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Hyundai shareholders to vote on Elliott’s bid to change ‘status quo’

Employees of Hyundai Motor Group attend the company's new year ceremony in Seoul
Employees of Hyundai Motor Group attend the company's new year ceremony in Seoul, South Korea, January 2, 2019. REUTERS/Kim Hong-Ji

March 21, 2019

SEOUL (Reuters) – Investors in Hyundai Motor Group companies are due to meet on Friday to vote on U.S. hedge fund Elliott Management’s demands for a massive special dividend and board makeover, in the latest case of shareholder activism in the Asian country.

South Korea has been trying to make its family-run corporate giants – long dominated by powerful elites affording minority investors little say – more accountable under pressure from foreign investors and following a bribery scandal last year.

Elliott, founded by billionaire Paul Singer, successfully led a campaign against Hyundai’s ownership restructuring plan last year, which it called “deeply unfair and value-destructive”.

While its latest demands look likely to fail on most counts, even if it manages to gain a single seat at Hyundai it would be a major victory for shareholder empowerment in the country.

Elliott is trying to rally shareholder support for dividend payouts from Hyundai Motor and Hyundai Mobis for 2018 worth a combined 7 trillion won ($6.2 billion), saying the group should dispose of its excess capital.

Elliott has also demanded a total of five board nominees at Hyundai Motor and Hyundai Mobis to address “governance shortcomings”.

“We urge all shareholders to send an unambiguous message to the group in support of good governance and accountability, and to state unequivocally: The status quo is not acceptable – change must come to HMG,” Elliott said in a letter to shareholders on Thursday.

Hyundai Motor and Hyundai Mobis have proposed dividend payouts of about $1 billion for last year, as well as their own director nominees.

(Reporting by Hyunjoo Jin; Writing by Stephen Coates; Editing by Christopher Cushing)

Source: OANN

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Seoul lawmaker: Top Kim adviser in North removed from post

A South Korean lawmaker says that North Korean leader Kim Jong Un's most trusted policy adviser apparently has been removed from one of his posts.

The head of parliament's intelligence committee, Lee Hye-hoon, on Wednesday cited South Korea's main spy agency as saying that Kim Yong Chol lost his Workers' Party post in charge of relations with South Korea.

She said she received a private briefing from the National Intelligence Service.

If confirmed, the development would add to speculation that Kim is being sidelined from nuclear diplomacy after February's North Korean-U.S. summit ended abruptly.

He has been North Korea's top nuclear negotiator and counterpart of U.S. Secretary of State Mike Pompeo since Kim Jong Un entered nuclear talks with the U.S. early last year.

Source: Fox News World

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Woman pleads guilty to GoFundMe scam involving homeless man

A New Jersey woman pleaded guilty to her role in concocting a feel-good tale about a homeless man rescuing her from the side of a highway and scamming 14,000 donors out of $400,000 in GoFundMe contributions.

Katelyn McClure pleaded guilty in state Superior Court Monday to second-degree theft by deception under a plea agreement.

Prosecutors say McClure will serve four years in state prison and must repay the $400,000 under the deal. She must also testify against her former boyfriend and co-defendant Mark D'Amico.

McClure's plea comes after Johnny Bobbitt was sentenced Friday to five years' probation for his role in the scheme.

Prosecutors say the trio fabricated the 2017 story of Bobbitt rescuing McClure from the side of a Philadelphia highway to enrich themselves.

D'Amico has denied wrongdoing.

Source: Fox News National

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Head of UBS Europe unit to leave amid ‘turf war’ talk

FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

April 8, 2019

ZURICH (Reuters) – The head of UBS Europe SE, Thomas Rodermann, will leave the bank when his contract expires at the end of November, UBS Group said on Monday.

Switzerland’s biggest bank gave no reason for the departure, which it said in a statement was by mutual consent.

It declined to comment on a report in German newspaper Handelsblatt, which said the 54-year-old Rodermann was leaving after a turf war with Christine Novakovic, the Zurich-based head of wealth management for UBS’s Europe, Middle East and Africa region.

Rodermann joined what was then UBS Deutschland AG as management board head in 2015 and has been in charge since, restructuring the Frankfurt-based business and expanding its wealth management arm.

In 2016 he helped found UBS Europe SE which, as the main center for Europe, oversees branches in 11 countries. He will remain head of UBS Europe SE and country head for Germany and Austria until a successor is named, the bank said.

Handelsblatt, citing unidentified “insiders”, said Rodermann had chafed over the fact that UBS Europe had regulatory responsibility for the branches it oversaw, but Novakovic ran their operations.

Rodermann’s exit leaves Novakovic on the inside track to run UBS Europe in addition to her current post, the paper said.

(Reporting by Angelika Gruber, Writing by Michael Shields; editing by John Stonestreet)

Source: OANN

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Sudan summons Egypt's ambassador over border dispute

Sudan has summoned Egypt's ambassador to protest his country's announcement of an international tender in a disputed border area between the two nations.

According to the official SUNA news agency, an unnamed senior Foreign Ministry official conveyed Khartoum's protest over Egypt's announcement for a bid in the disputed Halayeb triangle, a point of contention between Egypt and Sudan that dates back to British colonial times.

The move came days after Egypt's oil ministry announced the international tender.

Sudan also warned international firms from joining the bid or carrying any explorations in this area and urged Egypt to employ "peaceful means" to solve the border dispute.

Since 1958, Sudan annually renews its complaint to the U.N. Security Council over the territory.

Source: Fox News World

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No charges for workers who dragged, shoved immigrant kids

Authorities in Arizona say workers who were seen on video dragging and shoving immigrant children at a privately run shelter won't face charges.

The Maricopa County Attorney's Office said Friday that there's no reasonable likelihood of proving the workers at a Southwest Key facility near Phoenix committed a crime.

The incidents took place in September and were investigated by the county sheriff's office, which didn't suggest charges be filed until weeks later, when the Arizona Republic obtained the videos and they began to circulate widely, raising questions about its investigation.

Texas-based Southwest Key spent most of last year under criticism in Arizona after a series of investigations into abuse of children in its care. It was eventually forced to shut down two facilities, including the one where this incident happened.

Source: Fox News National

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Teens who were with boy shot by officer are added to lawsuit

Four teenagers who were with a black Ohio boy before he was fatally shot by a white police officer are now third-party defendants in a lawsuit over his death, even though his family doesn't believe the teens should be held financially responsible.

The Columbus Dispatch reports the city of Columbus wanted the teens added to the case over the September 2016 death of 13-year-old Tyre (TY'-ree) King. That means they could be on the hook if Columbus or the officer is found liable for damages.

The city contends Tyre's death was a consequence of the teens' misbehavior.

Police say Tyre was with another teen who robbed someone, and Tyre was shot by a responding officer who thought he had a firearm. It turned out to be an inoperable BB gun.

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Information from: The Columbus Dispatch, http://www.dispatch.com

Source: Fox News National

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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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