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Trump: I Can’t Be Impeached

President Donald Trump on Monday tweeted he can't be impeached, denying claims he obstructed justice concerning special counsel Robert Mueller's investigation.

"Only high crimes and misdemeanors can lead to impeachment," Trump tweeted. "There were no crimes by me (No Collusion, No Obstruction), so you can't impeach. It was the Democrats that committed the crimes, not your Republican President! Tables are finally turning on the Witch Hunt!"

Several Democrats have called for impeachment following the release of Mueller's report, which details at least 10 times Trump might have obstructed justice, though the special counsel did not conclude the president committed a crime.

Mueller wrote "the president's efforts to influence the investigation were mostly unsuccessful, but that is largely because the persons who surrounded the president declined to carry out orders or accede to his requests."

House Speaker Nancy Pelosi, D-Calif., is scheduled to host a conference call Monday with House Democrats to formulate a strategy following the report's release.

House Judiciary Committee Chairman Jerrold Nadler, D-N.Y., told NBC News on Sunday  he has not ruled out impeachment, but said Congress will "have to hear from" Mueller and Attorney General William Barr before they can proceed, if they choose to impeach.

"Some of this would be impeachable," Nadler said, referring to the allegations in the report. "Obstruction of justice, if proven, would be impeachable."

Source: NewsMax America

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For Dems, Mueller was a ‘saint’ but now Barr is a ‘sinner’: Victor Davis Hanson

Democratic lawmakers are putting pressure on Attorney General William Barr to release the Mueller report but that may ultimately lead to more disappointment for their party, Hoover Institute senior fellow Victor Davis Hanson argued Friday.

Earlier in the day, Barr sent a letter to Congress, informing lawmakers that the Department of Justice may release the report on the two-year-long Russia investigation "by mid-April, if not sooner," after the redacting of classified information. That target falls after the April 2 deadline set by House Judiciary Committee Chairman Jerry Nadler, D-N.Y.

During Friday's All-Star panel segment of Fox News' "Special Report with Bret Baier," Hanson -- along with Washington Times opinion editor Charles Hurt and Reuters White House correspondent Jeff Mason -- weighed in on the ongoing battle between Democrats and the Department of Justice.

CLICK HERE TO VIEW THE FULL SHOW

Hanson began by declaring as “fact” that the Mueller report will eventually be released, but insisted that “hysterical” people made Special Counsel Robert Mueller “into a saint” while the investigation was underway but have now made Barr “into a sinner” over the lack of transparency thus far about Mueller's findings.

“Unfortunately, they’ve learned nothing and forgotten nothing because this thing is going to come out in two weeks," Hanson said, "and just as they didn’t know what was coming out in the Mueller report and they pontificated and sermonized and were sorely disappointed, if they don’t watch out, they’re going to make all sort of prognostications and predictions that won’t be borne out.

“So I don’t see the two-week timeframe as a big problem," he added. "They should just be quiet, trust William Barr, let the thing come out and they’ll either be confirmed or denied.”

CLICK HERE TO GET THE FOX NEWS APP

Hurt accused congressional Democrats of “politicking” and asserted that the party sees Barr’s letters to Congress as an “opportunity to complain” about not being able to see the full report sooner.

Meanwhile, Mason pointed to President Trump’s call to release the report in its entirety.

Source: Fox News Politics

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Targeted tests having an impact in esports, says Verroken

FILE PHOTO: Michele Verroken, founding director of Sporting Integrity sports business consultancy smiles during a discussion on doping in football at the Soccerex Global Convention in Manchester, Britain
FILE PHOTO: Michele Verroken, founding director of Sporting Integrity sports business consultancy smiles during a discussion on doping in football at the Soccerex Global Convention in Manchester, Britain September 5, 2017. REUTERS/Phil Noble

April 17, 2019

By Alan Baldwin

LONDON (Reuters) – Targeted testing of esports competitors is leading to a rethink about drug cheating in online gaming and which stimulants are more widespread, according to anti-doping expert Michele Verroken.

The former head of anti-doping at UK Sport, Verroken now runs the Sporting Integrity consultancy and carries out tests at a number of tournaments for the Esports Integrity Coalition (ESIC).

Adderall, a prescription amphetamine used to treat attention deficit hyperactivity disorder (ADHD), has long been a concern since a gamer in the United States claimed in 2015 that it was the drug of choice.

In an interview with Reuters at an anti-doping conference organized by the Partnership for Clean Competition (PCC), Verroken suggested however that test results and player surveys indicated changing attitudes.

“The trend is to say ‘yes, we thought that Adderall was the problem but actually we’re beginning to now think that the testing has had an impact and people who might have been considering it are not doing it’,” she said.

“Now the players are saying we’re not so sure. We think you should be aware more about marijuana use as well.”

Marijuana, usually classified as a recreational drug, can be performance-enhancing in esports if it helps a player relax in a stressful quick-fire environment where being too tense is a disadvantage.

Adderall, sometimes referred to as the ‘Study Drug’ because of student misuse, also has properties that keep the user calm, awake and energized.

Verroken carries out oral fluid tests, rather than urine as in traditional sports, targeting those stimulants that gamers are most concerned about.

“We asked the players what they thought should be on their prohibited list and they told us,” she said. “Those drugs are easily tested orally, and in a much cheaper way.”

Doping, along with match fixing and betting fraud, are ESIC’s main area of concern as competitive gaming, with multiple players performing in live-streamed matches, becomes ever bigger.

Esports now has its own star performers and leagues with tournaments that sell out stadiums and offer prizes worth millions of dollars, with online audiences also in the several millions.

Verroken’s tournaments include popular games League of Legends, Counter-Strike and Star Craft.

WILD WEST

David Howman, the former head of World Anti-Doping Agency (WADA), described esports at the conference as ‘The Wild West’ — a young world lacking a uniform anti-doping policy and governance.

The South Korea-based International esports federation (IESF) is an official signatory of WADA but ESIC has said the anti-doping agency’s ‘one size fits all’ approach to banned drugs is inappropriate for esports.

Verroken, who has now conducted more than 300 tests on players and coaches, said she had yet to sanction anyone but was in discussion with a team about “what looks like party drugs. MDMA at a very low level.

“We call them in, talk to the team, say this is your warning — next time you are going to be targeted. And when I say targeting, I mean targeting,” she added.

Welfare issues are meanwhile coming more to the fore with increasing concern about screen time and the health of players, often youngsters, spending hours in darkened arenas or in front of computers.

But at a time when athletes in conventional sports are seeking a far greater say in the decision-making processes, Verroken said esports was encouraging active engagement and doing things differently.

“I ran the UK anti-doping program, but it just didn’t seem to have the right structure to me. And now I work with esports where there’s huge engagement with the players. It really is good,” she said.

“If they think somebody’s cheating, it will be on social media. They are not going to be afraid.”

(Reporting by Alan Baldwin, editing by Pritha Sarkar)

Source: OANN

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Trump to Skip ‘So Negative’ White House Reporters’ Dinner

President Donald Trump says he'll be skipping this year's annual White House Correspondents' Association dinner again and holding a rally instead.

Trump is criticizing the dinner as he departs the White House en route to California, telling reporters he doesn't want to attend "because the dinner is so boring and so negative."

He says he likes "positive things" instead.

Trump also says his team has yet to settle on a rally location, but assures "it'll be a big one."

Trump had suggested earlier that he might attend this year's dinner after organizers scrapped the usual format featuring a comedian and instead invited Pulitzer Prize-winning author Ron Chernow to speak.

Presidents traditionally attend the dinner, but Trump has skipped it the last two years.

Source: NewsMax Politics

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Covington, Smollett and the Pattern of Media Dishonesty

Conservative columnist Marc Thiessen opined on the pattern of news organizations and the political left rushing to judgment on stories that reflect poorly on President Trump and his supporters. From Wednesday's edition of 'Special Report' on FOX News:

MARC THIESSEN, COLUMNIST: There is a pattern here. First, it was the Covington kids that everyone jumped to believe because they were wearing MAGA hats they were some sort of racists and now they are suing some of the news organizations who falsely reported the story.

Now there is this rush to believe Jussie Smollett because he said he was attacked in Chicago by people yelling this is "This is MAGA country" because we all know that Chicago is MAGA country. You had Cory Booker and Kamala Harris who both said this is a modern day lynching. Pelosi who said it was an attack on humanity.

These people jumped to believe him. And why is that? Because it exposes the fact that the political left in Washington has contempt not just for Donald Trump, but for Donald Trump's supporters. They assume that Donald Trump's supporters are racist even though 7 to 8 million Trump voters voted twice for Barack Obama.

What happened in the 2016 election is that millions of Americans who are not being listened to by the establishments of either party asserted themselves through the democratic process and instead of listening to them and taking them seriously, they continue to believe that these people are racists and bigots and have to be shunned. And that's what we've seen in both of these cases.

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Alabama bill would allow churchgoers to carry guns

Some Alabama lawmakers want churchgoers to be able to defend themselves in church -- so they are proposing a bill that would allow them to be armed while sitting on the pews.

State Rep. Lynn Greer filed a bill this month in the State Legislature called the "Alabama Church Protection Act," which would allow parishioners to carry guns in church.

Al.com reported the Republican state lawmaker said he proposed the bill, HB 36, at the request of a church in his district after shootings in other states.

According to the proposed legislation, “a person is not criminally liable for using physical force, including deadly force, in self-defense or in the defense of another person on the premises of a church under certain conditions.”

The bill was previously introduced in the State House of Representatives last year and would add churches to the 2006 Stand Your Ground law, which allows someone to use force if they feel their life is threatened, according to Al.com.

VIRGINIA WANTS TO ALLOW GUNS IN CHURCHES IN WAKE OF DEADLY SHOOTINGS

“I think it’s a good idea,” Birmingham attorney Eric Johnston, who is the president of the Southeast Law Institute, told Al.com. “Small churches don’t have the budgets to have a policeman,” said Johnston.

In a public hearing last year, members of Moms Demand Action for Gun Sense in America opposed the bill.

CONCEALED CARRY GROUP'S ONLINE GUN-TRAINING EVENT TO FOCUS ON PROTECTING PLACES OF WORSHIP 

The House Judiciary Committee approved the bill last year, but it never made it out of the Legislature, according to Al.com.

CLICK HERE FOR THE FOX NEWS APP

There have been more than a dozen fatal shootings at places of worship around the country since 2012, including November 2017 when Devin Kelley opened fire at the First Baptist Church of Sutherland Springs, Texas, killing 26 people.

The Associated Press contributed to this report.

Source: Fox News Politics

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Candace Owens Gives Devastating Opening Testimony At Congressional Hearing

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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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