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John James leading candidate for UN envoy, source says

Former U.S. Senate candidate John James is seen as one of President Trump's top candidates to become ambassador to the United Nations, a source familiar with discussions about the matter told Fox News on Tuesday.

The source said James is the leading candidate and has expressed interest in the position to the White House. The belief among Trump's inner circle is that James is a rising political superstar, and the U.N. post could provide him with a pathway into elected office. White House officials also confirmed to Fox News that James is under consideration.

The 37-year-old James, a West Point graduate and veteran of the Iraq War, won the Republican primary for the Senate in Michigan last year but was defeated in November by three-term incumbent Democrat Debbie Stabenow. However, the race was unexpectedly close, and GOP officials in Michigan have expressed hope that James will challenge the state's other Democratic senator, Gary Peters, in 2020.

Michigan has not elected a Republican to the U.S. Senate since Spencer Abraham in 1994.

HEATHER NAUERT WITHDRAWS FROM CONSIDERATION FOR UN AMBASSADOR, STATE DEPARTMENT SAYS

Trump originally nominated State Department spokesperson Heather Nauert in December to replace Nikki Haley as U.N. ambassador. Nauert, a former Fox News anchor and correspondent, withdrew her name from consideration last week, citing "the best interest of her family."

CLICK HERE TO GET THE FOX NEWS APP

A State Department source told Fox News that the nomination process, on top of the demands of traveling around the world and between Washington and New York to see family, grew to be too much for her.

Since Haley's departure at the end of last year, career diplomat Jonathan Cohen has served as acting U.S. ambassador to the U.N.

Fox News' John Roberts contributed to this report.

Source: Fox News Politics

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Troubled Apple supplier Japan Display to seek funding, shares surge

Japan Display Inc's logo is pictured at its headquarters in Tokyo
Japan Display Inc's logo is pictured at its headquarters in Tokyo, Japan, August 9, 2016. REUTERS/Kim Kyung-Hoon/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD NOV 7' FOR ALL IMAGES

April 1, 2019

TOKYO (Reuters) – Apple supplier Japan Display Inc said on Monday it aims to raise as much as $990 million in new financing as early as this week, sending shares of the struggling manufacturer sharply higher.

Japan Display, one of the world’s top vendors of liquid crystal display (LCD) panels used in iPhones, has been battered by Apple’s shifting fortunes. It has been particularly hurt by a slowdown in iPhone sales and a proliferation of new models that use newer, organic light-emitting displays (OLED).

Japan Display said it is aiming for a total capital increase of 110 billion yen ($990 million). As much as 80 billion yen of that would be through issuance of stocks and bonds to external investors, an agreement it aimed to reach this week, it said.

It did not name the external investors, although two sources with direct knowledge of the matter had previously told Reuters it was looking to an investor group, led by China Silkroad Investment Capital, for a bailout.

The remainder of the financing would come through preferred shares to refinance existing debt held by its largest shareholder, the state-backed INCJ Ltd, Japan Display said in its statement.

Japan Display, formed in 2012 in a government-backedmerger of the ailing display units of Sony Corp,Toshiba Corp and Hitachi Ltd, flagged its fifth straight year of net losses in February.

Shares of Japan Display rose as much as 16 percent in early trade on Monday and were up 13 percent at 78 yen as of 0211 GMT.

(Reporting by Junko Fujita; Editing by David Dolan and Neil Fullick)

Source: OANN

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Rep. Ilhan Omar gets first 2020 endorsement from top-moneyed progressive advocacy group

A top-moneyed progressive advocacy group has awarded its first endorsement of the 2020 election cycle to embattled U.S. Rep. Ilhan Omar, who’s facing allegations of anti-Semitism and other controversies.

MoveOn.org announced its support for the Minnesota Democrat on Wednesday, saying it comes specifically because of criticism Omar has received following her comments.

FAR-LEFT MOVEON.ORG ASKS 2020 PRESIDENTIAL CANDIDATES TO SKIP PRO-ISRAEL AIPAC CONFERENCE

“Despite racist and anti-Muslim attacks to silence the first Black, Muslim congresswoman in the United States — and blatant attempts to incite violence against her and Muslim communities — Rep. Omar has continued to speak out for bold, progressive policies in order to fight for a society where all of us, not just the rich and powerful, can thrive,” the group’s statement reads.

“Despite racist and anti-Muslim attacks to silence the first Black, Muslim congresswoman in the United States ... Rep. Omar has continued to speak out for bold, progressive policies in order to fight for a society where all of us, not just the rich and powerful, can thrive.”

— MoveOn.org

But the endorsement may prove to be rather awkward for Omar who has long decried the influence of money in politics.

MoveOn has a huge war chest that is used exclusively to prop up Democratic candidates. In the 2018 election cycle, the group spent about $3.5 million, with millions going into running ads against Republicans.

Omar has recently drawn relentless critics over controversial comments. This week she was criticized after an old tweet resurfaced on social media in which she claimed U.S. forces killed “thousands” of Somalis during the 1993 “Black Hawk Down” mission – despite multiple analysts concluding the number was much smaller.

Earlier this month, Omar also faced controversy over her flippant comment during a Muslim advocacy group’s fundraiser where she referred to the Sept. 11, 2001, terror attacks as “some people did something.”

ILHAN OMAR CLAIMS US FORCES KILLED 'THOUSANDS' OF SOMALIS DURING 'BLACK HAWK DOWN' MISSION, RESURFACED TWEET SHOWS

In February, Omar drew bipartisan uproar after suggesting that politicians in the U.S. were bought by AIPAC (American Israel Public Affairs Committee), a non-partisan organization that seeks to foster the relationship between the U.S. and Israel.

“It’s all about the Benjamins baby,” Omar wrote in a now-deleted tweet, suggesting the group pays U.S. politicians to support Israel. AIPAC denied Omar’s claims that they fund politicians.

Omar issued an apology but reiterated a “problematic role of lobbyists” in politics, particularly AIPAC as well as the NRA and fossil fuel industry.

Just weeks later, Omar reignited the controversy, this time saying that supporters of Israel were pushing for U.S. politicians to declare “allegiance” to that nation.

“I want to talk about the political influence in this country that says it is OK for people to push for allegiance to a foreign country,” Omar said. “I want to ask why is it OK for me to talk about the influence of the NRA, of fossil fuel industries, or big pharma, and not talk about a powerful lobbying movement that is influencing policy?”

But MoveOn insists in its news release that its endorsement of Omar is no coincidence and that it fully stands behind her.

“During an era when moral clarity is of the utmost importance, we want to make it clear that Rep. Omar is definitely an important voice in Washington, D.C. — and in the country,” the group said.

CLICK HERE TO GET THE FOX NEWS APP

“The positive and bold progressive vision for our country that Congresswoman Ilhan Omar fights for every day is one that should be embraced by candidates everywhere — especially heading into 2020. Her fearlessness in advocating progressive policies is galvanizing the public in her district and throughout the country.”

Source: Fox News Politics

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Officials say evidence points to church fire suspect

The white man charged in the burnings of three Louisiana black churches faces a mountain of evidence tying him to the crimes, documenting the fires on his cellphone and an interest in arson on Facebook, the state fire marshal said Monday at a hearing that offered new insight into how officials tracked their suspect.

Holden Matthews bought a gas can and oil rags similar to those found at the site of the fires, he recorded a conversation with a friend in which he talked about using gasoline to burn churches, and his cellphone held images of the fires before law enforcement even arrived to the blazes, Louisiana Fire Marshal Butch Browning testified at Matthews' bond hearing.

The 21-year-old Matthews - the son of a sheriff's deputy - entered a not guilty plea Monday via video conference from the St. Landry Parish jail, as prosecutors added new charges declaring the arsons a hate crime.

"There is a substantial amount of evidence, it appears," state District Judge James Doherty said before denying Matthews' bond request, keeping him in jail.

In his testimony for prosecutors, Browning outlined a litany of evidence that he said tied Matthews to the torching of the three black churches over 10 days.

The fire marshal described cellphone records placing Matthews at the fire locations. On his phone, Browning said, Matthews had images of the church fires in the early stages and the destruction days after the churches were set ablaze, in addition to copies of news reports about the fires.

"He actually superimposed himself on those news reports, claiming responsibility for these fires," Browning said.

Video surveillance near the churches showed a truck similar to the one Matthews drives, Browning said. Matthews also exchanged text messages with a friend who asked about the fires: "Was that your work?" the fire marshal said.

In addition, Browning said Matthews posted on Facebook about and showed interest in a movie called "Lords of Chaos," which Browning said is a recent Norwegian film that involved church burnings.

"The evidence we have was unequivocal," Browning said. Later he added: "He has clearly demonstrated the characteristics of a pathological fire setter."

The fires, all started with gasoline, occurred in and around Opelousas, about 60 miles west of Louisiana's capital city of Baton Rouge.

The first blaze happened at the St. Mary Baptist Church on March 26 in Port Barre, a town just outside of Opelousas. Days later, the Greater Union Baptist Church and Mount Pleasant Baptist Church in Opelousas were burned. Each was more than 100 years old.

Matthews, who had no previous criminal record, was arrested Wednesday on three charges of arson of a religious building. Prosecutors filed documents Monday adding three more charges, accusing Matthews of violating Louisiana's hate crime law, a link authorities had previously stopped short of making.

Browning said federal officials also are considering filing additional federal hate crime and arson charges against Matthews.

The churches were empty at the time, and no one was injured. But at one location, two occupants of a nearby home had to evacuate when the siding on the home started to catch fire from the church.

The fires set the community on edge. Gov. John Bel Edwards said the church burnings were a reminder "of a very dark past of intimidation and fear."

Matthews, shackled and wearing an orange prison jumpsuit, never spoke to the court during Monday's hearing, letting his court-appointed lawyer enter the not guilty plea for him. His parents watched their son's appearance on video conference from the courtroom, his dad repeatedly wringing his hands and, at one point, leaving the room in tears.

Matthews' attorney Quincy Cawthorne questioned some of the evidence cited by Browning and said Matthews didn't have the financial means to be a flight risk. He also objected to suggestions that the house near one of the churches was intentionally set on fire, putting the residents' lives in danger.

A pretrial hearing in the case was set for July 17, with jury selection scheduled to begin in the trial on Sept. 10.

___

Follow Melinda Deslatte on Twitter at http://twitter.com/melindadeslatte

Source: Fox News National

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Flooding woes add to trade war stress in ‘Trump country’ farm belt

A farm which was damaged by heavy flooding outside Winslow
A farm which was damaged by heavy flooding is pictured outside Winslow, Nebraska, U.S., March 20, 2019. Picture taken on March 20, 2019. REUTERS/Humeyra Pamuk

March 26, 2019

By Humeyra Pamuk and P.J. Huffstutter

COLUMBUS, Neb./CHICAGO (Reuters) – Nebraska grain farmer Ryan Ueberrhein was barely breaking even after the U.S.-China trade war pushed prices for his soybean crop to a decade low. Then the nearby Elkhorn River burst its banks as flooding swept across the U.S. farm belt.

Uberrhein’s farm was left covered in debris after the roiling water receded. He has mounting debts. And he is worried that President Donald Trump may not be able to strike a trade deal with China that would end tariffs on U.S. soybean exports – and allow him to sell whatever grain is left intact at a better price.

Frustration is building across farm country at what feels like a never-ending season of bad news.

The trade war “keeps damaging us,” said Ueberrhein, 34, of Valley, Nebraska, who voted for Trump. “What the president is doing, we stand by him, but … we can’t keep getting hit just because a deal can’t be made quickly.”

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to arrive in China this week for another round of trade talks with their Chinese counterparts. The two sides have yet to agree on many core issues.

Farmers who spoke to Reuters remained supportive of Trump.

Soybean exports to China hit a four-year low in February because of the trade war. China is the biggest buyer of U.S. soybeans, which are the largest single U.S. agricultural export. A near halt in exports has hit a rural economy already struggling after years of oversupply cut farm incomes by 50 percent in the past five years.

Debt in the agrarian economy has hit levels last seen during the U.S. farm collapse of the 1980s. (Graphic: https://tmsnrt.rs/2TkUDjk)

The Nebraska Rural Response Hotline, which provides support to farmers and ranchers, has received a record number of calls about financial distress, said John Hansen, president of the Nebraska Farmers Union. Calls about suicide and depression were up, too, he said.

The latest piece of bad news came on March 11, when the Trump administration released its 2020 budget and proposed a 15 percent cut for the U.S. Department of Agriculture, calling its subsidies to farmers “overly generous.”

It did not matter to farmers, who helped vote Trump into office, that the budget will not pass muster with Democrats who control the House of Representatives, Hansen said. Some farmers took the proposed cut to subsidies for crop insurance as an insult.

“How many times do you have to kick us when we’re down?” he said.

That insurance is crucial to Richard Oswald, who farms near Phelps City, Missouri. The flood has already swallowed his childhood home, many of his fields and more than 20,000 bushels of corn. His four grain bins have burst, after water-logged corn expanded and split open.

“If our government and leaders can’t step up and start to lead, we’re done for,” he said.

For years, Oswald paid extra for flood insurance. He hoped that government talk of investing in improving U.S. infrastructure would come through – and bolster the levees and dams throughout the Midwest.

But this year, as the trade war dragged on, he dropped the policy to reduce expenses. So he will get no insurance money for the lost corn, Oswald said.

A few days ago, one of his lenders called. Oswald didn’t have to pay the loan right away, the lender said, but he would have to repay it sooner or later.

“Help needs to come from Congress, but Congress is so divided, I don’t know what’s going to happen,” Oswald said.

DISASTER DECLARATION

Trump approved a disaster declaration for Nebraska on Thursday, making federal funding available in nine counties that bore the brunt of the recent floods. On Saturday, he approved one for flood-affected counties in Iowa.

Greg Ibach, a USDA under secretary, is touring the damage in Nebraska, and Bill Northey, another under secretary, will head to Iowa, agency officials told Reuters.

U.S. Senator Chuck Grassley of Iowa said the farm belt states would need more aid, suggesting a separate relief bill to offer compensation to farmers for livestock killed in the floods and grains in storage that will have to be destroyed.

“The United States government has always been the insurance of last resort,” Grassley said in a phone interview on Friday.

Nebraska Governor Pete Ricketts put agricultural flood damage for the state at nearly $1 billion. Iowa officials are projecting losses of at least $1.6 billion, with at least $214 million in damage to the agriculture sector. Iowa Governor Kim Reynolds said her state would need assistance beyond what is granted through disaster declarations.

Farmers, meanwhile, are staring at waterlogged fields and expecting more floods. The U.S. National Oceanic and Atmospheric Administration said last week that the flooding would worsen in coming weeks as snow on the ground melts and water flows downstream.

Iowa farmer Dave Newby said the standing water in his fields was already threatening his planned start to corn in mid-to-late April. Newby, like many farmers, had been looking to boost his corn plantings this year because such a large volume of soybeans had been left unsold because of the trade war.

The same was the case in nearby Nebraska. Parts of flooded farmland remained under water and farmers had yet to assess the damage the piled-up sand, silt and debris caused to soil. Almost all said planting will likely be delayed, which could lead to lower yields.

“Normal planting would take place around May 1, but I doubt we will make it,” said Kendal Sock, a cattle and corn farmer in Genoa. “I wish they’d get this trade deal done, like now.”

(Reporting by Humeyra Pamuk and P.J. Huffstutter; Additional reporting by Mark Weinraub and Tom Polansek in Chicago and Jarrett Renshaw in New York; Editing by Caroline Stauffer, David Gaffen, Simon Webb and Leslie Adler)

Source: OANN

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2020 Dem Presidential Hopeful’s Dad Was a Marxist Professor

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GOP Praise Trump: ‘Most Accessible President’

President Donald Trump’s sudden focus on healthcare has Republicans concerned, but GOP legislators still praise Trump for being “the most accessible president” they’ve ever seen.

"There is a lot of angst about this whole healthcare bills -- we are dealing with," said a Republican legislator who spoke to CNN on the condition of anonymity. "But you aren't going to hear members say 'WTF Mr. President, what the hell did you do that for?'"

Multiple Republicans in Congress told CNN that Trump is more accessible than past presidents, frequently making calls and talking with rank-and-file members of the GOP.

"President Trump is the most accessible president that I have ever seen," said Sen. Lamar Alexander, R-Tenn., who said that a few months ago he wanted to talk to Trump on a Sunday, only to hear from the president 30 minutes later.

"The first thing he said before I said anything was 'let's talk about you serving another 20 years,'" he said. "I said Mr. President, I am sorry, I called to tell you I'm not going to run for re-election."

"Even people who don't like him, when they are with him, are impressed with how easily he works a room,” Alexander continued. “I think he likes people. He lives in the moment. He's not thinking of the next day or even the next hour or the next person ... he's that kind of personality."

"He calls members frequently and he is completely available to us when we call him," said Sen. John Barrasso, R-Wyo., referring to Trump. "I am very fortunate to have that relationship with the President."

Source: NewsMax Politics

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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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