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Report: Timberwolves to retain interim coach Saunders

FILE PHOTO: NBA: Oklahoma City Thunder at Minnesota Timberwolves
FILE PHOTO: Apr 7, 2019; Minneapolis, MN, USA; Minnesota Timberwolves head interim coach Ryan Saunders looks on during the second half against the Oklahoma City Thunder at Target Center. Mandatory Credit: Jesse Johnson-USA TODAY Sports

April 10, 2019

The Minnesota Timberwolves plan to offer interim coach Ryan Saunders a multiyear deal as early as this week, league sources told ESPN.

Saunders, 32, is the youngest head coach in the league. He took over when Tom Thibodeau was fired in early January and he has earned the endorsement of his players, most notably from All-Star center Karl-Anthony Towns.

The Timberwolves are 36-45 entering Wednesday night’s season finale at Denver, including a 17-24 mark under Saunders’ leadership.

Saunders will reportedly receive a three-year deal with a team option on the final season.

Saunders had been an assistant coach with Minnesota since 2014, after serving as an assistant with the Washington Wizards from 2009-14.

Saunders’ father, Flip, was the head coach of the Timberwolves from 1995-2005 and again in 2014-15. Flip Saunders guided the team to eight straight playoff appearances.

ESPN also reported that Timberwolves owner Glen Taylor plans to retain general manager Scott Layden, who has been with the team since 2016.

On Wednesday, the team announced it was starting its search for a president of basketball operations, a position that has been vacant since Thibodeau’s dismissal.

“In the absence of Tom, I want to thank all who picked up his responsibilities this past year. This includes Interim Head Coach Ryan Saunders, General Manager Scott Layden and our entire basketball staff for their efforts leading our team through the 2018-19 season,” Taylor said in a statement. “They worked through a season with many injuries requiring many challenges in our player lineup. We are incredibly grateful to them for all of their hard work and commitment to the franchise.”

–Field Level Media

Source: OANN

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Appeals and recounts spark frustration as Istanbul vote count enters third week

Supporters of main opposition CHP wave flags as they listen to mayoral candidate Ekrem Imamoglu during a gathering in Istanbul
FILE PHOTO: Supporters of main opposition Republican People's Party (CHP) wave flags as they listen to mayoral candidate Ekrem Imamoglu during a gathering in Istanbul, Turkey, April 12, 2019. REUTERS/Murad Sezer

April 15, 2019

By Tuvan Gumrukcu

ANKARA (Reuters) – Electoral officials ordered a second recount of votes in an east Istanbul district on Monday, after two weeks of appeals by President Tayyip Erdogan’s AK Party against results showing it had narrowly lost control of Turkey’s largest city.

Repeated AKP challenges to the initial results have led to growing frustration among supporters of the main opposition CHP, which spilled over onto the soccer terraces at the weekend when Istanbul’s top teams played two derby matches.

“Give the mandate, give Imamoglu the mandate now,” fans of Besiktas and Fenerbahce chanted, as their teams played current league leaders Basaksehir, whom Erdogan has said he supports, and runners-up Galatasaray.

The secularist Republican People’s Party (CHP) mayoral candidate Ekrem Imamoglu, who attended both matches, holds a slim lead of around 0.2 percentage points over his AK Party rival, former prime minister Binali Yildirim, according to initial results of the March 31 local elections.

The loss of Ankara ended 25 years of control over the capital by the AK Party and its Islamist predecessors. Defeat in Istanbul, where Erdogan was mayor in the 1990s, would be an even greater blow to the president who has dominated Turkish politics through a decade and half of repeated election triumphs.

On Monday electoral officials in the Maltepe district of Istanbul, where a recount of votes in 1,089 ballot boxes had already been underway for nearly a week, ruled for a fresh recount after an appeal by the AKP and their nationalist MHP allies, broadcaster NTV said.

The appeal centered around an AKP objection to the additional teams brought in to speed up the recount, and means more than half the votes in the district must be recounted again.

The AKP has already filed several other objections across Istanbul and has appealed to annul the elections in another district, Buyukcekmece.

The High Election Board (YSK) has said it would wait for all recounts across the city to be completed before ruling on the AKP’s appeal to annul results in Buyukcekmece.

After that it may have to rule on a call by Erdogan – not yet formally submitted by the AKP – for the entire Istanbul election to be annulled over what the party said were irregularities that affected the outcome.

An appeal for annulment of the entire Istanbul election could probably be lodged only after the YSK has announced the final results.

OPPOSITION WANTS FASTER COUNTS

CHP lawmaker Baris Yarkdas said his party has asked the YSK to consider previous recounts as valid and to speed up recounts across Istanbul by forming 100 new counting teams.

“The AKP-MHP was planning to get different results by having the ballot boxes in Maltepe recounted. When the results did not come out as they wished, they are now not signing the record sheets of the judges (officials) so the count can’t be finished,” Yarkdas said on Twitter.

He said the AKP and MHP were driving the process into an impasse, and putting public servants under pressure. “The party state is crushing the law,” he said.

MHP leader Devlet Bahceli appeared to criticize Imamoglu for mixing sport with politics by attending the weekend matches.

“Carrying the mandate to the stadium is a seed planted to turn the competition between the sides into animosity. He can’t be mayor,” he said.

Imamoglu responded: “I told my friends I would attend these games before the elections. Are Galatasaray, Fenerbahce and Besiktas not teams of this city? I will go.”

(Editing by Dominic Evans and Peter Graff)

Source: OANN

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Researchers to Clean Oil Spills With Magnets

In future, it could be possible to remove oil spills on the surface of the ocean by using magnets.

An interdisciplinary group of researchers at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) led by Prof. Dr. Marcus Halik has developed functionalized iron oxide particles that can attract any types of hydrocarbons.

The magnetic particles and their shells can then be removed from the water relatively simply and in an environmentally-friendly manner and can even be reused after being cleaned.

The researchers have now published their study in the journal Advanced Functional Materials. In the study, they describe how functionalized iron oxide particles can be modified with a self-assembled monolayer so that they only adsorb hydrocarbons.


Globalists and the left are united in their anti-American stance on energy.

This group of chemical substances includes light compounds such as alkanes and aromates but also crude oil, petrol and diesel. Such hydrocarbon molecules surround the very fine particles as if they are being sucked in and reach a volume that can grow to 14 times the size of the core of the particle.

A video on the researchers’ website shows how iron oxide powder is applied to liquid oil and the instant transformation into a substance that can be removed by a magnet. Iron oxide is a magnetic substance by nature.

(Photo by Philippe Put / Flickr)

In addition to the multiple reusability of the source material, the large surface to volume ratio provided by nanoparticles and the favorable ratio to the quantity of the hydrocarbons to be adsorbed all contribute to the very high efficiency of the process. In addition, it allows water to be completely cleaned of oil and oil products. Conventional methods, on the other hand, create dispersions or mixtures of substances that enable the hydrocarbons to be more easily digested by bacteria, but remain in the seawater until this process is complete.

In addition to manufacturing and characterizing the particles, the research involved experiments using various hydrocarbons and different sources of water at different temperatures supplemented by molecular simulations that enabled the materials to be improved further. Three working groups from the Faculty of Engineering and the Faculty of Sciences at Friedrich-Alexander Universität Erlangen-Nürnberg (FAU) contributed to the research that involved scientists led by Prof. Dr. Marcus Halik (Department of Materials Science and Engineering, Organic Materials and Devices), Prof. Dr. Andreas Hirsch (Department of Chemistry and Pharmacy, Organic Chemistry II) and Prof. Dr. Dirk Zahn (Professorship for Theoretical Chemistry, Computer Chemistry Center). The work was supported by the Cluster of Excellence EAM (Engineering of Advanced Materials) from the Excellence Initiative of the German Federal and State Government and by the Graduate School for Molecular Science (GSMS) at FAU.

In future, the system could help to considerably reduce the impact of contamination by oil on the environment. The FAU researchers are currently working with partners in industry to scale up the manufacturing of the materials and to transfer the concept to real applications in clean-up operations.


Colorado’s Senate passed the so-called ‘red flag bill’ that allows law enforcement to seize people’s guns if a court rules them at risk to themselves or others.

Source: InfoWars

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Quake-triggered landslide kills 2 on Indonesia's Lombok

Officials say a moderately strong earthquake has triggered a landslide that hit a popular waterfall on Indonesia's Lombok island, killing at least two people and injuring dozens.

The U.S. Geological Survey says the magnitude 5.5 quake struck at a depth of 23 kilometers (15 miles) on Sunday and was felt across the island.

Mujjadid Muhas, the spokesman for the North Lombok district administration, says the quake triggered a landslide from Mount Rinjani and hit the Tiu Kelep waterfall located on the active volcano.

Sutopo Purwo Nugroho, Indonesia's National Disaster Mitigation Agency spokesman, says two Malaysian tourists were killed in the landslide and 44 other people were injured, including eight Malaysians.

Source: Fox News World

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Trump accuses Rosenstein, McCabe of pursuing ‘illegal and treasonous’ plot against presidency

President Trump on Monday accused Deputy Attorney General Rod Rosenstein and former FBI Deputy Director Andrew McCabe of pursuing an “illegal and treasonous” plot against him, after McCabe detailed private DOJ discussions about secretly recording and potentially ousting the president.

The alleged discussions have been a subject of fierce debate – and conflicting accounts – for months. But McCabe revived the issue during promotional interviews for his forthcoming book, telling CBS News' "60 Minutes" that Rosenstein was “absolutely serious” when he suggested recording Trump in the tumultuous days following James Comey's firing as FBI director.

FORMER TOP FBI LAWYER: TWO TRUMP CABINET OFFICIALS WERE 'READY TO SUPPORT' 25TH AMENDMENT EFFORT

Trump seethed on Twitter over the comments, calling McCabe a liar before lashing out at top DOJ and FBI officials, including ousted Attorney General Jeff Sessions, for what he described as a “deranged” plan.

“He and Rod Rosenstein, who was hired by Jeff Sessions (another beauty), look like they were planning a very illegal act, and got caught … There is a lot of explaining to do to the millions of people who had just elected a president who they really like and who has done a great job for them with the Military, Vets, Economy and so much more. This was the illegal and treasonous ‘insurance policy’ in full action!” he tweeted.

“Insurance policy” is a reference to texts between former FBI officials Peter Strzok and Lisa Page discussing such a policy, without elaborating – the text was widely suspected of referring to aspects of the Russia collusion probe.

While Trump fumed at McCabe, the former FBI deputy director claimed he "never actually considered taking [Rosenstein] up on the offer." He said he did discuss the matter with the FBI's then-general counsel, James A. Baker. Last fall, as reported by Fox News, Baker told lawmakers during a closed-door deposition that McCabe and Page came to Baker "contemporaneously" and told him details of the meeting where Rosenstein made the comments. Baker told congressional investigators he took the word of McCabe and Page "seriously."

McCabe told CBS News that "I think the general counsel had a heart attack" when he told him of Rosenstein's plan.

"And when he got up off the floor, he said, 'I, I, that's a bridge too far. We're not there yet,'" McCabe added. Days later, Rosenstein appointed former FBI Director Robert Mueller as a special counsel to oversee the bureau's investigation into allegations of collusion between the Trump campaign and Russian officials.

MCCABE SAYS ROSENSTEIN SERIOUS ABOUT RECORDING TRUMP

Rosenstein repeatedly has denied he "pursued or authorized recording the president" and also has denied McCabe's suggestion that the deputy attorney general had broached the idea of invoking the Constitution's 25th Amendment, which allows Cabinet members to seek the removal of a president if they conclude that he or she is mentally unfit. The Justice Department echoed both denials in a statement released last week, saying Rosenstein "was not in a position to consider invoking the 25th Amendment."

Yet McCabe said in the interview, "Rod raised the [25th Amendment] issue and discussed it with me in the context of thinking about how many other Cabinet officials might support such an effort.” He added that he believed Rosenstein was "counting votes or possible votes" to remove Trump from office.

Fox News reported Sunday that Baker, in his testimony to Congress, provided even more details about the alleged 25th Amendment discussions – saying two Cabinet officials were “ready to support” such an effort.

CLICK HERE TO GET THE FOX NEWS APP 

“I was being told by some combination of Andy McCabe and Lisa Page, that, in a conversation with the Deputy Attorney General, he had stated that he -- this was what was related to me -- that he had at least two members of the president’s Cabinet who were ready to support, I guess you would call it, an action under the 25th Amendment,” Baker testified.

Fox News’ Catherine Herridge contributed to this report.

Source: Fox News Politics

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Over 60,000 people, mostly civilians, have fled from last Islamic State Syria enclave: SDF

FILE PHOTO: Surrendering families of Islamic State militants in the village of Baghouz, Deir Al Zor province, Syria
FILE PHOTO: Surrendering families of Islamic State militants in the village of Baghouz, Deir Al Zor province, Syria, March 14, 2019. REUTERS/Issam Abdallah/File Photo

March 17, 2019

BAGHOUZ, Syria (Reuters) – The U.S.-backed Syrian Democratic Forces (SDF) said on Sunday over 60,000 people, mostly civilians, had flooded out of the Islamic State militant group’s last enclave in eastern Syria since a final assault to capture it began over two months ago.

SDF spokesman Kino Gabriel told journalists that 29,600 people, the majority of whom were families of fighters of the group, had surrendered since the U.S.-backed forces led by the Kurdish YPG laid siege to the town of Baghouz and its hinterland on the Euphrates River.

Among them were 5,000 militants, the SDF said.

Another 34,000 civilians were evacuated from Baghouz, the last shred of territory held by the jihadists who have been driven from roughly one third of Iraq and Syria over the past four years, Gabriel said.

The group said that 1,306 “terrorists” had been killed alongside many who were injured in the military campaign that began on Jan. 9 while 82 SDF fighters had been killed and 61 injured.

The SDF said another 520 militants were captured during special operations conducted in the last militant bastion that comprises a group of villages surrounded by farmland where IS fighters and followers retreated as their “caliphate” was driven from once vast territories.

Former residents say hundreds of civilians have been killed in months of heavy aerial bombing by the U.S. led coalition that have leveled to the ground many of the hamlets in area along the border with Iraq.

The SDF has mostly transferred the tens of thousands who have fled Islamic State’s shrinking territory in recent months to a camp at al-Hol in the northeast.

The United Nations says the camp now holds around 67,000 people, 90 percent of them women and children – well beyond its capacity. Camp workers say they do not have enough tents, food or medicine. They have warned of diseases spreading.

(Writing by Suleiman Al-Khalidi; Editing by Toby Chopra)

Source: OANN

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Prosecutor: Authorities skeptical early of man’s abuse claim

The Latest on the investigation of a man who allegedly claimed to be a long-missing child from Illinois (all times local):

12:35 p.m.

A federal prosecutor says a man who claimed to be a long-missing boy raised immediate suspicions after he declined to be fingerprinted.

Benjamin Glassman is the U.S. Attorney for the Southern District of Ohio. He says investigators moved as quickly as possible to determine the truth after the man said he was Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

The man, later identified as 23-year-old Brian Rini of Medina, Ohio, was charged Friday with making false statements to authorities.

Glassman said Friday that the charge is important to send the message that such false claims cause pain to families of missing people.

Robert Brown, the FBI agent over the Louisville office, says more than 50 law enforcement and public health officials helped in the investigation.

___

11:50 a.m.

The FBI says an Ohio man has been charged with making false statements after authorities say he falsely claimed to be an Illinois boy missing for eight years.

An affidavit filed in federal court Friday says 23-year-old Brian Rini repeatedly told investigators he was Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

The affidavit says Rini refused to be fingerprinted but submitted to a DNA test after which his true identity was determined.

The FBI announced the charges Friday ahead of a news conference. Court documents show Rini appeared in federal court Friday morning where the charges were explained to him.

A message was left with Rini's public defender seeking comment. A detention hearing was scheduled for Tuesday.

___

11:15 a.m.

An FBI affidavit says an Ohio man who authorities say falsely claimed to be an Illinois boy missing for eight years has made similar claims twice before.

The affidavit filed in federal court Friday says 23-year-old Brian Rini repeatedly told investigators he was Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

The affidavit says Rini refused to be fingerprinted but submitted to a DNA test after which his true identity was determined.

The affidavit says Rini had watched a TV show about Pitzen and told investigators he wanted to get away from his family.

Investigators determined Rini had twice before falsely portrayed himself as a juvenile sex trafficking victim.

Federal court records don't list an attorney for Rini.

___

8:30 a.m.

A 23-year-old man authorities say falsely claimed to be an Illinois boy missing for eight years is being held in an Ohio jail.

Hamilton County's jail site shows Brian Rini of Medina, Ohio, was jailed Thursday. There were no charges listed Friday and no other information was available immediately.

The FBI announced Thursday afternoon that DNA tests disproved the claim of a person who Wednesday identified himself as Timmothy Pitzen, who disappeared in Aurora, Illinois, in 2011 at age 6.

Rini was released on probation from Ohio prison last month after serving more than a year on burglary and vandalism charges.

___

1:02 a.m.

A day of false hope has given way to questions about why a man would claim to be an Illinois boy who disappeared eight years ago.

The FBI declared the man's story a hoax Thursday one day after he identified himself to authorities as Timmothy Pitzen, who disappeared in 2011 at age 6.

Newport Police Chief Tom Collins identified the man to ABC as 23-year-old ex-convict Brian Rini of Medina, Ohio, who was released from prison less than a month ago after serving more than a year.

The man had told police he's Timmothy and escaped from men who held him captive.

___

Follow Dan Sewell at https://www.twitter.com/dansewell

Source: Fox News National

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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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Source: InfoWars

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