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ADNOC weighs secondary listing overseas for distribution business: sources

FILE PHOTO: General view of the ADNOC headquarters and Emirates Towers are seen in Abu Dhabi
FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo

April 4, 2019

By Hadeel Al Sayegh, Saeed Azhar and Davide Barbuscia

DUBAI (Reuters) – Abu Dhabi National Oil Company (ADNOC) is considering a secondary listing for its subsidiary ADNOC Distribution overseas, three sources told Reuters.

In 2017 ADNOC listed 10 percent of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, on the Abu Dhabi Securities Exchange.

Reuters reported last June that ADNOC was considering selling another 10 percent stake in its fuel distribution business.

ADNOC Distribution was seeking a minimum free float of 15 percent to improve its chances of joining the MSCI Emerging Markets Index and attract more international investors, a source told Reuters at the time.

One of the sources said ADNOC was considering listing ADNOC Distribution on New York’s Nasdaq exchange, while a second source added that a London listing had also been discussed.

The company started discussing an international listing “a while ago,” said one of the sources, adding that there was no imminent plan to proceed with the transaction.

The sources declined to be named due to commercial sensitivities.

A spokesman for ADNOC declined to comment on the listing but said the firm was “making good progress in the implementation of its growth plans. This remains our focus at present.”

The sale of more shares in ADNOC Distribution, should it materialize, would be the latest sign that the Gulf’s giant oil companies are increasingly turning to international capital markets to fund expansion.

Before oil prices crashed in 2014, state energy firms in the Gulf largely financed themselves with money from their governments. But low oil and gas prices put government finances are under pressure.

Saudi state oil giant Aramco is currently meeting global investors ahead of an inaugural international bond, after postponing its planned initial public offering last year until 2021.

For ADNOC Distribution, an obstacle to listing now is that its shares have mostly been trading below their IPO price, making it unattractive for the company to sell and for foreigners to buy if they think they can purchase the stock cheaper on the public market at a later date.

On Thursday the shares traded at the IPO price of 2.5 dirhams, after the company announced a dividend increase.

Before the initial listing in 2017, ADNOC said it might sell as much as 20 percent in the fuel distribution unit.

(Reporting by Hadeel Al Sayegh; Editing by Susan Fenton)

Source: OANN

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Free Trade is Pro-Middle Class and Pro-Family

The most sophisticated proponents of protectionism acknowledge the economic arguments in favor of free trade, but portray their position as transcending economics and the free traders’ superficial hunger for “cheap stuff.”

These protectionists instead champion loftier goals such as the political and societal benefits of a robust middle class. But, leaving aside the economic superiority of free trade, protectionism still falls short of free trade in achieving the protectionists’ own stated goals; it is free trade which preserves peace and community.

Advocates for tariffs often support them in the name of supporting a strong middle class, the existence of which, they claim, provides political and societal benefits that outweigh the overall efficiency losses tariffs bring about. It is true that, in the short term, taxing foreign steel benefits the specific industries whose output is steel, and may increase the number of jobs and/or salaries in steel production. However, this is at the expense of every industry whose inputs include steel. Steel factory employment comes at the cost of car factory employment. Now, what if foreign steel were not taxed, but rather a lower-order good, closer to immediate consumption, like foreign cars were instead taxed?

It is more difficult to see why taxing cars would hurt American workers other than reducing the workers’ — and everyone else’s — purchasing power qua consumers. But it would still be harmful. It would hurt taxi drivers, Uber, Lyft, truck and limo drivers, and all of the industries tied to the people and cargo transported in these vehicles. Descending the ladder of production, what if tariffs were placed on finished consumer goods? Would this benefit the middle class producers of this consumer good without hurting other middle class workers? Not necessarily, because, as mentioned above, higher prices for consumer goods may reduce domestic spending in other domestic industries, and in that way hurt middle-class workers. Moreover, these tariffs hurt foreign consumers, who in turn will have less money with which to purchase U.S. products.

If one’s goal is to use tariffs to bring net benefit to the domestic middle-class, even if it means sacrificing overall economic efficiency, then such a person faces a metaphysically possible but hopelessly complex puzzle, like running through a rainstorm and dodging all of the raindrops. The odds that political actors will identify the ideal tariff, dispassionately enforce it without being swayed by special interests or the temptation of increasing revenue, prevent illegal circumvention of the tariff, and then constantly adjust the tariff in real time as changing conditions render a new tariff rate necessary, are somewhat below fifty percent.

Social Benefits

Free trade, in addition to allowing consumers to amass larger amounts of essentials like baby food, fuel, and medical equipment, offers social and political benefits. Free trade creates special interests for peace. With or without tariffs, there are special interest groups that pine for war. Those who sell the weapons and the inputs for the weapons to belligerent states seek war. Free trade counteracts these entrenched bellicose interests with countervailing self-interest. Companies that do business between countries, companies that produce part of their product here, and part there, that buy from here and sell there, desire peace. When war comes, sanctions, blockades, and bombs will ruin those companies, and so they have a motivation to be lobbyists for peace. A free trade regime does not categorically rule out war, but it is a force that will, other things equal, tend to make war less common, and that’s of monumental importance.

Free Trade Brings Communities Together

Protectionism, rather than holding communities together, can sever them across political lines. When empires collapse, or parts of nations are conquered by their neighbors, tariffs along new political boundaries can sever traditional bonds. If Armenians within the Ottoman empire are separated from Armenians within the Russian empire by trade restrictions, then that community is deprived of the full benefits of commerce, by which individuals’ fates are tangibly and symbiotically intertwined. If Austrians suddenly find themselves within the new borders of Italy, and can trade more freely with southern Italians hundreds of miles away than they can with their former compatriots whom they can see across the border, previously existing local bonds are weakened. In other situations, bonds that would have formed in the counterfactual world with free trade, do not.

There is more to life than accumulating material possessions. I have met few or no people who think otherwise. Those who value strong families, tight communities, hard work, and spiritual health should favor free trade so that the inputs upon which workers’ livelihoods depend are not artificially scarce; so that tariffs do not drain the purchasing power of consumers whose demand supports industries; so that nations are more reluctant to war with one another; and so that commerce, one of the great engines of social harmony, is not hindered between neighbors kept apart by political boundaries.



The conspiracy regarding college admissions has become a perfect example of the greed of the elite and could actually take down Deep State actors in the process.

Source: InfoWars

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Congressman Wants to Cut Foreign Aid From Host Countries of Illegals

GOP Rep. Michael Burgess of Texas suggested cutting foreign aid to the host countries of illegal immigrants, on “Fox & Friends” Monday, to make up for financial losses suffered by the government.

“This bill is a bill that I had introduced before in 2014 when it was predominantly the unaccompanied minors that were coming across. I recognize that it was costing the taxpayer quite a lot to keep kids in shelters for 30 to 60 days until they could be placed with families in this country,” Burgess said.

“Deduct that amount of money from the foreign aid that’s going back to the host country or the originating country. So the calculation then was $15,000,” he continued. “I’ve actually increased that to $30,000 per child because the length of stay has increased and it’s costing a lot more to take care of these kids in shelters. There’s, what, 14, 15,000 children in shelters right now — the taxpayer’s footing the bill for that. It makes no sense then to ask the taxpayer to send money back to the home country in foreign aid. Those countries need to step up. They need to do the job.”


From Sex Cults to public groping, the top levels of the US Government are infested with creeps and perverts. Tom Pappert breaks down how their deviancy runs deeper than you imagine.

Burgess also said it’s hard to foresee a bipartisan solution for immigration when Democrats are pushing for open borders and abandoning border security.

“Right now the rhetoric I’m hearing and what I’m hearing in my committees and what is being discussed is people want no borders. The Democrats want no borders,” he said, adding:

“They really do favor just having a region rather than a border and let the free flow of goods and people come just traverse that area. Clearly a country needs borders. You’ve got to — if you don’t have borders, you don’t have a country. And the president’s said that and I agree with him very much. But the rhetoric that I’m hearing on the hill is one that is not in favor of strengthening border security.”


Alex Jones exposes the dark hypocracy of leftists.

Source: InfoWars

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NBA: Retired Nowitzki could see himself as coach in a few years

FILE PHOTO: NBA: Dallas Mavericks at San Antonio Spurs
FILE PHOTO: Apr 10, 2019; San Antonio, TX, USA; Dallas Mavericks power forward Dirk Nowitzki (41) high fives the fans while leaving the court after the game against the San Antonio Spurs at AT&T Center. Soobum Im-USA TODAY Sports/File Photo

April 16, 2019

BERLIN (Reuters) – Retired NBA champion Dirk Nowitzki, who spent 21 seasons at the Dallas Mavericks, could see himself returning to basketball as coach or manager in a few years time, the German said.

The 40-year-old future Hall of Famer ended his sparkling career last week after more than two decades at the Mavericks with whom he was crowned NBA champion in 2011 and was a 14-time All Star.

“After one or two years I can see myself being happy… as a coach or a manager,” Nowitzki told Germany’s Die Zeit newspaper in an interview to be published on Wednesday.

“I would like to be a mentor for a young player and… accompany them through their career in my very own way.”

For now, Nowitzki is content to put his feet up and enjoy a glass of wine and a slice of cake, something he could not do for years as a professional player.

“In the past week I had some cake and I also had my first glass of wine after 10 years of abstinence,” he said. “I was really warm inside after only a few sips. That felt good.”

Nowitzki holds the record for having played the most seasons for the same club and is sixth in the all-time scorers list of the NBA.

Nagging injuries, however, took their toll on his body and continuing his career past the current season was impossible.

“What I did not want to happen under any circumstance was to say goodbye and be sitting at home, thinking ‘damn, you would really like to play now. Why did you do this’,” he said.

“But my body was not good. To be honest my foot where I had surgery last year was not well throughout the year. I knew it would not be getting any better.”

(Reporting by Karolos Grohmann; Editing by Christian Radnedge)

Source: OANN

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Japan tells U.S. can’t link monetary policy to trade, finance minister Aso says: Jiji

Japanese Finance Minister Taro Aso holds a news conference after the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings
FILE PHOTO: Japanese Finance Minister Taro Aso holds a news conference after the G-20 Finance Ministers and Central Bank Governors' meeting at the IMF and World Bank's 2019 Annual Spring Meetings, in Washington, April 12, 2019. REUTERS/James Lawler Duggan

April 25, 2019

WASHINGTON (Reuters) – Japanese Finance Minister Taro Aso said on Thursday he told U.S. Treasury Secretary Steven Mnuchin that Tokyo cannot accept discussions that link monetary policy to trade issues, Jiji news agency reported.

Aso also said the two sides agreed that exchange-rate matters would be discussed between financial authorities, and that Tokyo and Washington should not talk about currency issues in the context of the trade debate, according to Jiji.

Aso and Mnuchin held a bilateral meeting in Washington ahead of a summit between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump later this week.

(Reporting by David Lawder and Jason Lange in Washington, Leika Kihara in Tokyo; Editing by Chizu Nomiyama)

Source: OANN

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More Trump Firings of Senior Immigration Officials Seen Likely

President Donald Trump's administration stepped up pressure on the U.S. Department of Homeland Security (DHS) on Tuesday, raising the likelihood that he might fire more senior officials as the agency struggles with a surge of immigrants on the U.S.-Mexico border.

Two days after Homeland Security Secretary Kirstjen Nielsen announced her departure, a senior administration official said others at DHS were not doing enough to enact Trump's promised immigration crackdown, a top priority for him since he announced his candidacy for the White House four years ago.

Several DHS officials could be forced out soon, said an official familiar with the matter.

Among them were the department's acting No. 2 official, Claire Grady, DHS general counsel John Mitnick and U.S. Citizenship and Immigration Services (USCIS) Director Francis Cissna, the source said. A DHS spokesman did not respond to a request for comment on the officials' expected tenure.

Trump denied that he was overhauling DHS and said his administration was fighting "bad laws" on immigration and a court system that "never ever rules for us" - a frequent refrain of his as a succession of policies to curb entry to the United States have been met with legal challenges by civil rights advocates.

"Nobody ever said I was cleaning house," Trump told reporters at the White House.

Nielsen announced her resignation on Sunday after a meeting with Trump in which the two disagreed on the best way to handle border security.

The personnel changes could further destabilize the U.S. domestic security agency as it tries to stem rising numbers of immigrants arriving at the border, many of them families fleeing violence and poverty in Central America. DHS said it arrested or denied entry to more than 103,000 people along the border last month, more than double the March 2018 figure.

The U.S. Secret Service said on Monday that its chief Randolph "Tex" Alles would depart his job next month, and Trump last Friday withdrew the nomination of Ronald Vitiello to serve as director of U.S. Immigration and Customs Enforcement.

Several top DHS jobs are either vacant or filled on an acting basis, including positions responsible for disaster response, immigration enforcement, finance, policy, and science and technology.

"It's not good to have all these people performing in an acting position," said Senate Homeland Security Committee Chairman Ron Johnson, a Republican.

FRUSTRATIONS

Trump has grown increasingly frustrated as DHS officials have told him that the dramatic immigration changes they seek are not possible under current law and would require the cooperation of Congress, several sources say.

Trump has repeatedly pressed Nielsen over the past several weeks to bring back last year's controversial policy of separating migrant children from their parents, one source said. Trump abandoned that policy last year in the face of widespread public outrage, and it was subsequently struck down in court.

Trump denied on Tuesday that he was reviving the separation policy.

Johnson, the Senate Homeland Security Committee chairman, said that policy would have "no support" in Congress.

A senior administration official, speaking on condition of anonymity, said one option may be to give migrant families a choice of staying in long-term detention together while they await a court hearing or splitting up, an idea known as "binary choice."

The administration may also move to detain migrant children for longer than the 20 day maximum set by a court ruling, in order to set in motion a legal challenge that could overturn that limit, the official said.

The official said DHS has been too slow in drafting new rules that would tighten immigration.

The official singled out U.S. Citizenship and Immigration Services, saying it had not moved quickly enough to tighten H-1B visas for skilled workers and has granted an "astronomical" number of asylum claims.

Asylum officers at the agency found that applicants had a "credible fear" of persecution in their home countries in 78 percent of the cases they decided between October and February, according to USCIS data.

The White House could anger allies in Congress if it fires USCIS head Cissna, who has previously worked with Republicans on the Senate Judiciary Committee. Republican Senator Chuck Grassley said on Twitter that Cissna was "doing what voters asked4 w PresTrump election."

Any move to fire Cissna or other DHS leaders would likely complicate the department's leadership woes.

U.S. Customs and Border Protection Commissioner Kevin McAleenan is due to take Nielsen's place on a temporary basis, starting on Wednesday. That will leave a vacancy atop DHS on the front lines of the border crisis and could also force the departure of the No. 2 Grady, who is legally supposed to fill Nielsen's shoes.

Trump has interviewed several candidates for the top job over the past week and a half, including former Kansas Secretary of State Kris Kobach, former Virginia attorney general Ken Cuccinelli, and former acting Immigrations and Customs Enforcement head Thomas Homan.

All three have expressed hard-line views on illegal immigration, and could have difficulty winning confirmation in the U.S. Senate, which Trump's Republicans control by a 53-47 margin.

Senate Republican Leader Mitch McConnell said Congress needed to set aside its differences to overhaul immigration laws, which it has repeatedly failed to do over the past 15 years.

Source: NewsMax Politics

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Ex-Muslim rebels take control of volatile Philippine region

Former Muslim guerrillas have taken over governance of a poverty- and conflict-wracked Muslim autonomous region under a peace deal partly aimed at combating Islamic State group-aligned militants in the southern Philippines.

Moro Islamic Liberation Front rebel leader Murad Ebrahim on Tuesday assumed the leadership of an 80-member transition authority dominated by his guerrilla group to govern a five-province region called Bangsamoro. The first large group of about 12,000 combatants is to be demobilized starting this year under the peace deal.

Murad says he and his insurgent group will now wage a new jihad, or holy war, against corruption and other "ills of governance."

Philippine and Western governments and the guerrillas see effective Muslim autonomy as an antidote to nearly half a century of Muslim secessionist violence.

Source: Fox News World

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A California man who allegedly fatally shot his ex-girlfriend in broad daylight last month before fleeing the country has been returned to the U.S. following his arrest in Mexico on Wednesday, authorities said.

Julio Cesar Rocha, 25, of Montlcair, is accused of shooting his 25-year-old ex-girlfriend Thalia Flores and a second unidentified male victim March 21 around 2:45 p.m. while the two were sitting in a vehicle in the parking lot of a discount store in Chino. Both communities are about 36 miles east of Los Angeles.

ARREST MADE IN DOUBLE HOMICIDE OF EX-PRO HOCKEY PLAYER, COMMUNITY ADVOCATE, POLICE SAY

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores.

Julio Cesar Rocha, 25, of Montlcair, Calif. was located in Mexico Wednesday and returned to California where he faces murder and attempted murder charges related to the death of his ex-girlfriend, Thalia Flores. (City of Chino Police Department)

Flores died at the scene. The man, whose name was not released, walked to a nearby hospital where he’s recovering from his gunshot wounds.

Rocha allegedly fled the scene and remained at large for more than a month, the Daily Bulletin reported. He was formally arrested at 4:30 p.m. after arriving at Los Angeles International Airport from Mexico, KTLA-TV reported.

The suspect was booked at the West Valley Detention Center in Rancho Cucamonga on murder and attempted murder charges, the City of Chino Police Department said on Facebook.

Flores ended her seven-year relationship with Rocha just two months before her death and still lived in fear of him until that point, a sister of the victim, Bernice Flores, told the Daily Bulletin.

“He said himself so many times to other people, ‘If I can’t have her, no one will.’ ” Flores said, adding that her sister stayed in the relationship longer that she would have liked in fear that Rocha would hurt her or her family if they broke up.

Rocha was convicted on misdemeanor battery in 2016 and sentenced to 60 days in prison. He was originally charged with misdemeanor assault with a deadly weapon, but the charges were lowered in a plea deal, the Daily Bulletin reported.

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Rocha was convicted of misdemeanor resisting or obstructing a peace officer in 2014. A second charge of misdemeanor battery was dropped in a plea deal, and Rocha was ordered to complete a 26-week anger management course, according to San Bernardino County Superior Court records. Rocha was later arrested and sentenced to 10 days behind bars for failing to complete the course.

Source: Fox News National

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Multiple people died Thursday when a semitrailer plowed into stationary traffic that resulted in explosions and flames on a Colorado freeway, authorities said.

The incident occurred just before 5 p.m. in the Denver suburb of Lakewood when a truck driver lost control while traveling east on Interstate 70, according to a preliminary investigation. The collision started a chain reaction and a diesel fuel spill, Lakewood police spokesman Ty Countryman told the Denver Post.

“This is looking to be one of the worst accidents we’ve had here in Lakewood,” he said.

The driver of the runaway truck survived. At least one truck was carrying lumber, another was hauling gravel and the third may have been carrying mattresses, KDVR-TV reported.

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Lakewood police tweeted there were multiple fatalities but did not give a specific number. Six people were taken to a hospital. Their conditions were not released, according to the paper.

Lanes in both directions were closed and expected to remain so into Friday morning.

Source: Fox News National

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President Trump will address members and leaders of the National Rifle Association on Friday at the group’s annual convention in Indiana.

Around 80,000 gun enthusiasts and more than 800 exhibitors are expected to pack the Indiana Convention Center in Indianapolis for the three-day event, the Indianapolis Star reported. It will mark the third straight year that Trump will deliver the keynote address, where he is expected to champion the rights of gun owners.

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes,” Chris Cox, executive director of the NRA’s Institute for Legislative Action (ILA), said in a statement. “President Trump’s Supreme Court appointments ensure that the Second Amendment will be respected for generations to come. Our members are excited to hear him speak and thank him for his support for our Right to Keep and Bear Arms.”

“Donald Trump is the most enthusiastic supporter of the Second Amendment to occupy the Oval Office in our lifetimes.”

— Chris Cox, executive director, NRA’s Institute for Legislative Action

COLORADO ENACTS ‘RED FLAG’ LAW TO SEIZE GUNS FROM THOSE DEEMED DANGEROUS, PROMPTING BACKLASH

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

President Donald Trump speaks at the National Rifle Association annual convention in Dallas last year. (Associated Press)

Trump and Vice President Mike Pence spoke at last year’s convention in Dallas. During his speech, Trump assured gun owners that he would protect their Second Amendment rights, according to the paper.

“Your Second Amendment rights are under siege,” Trump told the cheering audience in Dallas. “But they will never, ever be under siege as long as I am your president.”

Trump has supported some gun control measures in the past. Last year, his administration imposed a ban on bump stocks, attachments that enable semiautomatic rifles to fire in rapid bursts. Although, he most recently threatened to veto two Democratic gun control bills.

This year’s convention comes as the NRA faces outside pressure and internal problems. The group has seen its legislative agenda stall amid a series of mass shootings — including a massacre at a Parkland, Fla., high school in February 2018 that left 17 dead and launched a youth movement against gun violence.

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It’s also grappling with infighting in its ranks, money problems and investigations into whether Russian agents courted officials and funneled money through the group.

“I’ve never seen the NRA this vulnerable,” said John Feinblatt, president of Everytown for Gun Safety, a nonprofit that advocates for gun control measure.

The convention will run through the weekend and conclude Sunday.

The Associated Press contributed to this report.

Source: Fox News Politics

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FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London
FILE PHOTO: Shoppers walk past the Debenhams department store on Oxford Street in London, Britain December 15, 2018. REUTERS/Simon Dawson

April 26, 2019

(Reuters) – Ailing British retailer Debenhams said two proposed company voluntary arrangements (CVA) could see all its stores remaining open during 2019, with 22 closures planned for next year, putting about 1,200 jobs at risk.

Debenhams’ lenders took control of the retailer earlier this month in a process designed to keep its shops open at the expense of shareholders.

(Reporting by Noor Zainab Hussain in Bengaluru; editing by Gopakumar Warrier)

Source: OANN

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FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London
FILE PHOTO: Xiaomi branding is seen on a carrier bag at a UK launch event in London, Britain, November 8, 2018. REUTERS/Toby Melville

April 26, 2019

BENGALURU (Reuters) – Chinese brands controlled a record 66 percent of Indian smartphone market in the first quarter, led by Xiaomi Corp, a report showed, with volumes rising 20 percent on the back of popularity for brands like Vivo, RealMe and Oppo.

Xiaomi’s India shipments fell by 2 percent over last year, but the Beijing-based company was still the biggest smartphone brand in the country, followed by Samsung Electronics Co Ltd, according to Hong-Kong based Counterpoint Research.

Shipment volumes for Vivo jumped 119 percent, while those of Oppo rose 28 percent.

“Vivo’s expanding portfolio in the mid-tier range ($100 to $180) drove its growth along with aggressive Indian Premier League cricket campaign,” Counterpoint analysts said.

India is the world’s fastest growing market for smartphones, where affordable pricing coupled with features like “selfie” cameras and big screens have popularized Chinese brands.

Video streaming services like Netflix Inc and Hotstar, as well as heavy usage of messaging apps like Facebook Inc’s WhatsApp have further spurred demand.

“Data consumption is on the rise and users are upgrading their phones faster as compared to other regions,” Counterpoint’s Tarun Pathak said.

“As a result of this, the premium specs are now diffusing faster into the mid-tier price brands. We estimate this trend to continue leading to a competitive mid-tier segment in coming quarters.”

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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