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Gunman attack Chile ambassador motorcade in Haitian capital

Officials say gunmen have attacked a motorcade carrying Chile's ambassador to Haiti, wounding two people and leaving three missing. The ambassador was not harmed.

The Santiago, Chile-based charity America Solidaria said in a written statement Wednesday that gunmen opened fire as Ambassador Patricio Utreras and his wife were driving to a clean-water project in the Haitian capital's Croix-des-Bouquets neighborhood with Haitian infrastructure officials and 13 of the charity's volunteers from Colombia, Chile, Mexico and Haiti.

Chile's Ministry of Foreign Affairs says Chilean security agents repelled the attack. The ambassador's driver was hit by a bullet in the wrist and an America Solidaria official was also lightly wounded.

America Solidaria said a Haitian driver for the charity and two Haitian government officials were missing. It didn't provide details.

Source: Fox News World

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Next DHS Secretary should be Kevin McAleenan, former CBP Chief Mark Morgan says

Amid Kirstjen Nielsen's resignation as Homeland Security secretary on Sunday, the department's commissioner, Kevin McAleenan, has stepped in as acting director, and Obama-era border patrol chief Mark Morgan says McAleenan is the right man for the job.

Calling McAleenan "extremely intelligent," Morgan explained that the new acting secretary comes to the Homeland Security position with more than a decade of experience working specifically in the border security domain.

"He's seen this and been there every day, working hard, since 2014 -- from the start to where we're at now," Morgan said during an appearance on "Fox & Friends" on Monday morning.

The decision to make McAleenan the acting secretary is somewhat controversial, as it supercedes Deputy Secretary Claire Grady, who should be next in line for the role after Nielsen departs. Nielsen said she will stay on through April 10 to assist in the transition, but there are some issues that need to be ironed out in order for McAleenan to formally take the role.

KEVIN McALEENAN, NEW ACTING DHS BOSS, HAS LONG RECORD IN BORDER SECURITY

The DHS has come under fire over the last two years first over the initial choice of Nielsen as Secretary, given that her background was in cybersecurity, and in recent months, for practices involving separating children from their families at the border

The DHS has come under fire over the last two years first over the initial choice of Nielsen as Secretary, given that her background was in cybersecurity, and in recent months, for practices involving separating children from their families at the border (AP Photo/Jacquelyn Martin)

FORMER ACTING ICE DIRECTOR TOM HOMAN: TRUMP MADE THE RIGHT MOVE PICKING McALEENAN FOR DHS

Morgan continued by discussing that a high-level change gives a "jump-start" to the department and signals a new direction. DHS has come under fire over the past two years first over the initial choice of Nielsen as secretary, given that her background was in cybersecurity and, in recent months, for practices involving separating children from their families at the border.

The combination of the 1997 Flores argeement and the TVPRA comprises the government's "catch-and-release" policy -- barring DHS from keeping children in custody and away from their families for more than 20 days. The TVPRA rules that unaccompanied minors from Mexico or Canada are sent back to their home countries, but if they are from Central America, they remain in the United States, Morgan said.

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Morgan agreed with host Brian Kilmeade, however, that the issue of family separation was brought about by a contradiction of policies taken on by former Attorney General Jeff Sessions, in which he maintained that parents here illegally had to be sent back to their native countries, but kids would stay, often in a shelter.

"Congress has to fix those laws," Morgan said.

Source: Fox News Politics

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Judge Approves Lawsuit Against Obama Presidential Library

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Source: InfoWars

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Duke, the 4-term dog mayor of Minnesota town, goes to 'doggy heaven'

Duke the four-term ceremonial dog mayor of a Minnesota town, went to "doggy heaven" this week, his owner confirmed on Facebook.

The Great Pyrenees was 13 years old when he died Thursday. He made national news for being elected the dog mayor of Cormorant Village, Minn., several years ago, during the annual "Cormarant Daze" festivals, a report said.

GRAPEVINE: DOG ELECTED MAYOR OF MINNESOTA TOWN

Karen Nelson, his "adopted" mother, posted photos of Duke after the dog passed.

"Our beloved mayor Duke went to doggie heaven today. He will be greatly missed," Nelson wrote on Facebook. "We will have a memorial for him in (M)arch or April at the Cormorant town hall. Thanks to all who express their condolences it means a lot of hard times like this."

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Duke was elected to the mayor's seat of Cormorant Township four times since 2014, acting as the village's ambassador to the public, North Dakota-Minnesota radio station KFGO reported. Cormorant Village is about 40 miles east of Fargo, N.D.

He "retired" last year due to failing health, the report said.

Source: Fox News National

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From Syria, IS slips into Iraq to fight another day

Islamic State fighters facing defeat in Syria are slipping across the border into Iraq, where they are destabilizing the country's fragile security, U.S. and Iraqi officials say.

Hundreds — likely more than 1,000 — IS fighters have crossed the open, desert border in the past six months, defying a massive operation by U.S., Kurdish, and allied forces to stamp out the remnants of the jihadi group in eastern Syria, according to three Iraqi intelligence officials and a U.S. military official.

The officials spoke on condition of anonymity because they were not authorized to comment publicly on intelligence matters. But indications of the extremist group's widening reach in Iraq are clear.

Cells operating in four northern provinces are carrying out kidnappings, assassinations, and roadside ambushes aimed at intimidating locals and restoring the extortion rackets that financed the group's rise to power six years ago.

"IS is trying to assert itself in Iraq, because of the pressure it is under in Syria," said Brig. Gen. Yahya Rasoul, the Iraqi army spokesman.

The militants can count between 5,000 and 7,000 among their ranks in Iraq, where they are hiding out in the rugged terrain of remote areas, according to one intelligence official.

In Syria, Kurdish-led forces backed by the U.S.-led coalition have cornered the militants in a pocket less than one square kilometer in Baghouz, a Euphrates River village near the 600-kilometer (370-mile) border.

The Iraqi army has deployed more than 20,000 troops to guard the frontier, but militants are slipping across, mostly to the north of the conflict zone, in tunnels or under the cover of night. Others are entering Iraq disguised as cattle herders.

They are bringing with them currency and light weapons, according to intelligence reports, and digging up money and arms from caches they stashed away when they controlled a vast swath of northern Iraq.

"If we deployed the greatest militaries in the world, they would not be able to control this territory," Rasoul said. "Our operations require intelligence gathering and airstrikes."

At its height in 2014 and 2015, the Islamic State group ruled over a self-proclaimed "caliphate" that spanned one-third of Iraqi and Syrian territory. The extremist offshoot of Al-Qaida in Iraq threatened to exterminate religious minorities.

Iraqi forces, with U.S., Iranian, and other international help, were able to turn the war around and Baghdad declared victory over the group in December 2017, after the last urban battle had been won.

But precursors to IS have recovered from major setbacks in the past, and many fear the militants could stage a comeback. The group is already waging a low-level insurgency in rural areas.

The Associated Press verified nine IS attacks in Iraq in January alone, based on information gathered from intelligence officials, provincial leaders, and social media. IS often boasts of its activities through group messaging apps such as Telegram.

In one instance, a band of militants broke into the home of a man they accused of being an informant for the army, in the village of Tal al-Asfour in the northern Badush region. They shot him and his two brothers against the wall, and posted photos of the killing on social media.

Sheikh Mohamed Nouri, a local tribal leader, said it was meant to intimidate locals in order to keep them from sharing intelligence with security officials.

"I have members of our tribal militia receiving threatening messages warning them to abandon their work," said Nouri.

In other instances, IS cells have killed mukhtars — village leaders and municipal officials. They have attacked rural checkpoints with car bombs and mortar fire, and burned down militia members' homes. In the Shurgat area in central Iraq, militants stopped a police vehicle last month and killed all four officers inside.

Other activities have aimed at restoring the group's financial footing.

On Sunday, militants kidnapped a group of 12 truffle hunters in the western Anbar province, marking a return to a strategy of intimidating and extorting farmers and traders for financial gain.

Naim Kaoud, the head of provincial security, urged locals to suspend truffle gathering, which has just one season a year and is an important source of income for rural families.

Other truffle hunters have disappeared in the countryside, according to former lawmaker and Anbar tribal figure Jaber al-Jaberi. He said the militants are taking cuts from truffle hunters in exchange for access to the land, and kidnapping or killing those who refuse to cooperate.

"This is one of the sources of their funding," said al-Jaberi.

Al-Jaberi cautioned against exaggerating the IS threat, saying the militants have been less successful at infiltrating communities than they were earlier this decade.

"These are different times," he said.

Others are not so sure. Hans-Jakob Schindler, a former adviser to the U.N. Security Council on IS and other extremist groups, said the same grievances that gave rise to IS in 2013 remain today, including a large Sunni minority that feels politically and economically marginalized by the Shiite-led central government.

"I'm very worried that we are just repeating history," said Schindler, who is now at the Counter Extremism Project.

He said he has seen IS "revert to the old type" of "classical terror attacks" and kidnapping for ransom, tactics that were once widely employed by al-Qaida in Iraq.

The militants staged a dramatic resurgence after 2011, when U.S. forces withdrew from Iraq and civil war broke out in neighboring Syria. Today some 5,200 American forces are based in Iraq, after they were invited back to help stem the IS rampage in 2014.

After President Donald Trump promised in December to pull American forces out of Syria, Iraqi lawmakers began clamoring for the U.S. to leave, arguing that the mission against IS was approaching its end.

But with no letdown to IS militancy, those calls have petered out.

Source: Fox News World

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2 get prison for immigrant smuggling that led to 2 deaths

Two Guatemalan men have been sentenced to federal prison for their parts in an immigrant-smuggling run that led to the deaths of two Ecuadoran men.

A Justice Department statement says 23-year-old Melvin L. Barahona-Godoy was sentenced to four years and nine months in prison Wednesday in Laredo, while 29-year-old Yoryi Alexis Perez drew a 6½-year prison term. Both had pleaded guilty to conspiracy to illegally transport immigrants resulting in death. Both will be subject to deportation after completing their prison terms.

Federal officials at a Laredo residence on Oct. 21, 2017, found nine immigrants who were in the country illegally, one of whom was Barahona-Godoy. They say interviews established that Barahona-Godoy and Perez had guided the group across the Rio Grande the previous month. Two people drowned during the crossing.

Source: Fox News National

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Nippon Life CIO: Plan to step up foreign bond buys without FX hedge

Kazuhide Toda, CIO of Nippon Life Insurance Co., poses for a photograph at an interview with Reuters in Tokyo
Kazuhide Toda, Chief Investment Officer of Nippon Life Insurance Co., poses for a photograph at an interview with Reuters in Tokyo, Japan. February 26, 2019. REUTERS/Hideyuki Sano

February 26, 2019

TOKYO (Reuters) – Nippon Life Insurance Co, Japan’s largest private insurer, has increased foreign bond investment without currency hedge so far in the financial year to March and is likely to do so further in the next year, its chief investment officer said on Tuesday.

The firm, which has total assets of 66.7 trillion yen ($602 billion), also plans to increase buying in domestic fixed income products and to cut foreign bond investment with currency hedge instead, Kazuhide Toda told Reuters.

(Reporting by Tomo Uetake and Hideyuki Sano; Editing by Chang-Ran Kim)

Source: OANN

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

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But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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The Slack app logo is seen on a smartphone in this illustration
FILE PHOTO: The Slack app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Slack Technologies Inc, operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year ended Jan. 31, 2019, the company said on Friday in a regulatory filing ahead of its planned public market debut.

The company said its daily active users exceeded 10 million in the three months ended Jan. 31, 2019.

Slack expects to trade on the New York Stock Exchange under the symbol “SK”, it said.

The San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing shares through an initial public offering.

A direct listing is a cheaper way of becoming a public company as the process requires fewer investment banks and therefore lower fees.

In a direct listing, however, a company does not sell any new shares to raise money. Instead, it gives existing shareholders the opportunity to cash out.

Slack is the latest in a string of high-profile technology companies looking to go public this year. Lyft Inc, Pinterest and Zoom Video Communications have completed IPOs so far in 2019.

The company is hoping for a valuation of more than $10 billion in the listing, Reuters had previously reported. Some early investors and employees have been selling the stock at around $28, valuing the company close to $17 billion, Kelly Rodriques, CEO of Forge, a brokerage company, told CNBC on Thursday.

Slack set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Its competitors include Microsoft Teams, a free chat add-on for Microsoft’s Office365 users.

(Reporting By Aparajita Saxena and Joshua Franklin in New York; Editing by Leslie Adler and Anil D’Silva)

Source: OANN

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