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NBA to invest millions of dollars in new African league

FILE PHOTO: NBA players take part in a training session in Johannesburg
FILE PHOTO: NBA players take part in a training session in Johannesburg, July 31, 2015, ahead of their exhibition match on Saturday. REUTERS/Siphiwe Sibeko/File Photo

April 2, 2019

By Omar Mohammed

NAIROBI (Reuters) – The NBA will invest millions of dollars in Basketball Africa League, its first professional league outside of North America, and will be hands-on in its operation, a top executive said on Tuesday.

The NBA, in partnership with the International Basketball Federation (FIBA), is launching the Basketball Africa League in January 2020, featuring 12 teams from across the continent.

“This league will be fully operated by the NBA,” Amadou Gallo Fall, the NBA’s vice president for Africa, told Reuters by phone from Johannesburg. “Our expertise and best practices will be on display.”

The NBA generated $8 billion in revenue last season, according to Forbes, and industry players say audience interest in Africa has grown alongside the profile of Africans playing in the world’s top basketball league.

Cameroon’s Joel Embiid, a 25-year old center for the Philadelphia 76ers has emerged as a top player in the NBA, signing a five-year contract with the team worth nearly $150 million in 2017.

This season, Embiid and 24-year-old Giannis Antetokounmpo of the Milwaukee Bucks, born in Greece to Nigerian parents, are contenders to become the NBA’s most valuable player.

The NBA established an Africa office nine years ago. It held its first NBA Africa game in 2015. Games in 2017 and 2018 were played in front of sold-out crowds in South Africa.

Basketball Africa League will involve six national champions — from Nigeria, Angola, Morocco, Egypt, Tunisia and Senegal — who will automatically qualify for the competition. The remaining six will come through international qualifiers later this year.

“It’s an opportunity through our partnership with FIBA to continue to strengthen the basketball ecosystem here,” Fall said.

He did not confirm exactly how much the NBA would be investing in the league but said it was millions of dollars.

As the NBA courts African audiences, African players have been conquering the NBA.

There were 13 African-born players on the rosters of NBA teams at the opening of the 2018/19 season, out of the 108 international players. That rises to about 40 if players with African parents are included, Fall said.

“It tremendously impacts the growth in popularity of the NBA,” he added.

The NBA began in March livestreaming on YouTube two games a week for free for viewers in sub-Saharan Africa, in a bid to build a larger fan base on the continent.

The league opened an elite basketball academy in Senegal in 2017, which along with its Basketball Without Borders Africa program, has showcased African talent hoping to play for NBA teams or U.S. colleges.

The next step is for an African basketball team to secure an Olympic medal, Fall said.

“That day is coming soon,” he added.

(Editing by Katharine Houreld and Toby Davis)

Source: OANN

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Estonian prosecutor says Browder complaint against Swedbank added to Danske probe

FILE PHOTO: Swedbank sign is seen on the top of the bank's Latvian head office in Riga
FILE PHOTO: Swedbank sign is seen on the top of the bank's Latvian head office in Riga, Latvia, April 9, 2019. REUTERS/Ints Kalnins/File Photo

April 12, 2019

STOCKHOLM (Reuters) – Estonian prosecutors said on Friday a criminal complaint against Swedish lender Swedbank over potential money laundering brought by investor Bill Browder would be added to an ongoing investigation into Danske Bank.

“Depending on the information gathered during the investigation the prosecutor can decide, whether, or which parts of the criminal investigation should be separated into a stand-alone investigation,” the prosecutor’s office said in an emailed statement.

Estonia’s prosecutors said earlier this month they had received a criminal complaint against Swedbank from Browder and would decide whether to start an investigation based on that complaint.

(Reporting by Simon Johnson; editing by Niklas Pollard)

Source: OANN

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Small plane crashes in Texas, killing 6 people, officials say

Six people died in a small plane crash Monday in central Texas during a landing attempt, officials said.

The twin-engine plane crashed just before 9 a.m. as it was preparing to land at Kerrville Municipal Airport., about 70 miles northwest of San Antonio. The plane’s wreckage was located about 6 miles from the airport, FOX San Antonio reported.

HIKERS WARNED TO WATCH OUT FOR UNDETONATED BOMBS IN COLORADO MOUNTAINS FROM AVALANCHE MITIGATION

All six people aboard the aircraft were killed, Texas Department of Public Safety Sgt. Orlando Moreno said.

The plane took off from an airport just outside of Houston earlier Monday. It’s unclear what caused the crash, but federal investigators said they were headed to the crash site to investigate.

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The National Transportation Safety Board said it was investigating the crash.

The Associated Press contributed to this report. 

Source: Fox News National

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Illinois police release audio from warehouse shooting

Authorities have released the audio of 911 calls reporting a shooting at an Illinois warehouse that resulted in five deaths.

One caller in the Feb. 15 recordings tells the dispatcher that he's hiding in the Henry Pratt Co. facility in Aurora and pleads for help to be sent quickly.

Also released Monday were recordings of police communications as they hunted for the shooter.

Officers can be heard yelling "I've been shot" and "Get the shields" as they confronted the gunman, Gary Martin. One says: "I'm hit. I'm still in the fight."

Authorities say Martin started shooting after he was fired from the position he had held for 15 years. Five warehouse employees were killed and six officers were injured. Martin died in a shootout with police.

Source: Fox News National

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Florida agency probes video that allegedly shows man jumping on pelican

The Florida Fish and Wildlife Conservation Commission is working to determine what charges might be appropriate to bring against a Maryland man who was videotaped tackling a federally protected pelican in Key West.

The Baltimore Sun reports Hunter Hardesty, of Davidsonville, posted the video of the apparent attack online on Thursday. Commission officer and spokesman Bobby Dube says Hardesty enticed the pelican and then jumped on it. He says authorities are considering possible animal cruelty charges.

The video shows Hardesty leaning over the water near the edge of a harbor that's geotagged to the Florida Keys. It shows him then jumping off the harbor and landing on top of the pelican, launching a scuffle punctuated by the laughter of onlookers.

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The bird then slapped Hardesty across the face with its beak and fled.

The Baltimore Sun reached out to Hardesty on Saturday and did not get a response. The report said he received flack on his Facebook page and responded to one post, “Next time ima eat him for dinner !! Wonder what they taste like.”

Rick Ramsay, the Monroe sheriff, told The Miami Herald Saturday that he contacted FWC.

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“He will be held accountable for this attack on wildlife,” Ramsay posted. “Thanks to everyone who provided help with the video, identification and where he lives.”

The Associated Press contributed to this report

Source: Fox News National

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Iraq veteran who abused neighbors' dogs gets 9 years in prison

A California man was sentenced to nine years in prison on Friday for physically abusing his neighbors' dogs using various methods, including acid and poison.

David C. Herbert, 37, a former Navy corpsman, was convicted last August on six counts of animal cruelty, one count of burglary and four misdemeanor counts of vandalism for harming two separate families’ dogs, one of which remains missing, Fox5 reported.

In April of 2017, police said, Maria Morales and her 4-year-old son came home to find their home vandalized and Estrella, their Siberian husky, with an eye gouged out. This forced them to move away in fear of their safety.

NAVY VETERAN ACCUSED OF POURING ACID ON DOGS, GOUGING THEIR EYES OUT

"How do you explain to a 4-year-old that a human being gets to be so cruel?” Morales reportedly said in the courtroom.

Police said Herbert’s computer showed searches for “How to get a dog to drink antifreeze.”

A new family moved in a month later, and within two days their Golden retriever, Lala, had disappeared. The dog is missing and presumed dead, according to The San Diego Union-Tribune.

Herbert represented himself at trial and testified that Lala had jumped in his car and escaped as he was driving to an animal shelter. Police found blood in his vehicle and on his baseball bat.

Michelle Plaketta, the owner of the dog, said in court that her daughter "doesn’t have a best friend anymore," according to the newspaper.

PETITION SEEKS TO SAVE DOGS' LIVES AFTER UTAH BOY LOSES HAND

Judge Carlos Armour has heard 40 years’ worth of murder cases and called this one "particularly shocking."

Herbert's lawyer said his client has "major depressive disorder," according to court records.

Source: Fox News National

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Exclusive: U.S. lawmakers introduce bill to boost electric car tax credits

FILE PHOTO: Chevrolet Bolt is displayed at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: A 2019 Chevrolet Bolt plug-in electric vehicle is displayed at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Rebecca Cook/File Photo

April 10, 2019

By David Shepardson

WASHINGTON (Reuters) – A bipartisan group of U.S. lawmakers will introduce legislation on Wednesday to expand the electric vehicle tax credit by 400,000 vehicles per manufacturer, a provision that would give a boost to General Motors Co and Tesla Inc before the existing credit comes to an end for them.

The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee, the sponsors told Reuters ahead of its official introduction.

The bill could lift electric vehicle sales in a boost for automakers that have committed tens of billions of dollars to meet rising global emissions requirements.

The existing $7,500 EV tax credit, which allows tax payers to deduct part of the cost of buying an electric car, phases out over 15 months once an automaker hits 200,000 cumulative EV sales. GM saw its tax credit cut to $3,750 on April 1. Tesla’s tax credit fell to $3,750 on Jan. 1 and will end entirely at year’s end.

The bill dubbed the “Driving America Forward Act” would grant each automaker a $7,000 tax credit for an additional 400,000 vehicles on top of the existing 200,000 vehicles eligible for $7,500 tax credits. It would shorten the phase-out schedule to nine months.

The bill would also extend the hydrogen fuel cell credit through 2028. The bill is estimated to cost $11.4 billion, with all but $91 million of that tally to extend the EV tax credit.

“We have a cap that’s got to go up,” Stabenow told a group of automakers at a dinner last week. “I want to get this done as soon as possible.”

The proposal has strong backing from automakers, environmental groups and others, but will face opposition.

Last month, the White House proposed immediately eliminating the $7,500 tax credit, a move it said would save the U.S. government $2.5 billion over a decade.

Senator John Barrasso, a Republican who chairs the Environment and Public Works Committee, in February proposed legislation to end the credit and impose a highway user fee on EVs to pay for road repairs.

The bill is backed by major automakers including GM, Tesla, Toyota Motor Corp, Ford Motor Co, Fiat Chrysler Automobiles NV, Honda Motor Co, BMW AG, Nissan Motor Co, Volkswagen AG and utilities.

GM President Mark Reuss said in a statement “the EV tax credit provides customers with a proven incentive as we work to establish the U.S. as a leader in electrification.”

Michael Brune, executive director of the Sierra Club, said “as we build and grow the clean energy economy, we must continue to invest in tackling the sector that generates the most pollution: transportation.”

Both GM and Tesla have been lobbying Congress for more than a year to extend or expand the EV tax credit.

GM’s credit drops to $1,875 in October and will completely disappear by April 2020, while Tesla’s credit falls to $1,875 in July and expires at the end of the year.

(Reporting by David Shepardson in Washington; Editing by James Dalgleish)

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)

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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)

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Source: InfoWars

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