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D.R. Horton 2019 home sales forecast largely below estimates

FILE PHOTO: A house built by the D.R. Horton company is seen for sale in Arvada
FILE PHOTO: A house built by the D.R. Horton company is seen for sale in Arvada, Colorado January 24, 2017. REUTERS/Rick Wilking/File Photo

April 25, 2019

(Reuters) – D.R. Horton Inc on Thursday forecast full-year home sales, the mid-point of which was below Wall Street expectations.

The company said it expects to deliver between 55,000 homes and 56,000 homes in 2019. Analysts on average were expecting home sales of 55,668 homes.

Net income attributable to the company was $351.3 million, or 93 cents per share, in the second-quarter ended March 31, from $351.0 million, or 91 cents per share, a year earlier.

Revenue rose to $4.13 billion from $3.79 billion.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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No upset alert for No. 1 seed Gonzaga in first-round rout

NCAA Basketball: NCAA Tournament-Farleigh Dickinson vs Gonzaga
Mar 21, 2019; Salt Lake City, UT, USA; Gonzaga Bulldogs forward Rui Hachimura (21) reacts after a three point basket against the Fairleigh Dickinson Knights during the first half in the first round of the 2019 NCAA Tournament at Vivint Smart Home Arena. Mandatory Credit: Kirby Lee-USA TODAY Sports

March 22, 2019

Rui Hachimura scored 21 points, Killian Tillie had a season-high 17 and top-seeded Gonzaga dominated from the start in an 87-49 beatdown of Fairleigh Dickinson in a first-round West Region game Thursday in Salt Lake City.

Gonzaga set a school record for margin of victory in an NCAA Tournament game.

Brandon Clarke had 14 points, nine rebounds and three blocks for the Bulldogs. He combined with fellow frontcourt players Hachimura and Tillie to make 21 of 32 shots against the 16th-seeded Knights.

Gonzaga, stewing for nine days after a loss in the West Coast Conference tournament championship game, was relentless from the opening tip, preventing the Knights from making a basket through the first six-and-a-half minutes.

The Bulldogs went up by 10 points with 15:49 to go in the first half, by 20 with 9:35 left and by 30 with 1:45 remaining.

Gonzaga (31-3) will play in Saturday’s second round against No. 9 Baylor, a 78-69 winner over No. 8 Syracuse later Thursday.

Fairleigh Dickinson, which defeated Prairie View 82-76 in a First Four game Tuesday, shot just 30 percent (15 of 50).

Mike Holloway Jr. and Elyjah Williams each scored 10 points to lead the Knights (21-14). Senior guard Darnell Edge, who scored 33 against Prairie View and was Northeast Conference tournament Most Valuable Player, mustered only seven against Gonzaga on 2-of-11 shooting.

The Bulldogs had a 47-30 rebounding advantage.

Gonzaga poured in the final 19 points of the first half to take a 53-17 lead into the locker room.

That marked the ninth time this season that Gonzaga reached 50 in a half, and the 53 points were six more than it scored in a 60-47 loss to Saint Mary’s in the WCC tournament title game.

Hachimura scored 14 points in the first half and had as many baskets (five) as FDU. Gonzaga had more fast-break points (18) than Fairleigh Dickinson had first-half points.

The Knights played better in the second half, needing just over seven minutes to match their first-half scoring total, but Gonzaga never faltered in winning a first-round game for the 11th consecutive year.

–Field Level Media

Source: OANN

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Buttigieg Tries to Stone Christians From His Glass House

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Source: InfoWars

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With Brexit, Britain is in crisis and not for the first time

Few would argue that Britain is in what is often referred to as a bit of a pickle. A crisis in fact, undoubtedly of historic proportions.

With the country mired in confusion and recrimination over how to leave the European Union, many of Britain's centuries-old institutions have clogged up, struggling to meet the challenges of Brexit.

Anthony Seldon, the historian and the vice chancellor of the University of Buckingham, calls it the "biggest political and constitutional crisis" to afflict the country in 300 years — since the Glorious Revolution of 1688 when King James II was replaced by the joint monarchy of King William III and Queen Mary II.

A look at some of the other crises that have beset Britain since the end of World War II:

___

SUEZ CRISIS

Before Brexit, arguably the biggest crisis of British diplomacy and its standing in the world occurred in 1956 in the Suez Canal, which connects the Mediterranean Sea and the Red Sea. When Egypt's leader, Gamal Abdel Nasser, nationalized the canal, Britain, in secret, along with France and Israel, joined forces to take control of it.

Worried about a potential Soviet intervention, U.S. President Dwight Eisenhower warned the coalition to withdraw. They duly did. Within months, it had spelled the end of Anthony Eden's premiership in Britain. More importantly, it crystallized the moment when Britain realized that its great power status had come to an end.

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PROFUMO SEX SCANDAL

Eden's successor, Harold Macmillan, wasn't the type to get entangled in imperial misadventures. He hastened Britain's decolonization and focused on Europe. However, his premiership was cut short when his Secretary of State for War John Profumo was implicated in a sex-and-spy scandal with showgirl Christine Keeler, who was also having a liaison with a Russian naval attache at the same time.

The scandal, which came at the height of the Cold War, shattered the reputation of Macmillan's government and the prime minister quit in 1963. A year later, the Conservative Party lost power for the first time in 13 years.

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3-DAY WEEK

After surprisingly winning the 1970 election, Conservative Prime Minister Edward Heath sought to tackle the government's increasing reliance on trade unions. However, his premiership was soon overwhelmed by mounting sectarian violence in Northern Ireland, including the "Bloody Sunday" killing of 13 people at a civil rights march in Londonderry in January 1972.

His premiership was cut short two years later when the powerful coal miners went on an overtime ban that wreaked havoc.

In December 1973, following the Yom Kippur War between Israel and Arab nations that saw the OPEC oil cartel quadruple oil prices, Heath declared a state of emergency as the country couldn't meet its energy needs. Heath imposed a three-day working week and speed restrictions. Professional soccer on Sunday, banned in the country for decades, also became a feature for the first time because there wasn't enough energy to power all the floodlights required on the traditional schedule on Saturdays.

Amid all the chaos, Heath called an early election for February 1974, and asked "Who governs Britain?"

Too many said "not you obviously" and Labour returned to power.

___

WINTER OF DISCONTENT

The unions continued to shake the political landscape throughout the 1970s. After Britain was bailed out by the International Monetary Fund in 1976, the Labour government sought to work with the unions on getting Britain's economy back to health.

After years of pay restraint, they snapped and there was massive industrial unrest during the winter of 1978-1979 — a period commonly referred to as the Winter of Discontent. The dead lay unburied and the garbage piled up. Britain was, according to many commentators at the time, becoming ungovernable. That was particularly true in Northern Ireland, where the violence continued and spilled over onto the British mainland.

In many ways, the late 1970s has echoes with today's Brexit crisis. The government of then-prime minister, James Callaghan, just like Theresa May's now, was a minority one and faced knife-edge votes to get things done. Eventually, Callaghan lost a vote of confidence and Margaret Thatcher's Conservatives won the ensuing election.

___

FALKLANDS WAR

Thatcher became the longest-serving British prime minister of the 20th century, lasting until 1990. But it wasn't pre-ordained that she would be. By 1982, her government was in trouble. The strict monetarist economic medicine she used to bring down inflation had led to interest rates rocketing and unemployment spiking to the previously unimagined 3 million-mark. In 1981, riots erupted across Britain.

In 1982, salvation came from the unlikely source of Argentina. The country's military junta invaded the Falkland Islands in the South Atlantic, a relic of the British Empire. After a little more than two months of conflict, the British prevailed. Thatcher had triumphed and subsequently won two sizeable election victories.

___

CURRENCY CRASH

Britain had in 1973 joined what was then called the European Economic Community. By 1992, it had joined the Exchange Rate Mechanism, whereby the pound floated within narrow ranges against other European currencies such as the German Deutsche Mark. It was the precursor to the euro but the experience ended in humiliation for Britain when hedge funds, including the Hungarian billionaire George Soros, betted against the pound — and won.

Sept. 16, 1992 became known as "Black Wednesday" — a day that the British government was vanquished by currency speculators. Though the pound's exit from the ERM heralded a period of strong growth for the British economy, the government of Prime Minister John Major became increasingly divided over Europe. Tony Blair led the Labour Party back into government for the first time in 18 years.

___

IRAQ WAR

All went smoothly for Blair — at first. The British economy was in the midst of an unprecedented period of economic growth and peace had finally been achieved in Northern Ireland through 1998's Good Friday Agreement.

But Blair's agenda was overwhelmed by the Sept. 11, 2001 attacks in the U.S. Blair became a close ally of President George W. Bush, and his decision to participate in the war in Iraq alienated many — not least because no weapons of mass destruction were ever found. Blair's reputation has never fully recovered.

___

FINANCIAL CRISIS

Blair's successor, post 2007, was Gordon Brown, his long-time Treasury chief. His time at the helm was marked by the global financial crisis, the greatest peacetime shock to afflict the global economy since the depression of the 1930s.

Following the collapse of U.S. investment bank Lehman Brothers in September 2008, the financial crisis went global. Banks around the world, including big U.K. names such as Lloyds and Royal Bank of Scotland, had to be bailed out by the taxpayer. Britain endured its deepest recession since WWII. Though Brown won plaudits for his handling of the crisis, he lost the 2010 general election.

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BREXIT SAGA

Five years later, Prime Minister David Cameron promised to honor one aspect of his Conservative Party's manifesto — a commitment to hold a referendum on Britain's 40-plus-year membership of the EU.

In June 2016, Britain voted for Brexit, and Cameron's successor May has been swamped by the fallout of that decision, in particular how it affects the seamless border between Northern Ireland and Ireland — a mainstay of the Good Friday Agreement that brought peace.

It is arguably the greatest of all Britain's postwar crises.

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Follow AP's full coverage of Brexit at: https://www.apnews.com/Brexit

Source: Fox News World

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Japan PM Abe’s ruling bloc suffers rare losses in two by-elections

FILE PHOTO: Japan's Prime Minister Shinzo Abe delivers a press conference standing next to the calligraphy 'Reiwa' which was chosen as the new era name at the prime minister's office in Tokyo
FILE PHOTO: Japan's Prime Minister Shinzo Abe delivers a press conference standing next to the calligraphy 'Reiwa' which was chosen as the new era name at the prime minister's office in Tokyo, Japan, April 1, 2019. Franck Robichon/Pool via Reuters

April 22, 2019

By Linda Sieg

TOKYO (Reuters) – Japanese Prime Minister Shinzo Abe’s ruling bloc suffered two rare losses in by-elections on Sunday in an apparent warning from voters not to get complacent ahead of a national election for parliament’s upper house later this year.

The defeats in a lower house by-election in Osaka, western Japan, and another on the southern island of Okinawa – host to the bulk of U.S. military in the country – were the first such losses since Abe returned to office in December 2012, except for one uncontested poll.

“Each individual (ruling) Liberal Democratic Party member must take the results to heart and buckle down,” Abe told reporters on Monday morning.

The defeats in the Sunday polls come after Japan’s Olympics minister, Yoshitaka Sakurada, resigned a year before the Tokyo Games for remarks that offended people affected by the massive earthquake and tsunami that triggered nuclear meltdowns in 2011. A vice transport minister also quit over a separate gaffe.

“The cabinet support rate is maintaining a certain level, but if they do not eradicate laxity and conceit, the upper house election will perforce be a difficult fight,” said an editorial in the conservative Yomiuri newspaper.

Support for Abe’s cabinet was at 47 percent in a survey by public broadcaster NHK released this month, up five points from the previous month.

In Okinawa, Tomohiro Yara, a free-lance journalist backed by several opposition parties and running on an anti-U.S. base platform, defeated a former cabinet minister.

In Osaka, Shimpei Kitagawa, backed by the LDP and its junior partner Komeito, lost to Fumitake Fujita from Nippon Ishin) (Japan Innovation Party), a conservative Osaka-based party that sometimes cooperates with the LDP nationally.

Speculation is simmering that Abe will call a snap lower house election in tandem with the upper house poll, possibly after announcing the postponement of a sales tax hike to 10 percent from eight percent scheduled for October.

Top government officials vowed on Friday to go ahead with the tax rise, barring a big economic shock.

Such a “double election” might help take advantage of weakness among the fragmented opposition parties, but could also spark the opposition to cooperate on candidates.

“Abe must be wondering which suffers more from weakness – LDP/Komeito or the opposition,” said Sophia University political science professor Koichi Nakano.

“A double election will also potentially galvanize the opposition into action … so it’s a double edged sword,”

(Reporting by Linda Sieg; Editing by Michael Perry)

Source: OANN

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Monkey, drugs, guns seized during raid in Ireland, police say

A police raid in Ireland's capital city on Friday revealed a stash of guns, drugs, and even a monkey.

An Garda Síochána, the police force in Ireland, said in a Facebook post that two men and a woman were arrested after a home was searched.

Inside the home, authorities discovered a machine pistol, sub-machine gun, .357 caliber revolver, 300 rounds of assorted 9-mm. and .357 ammunition and 227 rounds of 12-gauge shotgun cartridges.

PAKISTANI WOMAN SAYS HUSBAND BEAT HER, SHAVED HER HEAD AFTER SHE REFUSED TO DANCE FOR HIM

In addition to the weapons, police also found a monkey in a cage, Sky News reported.

Garda Spt. William Carolan told the Irish Times the home was used by an organized crime gang that had a "frightening" assortment of weapons.

A cache of weapons were discovered in a home in Dublin, Ireland on Friday.

A cache of weapons were discovered in a home in Dublin, Ireland on Friday. (Garda)

"These gangs will have to go and try and access those guns again and we will keep hitting them at every opportunity to keep removing firearms off the streets," he told the news outlet.

Besides the weapons and the monkey, officials found more than $33,600 in marijuana and more than $109,000 in cocaine at the home, according to police.  Authorities also discovered $3,000 worth of clothing inside.

ARMED POLICE AWAIT WIKILEAKS' JULIAN ASSANGE EMBASSY OUSTER AS OFFICIALS SAY NO DECISIONS MADE

The woman, in her 30s, has been charged under Ireland's Theft and Fraud Offenses Act, 2001. She was later released and is due to appear in court at a later date.

The men, one in his 30s and the other in his 40s, have been released without charge, while police prepare evidence files on the pair for the Director of Public Prosecutions.

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Officials said the monkey found inside the home has been taken by animal welfare officers and is now being cared for by the Dublin Society for Prevention of Cruelty to Animals.

Source: Fox News World

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Armed standoff at Burger King in Utah town ends with arrest

A police standoff with an armed suspect at a fast-food restaurant in Utah has ended with the man taken into custody.

Officers were called to the Burger King in the town of Magna late Tuesday night about a man barricaded in a bathroom. According to broadcast reports, shots were fired.

Magna is about 14 miles (22 kilometers) from Salt Lake City.

The Unified Police Department tweeted early Wednesday that the situation was resolved and one person is in custody. The person's name has not been released and police have not provided additional details.

Nearby schools will be open.

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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