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Timeline of the deadly Ethiopian Airlines crash

The news shattered more than two years of relative calm in Africa's skies. As millions on the continent headed to church on Sunday morning, an Ethiopian Airlines plane took off on a routine flight from Addis Ababa for Nairobi and quickly lost control. Six minutes later, all contact was lost. All 157 people aboard were killed, representing a staggering 35 countries. Here is a timeline of how the day unfolded. All times local.

___

8:38 a.m.: Flight ET302 takes off from Bole International Airport in Ethiopia's capital, Addis Ababa. Records shared by Flightradar24 show that the plane's vertical speed quickly becomes erratic.

Shortly afterward: The pilot issues a distress call and is told to return.

8:44 a.m.: Contact with the plane is lost.

10:48 a.m.: The office of Ethiopia's prime minister in a Twitter post gives first word of the crash, offering "deepest condolences to the families of those that have lost their loved ones on Ethiopian Airlines Boeing 737 on regular scheduled flight to Nairobi, Kenya this morning."

11:15 a.m.: Ethiopian Airlines says it believes 149 passengers and eight crew members were on board the plane that crashed near Bishoftu, some 50 kilometers (31 miles) outside the capital.

1:35 p.m.: Ethiopia's state broadcaster reports that all passengers are dead.

2:45 p.m.: Ethiopian Airlines publishes a photo of its CEO standing in a crater amid the wreckage. Little of the plane can be seen in the freshly churned earth.

3:30 p.m.: The Ethiopian Airlines CEO and Kenya's transport minister say Canadians, Chinese, Americans and others are among the more than 30 nationalities of victims.

4:50 p.m.: The office of Ethiopia's prime minister says he has visited the crash site, expressed his "profound sadness" and ordered a full investigation.

5:35 p.m.: Ethiopian Airlines issues a new list of crash victims that includes 35 nationalities.

6:20 p.m.: As sunset approaches at the site, searchers and a bulldozer continue to pick through the scattered remains of the plane. The bulldozer digs for deeply embedded debris.

6:40 p.m.: Ethiopian Airlines says Ethiopian authorities, plane manufacturer Boeing and other international stakeholders will collaborate on an investigation into the cause of the crash.

8:25 p.m.: Ethiopia's House of People's Representatives declares Monday a national day of mourning for all victims.

Source: Fox News World

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Iraqi rapper gives angry youth in city of Basra music outlet

A youth-led protest movement in the southern Iraqi port city of Basra, which saw riots last summer over failing services and soaring unemployment, has found an artistic outlet in the words and beats of homegrown rapper Ahmed Chayeb.

The 22-year-old rapper, also known as Mr. Guti, says his generation is fed up with the false piety of politicians and religious authorities who preach about faith and duty but have let Basra fall apart.

"We need to be critical of everything that's not right," Chayeb told The Associated Press in a recent interview in his home studio, where he recorded "This is Basra ," lashing out at the powerful Shiite religious establishment.

Mr. Guti's expertly produced music videos have drawn tens of thousands of YouTube viewers but his new-found fame has also brought danger: threats from hard-liners are common and two of the city's protest organizers have been killed in recent attacks. Their killers remain at large.

Basra, long known around the Persian Gulf for its drinking establishments and its maritime vibe, fell under conservative rule after Shiite clerics and militias took over the city in the vacuum caused by the 2003 U.S.-led invasion of Iraq.

Once renowned for its canals and markets, Basra's waterways today are clogged with waste, and its drinking water is filthy. The city erupted in violent unrest last summer that led to demonstrators burning down government and party-affiliated buildings.

Amid the revolt, rap offered Basra's youth — tired of joblessness and failed services — an opportunity for lyrics blistering with criticism.

In "This is Basra," Chayeb raps against the backdrop of a march around the city's burning municipal building during last summer's protests, asking why his generation has been called on to fight a war for leaders who cannot secure water for the city.

The conflict he refers to is the four-year war against the Islamic State group that the U.S.-backed Iraqi government forces ultimately won. Many young Shiites followed a call in June 2014 by Iraq's top Shiite cleric, Grand Ayatollah Ali al-Sistani, for volunteers to fight against IS. Thousands died in that fight.

"We were martyred for this war, I fell, and the authority has forgotten my loyalty," he raps.

"You're not associated with Hussein," he goes on, invoking the revered Shiite imam and grandson of the Prophet Muhammad who died in the 7th century Battle of Karbala, and whose example Iraq's leaders have asked their youth to follow.

Chayeb, mindful of the dangers, is circumspect about where and when he performs. He says most of his concerts are arranged through private contacts; he stopped recording at a professional studio in 2016. He said he's received death threats that have grown more intimidating in recent months.

But he won't stop rapping.

"If we stay afraid, nothing will change," he said.

As a teenager, Chayeb watched U.S. and British rappers on YouTube, then got together with friends to perform his own rhymes. He also followed a string of Arab rappers and sees Klash, from the Saudi city of Jiddah, as one of his greatest influences.

"My aim is to explain what is happening to Basra because of the people who are corrupt," he said, adding that rap is a way "to release my pain."

Corrupt politicians and clerics should watch out, he says.

"Beware of Basra," he raps. "We won't be quiet until our demands are met."

___

Abdul-Zahra reported from Baghdad.

Source: Fox News World

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AOC Pushing Left To A Race War

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AOC Will Join Impeachment Resolution

Freshman Rep. Alexandria Ocasio-Cortez, D-N.Y., says she will add her name to an impeachment resolution aimed at President Donald Trump following the release of special counsel Robert Mueller's report.

The proposal, put forward by lawmaker Rep. Rashida Tlaib, D-Mich., calls on the House Judiciary Committee to probe whether or not the president committed any offenses that rise to the level of impeachment.

"Mueller's report is clear in pointing to Congress' responsibility in investigating obstruction of justice by the president," she tweeted Thursday night.  

"It is our job as outlined in Article 1, Sec 2, Clause 5 of the U.S. Constitution," Rep. Ocasio-Cortez added. "As such, I'll be signing onto @RashidaTlaib's impeachment resolution."

Mueller did not charge Trump for obstruction, but detailed numerous examples in his 448-page report released Thursday in which Trump asked his aides to take actions that would have obstructed the Russia probe.

"With respect to whether the president can be found to have obstructed justice by exercising his powers under Article II of the Constitution, we concluded that Congress has the authority to prohibit a president's corrupt use of his authority in order to protect the integrity of the administration of justice," 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," the special counsel added.

Source: NewsMax America

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EU leaders to coordinate positions on Thursday ahead of China summit

An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue in Beijing
FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China June 25, 2018. REUTERS/Jason Lee

March 20, 2019

BRUSSELS (Reuters) – European Union leaders will coordinate their positions on Thursday evening on a number of issues they intend to raise with China at an April 9 summit, including tight cooperation on WTO reform and cyber-security concerns, a senior EU official said.

While there will be no written conclusions of the discussion, the leaders of the 28-nation bloc will also discuss how Europe should position itself in the trade conflict between the United States and China, the official said.

“We are ready to offer China very comprehensive cooperation in many areas,” the official, who is involved in the preparation of the EU leaders’ meeting, said.

He said EU leaders were ready to conclude in 2020 an “ambitious” EU-China investment agreement and that leaders of EU institutions would directly engage in the talks, to speed up the process which has so far been slow.

By mid-year, the EU would like to agree with China on a list of access barriers to priority markets so they can be eliminated and ensure that companies on both sides are not discriminated against.

The official said the EU was also ready to conclude as soon as possible an EU-China agreement on the protection of geographical indications and to work closely with Beijing to deeply reform the World Trade Organisation.

He said the reforms should include new rules on industrial subsidies, on eliminating forced technological transfers and getting to work the WTO appellate body, now paralyzed by the lack of appointed judges.

“We also want to work with China within the G20 framework to tackle the problem of over-capacity in the steel and aluminum sectors and also to prevent the problem of over-capacity in other sectors like in high tech,” the official said.

“We also want to work with China on new, transparent rules for export credit. We are ready to promote, together with China, connectivity between Europe and Asia, but in a way that ensures fiscal, financial and environmental sustainability,” he said.

The EU will also want to discuss with China its concerns linked to cyber security, including cyber theft of intellectual property, the official said.

“I think this discussion will also give a chance for a collective reflection on how the EU should position itself vis-a-vis China and the U.S.,” he added.

(Reporting By Jan Strupczewski; Editing by Catherine Evans)

Source: OANN

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Hillary Clinton investigators were told Obama DOJ 'not willing to charge' her on key espionage statute: internal chart

An internal chart prepared by federal investigators working on the so-called "Midyear Exam" probe into Hillary Clinton's emails, exclusively reviewed by Fox News, contained the words "NOTE: DOJ not willing to charge this" next to a key statute on the mishandling of classified information. The notation appeared to contradict former FBI Director James Comey's repeated claims that his team made its decision that Clinton should not face criminal charges independently.

Fox News has confirmed the chart served as a critical tip that provided the basis for Texas Republican Rep. John Ratcliffe's explosive questioning of former FBI lawyer Lisa Page last year, in which Page agreed with Ratcliffe's characterization that the DOJ had told the FBI that "you're not going to charge gross negligence." A transcript of Page's remarks was published Tuesday as part of a major document release by the ranking Republican on the House Judiciary Committee, Georgia Rep. Doug Collins.

The document, entitled "Espionage Act Charges - Retention/Mishandling," contained a list of several criminal statutes related to the mishandling of classified information, as well as a list of all the elements that prosecutors would need to prove in order to successfully prosecute a case.

Among the statutes listed are 18 U.S.C. 793(d), which covers the “willfull” retention of national defense information that could harm the U.S.; 18 U.S.C. 793(f), which pertains to "gross negligence" in the handling of classified information by permitting the information to be "removed from its proper place of custody"; and 18 U.S.C. 1924, listed as a misdemeanor related to retaining classified materials at an "unauthorized location."

Listed directly below to the elements of 18 U.S.C. 793(f) were the words: "NOTE: DOJ not willing to charge this; only known cases are Military, cases when accused lost the information (e.g. thumb drive sent to unknown recipient at wrong address.)"

Former FBI lawyer Lisa Page arriving for a closed-door interview with the House Judiciary and House Oversight Committees on Capitol Hill in July 2018.

Former FBI lawyer Lisa Page arriving for a closed-door interview with the House Judiciary and House Oversight Committees on Capitol Hill in July 2018. (Associated Press, File)

None of the other descriptions of the statutes had a similar notation.

FBI GENERAL COUNSEL THOUGHT HILLARY CLINTON SHOULD HAVE BEEN CRIMINALLY CHARGED UNTIL CONVINCED OTHERWISE 'PRETTY LATE' IN THE PROCESS

In July 2016, Comey took the unusual step of making a public statement about the Clinton email investigation findings and his decision to recommend against criminal charges. He said Clinton had been "extremely careless" in handling classified information but insisted that "no reasonable prosecutor" would bring a case against her.

Comey stated: "What I can assure the American people is that this investigation was done competently, honestly, and independently. No outside influence of any kind was brought to bear."

He later explained that he took the unusual step of announcing the FBI's conclusions because then-Obama administration Attorney General Loretta Lynch was spotted meeting secretly with former President Bill Clinton on an airport tarmac as the probe into Hillary Clinton, which Lynch was overseeing, continued.

Federal law states "gross negligence" in handling the nation’s intelligence can be punished criminally with prison time or fines, and there is no requirement that defendants act intentionally. Nevertheless, Comey said at the news conference, "Prosecutors necessarily weigh a number of factors before bringing charges," including "the strength of the evidence, especially regarding intent."

Loretta Lynch in Washington in November 2016.

Loretta Lynch in Washington in November 2016. (REUTERS/Gary Cameron, File)

Originally Comey accused the former secretary of state of being “grossly negligent” in handling classified information in a draft dated May 2, 2016, but that was modified to claim that Clinton had merely been “extremely careless” in a draft dated June 10, 2016.

Page and since-fired FBI Special Agent Peter Strzok, who were romantically involved, exchanged numerous anti-Trump text messages in the lead-up to the 2016 presidential election, and Republicans have long accused the bureau of political bias.

However, Page's testimony and the internal "Midyear Exam" chart constituted perhaps the most salient evidence yet that the Justice Department may have interfered improperly with the FBI's supposedly independent conclusions on Clinton's criminal culpability.

"So let me if I can, I know I’m testing your memory," Ratcliffe began as he questioned Page under oath, according to a transcript excerpt he posted on Twitter. "But when you say advice you got from the Department, you’re making it sound like it was the Department that told you: You’re not going to charge gross negligence because we’re the prosecutors and we’re telling you we’re not going to —"

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Page interrupted: "That is correct," as Ratcliffe finished his sentence, " -- bring a case based on that."

Responding to the transcript revelations, Trump on Wednesday tweeted: "The just revealed FBI Agent Lisa Page transcripts make the Obama Justice Department look exactly like it was, a broken and corrupt machine. Hopefully, justice will finally be served. Much more to come!"

Fox News' Cyd Upson contributed to this report.

Source: Fox News Politics

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SAP signals cloud intent as it ousts top in-house programmers

FILE PHOTO: SAP SE CEO McDermott attends the company's annual results press conference in Walldorf
FILE PHOTO: SAP SE CEO Bill McDermott attends the company's annual results press conference in Walldorf, Germany, January 24, 2017. REUTERS/Ralph Orlowski/File Photo

March 20, 2019

By Douglas Busvine

FRANKFURT (Reuters) – When business software company SAP announced in January it would lay off 4,400 staff, Chief Financial Officer Luka Mucic described the restructuring as a “fitness program” for Europe’s most valuable technology firm.

But what some of the German company’s customers didn’t expect was that top software talent would be among those shipping out, rather than shaping up.

Gone is Bjoern Goerke, chief technology officer and head of SAP’s cloud platform business, along with programming gurus Thomas Jung and Rich Heilman – both highly respected in the wider SAP developer ecosystem.

The departures underscore CEO Bill McDermott’s determination to deliver on his long-stated ambition to drag SAP out of its comfort zone providing old-school enterprise software and complete its transformation into a digital platform business.

The shift comes at the risk of alienating core clients, who still account for the bulk of SAP’s business.

“The existing business must be supported with the necessary know-how,” said Marco Lenck, chairman of the German-speaking SAP User Group (DSAG) which represents 3,500 companies.

“We are seeing that a lot of people with know-how are leaving the company. That’s a trend that should not become too extensive.”

Nine years into McDermott’s tenure, SAP’s transition remains incomplete: Its legacy software license and support business remains its cash cow, accounting for three-quarters of revenue and most of profits. However, it is stagnating.

Its newer cloud operation is smaller and is growing quickly but, because it is subscription based, has thinner margins.

McDermott, 57, has promised to treble the size of the cloud business by 2023, bringing total revenues at SAP to 35 billion euros ($40 billion), as it competes with the likes of Oracle and Salesforce.com.

The latter is an all-cloud operation whose founder, Marc Benioff, wants to achieve sales of up to $28 billion in 2023 – in the same ballpark as SAP’s own ambition.

McDermott’s $8 billion takeover in November of Qualtrics, a U.S. firm that tracks consumer sentiment online, showed he is ready, if necessary, to pay top dollar for the talent needed for SAP to thrive in the digital era.

“We are a growth company,” the New Yorker said when he announced the shake-up in January. He expects SAP’s headcount – 96,500 at the end of last year – to exceed 100,000 by the end of this year as new hiring outpaces job cuts.

Asked for follow-up comment, SAP said the restructuring “will allow us to invest in key growth areas while implementing required changes in other areas to ensure they are prepared for the future”.

For some, the plan is sound.

“It’s not about headcount reduction and savings, but talent re-alignment,” said Holger Mueller, an SAP veteran and principal analyst at Constellation Research.

DEVELOPERS FRET

But for fans in the SAP ecosystem that includes a wider community of developers and business consultants, the departures are unsettling.

Dennis Howlett, a veteran consultant and co-founder of tech website Diginomica https://diginomica.com/saps-restructuring-hunger-games-game-of-thrones-or-both/amp, said SAP was letting go of “exceptional” talent to compensate for shortcomings in its own cloud strategy.

“Bill McDermott says we are a growth company, but where is the growth coming from, Bill, apart from acquisitions?” Howlett asked.

The trio, along with axed board member Bernd Leukert, were prime exponents of the in-house programming language that has for decades been the beating heart of SAP’s range of enterprise software and database products.

Their expertise helped the company, based in the small Rhineland town of Walldorf, grow into a $136 billion leader in applications – ranging from finance to supply-chain management – that can be variably configured to meet client needs.

“The software is like Lego, with pieces you can put together to make your world,” said Thorsten Franz, who runs an SAP consultancy in Germany and aired his concern about the layoffs on social media.

“Apparently it was too good to last,” he told Reuters. “Now SAP says: We don’t like the house any more, so we are firing the architect and all the people working on it.”

Jung and Heilman, who announced their departures this month on Twitter, declined to comment to Reuters.

Goerke, who is based in Palo Alto and is known for dressing up as Star Trek’s Captain James T. Kirk at off-site events, could not be reached. His Twitter handle suggested he was taking a time-out, carrying updates with poetry and photos from his daily jogging outings.

The restructuring sends a message to SAP’s existing clients that they need to take seriously a 2025 ‘end of life’ deadline for migrating users from legacy products to its latest, cloud-compatible S/4HANA platform.

German users are pushing back: “We will fight to ensure that we continue to receive support after 2025,” said Lenck of the DSAG.

SAP says, meanwhile, that it still has to hold conversations with staff on its restructuring in Europe. These are expected in the second quarter. The company plans to offer a mix of early retirement and voluntary redundancy to staff.

(Reporting by Douglas Busvine; Editing by Mark Potter)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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FILE PHOTO: Uber's logo is displayed on a mobile phone in London, Britain
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo

April 26, 2019

(Reuters) – Ride-hailing company Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors it would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion.

In a regulatory filing, Uber set a target price range of $44-$50 per share for its IPO. The company will sell 180 million shares in the offering, with a further 27 million sold by insiders.

In the filing, Uber also reported a net loss attributable to the company for the first quarter of 2019 of around $1 billion and revenues of roughly $3 billion.

(Reporting by Joshua Franklin; editing by Patrick Graham)

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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