main winners,” said Shukor Yusof, the head of aviation consultancy Endau Analytics. Vistara is a joint venture of India’s Tata Sons and Singapore Airlines.

Inadequate bilateral traffic rights between India and other countries, however, could be an impediment to foreign carriers’ hopes of winning business lost by Jet, some analysts said.

“Even before Jet’s operational shutdown, international capacity was significantly constrained,” said Kapil Kaul, CEO for South Asia of consultancy CAPA. “We have now more serious capacity challenge … this is unlikely to be stabilized in the near term.”

A new national government likely to be in place sometime after elections end in May is expected to address the international capacity constraints, and once bilateral agreements are eased airlines including Emirates, Turkish and Qatar would immediately benefit, said Kaul.

“We would love to add more flights but we are at the limit of the allocation granted to us for traffic rights,” Emirates Chief Commercial Officer Thierry Antinori told reporters in Dubai on Wednesday.

(Additional reporting by Alexander Cornwell in Dubai, Jamie Freed in Singapore and Tanvi Mehta in Mumbai; Editing by Muralikumar Anantharaman)

Source: OANN

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FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The company logo for pharmaceutical company AstraZeneca is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 8, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Pushkala Aripaka and Ankur Banerjee

(Reuters) – AstraZeneca Plc beat first-quarter sales and earnings expectations on Friday as the British drugmaker benefited from a push into cancer drugs and emerging markets including China.

Newer treatments such as lung cancer drug Tagrisso, now the company’s top selling medicine, have helped the drugmaker’s return to growth after years of crumbling sales due to patent losses on older drugs.

Sales in China have shown explosive growth, more than doubling since 2012, but AstraZeneca executives on Friday said that may not be sustained.

“The enormous growth you currently see in China, 28 percent, probably is not sustainable, but we feel very bullish that the growth will continue to be at a pace of between 15 percent and 20 percent,” Ruud Dobber, executive vice president, BioPharma, told Reuters.

Shares of the company were down 0.2 percent at 5,878 pence at 1031 GMT.

The turnaround in AstraZeneca’s fortunes has been powered by a push into cancer treatments led by Chief Executive Pascal Soriot, who saw off a 2014 takeover bid from Pfizer in part by promising annual sales of $45 billion by 2023.

In the first quarter, sales from its oncology unit rose 59 percent to $1.89 billion, accounting for 35 percent of total product sales.

The company has moved deeper into cancer therapy market through wide-ranging deals, including those for immunotherapy and targeted therapy. Last month, it agreed a multi-billion dollar oncology deal with Japan’s Daiichi Sankyo Co Ltd.

Interactive graphic on AZN’s top 10 drugs by sales – https://tmsnrt.rs/2W5XIRX

“We’re reaching that point where after years of having to keep faith, we have actually got something tangible to believe in,” Hargreaves Lansdown analyst Nicholas Hyett said.

AstraZeneca also backed its annual sales and earnings forecast and said it has extensively prepared for UK’s anticipated exit from the European Union, even in the event of a no-deal exit.

The company has already spent more than 40 million pounds ($52 million) on Brexit preparations, including stockpiling six weeks’ worth of drugs in the UK and four weeks in continental Europe to guard against shortages.

AstraZeneca said product sales rose 14 percent at constant currency to $5.47 billion in the quarter, led by its lung cancer drug Tagrisso and respiratory treatment Pulmicort.

Interactive graphic on AZN’s quarterly oncology sales – https://tmsnrt.rs/2W9tbCD

China sales increased by 28 percent to $1.24 billion in the quarter, accounting for nearly a quarter of overall product sales.

Core earnings came in at 89 cents per share in the quarter. Analysts on average were expecting core earnings of 85 cents per share and product sales of $5.29 billion, according to a company provided consensus of 19 analysts.

(Reporting by Pushkala Aripaka and Ankur Banerjee in Bengaluru; Editing by Bernard Orr/Keith Weir)

Source: OANN

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Source: InfoWars

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