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Taiwan unveils Asia’s first draft law on same-sex marriage

FILE PHOTO: Supporters wave their mobile phone torches in the colors of the rainbow during a rally after Taiwan's constitutional court ruled that same-sex couples have the right to legally marry, the first such ruling in Asia, in Taipei
FILE PHOTO: Supporters wave their mobile phone torches in the colors of the rainbow during a rally after Taiwan's constitutional court ruled that same-sex couples have the right to legally marry, the first such ruling in Asia, in Taipei, Taiwan May 24, 2017. REUTERS/Tyrone Siu/File Photo

February 21, 2019

By Yimou Lee

TAIPEI (Reuters) – Taiwan on Thursday proposed a draft law to allow same-sex marriage in Asia’s first such bill, but the legislation was criticized by rights activists and conservative groups amid a heated debate over marriage equality.

Voters opposed marriage equality in a series of referendums late last year, defining marriage as between a man and a woman and asking for a special law to be enacted for same-sex unions.

The draft law unveiled by cabinet on Thursday would give same-sex couples similar legal protections for marriage as heterosexuals, but marriage in civil law would remain defined as between a man and woman.

Premier Su Tseng-chang said the bill respected the referendum results, although activists had said a separate law for gay marriage was discriminatory.

“Controversies are expected about the proposal, but I really hope our homosexual friends can wait a bit longer,” Su said in a statement.

“This might fall short of expectations, but after all it’s a start,” he said.

Jennifer Lu, coordinator of Marriage Equality Coalition Taiwan, said the draft did not give complete legal protections to same-sex couples. She acknowledged the pressure on the government from all sides, but said activists will continue to fight for equal rights.

Taiwan’s parliament is expected to vote on the draft bill by late May, a deadline for legislation set by the constitutional court in May 2017 when it ruled that same-sex couples had the right to legally marry.

The divisive issue has been a challenge for President Tsai Ing-wen, whose party suffered a major defeat in local elections in November amid criticism over her reform agenda, including marriage equality.

Conservative groups that opposed same-sex marriage during the referendum said they will fight the draft bill too. The Coalition for the Happiness of Our Next Generation on Thursday called the draft “unacceptable”.

(Reporting By Yimou Lee, Editing by Darren Schuettler)

Source: OANN

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German FinMin welcomes Macron efforts to stimulate EU debate

German Finance Minister Olaf Scholz attends a media briefing during his visit to Beijing
FILE PHOTO: German Finance Minister Olaf Scholz attends a media briefing during his visit to Beijing, China, January 17, 2019. REUTERS/Thomas Peter

March 18, 2019

BERLIN (Reuters) – German Finance Minister Olaf Scholz on Monday welcomed French President Emmanuel Macron’s efforts to stimulate debate about the future of the European project with an open letter published earlier this month.

“Our problem is that we have, from my point of view, 27 monologues – or 28 at this time,” Scholz said of debate on the future of the European Union.

“But we should have a real European debate and this is the real advantage you get from the proposals from Macron – that he is starting a European debate,” he added, speaking at a World Policy Forum conference in Berlin.

(Writing by Paul Carrel; Editing by Madeline Chambers)

Source: OANN

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Actor Jussie Smollett arrested in Chicago: police spokesman

FILE PHOTO: Jussie Smollett poses in the photo room at the 2017 BET Awards in Los Angeles
FILE PHOTO: Jussie Smollett poses in the photo room at the 2017 BET Awards in Los Angeles, California, U.S., June 25, 2017. REUTERS/Danny Moloshok/File Photo

February 21, 2019

(Reuters) – Actor Jussie Smollett has been arrested after he was charged with lying to police when he claimed he was attacked and beaten by two masked men shouting racist and homophobic slurs, Chicago police said on Thursday on Twitter.

Smollett, a 36-year-old black, openly gay actor on the hip-hop TV drama “Empire,” ignited a firestorm on social media by telling police on Jan. 29 that two apparent supporters of U.S. President Donald Trump had struck him, put a noose around his neck and poured bleach over him.

(Reporting by Brendan O’Brien in Milwaukee; Editing by Gareth Jones)

Source: OANN

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Lucifer Enterprises is Alive and Well: Ran By Globalists and Deep State

MATRIX 101!!!! LUCIFER ENTERPRISES <——- Ok guys… Yesterday, driving to work I saw an interesting business sign… Caught my interest, due to its name… “Lucifer Enterprises” WHAT??? I found it really an inquisitive name so I googled it…. I have said in other posts I have found it interesting how “Scripture” has much more meaning […]

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Trump adviser Kushner arrives in Turkey for talks with Erdogan

FILE PHOTO: Middle East summit in Warsaw
FILE PHOTO: White House advisers Jared Kushner looks on during the Middle East summit in Warsaw, Poland, February 14, 2019. REUTERS/Kacper Pempel/File Photo

February 27, 2019

ANKARA (Reuters) – White House adviser Jared Kushner arrived in Turkey on Wednesday for talks with President Tayyip Erdogan that are expected to focus on a U.S. peace plan for the Middle East.

Kushner, who has responsibility for Washington’s Israel-Palestinian policy, has said the plan will address final-status issues of the conflict, including establishing borders.

He was scheduled to meet Erdogan at the presidential palace in the Turkish capital Ankara at 3 pm (1200 GMT), the presidential office said. No media statement has been scheduled.

Erdogan has been one of the most vocal critics of President Donald Trump’s support for Israel.

Last year he said the United States had forfeited its role as mediator in the Middle East by moving its Israel embassy to Jerusalem and recognizing the city as Israel’s capital.

“The United States has chosen to be part of the problem rather than the solution,” the Turkish president said last May, days before he hosted a summit of Muslim leaders which threatened economic measures against countries which followed the United States in moving their embassies to Jerusalem.

Israel calls all of Jerusalem its “eternal and undivided capital”, a status not recognized internationally. Palestinians want East Jerusalem, captured and occupied by Israel in a 1967 war, as capital of a future state.

In an interview broadcast on Monday on Sky News Arabia during a visit to U.S.-allied Gulf Arab states, Kushner made no specific mention of a Palestinian state, whose creation had been a key goal of Washington’s peace efforts for two decades.

But he said the long-awaited peace proposal would build on “a lot of the efforts in the past”, including the 1990s Oslo accords that provided a foundation for Palestinian statehood, and would require concessions from both sides.

U.S. officials said that Kushner, who is Trump’s son-in-law, is expected to focus on the economic component of the plan during his week-long trip to the region.

(Reporting by Mert Ozkan; Writing by Daren Butler; editing by Gareth Jones)

Source: OANN

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Dems blast Barr following Mueller report release, call on special counsel to testify before Congress

Democrats have gone on the offensive following the release of the redacted report by Special Counsel Robert Mueller on Russian interference in the 2016 election – requesting Mueller to testify before Congress, slamming Justice Department officials for discussing the report with the White House before its public release and even calling on Attorney General William Barr to resign.

The redacted version of the Mueller report, which was released Thursday morning, was met by President Trump and Republicans as a vindication of his claims that there was no collusion between his 2016 presidential campaign and the Russian government. But Democrats have slammed Barr’s handling of the report as a “staggering partisan effort” and highlighted Mueller’s reluctance to make a judgement on whether or not the president obstructed justice.

SPECIAL COUNSEL ROBERT MUELLER'S RUSSIA PROBE REPORT RELEASED BY JUSTICE DEPARTMENT

“AG Barr has confirmed the staggering partisan effort by the Trump Admin to spin public’s view of the #MuellerReport – complete with acknowledgment that the Trump team received a sneak preview,” House Speaker Nancy Pelosi, D-Calif., tweeted Thursday. “It’s more urgent than ever that Special Counsel Mueller testify before Congress.”

House Judiciary Committee Chairman Jerry Nadler, D-NY, and House Intelligence Committee Chairman Adam Schiff, D-Calif., both on Thursday requested Mueller testify before their respective committees. Both Democratic lawmakers in the past have been some of the most vociferous critics of Trump – with Schiff previously claiming that he has evidence of collusion between the president and Russia and Nadler’s committee recently voting to subpoena the full, unredacted Mueller report.

“The House Intelligence Committee has formally invited Special Counsel Mueller to testify on the counterintelligence investigation,” Schiff tweeted. “After a two year investigation, the public deserves the facts, not Attorney General Barr’s political spin.”

Nadler, who plans to hold a press conference in Manhattan on Thursday afternoon, said it is “clear that the American people must hear from Special Counsel Robert Mueller in person to better understand his findings.”

Arguably the strongest reaction from a Democrat has come from Rep. Eric Swalwell of California, who called for Barr’s immediate resignation “given his misconduct regarding the full report.”

WATCH: AG BARR SPARS WITH A REPORTER DURING NEWS CONFERENCE AHEAD OF MUELLER REPORT RELEASE

“The attorney general can represent the United States, or he can be Donald Trump’s defense attorney. He can’t be both,” Swalwell told Fox News. “He is seeking to help Donald Trump. He should resign. We need an attorney general who has credibility with the American people.”

A number of Trump’s Democratic challengers in the 2020 presidential race have also weighed in on the redacted report.

Sen. Elizabeth Warren, D-Mass., lambasted Barr in a series of tweets – accusing the attorney general of only looking out for Trump’s interest and “acting as if he's the personal attorney and publicist for the President of the United States.”

“The AG is supposed to serve as the country’s top law enforcement officer – someone who stands up for the rule of law & defends the US Constitution against all enemies, foreign or domestic,” Warren tweeted. “William Barr is standing up for only one person: the President of the United States.”

Another 2020 Democratic candidate, Sen. Amy Klobuchar, D-Minn., also went after Barr, while urging Mueller to appear before Congress to testify on his report.

CLICK HERE TO GET THE FOX NEWS APP

“Attorney General Barr has made it clear he is not impartial when it comes to this investigation,” Klobuchar tweeted. “Now that we have the report we should hear from Robert Mueller himself in public hearings. Our democracy demands it.”

And then there is Sen. Cory Booker, D-N.J., whose main gripe so far was that the version of the Mueller report on the Justice Department website was unsearchable.

“The Trump administration posted an unsearchable pdf of the Mueller report so it would be harder for you to read,” Booker tweeted, before linking to a searchable version that his staff put together.

Fox News’ Paul Steinhauser contributed to this report.

Source: Fox News Politics

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Ocasio-Cortez takes gas guzzling SUV to lecture Americans about ‘climate change’ at SXSW

Alexandria Ocasio-Cortez made quite the splash at this year’s SXSW conference, and it wasn’t just for her attacks on capitalism or labeling Ronald Reagan a racist.

No, the youngest congresswoman in history is making a much bigger statement with her actions, and it’s clear they have nothing to do with the socialist policies she espouses in her Green New Deal.

Twitter user Antonia Ferrier – a PR rep and “recovering Senate GOP flak” – was the latest to take note of the millennial lawmaker’s blatant hypocrisy when she posted a picture Monday of the lawmaker’s arrival at the conference this weekend.

“She arrived in a big, gas guzzling SUV. #GreenNewDeal #SXSW19” Ferrier posted.

The image shows Ocasio-Cortez stepping out of the massive vehicle with an aide in tow – waiving as an attendant held the door open with a plastic bottle in clear view.

A short time later, Ocasio-Cortez lectured about the failure of moderates to address climate change and explained why the outlandish proposals in her Green New Deal are a better approach.

“It feels like moderate is not a stance it just an attitude toward life that’s like ‘eh,’” she said. “But here’s the thing that upsets me is that we’ve become so cynical that we view ‘meh,’ or ‘eh,’ or we view cynicism as an intellectually superior attitude.


A viral video by “Mr Reagan” titled “The Brains Behind AOC Alexandria Ocasio-Cortez” reveals those that actually may be influencing the freshman congresswoman from NY. Owen discusses the importance of this news as the Democrats move further to the left.

“And we view ambition as youthful naivete when … the greatest things we have ever accomplished as a society have been ambitious acts of visions,” she said. “The ‘meh’ is worshiped now. For what? Like, for what?”

Ironically, the ‘meh’ attitude seems to be the same perspective Ocasio-Cortez takes when it comes to her own efforts to do her part to save the planet. The Green New Deal is based on the premise that climate change will destroy the planet in just over a decade if Americans don’t take drastic action, including the elimination of gas cars and planes.

The New York Post pointed out the freshman Congresswoman doesn’t exactly practice what she preaches. In a column last week, the news site slammed AOC for relying heavily on Uber, Lyft, and other car services during her campaign, despite the fact that a subway station was just 138 feet from her campaign office.

Her campaign spend nearly $30,000 on gas vehicles compared to just $8,335 on the metro.

Once she beat incumbent Rep. Joe Crowley in the Democratic primary, her campaign spent another $25,000 on airline tickets.

Then there’s also her famous Instagram videos, in which AOC discusses saving the planet while making dinner.

From the Post:

In a Feb. 24 Instagram video filmed in her kitchen, Ocasio-Cortez railed against plastic grocery bags — then appeared to toss two of the sacks, which can be recycled, into the trash.

“It drives me crazy,” she said of plastic bags. “I wish they didn’t exist.”

In the video, Ocasio-Cortez peeled a sweet potato while calling for a “universal sense of urgency” to save the Earth.

Source: InfoWars

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One of Joe Biden’s newly-hired senior advisers has seemingly had a very recent change of heart.

Symone Sanders, a prominent Democratic strategist and Sen. Bernie Sanders, I-Vt., staffer in 2016, was announced as one of the big-name members of Team Biden on Thursday.

But Sanders, who has also served as a CNN contributor, is seen in resurfaced footage from November 2016 expressing her opposition to a white person leading her party after Donald Trump’s election.

“In my opinion, we don’t need white people leading the Democratic party right now,” Sanders told host Brianna Keilar during a discussion on Howard Dean potentially becoming DNC chairman.

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

“The Democratic party is diverse, and it should be reflected as so in leadership and throughout the staff, at the highest levels. From the vice chairs to the secretaries all the way down to the people working in the offices at the DNC,” she said.

Sanders wrapped up her remarks by saying: “I want to hear more from everybody. I want to hear from the millennials and the brown folks.”

Footage of the interview was resurfaced by RealClearPolitics.

After news of her hiring broke on Thursday, Sanders backed her new boss on Twitter.

TRUMP ASSESSES 2020 DEMS; TAKES SWIPES AT BIDEN, SANDERS; DISMISSES HARRIS, O’ROURKE; SAYS HE’S ROOTING FOR BUTTIGIEG

“@JoeBiden & @DrBiden are a class act. Over the course of this campaign, Vice President Biden is going to make his case to the American ppl. He won’t always be perfect, but I believe he will get it right,” she wrote.

The hiring of Sanders has been viewed as another indication of the expected tough fight that Biden and Sanders are in for as the two frontrunners battle a deep Democratic field.

While Sanders himself didn’t torch Biden as he jumped into the race, it’s clear that many of his progressive supporters view the former vice president as a threat.

Biden’s entry into the race – at least in the early going – sets up a battle between himself and Sanders, who thanks to his fierce fight with eventual nominee Hillary Clinton for the 2016 Democratic nomination, enjoys name ID on the level of the former vice president.

BIDEN VOWS THAT ‘AMERICA IS COMING BACK,’ SPARKING ‘MAGA’ COMPARISONS

Justice Democrats — who also called Biden “out-of-touch” – is an increasingly influential group among the left of the party. They’ve championed progressive Rep. Alexandria Ocasio-Cortez of New York as well as Sanders. The group was founded by members of Sanders 2016 presidential campaign.

Biden has pushed back against the perception that he’s a moderate in a party that’s increasingly moving to the left. Earlier this month he described himself as an “Obama-Biden Democrat.”

And Biden said he’d stack his record against “anybody who has run or who is running now or who will run.”

Former Democratic National Committee chair Donna Brazile – a Fox News contributor – highlighted that “Joe Biden can occupy his own lane in large part because he’s earned it. He’s earned the right to call himself whatever.”

CLICK HERE TO GET THE FOX NEWS APP

But she emphasized that “elections are not about the past, they’re about the future…I do believe he has the right ingredients. The question is can he find enough people to help him stir the pot.”

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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Baltimore Mayor Catherine Pugh, who is facing increased calls for her immediate resignation, remains in poor health and is not “lucid” enough to decide whether to step down, her attorney told reporters late Thursday.

Steve Silverman, speaking outside one of Pugh’s residences which was raided by the FBI and IRS earlier in the day, said the embattled city leader could make a decision as early as next week.

“She is leaning toward making the best decision in the best interest in the citizens of Baltimore City,” he said, adding that Pugh has “several options” to consider.

“She just needs to be physically and mentally sound and lucid enough to make appropriate decisions.”

BALTIMORE MAYOR CATHERINE PUGH, ON LEAVE AMID BOOK PROBE, HAS HOMES AND CITY HALL OFFICE RAIDED BY FEDS

Silverman said Pugh met with a doctor at home Thursday and plans to do so again Friday, the Baltimore Sun reported.

In the latest image-tarnishing scandal for struggling Baltimore, the first-term Democratic mayor faces accusations that she used children’s book deals to cover up kickbacks for favorable treatment as a state lawmaker and city leader that earned her roughly $800,000 over several years.

BALTIMORE’S ACTING MAYOR SAYS HE ‘WOULD HATE TO SEE’ EMBATTLED MAYOR RETURN AFTER BOOK SCANDALS

As a state senator, 69-year-old Pugh sold $500,000 worth of her self-published “Healthy Holly” illustrated paperbacks to the University of Maryland Medical System, a major state employer whose board she sat on for nearly 20 years.

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

Baltimore police officers stand outside the house of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Pugh and also in City Hall. (AP Photo/Jose Luis Magana)

UMMS reportedly paid Pugh for 100,000 copies of her books between 2011 and 2018 with the stated intention of distributing the books to schools and day care centers. But some 50,000 copies remain unaccounted for and officials are probing if they were even printed.

Pugh also made $300,000 in bulk sales to other customers including health carriers that did business with the city of Baltimore.

BALTIMORE CITY COUNCIL CALLS ON EMBATTLED MAYOR CATHERINE PUGH TO RESIGN IMMEDIATELY

The politically isolated Pugh slipped out of sight on April 1 after a hastily organized press conference where she called her no-contract book deals a “regrettable mistake.” That same day, Maryland’s governor called on the state prosecutor to investigate allegations of “self-dealing.”

Pugh took an indefinite leave of absence, citing her health deteriorating intensely after a bout with pneumonia.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide.

Federal agents arrive at the Maryland Center for Adult Training in Baltimore. MD, Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall, as well as the office of her lawyer and the home of a top aide. (Loyd Fox/Baltimore Sun via AP)

On Thursday morning, agents with the FBI and IRS searched her two Baltimore homes, her City Hall offices, and a nonprofit organization she once led. The home of at least one of Pugh’s aides was also scoured.

Silverman said federal agents also served a subpoena at his law firm, retrieving Pugh’s original financial records. They did not seek any attorney-client privileged communications, he said.

Pugh’s attorney said she was “emotionally extremely distraught” following the searches by FBI and IRS agents.

“There was nothing incriminating that came out of her home,” Silverman said.

UMMS spokesman Michael Schwartzberg told reporters that the medical system received a grand jury witness subpoena seeking documents and information related to Pugh.

Other probes against Pugh include a review by the city ethics board and the Maryland Insurance Administration.

BALTIMORE MAYOR’S $500G DEAL FOR ‘HEALTHY HOLLY’ CHILDREN’S BOOKS DRAWS SCRUTINY

In recent weeks, the calls for Pugh’s resignation have intensified with the strongest voice coming from Republican Gov. Larry Hogan, who did not mince words after Thursday’s early morning raids.

“Now more than ever, Baltimore City needs strong and responsible leadership. Mayor Pugh has lost the public trust,” he said. “She is clearly not fit to lead. For the good of the city, Mayor Pugh must resign.”

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall.

Federal Bureau of Investigation, and Internal Revenue Service agents search the home of Baltimore Mayor Catherine Pugh in Baltimore, MD., Thursday, April 25, 2019. Agents with the FBI and IRS are gathering evidence inside the two homes of Baltimore Mayor Catherine Pugh and in City Hall. (Jerry Jackson/Baltimore Sun via AP)

Many of her fellow Democrats, including those on Baltimore’s demoralized City Council and state lawmakers, are also insisting that Pugh put the citizens’ interests above any attempt to preserve her political career.

City Council member Brandon Scott called the Thursday raids “an embarrassment to the city.”

However, only a conviction can trigger a mayor’s removal from office, according to the city solicitor. Baltimore’s mayor-friendly City Charter currently provides no options for ousting its executive.

Six of Pugh’s staffers joined her on paid leave earlier this month; three of them were fired this week by the acting mayor.

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Pugh came to office in late 2016 after edging out ex-Mayor Sheila Dixon, who had spent much of her tenure fighting corruption charges before being forced to depart office in 2010 as part of a plea deal connected to the misappropriation of about $500 in gift cards meant for needy families.

She would certainly face a bruising 2020 Democratic primary if she were to return and run for reelection. Veteran City Council leader Bernard “Jack” Young, who is serving as acting mayor, said as she went on leave that he would merely be a placeholder. But this week, before the raids, he said “it could be devastating for her” if she tried to return.

The Associated Press contributed to this report.

Source: Fox News National

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FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad
FILE PHOTO: Cases of Pepsi are shown for sale at a store in Carlsbad, California, U.S., April 22, 2017. REUTERS/Mike Blake/File Photo

April 26, 2019

By Amit Dave and Mayank Bhardwaj

AHMEDABAD/NEW DELHI (Reuters) – PepsiCo Inc has sued four Indian farmers for cultivating a potato variety that the snack food and drinks maker claims infringes its patent, the company and the growers said on Friday.

Pepsi has sued the farmers for cultivating the FC5 potato variety, exclusively grown for its popular Lay’s potato chips. The FC5 variety has a lower moisture content required to make snacks such as potato chips.

PepsiCo is seeking more than 10 million rupees ($142,840.82) each for alleged patent infringement.

The farmers grow potatoes in the western state of Gujarat, a leading producer of India’s most consumed vegetable.

“We have been growing potatoes for a long time and we didn’t face this problem ever, as we’ve mostly been using the seeds saved from one harvest to plant the next year’s crop,” said Bipin Patel, one of the four farmers sued by Pepsi.

Patel did not say how he came by the PepsiCo variety.

A court in Ahmedabad, the business hub of Gujarat, on Friday agreed to hear the case on June 12, said Anand Yagnik, the lawyer for the farmers.

“In this instance, we took judicial recourse against people who were illegally dealing in our registered variety,” A PepsiCo India spokesman said. “This was done to protect our rights and safeguard the larger interest of farmers that are engaged with us and who are using and benefiting from seeds of our registered variety.”

PepsiCo, which set up its first potato chips plant in India in 1989, supplies the FC5 potato variety to a group of farmers who in turn sell their produce to the company at a fixed price.

The All India Kisan Sabha, or All India Farmers’ Forum, has asked the Indian government to protect the farmers.

The farmers’ forum has also called for a boycott of PepsiCo’s Lay’s chips and the company’s other products.

The Ministry of Agriculture & Farmers’ Welfare did not immediately respond to an email seeking comment.

PepsiCo is the second major U.S. company in India to face issues over patent infringement.

Stung by a long-standing intellectual property dispute, seed maker Monsanto, which is now owned by German drugmaker Bayer AG, withdrew from some businesses in India over a cotton-seed dispute with farmers, Reuters reported in 2017. (reut.rs/2ncBknn)

(Reporting by Amit Dave in AHMEDABAD and Mayank Bhardwaj in NEW DELHI; Editing by Martin Howell and Louise Heavens)

Source: OANN

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FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the NYSE in New York
FILE PHOTO: The Archer Daniels Midland Co (ADM) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo

April 26, 2019

By P.J. Huffstutter and Shradha Singh

CHICAGO/BENGALURU (Reuters) – Archer Daniels Midland Co said on Friday it was considering spinning off its ethanol business after slim biofuel margins and Midwestern floods slammed the U.S. grains merchant’s profit, which tumbled 41 percent in the first quarter.

ADM said it was creating an ethanol subsidiary, which will include dry mills in Columbus, Nebraska; Cedar Rapids, Iowa; and Peoria, Illinois.

The ethanol subsidiary will report as an independent segment, the company said, allowing options “which may include, but are not limited to, a potential spin-off of the business to existing ADM shareholders.”

Results were hit by the “bomb cyclone” blizzards that devastated the Midwest and Great Plains this year, causing massive flooding across Nebraska, Iowa and Missouri, washing out rail lines and wreaking havoc in the moving and processing of corn, soybeans and wheat. One-sixth of U.S. ethanol production was halted.

In March, ADM warned Wall Street that flooding and severe winter weather in the U.S. Midwest would reduce its first-quarter operating profit by $50 million to $60 million.

“The first quarter proved more challenging than initially expected,” said Chairman and Chief Executive Officer Juan Luciano, with earnings down in its starches, sweeteners and bioproducts unit. Luciano said impacts of the severe weather ultimately “were on the high side of our initial estimates”.

Ongoing problems in the ethanol industry added to the problems and “limited margins and opportunities” for ADM, Luciano said.

The ethanol industry has been in the midst of a historic downswing due to the U.S.-China trade war, excess domestic supply and weak margins.

ADM, which had been an ethanol pioneer, signaled to Wall Street in 2016 that it was hunting for options and considering sales of its U.S. dry ethanol mills. Luciano told Reuters this year that offers ADM had received for the mills were too low.

In addition, ADM said it planned to repurpose its corn wet mill in Marshall, Minnesota, to produce higher volumes of food and industrial-grade starches.

Other major traders are alsy trying to distance themselves from struggling ethanol businesses. Louis Dreyfus Company BV spun off its Brazilian sugar and ethanol business Biosev in 2013. Rival Bunge sold its sugar book and has sought a buyer for its Brazilian mills since 2013.

ADM, which makes money trading, processing and transporting crops, such as corn, soybeans and wheat, has been looking to strengthen its core business. Last month it said it would seek voluntary early retirements of some North American employees and cut jobs as part of a restructuring effort.

The company expects to lower 2019 capital spending by 10 percent to between $800 million and $900 million.

Net earnings attributable to the company fell to $233 million, or 41 cents per share, in the three months ended March 31, from $393 million, or 70 cents per share, a year earlier.

Revenue fell to $15.30 billion from $15.53 billion. On an adjusted basis, the company earned 46 cents per share, while analysts on average had estimated 60 cents, according to IBES data from Refinitiv.

(Reporting by Shradha Singh in Bengaluru; Editing by Shounak Dasgupta, Chizu Nomiyama and David Gregorio)

Source: OANN

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The Slack app logo is seen on a smartphone in this illustration
FILE PHOTO: The Slack app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration

April 26, 2019

(Reuters) – Slack Technologies Inc, operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year ended Jan. 31, 2019, the company said on Friday in a regulatory filing ahead of its planned public market debut.

The company said its daily active users exceeded 10 million in the three months ended Jan. 31, 2019.

Slack expects to trade on the New York Stock Exchange under the symbol “SK”, it said.

The San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing shares through an initial public offering.

A direct listing is a cheaper way of becoming a public company as the process requires fewer investment banks and therefore lower fees.

In a direct listing, however, a company does not sell any new shares to raise money. Instead, it gives existing shareholders the opportunity to cash out.

Slack is the latest in a string of high-profile technology companies looking to go public this year. Lyft Inc, Pinterest and Zoom Video Communications have completed IPOs so far in 2019.

The company is hoping for a valuation of more than $10 billion in the listing, Reuters had previously reported. Some early investors and employees have been selling the stock at around $28, valuing the company close to $17 billion, Kelly Rodriques, CEO of Forge, a brokerage company, told CNBC on Thursday.

Slack set a placeholder amount of $100 million to indicate the size of the IPO. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

Its competitors include Microsoft Teams, a free chat add-on for Microsoft’s Office365 users.

(Reporting By Aparajita Saxena and Joshua Franklin in New York; Editing by Leslie Adler and Anil D’Silva)

Source: OANN

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