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RBS investors urged to block CEO Ross McEwan’s 3.6 million pounds pay packet

Royal Bank of Scotland chief executive Ross McEwan is seen outside Downing Street in London
FILE PHOTO: Royal Bank of Scotland chief executive Ross McEwan is seen outside Downing Street in London, Britain March 20, 2019. REUTERS/Hannah McKay

April 16, 2019

LONDON (Reuters) – Investors in Britain’s Royal Bank of Scotland have been urged to vote against the bank’s remuneration plans at next week’s annual general meeting, as pay for top bosses at major banks comes under fresh scrutiny.

Shareholder advisory group PIRC on Tuesday recommended shareholders block RBS’s remuneration report, describing chief executive Ross McEwan’s overall 3.6 million pound ($4.7 million) pay packet for 2018 as “excessive”.

PIRC said McEwan’s total variable pay- at 211 percent of salary- was too high, on top of his 1 million pound base pay. Rival investor advisors Glass Lewis and ISS have recommended shareholders vote in favor of the bank’s pay proposals.

PIRC added the ratio of chief executive to average employee pay at the firm was 46:1, which the advisory group deemed “unacceptable”.

Remuneration policies at rival FTSE 100 banks HSBC and StanChart have also been criticized by investors in recent weeks, with HSBC bowing to pressure ahead of its AGM to cut pension contributions for executives.

RBS was not immediately available for comment.

(Reporting by Iain Withers, editing by Sinead Cruise)

Source: OANN

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Video: Project Veritas Interviews Victims of Voter Fraud

Newly released undercover footage from Project Veritas shows Florida voters bewildered upon learning their names were used to vote in multiple elections the state of New York.

All of the victims in the video moved to Florida from New York state years ago.

The first man interviewed, Kevin Michael Robinson, says he moved from New York to Florida five years ago and hasn’t voted there since.

“Yeah, someone’s voting with my name in New York… I haven’t voted in New York, I mean let’s face it, I was what, 25, 26 when I moved out here…” Robinson said.

Robinson is concerned that voter rolls show he voted in person in New York in 2018 and 2013, saying, “I care. I care… I mean, of course I have concerns if it’s showing that I’m voting in New York, [be]cause I know I don’t vote in New York.”

A second Floridian, Michael Bornhorst, says, “It wouldn’t surprise me if I’m still registered to vote in New York, but I haven’t voted in New York for 13 years.”

After learning his name and address appeared on recent voting records in New York, Bornhorst declared, “It wasn’t me. It was voter fraud apparently.”

A New York elections official claims records show Bornhorst, “voted in the general election 2004, and then he voted in the general election 2018,” adding, “They both would have been at the polls because he doesn’t have an absentee on file ever.”

Dwight Mumper, the third Florida voter Project Veritas approached, was also surprised to learn records have him voting in person in both New York and Florida.

“No, that was not me. I haven’t been there in many years,” Mumper said, responding to the news.

Despite this claim, somebody voted under Mumper’s name and former address in the 2018 midterm election while he says he hasn’t lived in the state since 2007.

This report is part two of an ongoing Project Veritas investigation titled “Faces Of Voter Fraud” which aims to expose voter fraud in America.

Source: InfoWars

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Qatar Petroleum signs initial deals to boost local energy industry

FILE PHOTO: The logo of Qatar Petroleum is seen at its headquartes in Doha
FILE PHOTO: The logo of Qatar Petroleum is seen at its headquartes in Doha, Qatar, July 8, 2017. REUTERS/Stringer

February 18, 2019

DOHA (Reuters) – Qatar Petroleum signed preliminary deals worth more than 9 billion Qatari riyals ($2.47 billion) on Monday with oil services firms Schlumberger and Baker Hughes to boost the local energy industry.

Qatar, the world’s top liquefied natural gas (LNG) exporter which is facing a trade boycott by some Arab states, wants to reduce reliance on imports and lift domestic production.

“As part of our national duty to develop the industry in Qatar and to promote self-reliance, we saw the need to localize many of the supporting industries in the sector,” QP Chief Executive Officer Saad al-Kaabi said at an event to sign memorandums of understanding with Schlumberger and Baker Hughes.

The preliminary agreements would involve investment in production facilities, training and development, Kaabi said.

Another oil services firm McDermott signed a joint venture deal with Qatar’s energy shipping and transport firm Naqilat to build maritime platforms for offshore and onshore structures, Kaabi said, without giving a value.

Qatar expected to save about 9 billion riyals a year through import substitution after building up its local energy industry, Kaabi, without giving a target date.

Qatar aims to boost its annual LNG output by 43 percent by 2023/24 to 110 million tonnes per year from 77 million now.

(Reporting by Eric Knecht; Writing by Rania El Gamal; Editing by Edmund Blair)

Source: OANN

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Fed’s Mester says she would favor slowing balance sheet trimming

Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York
Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York, U.S., August 15, 2017. REUTERS/Shannon Stapleton

February 19, 2019

NEWARK, Del. (Reuters) – Cleveland Federal Reserve President Loretta Mester on Tuesday said she would favor slowing the U.S. central bank’s process of shrinking its balance sheet this year.

“I would need slowing,” said Mester, who does not have a vote on the Fed’s rate-setting committee this year but participates in its deliberations.

(Reporting by Jason Lange; Editing by Chizu Nomiyama)

Source: OANN

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Why Pelosi Folded on Trump's Impeachment

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The nation’s top elected Democrat, House Speaker Nancy Pelosi, has now declared publicly that her party will not impeach President Trump. In a lengthy Washington Post interview published Monday, Pelosi left the door slightly ajar, saying her decision could change if  “compelling” new evidence emerged. Still, hers was a significant announcement, signaling a major change in the party’s trajectory.

Why did Pelosi make the decision? Why now? What are the benefits and perils for her party and for Pelosi’s leadership?

The longtime congresswoman is a savvy strategist, and her decision was purely strategic. She made no apology for two years of unproven charges, no admission her party had been fundamentally wrong in its most basic and vocal claim since the 2016 election: that Donald Trump is not the legitimate president of the United States. He is illegitimate, they charge, because the election itself was tilted by Russia. The most incendiary charge is that Trump worked with the Russians to rig the results.

No one doubts that the Russians tried to interfere. They are a geopolitical enemy, eager to cause chaos and confusion. But questions arise regarding (1) what impact the Russians had (the consensus is “not much”) and (2) whether the Trump campaign cooperated with them. If Trump worked directly with a foreign adversary to undermine our Constitution, he does not deserve to be president. That was the main reason Robert Mueller was appointed as special counsel, to probe Russian interference and possible collusion with the Trump campaign.

Now, Pelosi is effectively saying, “Never mind.” She did so quietly, with no comment on the powerful charges her party has made against Trump. That’s too easy. What’s her explanation for backing off the incendiary charges? After all, if those charges are true, they should lead to impeachment.

Instead, Pelosi simply said, “He is not worth it.” What she meant, as she implied elsewhere in the interview, is that impeachment is not worth it to her party. She knows the proceedings would soak up all of the House’s time, dominate the media, and then fail in the Senate. Every Democratic presidential candidate would have to take a public stand on it, and the activist base would demand they support it.

Those stances might well be fatal in November 2020. Although impeachment is a big winner with Democratic primary voters, it’s a big loser with the larger electorate. Before turning an elected president out of office, most voters want clear and convincing evidence of “high crimes and misdemeanors.” Pelosi knows that, and she knows the Republicans lost public support when they tried to impeach Bill Clinton for lying under oath. She lived through that (she was elected to Congress in 1987), and she learned from it.

Why did Pelosi make her statement now? For two reasons: To get ahead of the Mueller report and to regain control of her caucus.

The special counsel’s report, which should be handed to Attorney General Bill Barr soon, is almost certain to present no evidence of coordination between the Trump campaign and the Russians. If there were any hard evidence, it would have already appeared in indictments and sentencing recommendations. It hasn’t.

The Democrats must share that expectation. After shouting for two years about “Trump-Russia Collusion,” they have pivoted and begun muttering about “obstruction of justice.” We still don’t know if the Mueller investigation will present any evidence of the latter. Unless there is something big there, the Democrats will need to explain their “collusion delusion,” not to their activist base, but to the wider public, especially persuadable independent voters.

Pelosi was also seeking to regain control of her caucus. Its surging left-wing and headstrong committee chairs are determined to push forward on impeachment, and to do so without any direction from Pelosi or her deputy, Steny Hoyer. She has decided to confront them now, both to demonstrate her control and to ensure Democrats retain control of the House in 2020.

The debacle within her caucus over Ilhan Omar’s repeated anti-Semitic remarks shows how fragile Pelosi’s hold is. Passing a straightforward resolution against anti-Semitism should have been easy, even if there was no stomach for calling out Omar by name. Yet it proved impossible. The left blocked it. To pass anything, the leadership had to include the obligatory swipe at Trump, along with a laundry list of other groups facing bigotry charges. The result was a resolution so vacuous that Omar herself called it a victory.

Pelosi is also trying to rein in powerful committee chairs, specifically Jerrold Nadler (Judiciary Committee) and Adam Schiff (Intelligence Committee), who are directing massive investigations clearly aimed at impeachment and inflicting personal damage on the president. Reps. Omar, Alexandria Ocasio-Cortez, Rashida Tlaib and others on the left want the president in the dock now. But voters will reasonably ask, “How is this helping the country? How is this leading to good legislation? Isn’t this just partisan harassment?”

If Mueller’s report offers little ammunition for further investigation, then the Democrats will feel the backlash for two years of overheated, misdirected rhetoric. Revving up more high-profile investigations will only compound the problem. Pelosi knows that, and she knows she is House speaker only because the Democrats won a lot of “purple” seats in 2018 with centrist candidates like Conor Lamb of Pennsylvania.

If she leads these Lambs to the slaughter, she’s out of a job, and her party is out of power. That’s why she is trying to head off a serious congressional move to impeach the president.

Charles Lipson is the Peter B. Ritzma Professor of Political Science Emeritus at the University of Chicago, where he is founding director of PIPES, the Program on International Politics, Economics, and Security. He can be reached at charles.lipson@gmail.com.

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Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks: research

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration
FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

April 26, 2019

By Tom Wilson and Dan Williams

LONDON/JERUSALEM (Reuters) – The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups.

The Gaza-based Izz el-Deen al-Qassam Brigades, which is proscribed by the United States and the European Union, has been calling on its supporters to donate using the digital currency in a fundraising campaign announced online in late January.

Originally, it asked donors to send bitcoin to a single digital address, or wallet.

However, according to research shared with Reuters by leading blockchain analysis firm Elliptic, in recent weeks it has changed the mechanism, with its website generating a new digital wallet with every transaction.

This makes it harder for companies around the world to keep tabs on the group’s cryptocurrency financing, the researchers said. A single digital wallet can be red-flagged to cryptocurrency exchanges, in theory allowing them to prevent funds moving through their systems to that destination.

But a different wallet for each donation makes this so-called tagging far more complicated, Elliptic said.

Between March 26 and April 16, 0.6 bitcoin – worth around $3,300 – was sent to the website-created wallets, Elliptic’s research found. All told, the four-month fundraising campaign has raised around $7,400, the firm said.

A spokesman for Hamas, which has ruled the Palestinian territory of Gaza since 2007, declined to comment on Elliptic’s research.

Such funds are a fraction of the tens of millions of dollars in annual funding that Israel and the United States says Hamas receives from Iran. Yet the campaign gives insight into how a proscribed group has gone about bitcoin fundraising.

“They are still in experimentation stage – trying it out, seeing how much they can raise, and whether it works,” said Elliptic co-founder Tom Robinson.

Iran has not publicly detailed its funding of Hamas, though it has not denied its support for the group. Hamas has said Tehran is the biggest backer of the al-Qassam Brigades.

London-based Elliptic and U.S. rival Chainalysis are the most prominent blockchain analysis firms, and have gained traction as watchdogs, cryptocurrency companies and firms such as hedge funds seek tools to track digital coins.

Backed by investors including Banco Santander’s venture capital arm, Elliptic’s clients include financial firms, regulators and law enforcement agencies in Europe and the United States.

Since 2016 it has won contracts with the Federal Bureau of Investigation, Internal Revenue Service and Drug Enforcement Administration, according to USAspending.gov https://www.usaspending.gov/#/search/83bba7bc5a719c1da25ff95d41c4349e, a database of U.S. government contracts.

Examples of cryptocurrency funding campaigns by proscribed groups are rare. But the research underscores headaches for companies in the emerging sector in identifying and stamping out exposure to potentially tainted digital coins, even as tools for tracking and tracing cryptocurrencies grow more sophisticated.

Dealing with illegal usage is seen as vital if cryptocurrencies are to grow from niche, speculative tokens to assets embraced by the mainstream. Most big financial firms have steered clear of bitcoin and its kin, with money laundering chief among concerns.

STEP-BY-STEP INSTRUCTIONS

Hamas is designated a terrorist organization by the United States and the European Union. Others, including Britain, have proscribed only the al-Qassam Brigades.

Such a designation means that, in the United States for instance, it is illegal to provide money or training, with financial firms in control of related funds obliged to report them to the authorities.

A two-minute video on the al-Qassam Brigades website lays out step-by-step instructions in Arabic on how supporters can avoid the traditional financial system and donate cryptocurrency.

“How to support the Palestinian resistance via Bitcoin?” it asks.

With polished graphics and English subtitles, it explains how to send bitcoin directly, through a money-exchange office, or via a cryptocurrency exchange. “Use a public device so that the wallet is not linked to your IP address,” it says.

Elliptic uses a database of information linking digital coin addresses to exchanges, darkweb marketplaces, and proscribed groups to track cryptocurrencies.

It pinpointed wallets created by the website by tracking patterns in their unique addresses. The firm monitored these addresses, later identifying multiple transactions that sent funds from the addresses to a major Asia-based cryptocurrency exchange.

Thirteen of the donations were made from a separate exchange, also from Asia, said Elliptic, which declined to give further details of the exchanges. It was not clear whether the bitcoin had since been converted to traditional currencies, the firm said.

PATCHY REGULATION

Hamas’s finances are suffering. Egyptian President Abdel-Fattah Al-Sisi in 2013 closed hundreds of tunnels under the Gaza-Egypt border, preventing the smuggling of weapons and goods from cows to cars, depriving Hamas of tax income.

Funding from Iran has also declined following Hamas’s condemnation of the killing of Sunni Muslims in Syria’s civil war, analysts say.

Bitcoin could provide respite in that cash squeeze.

“It makes it difficult for such funds to be tracked by financial authorities,” said Lotem Finkelshtein, head of threat intelligence at Check Point Technologies, a cybersecurity firm in Tel Aviv.

“It’s not so simple to link wallets to organizations.”

Israel’s Shin Bet intelligence agency, defense ministry and military declined to comment.

Finance Minister Moshe Kahlon, who is also a member of the national security cabinet, told the website Ynet TV this month he was unaware of the fundraising.

Regulators and law enforcement agencies have long worried about the potential of digital money – relatively anonymous and easily available online – to finance terrorism.

Cryptocurrency regulations vary from country to country. The global watchdog for money laundering, aware of gaps in rules, is due to bring in the first international standards on cryptocurrency oversight by June.

But with regulation still patchy, the risk of exposure to tainted coins has kept most big investors away.

Even indirect exposure to tainted cryptocurrencies would present problems for financial firms, said Kyle Phillips, a lawyer at Fieldfisher law firm.

“There are real issues with establishing the beneficial owners,” he said.

(Reporting by Tom Wilson in London and Dan Williams in Jerusalem; Additional reporting by Nidal al-Mughrabi in Gaza; Editing by Pravin Char)

Source: OANN

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Cash-hoarding Japanese firms please investors as share buybacks hit record

A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo
A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato

February 18, 2019

By Ayai Tomisawa and Alun John

TOKYO/HONG KONG (Reuters) – Japanese share buybacks have hit a record this fiscal year and are set to maintain the booming growth as cash-rich companies bow to pressure from investors and the government to boost returns and improve governance.

In recent weeks, SoftBank Group Corp, Sony, Itochu Corp and other companies have announced plans to buy back shares worth more than 1.3 trillion yen, bringing the total value of buybacks flagged since April 1 to over 6.5 trillion yen ($58.92 billion).

That is already the most for any fiscal year since 2003 when the current buyback rules were introduced, according to financial data service firm I-N Information Systems.

(GRAPHIC: Japan Buyback – https://tmsnrt.rs/2E9ABPV)

Investors have long criticized Japanese companies for hoarding cash rather than investing it or returning it to shareholders, pushing down their returns on equity (ROE), a measure of the amount of profit a company generates from the money invested in it.

Buying back shares reduces a company’s equity base, boosting its ROE.

“This past month has seen a lot of very positive shareholder-friendly activity from a wide array of Japanese companies,” said Seth Fischer, founder and chief investment officer of Oasis Management, citing actions by SoftBank, Sony, Haseko, Tokyo Tatemono and Toppan Printing.

“To attract foreign investors, companies should continue this path of increasing shareholder returns, while continuing to improve their corporate governance.”

Activist investor Oasis, among others, has been vocal in urging Japanese companies to boost returns. In December, Oasis failed to block the sale of Alpine Electronics to its larger affiliate Alps Electric, but Alps did announce a 45 billion yen buyback in January, the third largest buyback that month.

Japan Inc is under pressure to appease foreign investors after they sold 13 trillion yen of Japanese stocks in 2018, more than four times the net sales in 2015 and 2016, and a sharp reversal of the net 1.9 trillion yen bought in 2017.

“Recently, the global economy is weak and the Japanese market has fallen as foreign fast money has been selling aggressively,” said Archibald Ciganer, co-head of Japanese equity at money manager T.Rowe Price.

“But those Japanese companies that have good governance are taking advantage of cheaper stock prices and putting a floor under their stock price through buybacks.”

Share buybacks have had political pushback elsewhere. In the United States, Senator Marco Rubio last week announced plans to tax buybacks in an effort to encourage companies to reinvest spare cash instead of returning it to shareholders.

In Japan, though, policy makers have been urging companies to pay more attention to the wishes of investors, most notably through the country’s corporate governance and stakeholders codes. Guidelines released last year urged firms to focus on their financial management policies, including the amount of cash they had on hand.

According to Ministry of Finance data, Japanese companies had internal reserves worth a record 446.5 trillion yen at the end of their latest fiscal year.

Japanese companies’ ROEs are expected to fall below 10 percent this fiscal year for their first decline in three years, according to Nomura Securities.

“Many Japanese companies simply have too much cash on their balance sheets weighing down their ROEs. Better capital structure management is definitely needed,” said Kin Chan, chief investment officer of Argyle Street Management.

(GRAPHIC: Foreign investors outflow – https://tmsnrt.rs/2BMtYl1)

A revision to Japan’s corporate governance code last year, designed to push companies to sell stakes in other companies, is also driving buybacks.

“Dissolving cross shareholdings, and increasing dividends and buybacks are two ways to make Japanese companies more attractive to foreign investors,” said Patrick Moonen, principal multi asset strategist at Netherlands-based NN Investment Partners.

Further buybacks are expected. Analysts at Goldman Sachs predict that buybacks will reach 7.8 trillion yen for the 12 months to the end of March 2020.

Currently, 56 percent of Japanese non-financial companies in the benchmark Topix index sit on net cash – meaning they have funds left over even if they paid all debts tomorrow. That compares with less than 20 percent in the United States or Europe, according to figures from brokerage CLSA.

“I tell investors that the presents are still under the Christmas tree,” said Nicholas Smith, CLSA’s Japan strategist.

(Reporting by Ayai Tomisawa in Tokyo and Alun John in Hong Kong; Editing by Muralikumar Anantharaman)

Source: OANN

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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)

Source: OANN

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149.95

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149.95

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Source: InfoWars

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DNA Force Plus

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149.95

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149.95

119.96

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DNA Force Plus

149.95

119.96

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Source: InfoWars

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Britain and Ireland are making a new push to restore Northern Ireland’s collapsed government, amid mounting criticism of politicians following the murder of a journalist by a banned militant group.

The two governments are expected to make an announcement Friday about talks to revive the power-sharing administration, which has been suspended for more than two years because of a dispute between the main Protestant and Catholic parties.

Security officials warn that political drift in Northern Ireland could embolden those bent on violence.

Pressure on politicians has grown since the killing of journalist Lyra McKee, shot dead by an Irish nationalist militant during rioting in Londonderry last week.

Police have released video footage of a stocky, masked man they say is a key suspect and have urged residents to help identify him.

Source: Fox News World

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Listen to https://magaoneradio.net and Listen Daily! Don't Forget to Share Click a Link Below!
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