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Brazil’s Bolsonaro says he will visit China later this year

Brazil's President Jair Bolsonaro takes part in wreath laying at the Tomb of Unknown Soldier at Arlington National Cemetery
Brazil's President Jair Bolsonaro arrives during ceremonies to lay a wreath at the Tomb of the Unknown Soldier at Arlington National Cemetery during his visit to Washington in Arlington, Virginia, U.S., March 19, 2019. REUTERS/Jonathan Ernst

March 19, 2019

WASHINGTON (Reuters) – Brazil’s President Jair Bolsonaro said on Tuesday that he planned to visit China in the second half of this year.

Bolsonaro, who during last year’s presidential campaign sharply criticized Chinese investments in Brazil, made the comment in Washington a few hours after he met with U.S. President Donald Trump.

(Reporting by Lisandra Paraguassu in Washington; Editing by Phil Berlowitz)

Source: OANN

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Easter Sunday explosions at multiple churches and hotels rock Sri Lanka, death tolls rises

Nearly 200 people died and hundreds more injured after six nearly simultaneous explosions struck three churches and three luxury hotels in and just outside of Sri Lanka’s capital on Easter Sunday. They were followed hours later by two more blasts.

The country’s deputy transport minister told reporters that at least 190 people died in the series of blasts – marking the bloodshed as the worst since the South Asian country’s 26-year civil war ended a decade ago.

Multiple fatalities – including nearly a dozen foreigners – resulted among worshipers and hotel guests. With a curfew imposed, police conducted a search operation on the outskirts of Colombo, where that the latest of eight blasts took place.

Defense Minister Ruwan Wijewardena described the attacks as a terrorist incident and blamed religious extremists. Prime Minister Ranil Wickremesinghe said he feared the violence could trigger instability in the country and its economy.

The first explosion occurred around 8:45 a.m. local time, with the deadliest appearing to be at St. Sebastian’s Church in Negombo, a city about 20 miles north of Colombo. Other attacks occurred at St. Anthony’s Shrine in Colombo and Zion Church in the eastern city of Batticaloa. The three hotels – the Shangri La, Cinnamon Grand and Kingsbury Hotel – all in Colombo are frequented by foreign tourists.

Sri Lankan Army soldiers secure the area around St. Anthony's Shrine after a blast in Colombo, Sri Lanka, Sunday, April 21, 2019 (AP Photo/Eranga Jayawardena)

Sri Lankan Army soldiers secure the area around St. Anthony's Shrine after a blast in Colombo, Sri Lanka, Sunday, April 21, 2019 (AP Photo/Eranga Jayawardena)

The other two blasts occurred in Dematagoda, where the occupants of a safehouse apparently detonated explosives to prevent arrest.

An official told the Associated Press that at least two of the church blasts were believed to have been coordinated attack carried out by suicide bombers.

No one immediately claimed responsibility for Sunday’s blasts.

“The United States offers heartfelt condolences to the great people of Sri Lanka,” U.S. President Donald Trump tweeted in part early Sunday. “We stand ready to help!”

Photos from the scene showed extensive damage, along with blood and debris inside the targeted churches.

U.S. Ambassador to Sri Lanka Alaina Teplitz offered her condolences over Twitter early Sunday.

"Deeply saddened by the senseless attacks in Sri Lanka today. Our thoughts are with the victims and their families. We stand with Sri Lanka’s people at this terrible moment," she tweeted.

SRI LANKA AVERTS RIFT SPILLING OVER TO UN RIGHTS SESSION

St. Sebastian's pleaded for help on its Facebook page. The explosion ripped the roof off the building and knocked out doors and windows. Churches throughout the country have been placed on alert, with many canceling Easter services.

Foreign tourists on the Classic Sri Lankan tour hurriedly took to their cellphones to text family and loved ones around the world that they were OK after the blasts.

The group was on a 15-day tour of the tropical island nation, seeing sites including huge Buddhist monuments, tea plantations, jungle eco-lodges and famed sandy beaches.

People gather outside St. Anthony's Shrine where a blast happened, in Colombo, Sri Lanka, Sunday, April 21, 2019. (Associated Press)

People gather outside St. Anthony's Shrine where a blast happened, in Colombo, Sri Lanka, Sunday, April 21, 2019. (Associated Press)

Sri Lankan Member of Parliament Harsha de Silva tweeted Sunday of "many casualties including foreigners."

"Sec Defence and I am at Kochchikade church. Also was at ShangriLa n Kingsbury. PM is on his way from Bentota. Emergency meeting called in a few minutes. Rescue operations underway. Please stay calm and indoors. Many casualties including foreigners," he posted.

"Horrible scenes. I saw many body parts strewn all over. Emergency crews are at all locations in full force. We, at 1990 also have close to 20 units at the various locations. We took multiple casualties to hospital. Hopefully saved many lives," he continued.

The Archbishop of Colombo, Cardinal Malcolm Ranjith, called on Sri Lanka's government to launch a "very impartial strong inquiry" and to punish those found responsible "mercilessly because only animals can behave like that."

There was an outpouring of condemnation from around the world following the attacks.

Pope Francis denounced the "cruel violence" at the end of his traditional Easter Sunday blessing. 

Speaking from the loggia of St. Peter's Basilica, Francis said: "I want to express my loving closeness to the Christian community, targeted while they were gathered in prayer, and all the victims of such cruel violence."

He added: "I entrust to the Lord all those who were tragically killed and pray for the injured and all those who are suffering as a result of this dramatic event."

British Prime Minister Teresa May tweeted "We must stand together to make sure that no one should ever have to (practice) their faith in fear."

New Zealand Prime Minister Jacinda Ardern condemned the "devastating" attacks, and referred to the March 15 shootings at two mosques in the New Zealand city of Christchurch in which 50 died.

"New Zealand condemns all acts of terrorism and our resolve has only been strengthened by the attack on our soil," Ardern said. "New Zealand rejects all forms of extremism and stands for freedom of religion and the right to worship safely."

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Sri Lankan security forces in 2009 defeated Tamil Tiger rebels who had fought to create an independent homeland for the country's ethnic minority Tamils. The U.N. initially estimated the death toll from 26 years of fighting to be about 100,000 but a U.N. experts' panel later said some 45,000 ethnic Tamils may have been killed in the last months of the fighting alone.

The Associated Press contributed to this story.

Source: Fox News World

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Guatemala confirms warrant for presidential candidate

A court in Guatemala says an arrest warrant has been issued for a former Guatemalan prosecutor who is running for president.

But because Thelma Aldana was formally registered Tuesday by the election board as a candidate in the June elections, under Guatemalan law she has immunity from prosecution.

Aldana was nominated by the Seed Movement party and is running second in polls.

A spokeswoman for Guatemala's Supreme Court says the warrant against Aldana is related to a corruption investigation involving illegal hiring.

Sixty-three-year-old Thelma Aldana was Guatemala's top prosecutor from 2014 to 2018. During that time, she jailed then-President Otto Perez Molina and most of his Cabinet on corruption charges. Perez Molina resigned in 2015.

Source: Fox News World

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Nebraska officials subpoena hundreds of Catholic churches

Nebraska officials have subpoenaed more than 400 Roman Catholic churches and institutions in the state seeking any records related to child sexual assault or abuse.

The move was announced Tuesday by the Nebraska Attorney General's Office, which had last summer asked Nebraska's three Catholic diocese to voluntarily turn over records of child sex abuse dating back decades. The office says the Nebraska Department of Justice appreciates the churches' voluntary cooperation, but believes "subpoenas are necessary in order to ensure all reports of impropriety have been submitted to the appropriate authorities."

The subpoenas seek all records or information related to any child sexual abuse that has occurred by those employed or associated with each church or institution, whether previously reported or not.

An attorney general spokeswoman did not immediately return a message Tuesday seeking more information on the subpoenas.

Source: Fox News National

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Emory University students upset by flyers criticizing Israel

Emory University students and alumni have expressed concerns about flyers posted on campus criticizing Israel's treatment of Palestinians.

University President Claire Sterk issued a statement Friday that she assured those who contacted her that the Atlanta-based university would "balance the need to protect free speech and the security and dignity of all in our community."

Emory officials said a student group concerned with human rights in the Middle East had posted the flyers on dorm room doors. The flyers were printed to resemble eviction notices.

The flyers say that Palestinians have had their homes destroyed as part of "Israel's ongoing attempts to ethnically cleanse the region of its Arab inhabitants."

The Jewish campus group Emory Hillel said flyers weren't distributed to target Jewish students.

Source: Fox News National

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Japan curbs on Chinese telecom firms could hurt ties, says China

FILE PHOTO: Huawei's logo pictured inside the Ox Horn campus at Songshan Lake in Dongguan, Guangdong province
FILE PHOTO: The Huawei logo pictured inside the Ox Horn campus at Songshan Lake in Dongguan, Guangdong province, China, March 25, 2019. REUTERS/Tyrone Siu/File Photo

March 28, 2019

BEIJING (Reuters) – Japan’s decision to curb government purchases from Chinese telecoms equipment makers Huawei Technologies and ZTE Corp could hurt bilateral ties if Tokyo’s actions are deemed unfair, China’s commerce ministry said on Thursday.

Japan revised its procurement rules last year, introducing measures to strengthen security that were also a de facto ban on government purchases from Huawei and ZTE.

The measures have been extended to 5G licensing rules for private companies, meaning Japan’s telcos are unlikely to use network equipment from the two Chinese manufacturers.

“We do not hope to see rising protectionism in countries like Japan that are supporters of free trade,” ministry spokesman Gao Feng told a regular briefing in Beijing.

The ministry had noticed that Huawei and ZTE’s business operations have suffered in Japan, he said.

“If Japan’s actions are unfair, that would shake mutual trust in both countries as well as the confidence of companies to cooperate, hurting bilateral relations,” he added.

Huawei has been facing mounting scrutiny, led by the United States, amid worries its equipment could be used by Beijing for spying. The company says the concerns are unfounded.

Last year, ZTE, the world’s fourth-largest telecoms equipment maker, was prevented from buying components from U.S. firms in a crippling row over violations of export restrictions.

ZTE resumed normal business after paying up to $1.4 billion in fines and replacing its entire board.

Bilateral ties between China and Japan have improved in the past year, with both sides expressing a desire to forge closer ties, both strategically and economically.

(Reporting by Yawen Chen and Beijing Monitoring Desk; Additional reporting by Yoshiyasu Shida; Editing by Darren Schuettler)

Source: OANN

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Nunes: Referrals to DOJ Likely Next Week Over Russia Probe

Rep. Devin Nunes, R-Calif., plans to submit criminal referrals to the Justice Department on accusations both the DOJ and the FBI made false claims while they investigated allegations of Trump-Russia collusion in the 2016 election.

"We are prepared now to at least submit our first criminal referral," Nunes told Fox Business' Maria Bartiromo. "We think will grab everybody that we need to grab to make sure that there is a proper investigation."

The FBI and the DOJ used counterintelligence capabilities while investigating Trump that would normally be used to go after "terrorists and other bad guys," Nunes maintained. "They turned it on a political campaign. This is where they first went wrong. . . . Congress should not tolerate it, the American people should not tolerate it, and the Democrats should not tolerate it."

He added the FBI and DOJ had claimed their investigation did not begin until late July 2016, but "We now know for certain that that's not true. We are still trying to get to the bottom of that. Of course, there are still documents that need to come out."

He said he expects the referral to be delivered by next week, and added that as more information surfaces, it might need to be supplemented.

"There are documents that need to come out, but, we are prepared and are now drafting a criminal referral," Nunes said. "We can't force them to do an investigation, but we will give appropriate names to some crimes."

Source: NewsMax Politics

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FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat
FILE PHOTO: A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat April 1, 2014. REUTERS/Amit Dave/File Photo

April 26, 2019

(Reuters) – India has once again delayed the implementation of higher tariffs on some goods imported from the United States to May 15, a government official said on Friday.

The new tariff structure was to come into force from May 2, the spokeswoman said without citing reasons for the delay.

Angered by Washington’s refusal to exempt it from new steel and aluminum tariffs, New Delhi decided in June last year to raise the import tax from Aug. 4 on some U.S. products including almonds, walnuts and apples.

But since then, New Delhi has repeatedly delayed the implementation of the new tariff.

Trade friction between India and the U.S. has escalated after U.S. President Donald Trump announced plans earlier this year to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

In a further blow, U.S. on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers including India to continue importing limited volumes.

(Reporting by Manoj Kumar in New Delhi and Kanishka Singh in Bengaluru; Editing by Anil D’Silva and Raissa Kasolowsky)

Source: OANN

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

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

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

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

BIDEN HIRES FORMER BERNIE SANDERS’ SPOKESPERSON AS SENIOR ADVISER

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

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

Footage of the interview was resurfaced by RealClearPolitics.

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

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

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

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

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

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

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

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

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

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

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

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

Fox News Andrew O’Reilly contributed to this report.

Source: Fox News Politics

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Associated Press contributed to this report.

Source: Fox News National

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

April 26, 2019

By Amit Dave and Mayank Bhardwaj

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 26, 2019

By P.J. Huffstutter and Shradha Singh

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: OANN

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