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Japan exports seen falling at slower pace in February, core CPI steady: Reuters poll

FILE PHOTO - Birds fly in front of Mt. Fuji and a crane at a port in Tokyo
FILE PHOTO - Birds fly in front of Mt. Fuji and a crane at a port in Tokyo, Japan January 25, 2016. REUTERS/Toru Hanai/File Photo

March 15, 2019

TOKYO (Reuters) – Japan’s exports in February likely fell at a much slower pace than the previous month, but weak global demand and U.S.-China trade frictions continue to cloud the outlook, a Reuters poll showed on Friday.

Exports are expected to have slipped 0.9 percent in February from a year earlier, the poll of 17 economists found, after slumping 8.4 percent in January, the biggest decline in more than two years.

Imports, however, likely declined at a sharper pace of 5.8 percent in February after falling 0.6 percent in January, according to the poll.

“We expect exports in February made up for some of their losses (in January) caused by the Lunar New Year holiday,” said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute. The holiday, which causes significant business disruptions across much of Asia, began in early February this year and in mid-February in 2018.

“But the nation’s exports to Asia, especially shipments of IT-related items, are expected to have stayed weak.”

The trade balance likely swung back to a surplus of 310.2 billion yen ($2.78 billion) from a deficit of 1.41 trillion yen in January, the poll showed.

Global trade has slowed amid weaker Chinese and European economic growth and as Washington and Beijing remain locked in a tit-for-tat tariff battle, which is taking an increasing toll on Japan’s export-reliant economy.

The Finance Ministry will release trade data at 8:50 a.m. Japan time on Monday, March 18 (2350 GMT, March 17).

On inflation, Japan’s core consumer price index, which includes oil products but excludes volatile fresh food costs, is forecast to have risen 0.8 percent in February, the same pace as in January.

“Energy bills likely supported core CPI, while prices of gasoline and telecommunications weighed on,” said Shinichiro Kobayashi, senior economist at Mitsubishi UFJ Research and Consulting.

“Core CPI will likely stay lackluster for a while as falls in oil prices will start to appear and mobile carriers are expected to cut phone charges.”

The Internal Affairs Ministry will publish data on consumer prices at 8:30 a.m. Tokyo time on March 22 (2330 GMT on March 21)

The Bank of Japan kept monetary policy settings steady on Friday but tempered its optimism that robust exports and factory output will underpin growth, in a nod to heightened overseas risks that threaten to derail a fragile economic recovery.

(Reporting by Kaori Kaneko; Editing by Kim Coghill)

Source: OANN

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Judge denies lower bond for ex-priest accused of abuse

A St. Louis County judge has refused to lower bail for a former Catholic priest who was previously imprisoned and labeled sexually violent.

Fred Lenczycki of suburban Chicago was charged in February with two counts of sodomy for allegedly abusing two boys in the early 1990s at a north St. Louis County parish. He is jailed on $500,000 cash-only bond and sought an unspecified reduction.

Circuit Judge Gloria Glark Reno declined the request at a hearing Monday.

Lenczycki is 74. He was removed from the ministry in 2002, when he was charged with sexually abusing three boys in Hinsdale, Illinois, in the 1980s. He pleaded guilty and was sentenced to five years in prison.

Court and church files say Lenczycki admitted abusing up to 30 boys in Illinois, Missouri and California over 25 years.

Source: Fox News National

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Animal rights activist Brigitte Bardot stirs fury in Reunion with ‘racist’ comments

FILE PHOTO: Brigitte Bardot the former French film star turned animal rights activist gestures as she speaks to ..
FILE PHOTO: Brigitte Bardot the former French film star turned animal rights activist gestures as she speaks to EU [Environment Commissioner Stavros Dimas (not pictured)] at the European Commission headquarters in Brussels, June 9, 2006. REUTERS/Francois Lenoir/File Photo

March 20, 2019

SAINT-DENIS-DE-LA-REUNION, France (Reuters) – The highest ranking official on the French island of Reunion filed a legal suit against former film star and animal rights activist Brigitte Bardot on Wednesday after receiving a letter deemed “racist” by the authorities.

In the letter, sent on Tuesday to the prefect of Reunion and local media, Bardot described inhabitants of the Indian Ocean island as “aboriginals who have kept the genes of savages” and denounced what she called the barbaric treatment of animals by a “degenerate population”.

“This letter contains terms that are offensive and racist toward the inhabitants of Reunion”, prefect Amaury de Saint-Quentin said in a statement.

Bardot’s lawyer was not immediately available for comment.

The Brigitte Bardot Foundation, dedicated to animal protection, said Bardot had written the letter as a personal initiative, separate from the institution.

Bardot, now 84, rose to sex symbol status as an actress in the 1950s. She starred in numerous films and was also famous as a singer and fashion model but in recent decades has become better known as an outspoken campaigner for animal welfare.

Reunion is an overseas French department in the southern Indian Ocean, to the east of Madagascar, and is known for its volcanoes, coral reefs and rainforest.

Bardot’s comments triggered widespread outrage on the island, with several officials saying they would also take legal action. Two anti-racism NGOs, Licra and SOS Racisme, said they too intended to go to court.

“Ordinary racism has no place in the exchange of opinions”, France’s Minister of Overseas Territories Annick Girardin said on Tuesday, adding that she would add her name to the complaint filed by the island’s prefect.

In Paris, the president of the lower house of parliament, Richard Ferrand, expressed his “contempt” for Bardot’s comments.

Animal rights activists say abuse of animals is common on the island and that animal sacrifice is tolerated in some religious ceremonies.

(Reporting by Bernard Grollier; Additional reporting by Julie Carriat and Elizabeth Pineau; Editing by Richard Lough and Gareth Jones)

Source: OANN

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Notre Dame Cathedral catches fire

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/9d2bf0d8-Notre-Dame-Fire-2.jpg?ve=1&tl=1

Seen from across the Seine River, smoke and flames rise during the fire. 

Francois Guillot/AFP/Getty Images

https://a57.foxnews.com/static.foxnews.com/foxnews.com/content/uploads/2019/04/918/516/9d2bf0d8-Notre-Dame-Fire-2.jpg?ve=1&tl=1

Source: Fox News World

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Germany: We’ll miss Brexit Britain in economic and trade terms

The booth of Britain is seen during the International Tourism Trade Fair ITB in Berlin
The booth of Britain is seen during the International Tourism Trade Fair ITB in Berlin, Germany, March 7, 2019. REUTERS/Fabrizio Bensch

March 25, 2019

BERLIN (Reuters) – Germany will miss Britain in terms of trade and the economy, the Foreign Ministry said on Monday, adding that Brexit would cost jobs and weaken the European Union when it comes to foreign and security policy.

“Without the strong Britons, the EU will also be weaker in terms of foreign and security policy,” the ministry said on Twitter. “That’s why we’re trying to continue coordinating as closely as possible. It also concerns our own security.”

(Reporting by Michelle Martin; Editing by Tassilo Hummel)

Source: OANN

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UK citizens who go to conflict zones could be punished

British citizens who go to designated conflict zones could face up to a decade in prison under a new law.

The Counter-Terrorism and Border Security Act 2019 is meant to address the threat of individuals who go overseas to take part in fighting. The measure won't allow prosecutions retrospectively, so those who fought with the so-called Islamic State group are exempt.

The law enacted Friday will allow exceptions for journalists, aid workers and others with a good reason, such as people who want to attend a funeral.

Home Secretary Sajid Javid says the law gives "police the powers they need to disrupt terrorist plots earlier and ensure that those who seek to do us harm face just punishment."

Source: Fox News World

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CNN Chief Derides Fox News as 'Propaganda Network' for Trump

CNN president Jeff Zucker delivered a keynote speech at SXSW Saturday that saw him expressing belief that there was political motivation behind the Justice Department's lawsuit to stop AT&T's acquisition of his parent company, Time Warner, as well as discussing the Democratic National Convention's relationship with the media.

Referring to comments Trump said in regard to filing suits against the deal, Zucker stated that he believed there was political motivation to block progress. "I believe that it came from the highest levels of the government," he said.

Earlier this week members of Congress petitioned the Department of Justice to look into whether or not there was interference with the deal as a report surfaced alleging that Trump ordered Gary Cohn to pressure the DOJ to block the merger.

"There was absolutely no basis for the government doing what they were doing," he said. "Clearly there was a political agenda at work, and I don't think it takes being a genius to where that comes from."

Zucker's appearance at the Austin, Texas-based entertainment and tech festival came less than a week after taking on both sports and news under WarnerMedia. In discussing his lateral move within the company, Zucker said that although his "two passions in life are news and sports" CNN would remain "fundamentally about news."

Zucker equally criticized the relationship between the Trump White House and Fox News, calling the network a "propaganda network" and noting their relationship is "completely symbiotic," which is detrimental to journalism. Zucker has spoken out about Fox News before and repeated some of his concerns by adding that the network has "done a lot of damage to the political discourse" in the country.

The controversy surrounding new hire, and Trump Administration aide Sarah Isgur Flores was brought up, but laid to rest by Zucker. Noting the similarities and quick transitions for many who work in politics to and from both journalism and entertainment, he stood by the choice citing the diversity in political leanings as healthy for the industry. Before moving on, Zucker mentioned Isgur Flores taking a step back from her role "due to recent personal events."

Turning an eye towards Fox News and their upset in not being handed a political debate, Zucker was quick to bring up the fact that news is not owed anything. He talked of the news network almost as a petulant child, citing Fox News as ultimately causing, "a lot of damage to the political discourse" both during the election and now Trump's presidency.

When it came to discussing the DNC's decision to keep Fox News from hosting a primary debate for the upcoming 2020 presidential election, Zucker said implied that it was the organization's right to deny such privileges.

"There's no obligation to give one to Fox," he said, also noting that the DNC doesn't have to give one to anyone, CNN included.

The conversation also took a turn towards the future of CNN with Zucker diving into the need for innovation within their digital platform and content. After the closing off their Beam and Snapchat show last summer, there was some concern that the news giant was taking a step backwards. The point being driven home as the moderator brought up controversy over the lack of diversity brought out by the National Association of Black Journalists (NABJ) this week. Zucker countered with an assurance of the commitment to diversity "on and off the air," bringing the company forward into the future with a pro-truth stance.

Source: NewsMax America

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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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