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One person dies as police clash with protesters at Indian aluminum plant

FILE PHOTO: A view of Vedanta Limited alumina refinery is seen in Lanjigarh
FILE PHOTO: A view of Vedanta Limited alumina refinery is seen in Lanjigarh in the eastern state of Odisha, India, June 5, 2018. REUTERS/Krishna N. Das/File Photo

March 18, 2019

NEW DELHI (Reuters) – At least one person died in clashes between police and protesters outside Vedanta Ltd’s aluminum plant in the eastern state of Odisha, the company said on Monday.

The incident comes less than a year after police opened fire on demonstrators protesting against the operation of another Vedanta plant, its copper smelter in Thoothukudi in Tamil Nadu state, killing 13 people.

Vedanta said in a statement to Reuters that one person had died and more people had been injured in the clashes outside its Lanjigarh plant.

“As per the update from the hospital, one of the injured protesters lost his life,” Vedanta said in a statement to Reuters.

“The local Odisha Industrial Security Force personnel (OISF), who intervened were attacked by the protesters during which some protesters and OISF personnel got injured,” the company said, referring to a state security force that is under police command.

Vedanta did not comment on what the demands of the protesters were. Media in Odisha reported that they had been agitating for jobs for local people.

(Reporting by Sudarshan Varadhan; Editing by Martin Howell & Simon Cameron-Moore)

Source: OANN

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Sheriff: Carjacker fatally shot; sergeant’s head grazed

Florida deputies fatally shot a carjacking suspect who shot and grazed the head of a sheriff's sergeant.

Volusia County Sheriff Mike Chitwood told a news conference the shooting happened Thursday afternoon near DeLand following a chase across the county.

Authorities say the unidentified suspect stole a woman's pickup truck at gunpoint in Deltona. Chitwood says the man brandished a gun as deputies chased him and tried to flee on foot after they destroyed the truck's tires with stop sticks.

A group of deputies eventually surrounded the man. Chitwood says Sgt. Tommy Dane and four other deputies exchanged gunfire with him. Dane was grazed and the carjacking suspect was shot multiple times.

Police didn't release the races of the deputies or the carjacking suspect.

Chitwood says Dane was awake and alert after the shooting.

Source: Fox News National

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Venezuela denies EU lawmakers entry given ‘conspiratorial motives’

FILE PHOTO: Venezuela Minister of Foreign Affairs Jorge Arreaza responds to questions in the press briefing room at the United Nations Headquarters in New York
FILE PHOTO: Venezuela Minister of Foreign Affairs Jorge Arreaza responds to questions in the press briefing room at the United Nations Headquarters in New York, U.S. February 12, 2019. REUTERS/Andrew Kelly

February 18, 2019

CARACAS (Reuters) – Venezuela denied a group of European Parliament deputies entry into the country on Sunday, arguing they had “conspiratorial motives” for flying to Caracas in the throes of a political crisis.

The European Parliament last month joined a slew of Western nations in recognizing Venezuelan opposition chief Juan Guaido as interim head of state after President Nicolas Maduro won a second term in an election last year that critics denounced as a sham.

The four deputies from the center-right European People’s Party (EPP) were traveling to Venezuela to meet with Guaido, one of them said in a video distributed via social media.

“They have retained our passports, they haven’t communicated the reason for our expulsion,” Esteban González Pons said.

Venezuelan Foreign Minister Jorge Arreaza said on his Twitter account that the lawmakers had been advised several days ago they would not be allowed entry into the South American country.

Venezuela would “not permit the European extreme right to disturb the peace and stability of the country with another of its rude, interventionist actions,” he wrote.

There is growing pressure on Maduro at home and abroad to step down so that Guaido can head an interim government to organize free elections. Maduro, who retains the backing of Russia and China, says he is the victim of a coup.

(Reporting by Mayela Armas; Writing by Sarah Marsh; Editing by Sandra Maler)

Source: OANN

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Egypt to slash fuel subsidies as it nears end of IMF program

A microbus is filled up with fuel by an employe at a petrol station in Cairo
FILE PHOTO: A microbus is filled up with fuel by an employe at a petrol station in Cairo, Egypt June 29, 2017. REUTERS/Amr Abdallah Dalsh

April 6, 2019

By Patrick Werr, Aidan Lewis and Yousef Saba

CAIRO (Reuters) – Egypt will remove subsidies on most energy products by June 15, it told the International Monetary Fund in a January letter released by the IMF on Saturday as part of a review of Cairo’s three-year, $12 billion loan program with the lender.

This will mean increasing the price to consumers of gasoline, diesel, kerosene and fuel oil, which are now at 85-90 percent of their international cost, said the letter, which is dated Jan. 27.

The letter from Egypt’s finance minister and central bank governor was included in an IMF staff report dated Jan. 28 and published following the disbursement in February of the fifth out of six tranches of the loan.

The loan program began in 2016 and is tied to reforms that have included a sharp devaluation of the Egyptian pound and the introduction of a value-added tax. They have helped steady Egypt’s economy but also put millions of Egyptians under increased economic strain.

Fuel prices have increased steadily over the past three years. LPG and fuel oil used for electricity generation and bakeries are not included in the commitment to reaching full cost recovery through subsidy cuts, the letter said.

The government said in its letter that after starting to link less-used Octane 95 petrol to international prices – which it accomplished in April – it would introduce similar indexation mechanisms for other products in June, with the first price adjustments expected in mid-September.

The government noted it had also put in place a hedging mechanism to protect against shocks in oil and other commodities. In its review, however, the IMF “advised caution in using financial instruments with upfront costs that protect only temporarily against extreme price movements”, referring to hedging.

DEBT TARGET

Since starting the IMF loan program, Egypt has borrowed heavily from abroad.

In its letter, the government said it intended to reduce its general debt from a projected 86 percent of Gross Domestic Product (GDP) by the end of June to 72 percent by June 2023. Debt was equal to 93 percent of GDP in June 2018.

It also committed to fully eliminating arrears held by the state-owned Egyptian General Petroleum Company (EGPC) by the end of June this year. The arrears stood at $1.043 billion at the end of 2018.

Egypt said it had capped the government’s ability to borrow from the central bank via an overdraft account at 66 billion Egyptian pounds ($3.82 billion) in 2018/19, equal to 10 pct of the previous three years’ revenue, as a way of managing liquidity and reducing inflation.

The central bank would gradually phase out subsidized lending to small- and medium-sized enterprises and social housing programs and instead these programs would be financed directly from the state budget, the letter said.

The sale of stakes in at least 23 state-owned enterprises over between 24 and 30 months starting in April 2018 was expected to raise around 80 billion Egyptian pounds, it added.

The IMF said in its review that Egypt’s reform program was “broadly on track”.

“The progress on structural reforms has been mixed, but the program objectives remain achievable,” it said.

“Sustained efforts are needed to advance critical reforms in competition, industrial land allocation, transparency and governance of state-owned enterprises, and public procurement.”

A recent tightening of global financial conditions had worsened the balance of risks, with Egypt vulnerable to any unexpected increase in oil prices, the IMF said.

“Calls on state-guaranteed loans, which have been increasingly used to finance large infrastructure projects by public entities, or other contingent liabilities could also put pressure on public debt,” the report said.

The IMF did not explain the delay in publishing the review.

(Writing by Aidan Lewis; Editing by Sonya Hepinstall)

Source: OANN

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Mexico to purge nonworking teachers from payroll

Mexican President Andrés Manuel López Obrador says his government will conduct a census to determine which teachers are working and purge the rest from the payroll.

Speaking in the western state of Michoacan, the president gestured with a thumb Saturday to indicate that any "freeloader" found on the payroll will be tossed.

López Obrador plans to federalize education rather than allocate school funds to states. The president said some governors spend federal money earmarked for education on other things and then ask for more money.

López Obrador said that "we are going to bring order."

Michoacan suffered paralyzing rail blockades in January by striking teachers demanding back pay from the state government.

The crowd booed Michoacan Gov. Silvano Aureoles, who appeared alongside López Obrador on Saturday.

Source: Fox News World

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Cops: Woman arrested for faking cancer ahead of fundraiser for medical bills

A North Carolina woman who allegedly lied about having kidney cancer to deceive well-wishers into giving her money was arrested Tuesday ahead of a fundraiser to help pay for her supposed medical bills.

The Randolph County Sheriff’s Office said in a Facebook post that it started an investigation into Hannah Leigh Hume, 21, after members of a local recreational club began having suspicions about her cancer diagnosis.

KENTUCKY WOMAN ARRESTED AFTER ALLEGEDLY FAKING CANCER DIAGNOSIS, RAISING $10G IN DONATIONS: REPORT

The club was approached in March about helping Hume with her “medical bills,” authorities said. A fundraiser scheduled for June 15 was in the planning stages for the High Point resident.

Club members became leary of Hume after a conversation with her about her medical bills. Specifics on what led to their suspicions were not revealed.

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During an interview with investigators, Hume admitted she didn’t have cancer, the sheriff’s office said. She is charged with felony attempting to obtain property by false pretense.

She is scheduled to appear in court May 13.

Source: Fox News National

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MLB notebook: Kershaw set for return to Dodgers

Los Angeles Dodgers Clayton Kershaw salutes children at the Latinoamericano stadium in Havana
FILE PHOTO: Los Angeles Dodgers Clayton Kershaw salutes children at the Latinoamericano stadium in Havana, December 16, 2015. Cuban baseball defectors joined a Major League Baseball goodwill tour offering clinics for children in an unprecedented act of baseball diplomacy. REUTERS/Alexandre Meneghini

April 11, 2019

Left-hander Clayton Kershaw came out of Tuesday’s rehab start healthy and his next appearance will be with the Los Angeles Dodgers, manager Dave Roberts said Wednesday.

Kershaw will start either Sunday at home against the Milwaukee Brewers or on Monday against the visiting Cincinnati Reds.

The Dodgers ace, working his way back after dealing with left shoulder inflammation during spring training, threw six innings on Tuesday night for Double-A Tulsa. He gave up five hits and two runs — both on home runs — in six innings. He struck out six and walked none.

His first rehab start came with Triple-A Oklahoma City, when he tossed 4 1/3 innings and allowed two runs on four hits, including a home run, with two walks and six strike outs.

–St. Louis Cardinals leadoff hitter Matt Carpenter has signed a two-year contract extension, the team announced in a news conference at Busch Stadium.

The extension runs through the 2021 season and includes a possible option for a third season.

The team did not announce financial terms, but Mark Saxon of The Athletic reported the deal is worth a combined $39 million for the next two seasons. If he reaches 1,100 plate appearances over the next two seasons, the deal will be worth $18.5 million for 2022.

–The hunt continues for the person responsible for the theft of five firearms and $20,000 from the home of Atlanta Braves outfielder Nick Markakis.

The Atlanta Journal-Constitution reported someone broke into Markakis’ home in the Buckhead section of Atlanta on March 29 and walked off with the money, weapons and a luxury watch.

A neighbor called police after spotting someone in the home. The Braves were in Philadelphia that night.

–Forbes estimated the New York Yankees to be worth $4.6 billion, a 15 percent increase from 2018, in its annual list of team values.

Rounding out the top five were the Los Angeles Dodgers ($3.3 billion), Boston Red Sox ($3.2 billion), Chicago Cubs ($3.1 billion) and San Francisco Giants ($3 billion).

–Wednesday’s game between the Atlanta Braves and Colorado Rockies was postponed due to a blizzard warning in Denver.

A storm moving through the area could bring 2 to 6 inches of snow and wind gusts up to 65 mph, according to the National Weather Service.

The game was rescheduled for Monday, Aug. 26, at Coors Field.

–Field Level Media

Source: OANN

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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

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

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

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

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

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

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

Footage of the interview was resurfaced by RealClearPolitics.

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

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

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

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

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

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

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

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

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

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

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

CLICK HERE TO GET THE FOX NEWS APP

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

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Associated Press contributed to this report.

Source: Fox News National

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

April 26, 2019

By Amit Dave and Mayank Bhardwaj

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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

April 26, 2019

By P.J. Huffstutter and Shradha Singh

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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