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Germany’s manufacturing recession worsens: PMI

Unfinished pliers still glow after being hot-formed by a hammer at the factory of Knipex in Wuppertal
Unfinished pliers still glow after being hot-formed by a hammer at the factory of Knipex, a 130 year-old family-owned pliers and tools maker company in Wuppertal, western Germany, October 25, 2016. REUTERS/Wolfgang Rattay/File Photo

April 1, 2019

BERLIN, (Reuters) – A weakening global economy, risks linked to Britain’s possible departure from the European Union without a deal and trade disputes pushed activity in Germany’s manufacturing sector to contract at its fastest rate since July 2012, a survey showed on Monday.

Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, fell to an 80-month low reading of 44.1, down from 47.6 in February and lower than the flash reading of 44.7.

It was the third successive month that the index was below the 50.0 mark that separates growth from contraction.

“Both total new orders and export sales are now falling at rates not seen since the global financial crisis, with more and more firms reporting lower demand linked to Brexit, trade uncertainty, troubles in the automotive industry and generally softer global demand,” said IHS Markit’s Phil Smith.

New orders posted their steepest drop since April 2009.

Weakening exports have translated into a slowdown in Europe’s biggest economy, which posted its lowest growth rate in five years last year.

The economy has been relying on consumption for growth. A robust labor market, rising wages and low interest rates have been supporting the consumption-driven cycle.

“Manufacturing output fell markedly and at the fastest rate since 2012, with the consumer goods sector joining intermediate and capital goods producers in contraction,” said Smith.

He added: “The sustained solid growth in employment prior to March had been the sector’s one remaining bright spot, but the latest survey indicated a fall in jobs for the first time in three years amid reports from a number of firms that some temporary contracts weren’t being renewed.”

Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license.

(Writing by Joseph Nasr; Editing by Toby Chopra)

Source: OANN

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Thai junta files sedition complaint against new party leader

Thailand's ruling junta has filed a complaint accusing the leader of a popular new political party of sedition and aiding criminals. The Future Forward Party ran a strong third in the elections last month that were also contested by a pro-military party.

Future Forward's leader Thanathorn Juangroongruangkit said the criminal complaint filed against him was politically motivated and he would report to police on Saturday to receive the summons against him. The potential penalty he would face is nine years in prison.

Thanathorn has said his party's primary agenda is to stop Thailand's military from intervening in politics.

The military has governed Thailand since a coup in 2014 and junta leader and Prime Minister Prayuth Chan-ocha is seeking to remain in office when the next government is seated.

Source: Fox News World

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US military to provide support to Mozambique for cyclone

The United States military says President Donald Trump has directed it to support relief efforts to help Mozambique with the destruction caused by Cyclone Idai more than a week ago.

The U.S. Africa Command statement comes three days after Mozambique's government made a formal request to the international community for aid. The southern Africa nation earlier declared a national disaster as its president said deaths from the cyclone could reach 1,000. Confirmed deaths are now close to 450.

The U.S. statement says AFRICOM provides disaster relief "when it has unique capabilities that can be utilized in the U.S. Government's response."

It says the Combined Joint Task Force - Horn of Africa will lead the U.S. military efforts and that its initial assessments have begun at the scene of the disaster.

Source: Fox News World

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NFL notebook: Rosen calls life in limbo ‘annoying’

FILE PHOTO: NFL: Jacksonville Jaguars at Tennessee Titans
FILE PHOTO: Dec 6, 2018; Nashville, TN, Jacksonville Jaguars executive vice president of football operations Tom Coughlin looks on before a game aTennessee Titans at Nissan Stadium. Mandatory Credit: Kirby Lee-USA TODAY Sports

April 19, 2019

Arizona Cardinals quarterback Josh Rosen spoke publicly for the first time Thursday about the limbo he finds himself in with the team that drafted him last year, telling SI TV that it’s “annoying” but that he “definitely understands the situation.”

The Cardinals hold the No. 1 pick in next week’s NFL draft and speculation is rampant that the team, with new coach Kliff Kingsbury at the helm, will select former Oklahoma quarterback and Heisman Trophy winner Kyler Murray.

“I definitely understand the situation,” Rosen told SI TV. “I mean, it’s annoying but, like, it is what it is. Football’s a business, and I definitely respect the higher-ups and their decisions. … Whatever decisions are made, it’s my duty to prove them right if they keep me, and prove them wrong if they ship me off.”

The Cardinals went 3-13 last year under former coach Steve Wilks. Rosen started 13 games and passed for 2,278 yards, throwing for 11 touchdowns against 14 interceptions in his rookie season. Rosen was conspicuous in his omission from the Cardinals’ hype video — save for a brief shot of him 56 seconds in — released earlier Thursday along with a 2019 promotional calendar.

–The Carolina Panthers restructured the contract of star linebacker Luke Kuechly to free up more than $7 million in cap space, ESPN reported.

The Panthers converted $9.05 million of Kuechly’s 2019 salary into a bonus, a move that gives the cap-strapped club an additional $7.24 million to play with one week ahead of the draft, according to the report. The Panthers had just $1.34 million in cap space prior to the restructure.

It’s the second consecutive year the Panthers have given Kuechly upfront money. The 28-year-old linebacker is coming off his fifth first-team All-Pro bid. Kuechly posted 130 tackles — including a career-high 20 for loss — last year to go with two sacks and an interception in 16 games.

–Speaking during the Jacksonville Jaguars’ annual state of the franchise address, team executive vice president of football operations Tom Coughlin spoke about team attendance at this week’s organized team activities and criticized those not in attendance.

“We’re very close to 100 percent attendance, and quite frankly, our players should be here building the concept of team, working hard side by side, constructing our bond of togetherness, formulating our collective priorities and goals,” Coughlin said, via ESPN.

The players not in attendance are All-Pro cornerback Jalen Ramsey — who also missed last offseason’s program to train at his father’s facility in Nashville, Tenn. — and starting linebacker Telvin Smith. Following Coughlin’s comments, the NFLPA tweeted a statement from president Eric Winston reiterating that such activities are voluntary and that coaches and executives are prohibited “from threatening players to participate in voluntary workouts.”

–Washington Redskins defensive end Matt Ioannidis agreed to a three-year extension worth $21.75 million, NFL Network reported.

Ioannidis was drafted 152nd overall in 2016 out of Temple and was entering the final year of his rookie contract. In 38 career games, Ioannidis has 19 starts and 12.0 sacks, including 7.5 last season.

–The Houston Texans expect wide receiver Will Fuller to be on the field for their season-opening Monday night game against the Saints at New Orleans, team general manager Brian Gaine told the team’s website.

Fuller emerged as a dangerous deep threat in his third season in 2018, catching 32 passes for 503 yards and four touchdowns through seven games but suffered a torn ACL in Week 8 against Miami.

–Field Level Media

Source: OANN

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Children feared dead, trapped inside in Nigeria after 3-story school collapses

Scores of children are feared dead or trapped inside after a three-story school building collapsed during school hours in Lagos, Nigeria, prompting frantic rescue efforts.

Some children were rescued from the rubble by the first-responders, with hundreds of onlookers cheering the efforts as they stood in narrow streets and on rooftops of rusted, corrugated metal.

In this image taken from video rescue workers and emergency teams work at the scene of a building collapse in Lagos, Nigeria, Wednesday March 13, 2019. A three-story building has collapsed in Lagos, and rescuers rush to pull out scores of children thought to be inside. There was no immediate official word on numbers of casualties.

In this image taken from video rescue workers and emergency teams work at the scene of a building collapse in Lagos, Nigeria, Wednesday March 13, 2019. A three-story building has collapsed in Lagos, and rescuers rush to pull out scores of children thought to be inside. There was no immediate official word on numbers of casualties. (AP)

Others volunteered in the rescue operations, jumping into the rubble with hacksaws and mallets in their hands.

MAN NARROWLY AVOIDS FALLING BRICKS AS HE WALKS PAST COLLAPSING BUILDING

So far it remains unclear how many children exactly have died or are still trapped.

“For now we don’t have any word on casualties as we are still busy with rescue work,” said Sani Datti, a spokesman with Nigeria’s National Emergency Management Agency.

“It is believed that many people including children are currently trapped in the building,” another spokesperson for the agency told the BBC.

RESCUE OPERATION IN ISTANBUL AFTER 8-STORY BUILDING COLLAPSES, KILLING ONE, TRAPPING OTHERS UNDER RUBBLE

Emergency services attend the scene after a school building collapsed in Lagos, Nigeria, Wednesday March 13, 2019. Rescue efforts are underway in Nigeria after a three-storey school building collapsed while classes were in session, with some scores of children thought to be inside at the time.

Emergency services attend the scene after a school building collapsed in Lagos, Nigeria, Wednesday March 13, 2019. Rescue efforts are underway in Nigeria after a three-storey school building collapsed while classes were in session, with some scores of children thought to be inside at the time. (AP)

The school was on the top floor of the building in Ita Faji on Lagos Island, Nigeria’s commercial capital and a city of some 20 million people.

Nigeria has been suffering from frequent building collapses due to lack of building regulations that would ensure the safety of the buildings.

CLICK HERE FOR THE FOX NEWS APP

Over 100 people died in 2016 after a church roof collapsed in south of Nigeria.

The Associated Press contributed to this report.

Source: Fox News World

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Kellyanne Conway reiterates call for Adam Schiff’s resignation after Mueller report’s release

White House counselor to the president Kellyanne Conway doubled down on her call for Rep. Adam Schiff (D-Calif.) to resign as House Intelligence Committee Chairman as he was a leading figure in the Russia investigation which, according to special counsel Robert Mueller's report, found no evidence of witting collusion by the Trump campaign.

"Not only should he resign, he should produce the evidence that he said he has," she said. Conway seemed to refer to Schiff's recent claim that "significant evidence of collusion" existed.

"If he has evidence of collusion that somehow the special counsel couldn't find over 22 months and $35 million of our money, I want Adam Schiff to produce that," Conway said. "He ought to put up or shut up."

MUELLER REPORT SHOWS PROBE DID NOT FIND COLLUSION EVIDENCE, REVEALS TRUMP'S EFFORTS TO SIDELINE KEY PLAYERS

Schiff, Conway charged, took part in a "political proctology exam" that ultimately yielded a "clean bill of health" for the president.

Conway's appearance came just after Attorney General Bill Barr held a press conference in which he said Mueller's report did not yield sufficient evidence to accuse Trump of either collusion or obstruction of justice.

She also defended Barr who has received a torrent of criticism for his conduct in the weeks leading up to the report's release.

"The way they talk about Attorney General Barr, calling for his resignation. He is the chief law enforcement officer of this land and he did a fantastic job today laying out [the Mueller report]."

READ THE FULL MUELLER REPORT HERE

Formerly Trump's 2016 campaign manager, Conway claimed that Mueller's findings "completely" discredited the idea that Trump somehow unfairly beat his opponent, former Democratic presidential nominee Hillary Clinton.

"The central premise that Hillary Clinton says that she lost the election because of Jim Comey, she lost the election because of Russian interference. This blows that out of the water completely," she said.

CLICK HERE TO GET THE FOX NEWS APP

Earlier in the interview, Conway said that the president "won that election fairly and squarely." The report, she said, showed that "we didn't need Wikileaks or anything beyond Hillary Clinton herself to get negative information."

"You know how what I did as campaign manager to get negative information on Hillary Clinton? I got it from Hillary Clinton. She was an awful candidate," Conway added.

Source: Fox News Politics

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Warriors suspend F Bell for one game

FILE PHOTO: NCAA Basketball: NCAA Tournament-First Round-Oregon vs Wisconsin
FILE PHOTO: Mar 22, 2019; San Jose, CA, USA; Golden State Warriors forward Jordan Bell attends the game between the Oregon Ducks and the Wisconsin Badgers in the first round of the 2019 NCAA Tournament at SAP Center. Kyle Terada/ File Photo

March 27, 2019

The Golden State Warriors suspended forward Jordan Bell for Wednesday night’s game at Memphis because of “conduct detrimental to the team.”

The team did not provide details about the transgression while making the announcement.

Bell, a second-year player out of Oregon, is averaging 3.0 points, 2.7 rebounds and 11.4 minutes in 61 games this season.

He contributed 4.6 points and 3.6 rebounds in 57 games (13 starts) as a rookie to help the Warriors win the NBA championship.

Golden State entered Wednesday night’s game tied with Denver at 50-23 atop the Western Conference standings.

–Field Level Media

Source: OANN

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

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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)

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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)

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