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As worries about populism in Europe rise, investors bet on stock market volatility

FILE PHOTO: Trader works at his desk at the stock exchange in Frankfurt
FILE PHOTO: A trader works at his desk at the stock exchange in Frankfurt, Germany, January 21, 2016. REUTERS/Kai Pfaffenbach

March 22, 2019

By Josephine Mason

LONDON (Reuters) – Investors are betting on heightened political uncertainty and greater volatility in European stock markets ahead of European Parliament elections in May amid growing concerns about rising populism.

In one of the first concrete signs in financial markets that investors are bracing for political instability, VSTOXX futures, which reflect investor sentiment and economic uncertainty, have jumped in recent weeks.

While the classic gauge of fear — known as implied volatility, which tracks demand for options in European stocks — is currently at 15.68, futures that bet on the same thing over the coming months show a pronounced jump.

That’s because investors have piled on trades that bet on big swings in stocks as election day nears.

Implied volatility for futures contracts expiring in May show a pronounced jump to 16.8, compared with 15.35 in April. The contracts measure the 30-day implied volatility of the euro zone STOXX 50 index.

“We are seeing a bit of a kink around May when we have European elections and we have this wave of populism,” said Edmund Shing, head of equities and derivatives strategy at BNP Paribas.

(GRAPHIC: Rising implied volatility – https://tmsnrt.rs/2UL77h9)

LOOMING ELECTIONS

More than 350 million EU citizens will head to the polls between May 23 and 26 to elect a new Parliament, a vote that will shape the future of the bloc amid a backlash against immigration and years of austerity.

Mainstream center-left and center-right lawmakers may lose control of the legislature for the first time, as euroskeptic and far-right candidates build support.

Herve Guyon, Societe Generale’s head of European equity derivatives flow strategy and solutions, said the rise of populism had triggered a recent flurry of speculative trades.

“Political uncertainty might be coming from the EU rather than the United States. We’ve seen investors doing very large trades to benefit from an increase in volatility around these events,” he said.

“We as a bank don’t expect the elections to be a massive game-changer. The populists won’t get enough to disrupt the political system, but we do note some investors did take some positions on this event.”

The implied volatility is still well below levels seen in late 2018 when global stock markets were routed amid worries about rising interest rates, slowing economic growth and the trade war between Beijing and Washington.

In late December, it shot to above 26, its highest since February.

But the flurry of activity suggests investors are seeking out new opportunities after a slide in implied volatility across major asset classes.

Edward Park, deputy chief investment officer at asset manager Brooks MacDonald, said some of the activity may also be due to persistent uncertainty about Britain’s exit from the European Union as the Brexit date of March 29 nears.

This year, volatility across currency, fixed income and stocks markets has plunged as the U.S. Federal Reserve and European Central Bank have taken dovish policy stances.

The Deutsche Bank currency volatility indicator hit multi-year lows this week, while the proxy for fixed income volatility is languishing at all-time lows.

In stocks, the Cboe volatility index, Wall Street’s so-called “fear gauge”, fell to its weakest in six months this week.

“There’s been a cross-asset volatility crash — in euro-dollar, U.S. rates and equities — in the aftermath of (ECB President Mario) Draghi’s and (Fed Chairman Jerome) Powell’s comments and the expectation of lower rates for longer,” said Guyon.

(GRAPHIC: Falling financial market volatility – https://tmsnrt.rs/2ULmq9z)

(Reporting by Josephine Mason; Editing by Catherine Evans)

Source: OANN

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U.S. sanctions have denied Iran more than $10 billion in oil revenue: U.S. official

FILE PHOTO: Iranian Material Display at a Military Base in Washington
FILE PHOTO: Brian Hook, U.S. special representative for Iran, in Washington, U.S., November 29, 2018. REUTERS/Al Drago

April 25, 2019

SINGAPORE (Reuters) – U.S. sanctions against Iran have denied its government more than $10 billion in oil revenue, a U.S. official said on Thursday.

Brian Hook, U.S. Special Representative for Iran and Senior Policy Advisor to the Secretary of State, made the comment during a call with reporters days after Washington said it would end all exemptions to sanctions against Iran, demanding countries halt imports from Tehran from May or face punitive action.

The United States re-imposed sanctions against Iran’s oil exports last November, but initially allowed its eight biggest buyers limited imports for another half-year.

(Reporting by Florence Tan; Writing by Henning Gloystein; Editing by Kenneth Maxwell)

Source: OANN

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Lyft raises $2.2 billion in IPO: source

FILE PHOTO: The Lyft logo is seen on ride-hailing car in Manhattan in New York City
FILE PHOTO: The Lyft logo is seen on ride-hailing car in Manhattan in New York City, New York, U.S., March 4, 2019. REUTERS/Mike Segar/File Photo

March 28, 2019

(Reuters) – Ride-hailing startup Lyft Inc raised $2.2 billion in its initial public offering on Thursday by pricing 30.77 million shares at $72, the top of its already elevated $70-$72 per share target range, according to a person familiar with the matter.

The source asked not to be identified ahead of any official announcement. Lyft did not immediately respond to a request for comment.

(Reporting by Joshua Franklin in New York; editing by Grant McCool)

Source: OANN

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Massachusetts judge accused of helping illegal immigrant evade ICE pleads not guilty

The Massachusetts judge accused of helping an illegal immigrant evade an Immigration and Customs Enforcement officer has pleaded not guilty to all counts.

Newton District Court Judge Shelley M. Richmond Joseph, 51, appeared in U.S. District Court in Boston on Thursday, where she was arraigned on obstruction of justice stemming from an incident that allegedly took place on April 2, 2018.

RELATED: MASSACHUSETTS JUDGE WHO HELPED ILLEGAL IMMIGRANT ESCAPE ICE ARREST INDICTED, FEDERAL AUTHORITIES SAY

Prosecutors claimed in court documents earlier Thursday that Joseph, along with 56-year-old court officer Wesley MacGregor, helped Jose Medina-Perez, a twice-deported illegal immigrant with a fugitive warrant for drunk driving in Pennsylvania, sneak out a back door after he appeared in court to be arraigned on drug charges, according to MassLive.com.

Authorities alleged that Joseph asked an immigration agent who was in the courtroom to leave, and said Medina-Perez would be released into the courthouse lobby. But after the hearing, MacGregor led him downstairs to the lockup and out a back door, U.S. Attorney for the District of Massachusetts Andrew Lelling said.

Medina-Perez, who had been barred from entering the U.S. until 2027, was caught by immigration officials about a month after the hearing, Lelling said, and is now in immigration proceedings.

Both Joseph and MacGregor were charged with obstruction of justice, aiding and abetting; obstruction of a federal proceeding, aiding and abetting and conspiracy to obstruct justice. MacGregor was also charged with perjury before a federal grand jury.

Andrew Lelling, U.S. Attorney for the District of Massachusetts, announced charges on Thursday against Newton, Mass., District Court Judge Shelley M. Richmond Joseph and a former court officer for obstruction of justice.

Andrew Lelling, U.S. Attorney for the District of Massachusetts, announced charges on Thursday against Newton, Mass., District Court Judge Shelley M. Richmond Joseph and a former court officer for obstruction of justice. (AP)

MacGregor also pleaded not guilty to all counts in court on Thursday.

Massachusetts Attorney General Maura Healey said in a statement that the indictment "is a radical and politically-motivated attack on our state and the independence of our courts."

"It is a bedrock principle of our constitutional system that federal prosecutors should not recklessly interfere with the operation of state courts and their administration of justice," she continued. "This matter could have been appropriately handled by the Commission on Judicial Conduct and the Trial Court. I am deeply disappointed by U.S. Attorney Andrew Lelling’s misuse of prosecutorial resources and the chilling effect his actions will have.”

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Lelling said the charges were not meant to send a message about immigration policy. He said he's "heard the occasional gasp of dismay or outrage at the notion of holding a judge accountable for violating federal law ... but if the law is not applied equally it cannot credibly be applied to anyone."

Both Joseph, who has been suspended without pay, and MacGregor were released after the hearing on Thursday. No date has been set for their next court appearance.

Fox News' Katherine Lam and The Associated Press contributed to this report.

Source: Fox News National

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Iraq parliament votes to sack official after ferry sinking

Iraq's parliament deputy speaker says the house's majority has voted to sack a provincial official following the tragic sinking of a ferry in the Tigris River that killed nearly 100 people.

Hassan al-Kaabi told The Associated Press Sunday that the majority of the house's 329 members voted to sack the governor of Nineveh province and his two deputies.

Angry residents of Mosul have protested against Nofal al-Akoub, demanding his firing. The ferry loaded with holidaymakers celebrating the Kurdish and Persian new year, sank on Thursday.

Police official Mazen Abdullah said 97 were killed and 67 remain missing. Abdullah said 55 were rescued.

Iraqi Prime Minister Adel Abdul-Mahdi ordered an investigation into the incident, which residents blamed on corruption and lack of rescue means. He also called for the governor's sacking.

Source: Fox News World

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RNC chair: 'Alarming' that no 2020 Democrat candidates came to AIPAC

The chairwoman of the Republican National Committee, Ronna McDaniel, said Thursday the absence of Democratic presidential candidates at The American Israel Public Affairs Committee’s (AIPAC’s) annual policy conference earlier this week shows the party is “anti-Israel.”

“One of the things that is so crazy is Nancy Pelosi is now the moderate in the Democrat party. The San Francisco liberal is now the most reasonable member in her caucus,” McDaniel said on Fox & Friends.

At AIPAC, Speaker of the House Pelosi, D-Calif, said Israel has bipartisan support, looking to distance the Democratic Party from any suggestion it was anti-Semitic after freshman lawmaker Rep. Ilhan Omar, D-Minn., publicly criticized Israel and its leadership.

PELOSI, IN VEILED SWIPE AT OMAR, SAYS ANTI-SEMITISM IS 'UN-AMERICAN'

“Support for Israel remains ironclad and bipartisan,” Pelosi said when addressing the pro-Israel lobbying group’s annual policy conference in Washington. “Assistance to Israel is vital because if you care about America’s security, you must care about Israel’s security.”

Pelosi stressed that no one should be allowed to make Israel “a wedge issue,” adding “to be anti-Semitic is to be anti-American.”

Pelosi’s remarks undercut Omar, a Somali-American and one of two Muslim women in Congress, who has encountered a wave of backlash over repeated anti-Semitic comments.

TOP 2020 DEMOCRATS SNUB AIPAC CONFERENCE WITH LITTLE OR NO EXPLANATION, MARKING FAR-LEFT SHIFT ON ISRAEL

Democratic presidential candidates Sens. Bernie Sanders, Kirsten Gillibrand, Kamala Harris, Elizabeth Warren, former Rep. Beto O’Rourke and others did not attend AIPAC’s annual policy conference, a move that coincided with a moneyed progressive advocacy group’s call to boycott the event.

MoveOn.org, a group that spent around $3.5 million in the 2018 midterm elections, called on the 2020 Democratic candidates to skip the conference, even though in the past all presidential candidates viewed the AIPAC gathering as a crucial campaign stop.

“It is very alarming to see that the 2020 Democrats, none of those presidential candidates showed up to AIPAC,” McDaniel said Thursday. “AIPAC is bipartisan, it’s nonpartisan, it doesn’t prefer one party or the other. They won’t even show up. The Democrat party is now anti-Israel.”

“It is very alarming to see that the 2020 Democrats, none of those presidential candidates showed up to AIPAC. AIPAC is bipartisan, it’s nonpartisan, it doesn’t prefer one party or the other. They won’t even show up. The Democrat party is now anti-Israel.”

— Ronna McDaniel, Chair of the Republican National Committee

“The president has shown that he is a president that stands with Israel every step of the way,” McDaniel continued. She brought up several examples including the signing of the order this week recognizing Israeli sovereignty over the Golan Heights and moving the U.S. embassy in Israel to Jerusalem.

“Here’s the concern. If you allow this anti-Israel, anti-Semitism to seep into your party, (if) you don’t pounce it out the second that it comes in, this is dangerous for our country,” said McDaniel. “The Democrat Party is now saying 'this can coexist peacefully in our party.'”

Josh Orton, an aide to Sanders, told media outlets that the leading candidate among the Democrats did not attend because “he’s concerned about the platform AIPAC is providing for leaders who have expressed bigotry and oppose a two-state solution” in the Israeli-Palestinian conflict.

Other candidates provided no explanation for their decisions not to attend the conference. Gillibrand and Harris, however, did meet with constituents representing AIPAC on Capitol Hill. Harris even posted on Twitter a picture of herself standing with AIPAC leaders.

The tweet said she met with California AIPAC leaders to “to discuss the need for a strong U.S.-Israel alliance, the right of Israel to defend itself, and my commitment to combat anti-Semitism in our country and around the world.”

The tweet resulted in some negative comments on the social media platform.

McDaniel also spoke out about President Trump pivoting to health care on Fox & Friends Thursday.

TRUMP ADMINISTRATION BACKS TOTAL OVERTURN OF OBAMACARE, WILL SUPPORT STATES CHALLENGING THE LAW

The Trump administration on Monday told a federal appeals court that the whole Affordable Care Act must be abolished, reviving the battle to repeal and replace it with something else and setting a path for a clash between President Trump and 2020 Democratic candidates embracing a “Medicare for All” system.

Senate Minority Leader Chuck Schumer said on Capitol Hill Wednesday, “The president wants to go back to repeal and replace again. Make our day. The Republicans here in the Senate tried over and over and over again to deal with repeal and replace, they couldn’t because they have no replacement.”

“I think the president’s watching Democrats say to the American people ‘Medicare for all, Medicare for all’ what it really is, is a government takeover of your health care,” McDaniel said on Fox & Friends in response. “The president is saying there are things we do need to do to lower health care costs. We know ObamaCare is broken, the Democrat solution is a government takeover. The president is saying ‘let’s reduce the price of prescription drugs, let’s make sure we restore the doctor-patient relationship.’ These are the things that the American people want, that’s going to lower the cost of health care and he’s focused on that.”

Justice Department attorneys filed a letter with the U.S. Court of Appeals for the Fifth Circuit in New Orleans asking it to effectively strike down the ACA in its entirety, agreeing with the landmark ruling made by a federal judge in Texas last year.

The latest effort to completely invalidate the law may prove Congressional Democrats right, after they warned during the midterm election last year that Republicans are trying to repeal the law, including protections for people with pre-existing conditions, while Republicans denied such plans.

McDaniel called the president a “bold leader” and said he recognizes that the American people are currently concerned about health care. “Deductibles are still high, insurance prices are still high,” she said.

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“The president absolutely will make sure that we have pre-existing condition coverage,” McDaniel continued. “Democrats know it’s broken, too, that’s why they are saying ‘Medicare for all.’ That is not the solution.”

The Associated Press contributed to this report.

Source: Fox News Politics

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Barr to be grilled on Mueller report’s release; Trump ally sues, accuses news group of conspiracy

Welcome to Fox News First. Not signed up yet? Click here.
 
Developing now, Tuesday, April 9, 2019

BARR EXAM: Attorney General William Barr is expected to be grilled by Democratic lawmakers about his plan to release a redacted version of the Mueller report instead of the full report, to the public and will likely have to defend his handling of the special counsel's Russia investigation when he appears on Capitol Hill in the first of two days of testimony on Tuesday ... Barr will first testify before the House Appropriations Commerce, Justice, Science, and Related Agencies Subcommittee, whose panel consists of seven Democrats and four Republicans and is chaired by Rep. José Serrano, D-N.Y.

On Wednesday, Barr will be on the hot seat before a subpanel of the Senate Appropriations Committee, chaired by Sen. Lindsey Graham, R-S.C. Lawmakers may also question Barr about the Justice Department's legal challenge to ObamaCare.

Sen. Chuck Grassley, R-Iowa, said Monday that Democrats pushing for the release of Mueller's full report should also insist on making public all information related to the Justice Department's investigation into Hillary Clinton's use of a private email server while secretary of state and other controversies dating back to the Obama administration

CLICK HERE TO GET THE FOX NEWS APP.

THE ROOT OF THE IMMIGRATION CRISIS: Now that Kirstjen Nielsen is out as Homeland Security Secretary and President Trump has replaced her with a "tough cop" in U.S. Customs and Border Protection (CBP) Commissioner Kevin McAleenan as acting secretary, there is debate over whether the shakeup will make any difference is combating the illegal immigration crisis at the border ... On "Special Report" Monday, the Federalist's senior editor Mollie Hemingway noted that while Nielsen stepped down, the problem wasn’t her performance of her job but the performance of Congress and its inability to address policies that “incentivize” human trafficking. (Click on the video above to watch the full segment.)

NUNES TARGETS NEWS AGENCY: House Intelligence Committee ranking member Devin Nunes filed a $150 million lawsuit against the McClatchy Company and others on Monday, alleging that one of the news agency's reporters conspired with a political operative to derail Nunes' oversight work into the Hillary Clinton campaign and Russian election interference ... The filing, obtained by Fox News, came a day after Nunes, R-Calif., revealed he would send eight criminal referrals to the Justice Department this week concerning purported surveillance abuses by federal authorities during the Russia probe, false statements to Congress and other matters. In March, Nunes filed a similar $250 million lawsuit alleging defamation against Twitter and one of its users, Republican consultant Liz Mair.

RUSSIA COLLUSION TRUE BELIEVER JOINS CROWDED 2020 DEM FIELD: Rep. Eric Swalwell, D-Calif., an outspoken critic of President Trump, officially entered the 2020 White House race during his Monday appearance on “The Late Show with Stephen Colbert"... The 38-year-old four-term congressman is a member of the House Judiciary Committee and the House Intelligence Committee, which for years has made headlines over its investigations of Russian influence in U.S. elections and federal surveillance.

NETANYAHU AWAITS HIS WAIT IN ISRAELI ELECTION: Voting has begun in the Israeli elections as the country decides whether longtime Prime Minister Benjamin Netanyahu remains in power ... Polling stations opened at 7 a.m. local time Tuesday, with exit polls expected at the end of the voting day at 10 p.m. Clouded by a series of looming corruption indictments, Netanyahu is seeking a fifth term in office, which would make him Israel's longest-ever serving leader. He faces a stiff challenge from retired military chief Benny Gantz, whose Blue and White party has inched ahead of Netanyahu's Likud in polls. - The Associated Press

HUFFMAN PLEADS GUILTY IN COLLEGE ADMISSIONS SCANDAL -- BUT WHAT ABOUT 'AUNT BECKY'? - Former "Desperate Housewives" star Felicity Huffman agreed Monday to plead guilty in the college admissions cheating scandal that has entangled wealthy parents throughout the country ... However, one name that was noticeably absent from the list of 14 defendants who agreed to enter guilty pleas was fellow actress Lori Loughlin – a risk that may hurt the “Fuller House” star's chances of cutting a favorable deal down the line, according to a former prosecutor. Click here to find out why.

VIRGINIA, NCAA CHAMPIONS: Now that, Virginia, is the way to close out a season. Led by De'Andre Hunter and his NBA-ready game, the Cavaliers turned themselves into national champions Monday night, holding off tenacious, ferocious Texas Tech for an 85-77 overtime win ... It was a scintillating victory that came 388 days after Virginia became the first No. 1 seed to lose to a 16th seed team.

THE SOUNDBITE

NUNES' MISSION - "I’m coming to clean up all the mess. So if you’re out there and you lied and you defamed, we’re going to come after you."– U.S. Rep. Devin Nunes, House Intelligence Committee ranking member, in an interview on "Hannity," explaining his lawsuit against the McClatchy Company. (Click the image above to watch the full video.)

TODAY'S MUST-READS
Rep. Ilhan Omar calls Stephen Miller a ‘white nationalist.’
White House cancels Major League Baseball's Cuba deal.
Schiff rejects Michael Cohen's plea for help delaying upcoming prison term.
Cory Booker introduces Senate bill on slavery reparations.

MINDING YOUR BUSINESS
10 cities in danger of a housing crash this year.
Howard Schultz: Capitalism crybabies haven’t made payroll, hired workers.
CVS, Aetna deal reversal would be 'catastrophic' to the industry: Judge Napolitano.

STAY TUNED

On Fox News:

Fox & Friends, 6 a.m. ET: Special guests include: Conservative blogger Matt Walsh reacts to Baylor students trying to shut down his speech. Film producer John Smith and Pastor Jason Noble talk about "Breakthrough."

Special Report with Bret Baier, 6 p.m. ET: An interview with Patrick Shanahan, acting U.S. Secretary of Defense.

On Fox Business:

Mornings with Maria, 6 a.m. ET: Special guests include: U.S. Rep. Matt Gaetz, R-Fla.

Varney & Co., 9 a.m. ET: Ron Paul, former U.S. congressman and presidential candidate.

On Fox News Radio:

The Fox News Rundown podcast: "White House Shakeup at the Border" - Jon Decker, Fox News Radio White House correspondent and former Acting ICE Director Thomas Homan weigh in Kirstjen Nielsen's resignation as Homeland Security Secretary. Former New York Mets great Ron Darling discusses his controversial new book, “108 Stitches: Loose Threads, Ripping Yarns, and the Darndest Characters from My Time in the Game” and the state of Major League Baseball. Plus, commentary by Van Hipp, chairman of American Defense International and former Deputy Assistant Secretary of the U.S. Army.

Want the Fox News Rundown sent straight to your mobile device? Subscribe through Apple Podcasts, Google Play, and Stitcher.

The Brian Kilmeade Show, 9 a.m. ET: Adm. James Stavridis, operating executive with the Carlyle Group, on Trump designating Iran's Revolutionary Guard a "foreign terrorist organization." Chris Stirewalt, Fox News digital politics editor, and former U.S. Rep. Allen West, R-Fla., on the latest developments in the 2020 presidential race. Correspondent Maria Menounos previews "The Beverly Hills Dog Show" airing on Easter Sunday. Dr. Drew  Pinsky on the latest in the Jussie Smollett case. And Anna Palmer and Karen and Charlotte Pence tells the stories behind their new books.

The Todd Starnes Show, Noon ET: Second Lady Karen Pence and daughter Charlotte talk about their new book "Marlon Bundo’s A Day in the Nation’s Capital" and U.S. Sen. Ted Cruz, R-Texas, discusses whether Yale Law School discriminates against Christian groups.

The Tom Shillue Show, 3 p.m. ET: Christopher J. Scalia, the editor of "On Faith: Lessons from an American Believer," discusses the legacy of his father, late Supreme Court Justice Antonin Scalia.

Benson & Harf, 6 p.m. ET: Donna Brazile, Fox News contributor and former DNC chair, will discuss 2020 presidential election and the top news headlines of the day. Chris Scalia, son of late Supreme Court Justice Antonon Scalia, to talk about his new book, “On Faith: Lessons From an American Believer.”

#TheFlashback
2003: Iraqis celebrate the collapse of Saddam Hussein's regime, beheading a toppled statue of their longtime ruler in downtown Baghdad and embracing American troops as liberators.
1913: The first game is played at Ebbets Field, the newly built home of the Brooklyn Dodgers, who lose to the Philadelphia Phillies, 1-0.
1865: Confederate Gen. Robert E. Lee surrenders his army to Union Lt. Gen. Ulysses S. Grant at Appomattox Court House in Virginia.

Fox News First is compiled by Fox News' Bryan Robinson. Thank you for joining us! Have a good day! We'll see you in your inbox first thing Wednesday morning.

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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