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Colorado lawmakers pass law overhauling oil and gas drilling regulations

FILE PHOTO: Democratic gubernatorial candidate Jared Polis speaks at his midterm election night party in Denver
FILE PHOTO: Democratic gubernatorial candidate Jared Polis speaks at his midterm election night party in Denver, Colorado U.S. November 6, 2018. REUTERS/Evan Semon

April 3, 2019

By Keith Coffman

DENVER (Reuters) – Colorado lawmakers approved a bill on Wednesday overhauling regulations governing the state’s robust oil and gas industry to prioritize public health and safety, over opposition by Republicans and industry groups.

Governor Jared Polis, a Democrat, is expected to sign the bill passed by majority Democrats, into law.

The controversial measure, which proponents say is the most sweeping changes to regulations in energy-rich Colorado in decades, would give local communities more oversight over development in their jurisdictions.

The legislation requires the Colorado Oil and Gas Conservation Commission, which oversees the industry, to hire a full-time staff of experts who will evaluate drilling impacts to air quality, among other controls.

The bill’s sponsor, Democratic state Senator Steve Fenberg, said in a statement that the revamped regulations were “long overdue.”

“This bill will ensure that public health and safety are the top priority in regulating oil and gas development in Colorado, and will empower local governments with the tools they need to address the concerns of their individual communities,” Fenberg said.

Colorado ranks as the fifth-biggest state in the nation in crude oil production and sixth in natural gas production, according to the U.S. Energy Information Administration.

The Colorado Oil and Gas Association, an industry group which opposed the bill, last month released a study it commissioned that said oil and gas production employs 89,000 people and pours $1 billion in tax revenues to state and local government coffers.

The association said new rules could jeopardize what it called an “economic juggernaut.” The association said in a joint statement with the Colorado Petroleum Council after the bill’s passage that despite some amendments to the original bill that allayed some of the industry’s concerns, it still opposes the measure.

“State officials have committed to working with industry experts during the highly complex regulatory rulemakings following the bill’s enactment,” the statement said. “That will be critical to minimizing the bill’s negative impacts on our state, and we hope that process can begin immediately.”

Environmental groups that pushed the legislation hailed its passage.

“Coloradans can breathe easier today knowing that our state is finally on track to put the health and safety of workers and residents, and our environment ahead of oil and gas industry profits,” Kelly Nordini, executive director of Conservation Colorado, said in a statement.

(Reporting by Keith Coffman; editing by Bill Tarrant and Leslie Adler)

Source: OANN

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Erotic Dancer Defends Photo of Child Stuffing Money in G-String

A photo of a child stuffing money in a burlesque performer’s G-string sparked outrage this week, causing the entertainer to delete her post.

But instead of apologizing for the shocking nature of the picture, the stripper doubled down, defending her right to sexualize children.

The incident began this week when New Orleans-based burlesque dancer Bella Blue posted the photo to Facebook with a caption reading: “This little girl was at brunch a few weeks ago and her family was encouraging her to tip and engage with me. It’s always so refreshing to see families actively destigmatizing and changing narratives around bodies and sexuality.”

The post continued:

“At the end, her mom (who’s back there taking pics!) came up to me and said ‘thank you for showing her that being a strong woman is ok.’ And I told her ‘No, no. Thank YOU for exposing her to burlesque and for encouraging her to experience it.’”

By Wednesday, Bella had deleted the post claiming it was causing “hate” and “division” which she thought would be better directed toward “our administration or racism or equal rights.”

According to Pluralist.com, she added she had no problem with children interacting with strippers if it’s done “in an environment that is suited for them.”

“I still think it’s ok for children to see burlesque in an environment that is suited for them,” Bella reportedly wrote in subsequent posts which have also been deleted. “I still think that the family bringing this child and encouraging her to tip destigmatizes everything we grow up learning about bodies.”

Critics online condemned the photo, which essentially depicts a child’s loss of innocence.

“I’m ready for the cleansing fire,” wrote blogger and author Roosh V.

Others on Twitter agreed with the sentiment:


Facebook: https://www.facebook.com/adan.salazar.735

Source: InfoWars

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Algeria ruling party leader says Bouteflika’s decisions valued

FILE PHOTO: Algeria's President Abdelaziz Bouteflika looks at journalists after casting his ballot during the parliamentary election in Algiers
FILE PHOTO: Algeria's President Abdelaziz Bouteflika looks at journalists after casting his ballot during the parliamentary election in Algiers, Algeria, May 4, 2017. REUTERS/Zohra Bensemra/File Photo

March 21, 2019

CAIRO (Reuters) – Algeria’s ruling National Liberation Front party (FLN) values the decisions of President Abdelaziz Bouteflika, Ennahar Tv cited party leader Moad Bouchareb as saying on Thursday.

The FLN also stressed the party’s moral and political commitment to Bouteflika’s decisions, Bouchareb said.

On Wednesday, FLN sided with protesters after a meeting of its top officials, state news agency APS said. It quoted Bouchareb as saying the “FLN fully supports the popular protest movement”.

(Reporting by Hesham Hajali; Editing by Tom Brown)

Source: OANN

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College notebook: Duke’s Williamson, Barrett headline All-America team

NCAA Basketball: NCAA Tournament-East Regional-Michigan State vs Duke
FILE PHOTO: Mar 31, 2019; Washington, DC, USA; Duke Blue Devils forward Zion Williamson (1) shoots the ball against Michigan State Spartans forward Kenny Goins (25) during the first half in the championship game of the east regional of the 2019 NCAA Tournament at Capital One Arena. Mandatory Credit: Geoff Burke-USA TODAY Sports

April 3, 2019

Freshmen Zion Williamson and RJ Barrett of Duke headline the 2019 college basketball All-America team announced Tuesday.

Murray State guard Ja Morant, Tennessee forward Grant Williams and Michigan State point guard Cassius Winston round out the team.

Williamson and Barrett are the first freshman teammates named to the first team since John Wall and DeMarcus Cousins of Kentucky in 2010.

Williamson was a unanimous selection by 64 Associated Press voters, averaging 22.6 points, 8.9 rebounds, 2.1 blocks and 1.8 blocks per game. Barrett averaged 22.6 points, 7.6 boards and 4.3 assists.

–Boston College standout guard Ky Bowman announced he is bypassing his senior season and declaring for the NBA draft.

“It has always been a lifelong dream of mine to play in the NBA,” Bowman wrote on an Instagram post. “After much thought and consideration with my family, I have decided to declare for the 2019 NBA Draft and take the next step toward achieving my dream.”

Bowman averaged 19.2 points, 7.6 rebounds and 4.0 assists this season while earning second-team All-Atlantic Coast Conference honors.

–Former coaches Lute Olson and Rick Majerus and former UNLV star Larry Johnson highlight the nine-member class selected for induction into the College Basketball Hall of Fame. Duke’s Shane Battier, Indiana’s Calbert Cheaney, Providence’s Ernie DiGregorio, Purdue’s Terry Dischinger, Stanford’s Todd Lichti and former Valparaiso coach Homer Drew also were selected.

Olson went 776-285 in 34 seasons at Long Beach State, Iowa and Arizona. He won the 1997 national title at Arizona as part of 23 consecutive NCAA Tournament appearances.

Majerus, who died in 2012, went 517-216 with stops at Marquette, Ball State, Utah and Saint Louis. His biggest accomplishment was leading the Utes to the 1998 national championship game, where they lost to Kentucky.

–North Carolina State recruit Jalen Lecque is weighing whether to enter the NBA draft or play for the Wolfpack next season. He has until April 21 to make the decision.

Lecque, a 6-foot-4 guard, is considered to be in his fifth year of high school after playing at Brewster Academy in New Hampshire this season. Since he turns 19 on June 13, and his original graduating class was 2018, he might be eligible for the draft. His family has filed paperwork with the NBA, according to multiple outlets.

ESPN reported that the NBA will review the transcripts of Lecque, a four-star recruit. The outlet said Lecque didn’t receive a diploma from the Christ School in Arden, N.C., where he was enrolled in 2017-18, setting up the unique scenario.

–Houston has offered coach Kelvin Sampson a six-year, $18 million extension, the Houston Chronicle reported.

Sampson, 63, guided the Cougars (33-4) to the American Athletic Conference regular-season title and their first Sweet 16 appearance since 1984.

The school made the offer last week and both sides are reviewing the details, the newspaper said. It would make Sampson one of the top 25 highest-paid coaches in the nation. He currently earns $1.4 million.

–Field Level Media

Source: OANN

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Tiger Woods’ Masters win gives Nike investors another reason to cheer

Tiger woods celebrates after winning the 2019 Masters
FILE PHOTO: Golf - Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 14, 2019 - Tiger Woods of the U.S. celebrates on the 18th hole after winning the 2019 Masters. REUTERS/Brian Snyder

April 15, 2019

(Reuters) – Nike Inc’s long-time brand ambassador Tiger Woods gave investors another reason to cheer on Monday, after the world’s biggest name in golf won the Masters, pushing the company’s stock higher.

In his signature red shirt and black shoes with the Nike “swoosh” logo, the 43-year-old came back from a series of setbacks to claim his fifth Green Jacket on Sunday, ending an 11-year major title drought.

“A win for a high profile endorser is a clear win for the brand,” Nomura Instinet analyst Simeon Siegel said.

Nike celebrated his victory by posting an ad on its website titled “Tiger Woods: Same Dream,” which has received nearly 500,000 views on YouTube in less than a day.

President Donald Trump praised the win, tweeting: “Love people who are great under pressure. What a fantastic life comeback for a really great guy!”

Nike and Woods forged a partnership that dates back more than two decades through good times and bad publicity.

The brand already has a celebrated pool of endorsers, including tennis star Serena Williams, basketball phenom LeBron James, soccer stars Cristiano Ronaldo and Neymar Jr, as well as golfers Francesco Molinari and Brooks Koepka.

While not transformational, Woods’ win should provide a boost to Nike’s golf apparel business, marketing consultancy firm Metaforce co-founder Allen Adamson said.

“His win is good for golf and its good for Nike,” he said.

Nike’s shares were up about 1 percent at $87 Monday morning.

(Reporting by Nivedita Balu and Uday Sampath Kumar in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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Notre Dame G Young enters WNBA draft

NCAA Womens Basketball: NCAA Tournament-Chicago Regional-Notre Dame vs Stanford
Apr 1, 2019; Chicago, IL, USA; Notre Dame Fighting Irish guard Jackie Young (5) cuts a piece of the net after their victory against the Stanford Cardinal in the championship game of the Chicago regional in the women's 2019 NCAA Tournament at Wintrust Arena. Mandatory Credit: David Banks-USA TODAY Sports

April 9, 2019

Faced with a 24-hour deadline after Notre Dame lost a one-point thriller to Baylor in the NCAA championship game, junior guard Jackie Young decided to give up her eligibility and enter the WNBA draft.

Young made the announcement on Twitter on Monday after Notre Dame’s 82-81 loss one night earlier.

In thanking Notre Dame and head coach Muffet McGraw, Young wrote, “I have waited for this day all of my life and I can’t wait to continue this journey.”

Because Young turns 22 before the calendar year ends, she faced a quick deadline after her season ended to inform the WNBA of her intentions for next season. With her decision, all five Notre Dame starters from this season will be draft-eligible.

Against Baylor on Sunday, Young shot 1-for-8 and scored just four points, adding nine rebounds and six assists. For the season, she averaged 14.3 points, 7.4 rebounds and 5.1 assists per game.

–Field Level Media

Source: OANN

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Pilots of doomed Ethiopian Airlines flight struggled for control as plane’s nose dipped: report

FILE PHOTO - Airplane engine parts are seen at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu
FILE PHOTO - Airplane engine parts are seen at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu, southeast of Addis Ababa, Ethiopia March 11, 2019. REUTERS/Tiksa Negeri/File Photo

April 4, 2019

PARIS/SINGAPORE (Reuters) – Pilots of an Ethiopian Airlines jet involved in a deadly crash cut out an electric trim system while the plane’s nose was down and were unable to stabilise the aircraft manually, prompting them to reverse the action, a preliminary report into the accident said.

The Boeing 737 MAX hit an airspeed as high as 500 knots (575 miles per hour), well above its operational limits, before cockpit data recordings stopped as the plane crashed on March 10 killing all passengers and crew, the report published on Thursday said.

(Reporting by Tim Hepher and Jamie Freed; Writing by Katharine Houreld; Editing by Kirsten Donovan)

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.

CLICK HERE TO GET THE FOX NEWS APP

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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