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Euro zone budget tool to start with less resources than desired: Centeno

Eurogroup President Centeno attends a eurozone finance ministers meeting in Brussels
FILE PHOTO: Portugal's Finance Minister and Eurogroup President Mario Centeno attends a eurozone finance ministers meeting in Brussels, Belgium February 11, 2019. REUTERS/Francois Lenoir

March 25, 2019

LISBON (Reuters) – Eurogroup head Mario Centeno said on Monday that a new budget instrument to promote reforms and investment in the euro zone will start with less than hoped but will end up becoming a crucial tool for the bloc.

Describing it as a “new avenue of integration”, Centeno said the tool’s key strands will be defined by June this year, and it will then be framed in the EU’s budget.

“We will certainly start with resources below what some would like but I believe that, over time, this tool will become central to the euro zone, making it more cohesive, inclusive and attractive to the rest of the EU,” he told a conference.

The new EU budget tool will set aside funds to support reforms and convergence between economies and to help investments in countries facing temporary economic shocks.

(Reporting by Sérgio Gonçalves and Catarina Demony; Editing by Axel Bugge)

Source: OANN

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TJX holiday quarter same-stores sales beat estimates

A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena
A T.J. Maxx store which is owned by TJX Cos Inc in Pasadena, California U.S., May 15, 2017. REUTERS/Mario Anzuoni

February 27, 2019

(Reuters) – Off-price apparel retailer TJX Cos Inc reported better-than-expected quarterly same-store sales on Wednesday, as steep discounts drove more shoppers to its T.J. Maxx and Marshalls stores during the holiday season.

TJX reported a 6 percent rise in comparable-store sales, beating analysts’ average estimate of a 3.54 percent rise, according to IBES data from Refinitiv.

Net sales rose to $11.13 billion from $10.96 billion.

(Reporting by Soundarya J in Bengaluru; Editing by Shounak Dasgupta)

Source: OANN

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UBS, StanChart agree to settle 2009 Hong Kong IPO misconduct case: regulator’s counsel

FILE PHOTO: A UBS advertisement is displayed on top of a commercial building in Hong Kong
FILE PHOTO: A UBS advertisement is displayed on top of a commercial building in Hong Kong, China May 2, 2017. REUTERS/Bobby Yip/File Photo

March 11, 2019

HONG KONG (Reuters) – UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 initial public offering (IPO) in Hong Kong, a counsel for the market regulator said at a tribunal hearing on Monday.

Swiss banking giant UBS was set to appeal on Monday against an unprecedented 18-month ban on leading IPOs in Hong Kong, imposed, sources had said, for its role in the listing of a firm which subsequently collapsed.

StanChart and UBS banker Cen Tian were also scheduled to appeal against disciplinary action taken by the Securities and Futures Commission (SFC) over alleged misconduct during a 2009 IPO that the two banks sponsored, or led.

Details of the settlement, the misconduct or grounds for appeal have not been disclosed.

The case, which relates to the 2009 listing of a now defunct Chinese forestry company, was widely seen as a test of increased scrutiny of IPO practices in a city where helping firms list is particularly big business for banks.

The lawyer for the SFC, Jat Sew-Tong, told the three-member Securities and Futures Appeals Tribunal at a brief hearing on Monday that details of the settlement would be released at a later date.

Spokespeople for UBS and Standard Chartered in Hong Kong declined to comment on the latest development. A SFC spokesman said the regulator had nothing to add.

While UBS has not identified the IPO in question and the SFC has not publicly confirmed it, people with direct knowledge of the matter have said it was that of China Forestry.

StanChart, which closed its equity business in 2015, named the deal as China Forestry in regulatory filings since 2016.

The timber merchant raised $216 million in its IPO. Just 14 months after listing, trading of its shares was suspended when its auditor, KPMG, discovered irregularities. The company was subsequently liquidated.

UBS disclosed last year that the SFC proposed to fine it HK$119 million ($15.16 million) and suspend its sponsor license for 18 months for its work on an unnamed IPO – an unprecedented punishment against a top bank in the city.

(Reporting by Alun John; Writing by Sumeet Chatterjee; Editing by Christopher Cushing)

Source: OANN

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$768M Wisconsin Powerball winner ‘pretty much felt lucky’

A 24-year-old Wisconsin man stepped forward Tuesday to claim a $768 million Powerball jackpot, the nation's third-largest, saying he "pretty much felt lucky" the day he bought his tickets.

Manuel Franco, of West Allis, said he was sorting through $10 worth of quick-pick tickets after the March 27 drawing and thought he had checked all his tickets. Then he saw one last ticket stuck to another one, and recounted to reporters the feeling as he matched the first two numbers, then glanced at the Powerball to see it matched too.

"I was going insane," Franco said. "I looked back at the three other numbers, they all matched. My heart started racing, my blood started pumping, I felt warm. I started screaming."

Franco declined to reveal much about himself at a news conference conducted by Wisconsin Lottery officials, smiling often but deflecting questions such as what he did for a living and what kind of car he drives. Franco did say he quit work the second day after winning, saying he just couldn't continue.

He said he would take a lump sum payment, hoped to make some charitable contributions and was prepared for people who might come asking for money.

"I'm ready and I know how to say no," Franco said.

Under Wisconsin law, winners cannot remain anonymous.

The winning ticket was sold on March 27 at a Speedway gas station in the Milwaukee suburb of New Berlin, a city of about 40,000 people roughly 14 miles (23 kilometers) southwest of Milwaukee.

The $768 million prize refers to an annuity option paid over 29 years. The winner also can choose a $477 million cash option. Nearly all grand prize winners opt for the cash prize. The gas station will receive $100,000 for selling the winning ticket.

The jackpot is the third-largest behind the world record $1.6 billion Powerball jackpot shared by winners in California, Florida and Tennessee in January 2016 and a $1.5 billion Mega Millions jackpot won in South Carolina last October.

Wisconsin Department of Revenue officials estimated that if the winner takes the cash prize the state would claim $38 million of the winnings as tax revenue. Annual tax revenue from annuities would build from $11.6 million this year to $47 million by 2048.

The win comes almost exactly two years after Wisconsin hit its last Powerball jackpot, when a Milwaukee resident won $156.2 million on March 22, 2017.

The odds of matching all six balls in the Powerball drawing were 1 in 292.2 million. The winning numbers were 16, 20, 37, 44 and 62.

Seven tickets matched all five white balls but missed matching the red Powerball to win a $1 million prize. Those tickets were sold in Arizona, two in California, Indiana, Missouri, New Jersey and New York. Two other tickets sold in Kansas and Minnesota matched all five white balls and doubled the prize to $2 million since the tickets included the Power Play option for an additional $1.

Powerball is played in 44 states as well as Washington, D.C., the U.S. Virgin Islands and Puerto Rico.

Source: Fox News National

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Italy readies new package to lift GDP, mini-budget ruled out: sources

Offices are seen at the Gae Aulenti square at Porta Nuova district downtown Milan
Offices are seen at the Gae Aulenti square at Porta Nuova district downtown Milan , Italy, March 10, 2016. REUTERS/Stefano Rellandini

March 26, 2019

By Gavin Jones and Giuseppe Fonte

ROME (Reuters) – Italy is preparing a package of measures to lift economic growth this year and avoid the need for belt-tightening measures, political sources told Reuters, confirming a strategy which favors fiscal expansion over austerity.

The package is part of a plan to allow the government to present a relatively upbeat 2019 projection for gross domestic product which will in turn be the basis of new deficit and debt targets to be issued next month, the sources said.

The “growth decree”, which the cabinet hopes to pass on Friday, will increase tax breaks on investments, cut property taxes on factories and warehouses, and simplify procedures for public tenders, according to a draft seen by Reuters.

Among an array of measures, it will also allow local authorities to spend more on investments and introduce new rules to help banks shed so-called “unlikely-to-pay” loans.

The timing of the decree is important because it comes shortly before the Treasury presents new public finance targets in its Economic and Financial Document (DEF), which is due by April 10. This forms the framework of the 2020 budget.

Italy fell into recession over the second half of 2018, with gross domestic product falling 0.1 percent in each of the last two quarters. This hit the carry-over effect on 2019 and left the official forecast of 1 percent 2019 GDP growth percent looking wildly optimistic.

That forecast will be cut in the DEF but it will remain in positive territory and above those of most independent economists, said three sources in the government of the anti-establishment 5-Star Movement and the right-wing League.

The sources asked not to be named because they were not authorized to talks about the DEF.

FRAGILE RECOVERY?

Recent Italian data has shown signs of improvement, leading to optimism among policy-makers that the country has already emerged from last year’s shallow recession.

In January, industrial output, orders and sales all jumped from the month before and employment increased.

That was followed by an unexpected pick-up in service sector activity in February.

“It’s early days but there is a feeling the worse may be behind us,” said one government source. Three officials said they expected GDP to be flat or positive in the first quarter.

Despite these fragile signs of recovery, the Treasury’s latest projections point to 2019 growth only slightly above zero, based on an unchanged policy scenario, two sources said.

This will probably be nudged up to around 0.5 percent thanks to the effects of the growth decree, one of those sources said. The other said it was too soon to indicate the new target.

The European Commission forecasts Italian 2019 growth of just 0.2 percent, while the Organisation for Economic Cooperation and Development sees a 0.2 percent contraction.

The weaker growth outlook will hurt public finances, lowering tax revenues and raising the deficit as a proportion of GDP, yet the sources said the government had no intention of adopting belt-tightening measures this year.

The 2019 deficit target of 2 percent of GDP, set in December, was deliberately based on what then seemed a conservative estimate of GDP growth of 0.6 percent, below the official 1 percent forecast, said one source.

“The message is that thanks to the upcoming decree we can still grow close to that 0.6 percent,” this source said.

Even if the recovery fails to materialize, the government’s view is that tightening policy at a time of recession is counter-productive and has therefore been ruled out, four sources said.

(Reporting by Gavin Jones and Giuseppe Fonte; Editing by Crispian Balmer and Ed Osmond)

Source: OANN

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ECB’s Enria says merged banking giant must have extra capital, be ‘resolvable’

Chairperson of European Banking Authority Andrea Enria attends a debate with the European Parliament's Economic and Monetary Affairs Committee in Brussels
FILE PHOTO: Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament's Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman

March 21, 2019

FRANKFURT (Reuters) – A new banking giant resulting from a merger must have extra capital and a legal structure that allows authorities to wind it down if it fails, the European Central Bank’s top watchdog said on Thursday.

“If a bank becomes too big, complex or interconnected… it needs to have additional capital,” Andrea Enria said when asked in the European Parliament about a possible tie-up between Germany’s Deutsche Bank and Commerzbank.

“Even if you become big you should be resolvable so the banks should prove that they have structures that are not preventing a smooth resolution in case of crisis,” he added.

“These are the two main safeguards that you need to look at when you look at mergers,” Enria said.

(Reporting By Francesco Canepa)

Source: OANN

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Trump calls Libyan commander pushing to seize Tripoli

President Donald Trump has spoken by phone with Libya's Field Marshal Khalifa Hifter, who is leading an offensive to take over the capital of Tripoli — the seat of the U.N.-supported government.

According to a readout released by the White House on Friday, Trump and Hifter talked about counter-terrorism and the political future of Libya. The call took place earlier in the week.

The statement says: "The President recognized Field Marshal Haftar's significant role in fighting terrorism and securing Libya's oil resources, and the two discussed a shared vision for Libya's transition to a stable, democratic political system."

Hifter is aligned with a rival government in the east that is supported by Trump's allies Egypt and United Arab Emirates.

Fighting between Hifter's army and Tripoli forces threatens to ignite a civil war.

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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German drug and crop chemical maker Bayer holds annual general meeting
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, attends the annual general shareholders meeting in Bonn, Germany, April 26, 2019. REUTERS/Wolfgang Rattay

April 26, 2019

By Patricia Weiss and Ludwig Burger

BONN (Reuters) – Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63 billion takeover of seed maker Monsanto.

Several large investors said they will not support aspirin investor Bayer’s management in a key vote scheduled for the end of its annual general meeting.

Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.

A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.

“Due to the continued negative development at Bayer, high legal risks and a massive share price slump, we refuse to ratify the management board and supervisory board’s actions during the business year,” Janne Werning, representing Germany’s Union Investment, a top-20 shareholder, said in prepared remarks.

About 30 billion euros ($34 billion) have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.

Bayer suffered a similar defeat last month and more than 13,000 plaintiffs are claiming damages.

Bayer is appealing or plans to appeal the verdicts.

Deutsche Bank’s asset managing arm DWS said shareholders should have been consulted before the takeover, which was agreed in 2016 and closed in June last year.

“You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something – money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.

He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.

Two people familiar with the situation told Reuters this week that Bayer’s largest shareholder, BlackRock, plans to either abstain from or vote against ratifying the management board’s actions.

Asset management firm Deka, among Bayer’s largest German investors, has also said it would cast a no vote.

Baumann said Bayer’s true value was not reflected in the current share price.

“There’s no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” he said, adding it was the right decision to buy Monsanto and that Bayer was vigorously defending itself.

This month, shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis recommended investors not to give the executive board their seal of approval.

(Reporting by Patricia Weiss and Ludwig Burger; Editing by Alexander Smith)

Source: OANN

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Sudan’s military, which ousted President Omar al-Bashir after months of protests against his 30-year rule, says it intends to keep the upper hand during the country’s transitional period to civilian rule.

The announcement is expected to raise tensions with the protesters, who demand immediate handover of power.

The Sudanese Professionals Association, which is spearheading the protests, said Friday the crowds will stay in the streets until all their demands are met.

Shams al-Deen al-Kabashi, the spokesman for the military council, said late Thursday that the military will “maintain sovereign powers” while the Cabinet would be in the hands of civilians.

The protesters insist the country should be led by a “civilian sovereign” council with “limited military representation” during the transitional period.

The army toppled and arrested al-Bashir on April 11.

Source: Fox News World

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FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture
FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture, March 30, 2019. REUTERS/Dado Ruvic

April 26, 2019

By Charlotte Greenfield

WELLINGTON (Reuters) – China’s Huawei Technologies said Britain’s decision to allow the firm a restricted role in building parts of its next-generation telecoms network was the kind of solution it was hoping for in New Zealand, where it has been blocked from 5G plans.

Britain will ban Huawei from all core parts of 5G network but give it some access to non-core parts, sources have told Reuters, as it seeks a middle way in a bitter U.S.-China dispute stemming from American allegations that Huawei’s equipment could be used by Beijing for espionage.

Washington has also urged its allies to ban Huawei from building 5G networks, even as the Chinese company, the world’s top producer of telecoms equipment, has repeatedly said the spying concerns are unfounded.

In New Zealand, a member of the Five Eyes intelligence sharing network that includes the United States, the Government Communications Security Bureau (GCSB) in November turned down an initial request from local telecommunication firm Spark to include Huawei equipment in its 5G network, but later gave the operator options to mitigate national security concerns.

“The proposed solution in the UK to restrict Huawei from bidding for the core is exactly the type of solution we have been looking at in New Zealand,” Andrew Bowater, deputy CEO of Huawei’s New Zealand arm, said in an emailed statement.

Spark said it has noted the developments in Britain and would raise it with the GCSB.

The reports “suggest the UK is following other European jurisdictions in taking a considered and balanced approach to managing supplier-related security risks in 5G”, Andrew Pirie, Spark’s corporate relations lead, said in an email.

“Our discussions with the GCSB are ongoing and we expect that the UK developments will be a further item of discussion between us,” Pirie added.

New Zealand’s minister for intelligence services, Andrew Little, did not immediately respond to a request for comment.

British culture minister Jeremy Wright said on Thursday that he would report to parliament the conclusions of a government review of the 5G supply chain once they had been taken.

He added that the disclosure of confidential discussions on the role of Huawei was “unacceptable” and that he could not rule out a criminal investigation into the leak.

The decisions by Britain and Germany to use Huawei gear in non-core parts of 5G network makes it harder to prove Huawei should be kept out of New Zealand telecommunication networks, said Syed Faraz Hasan, an expert in communication engineering and networks at New Zealand’s Massey University

He pointed out Huawei gear was already part of the non-core 4G networks that 5G infrastructure would be built on.

“Unless there is a convincing argument against the Huawei devices … it is difficult to keep them away,” Hasan said.

(Reporting by Charlotte Greenfield; Editing by Himani Sarkar)

Source: OANN

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FILE PHOTO: The logo commodities trader Glencore is pictured in Baar
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann

April 26, 2019

(Reuters) – Glencore shares plunged the most in nearly four months on Friday after news overnight that U.S. regulators were investigating whether the miner broke some rules through “corrupt practices”.

Shares of the FTSE 100 company fell as much as 4.2 percent in early deals, and were down 3.5 percent at 310.25 pence by 0728 GMT.

On Thursday, Glencore said the U.S. Commodity Futures Trading Commission is investigating whether the company and its units have violated some provisions of the Commodity ExchangeAct and/or CFTC Regulations.

(Reporting by Muvija M in Bengaluru)

Source: OANN

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