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BMW applies for funds for battery cell research: spokesman

Paris Auto Show
FILE PHOTO: The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau

March 15, 2019

HAMBURG (Reuters) – German luxury carmaker BMW has applied for state funding of research and development in the field of battery cells, a spokesman said on Friday, adding this does not mean the company aims to produce them itself.

Germany has earmarked 1 billion euros ($1.13 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

The BMW spokesman said that the funding application would not necessarily lead to the carmaker participating in a consortium.

(Reporting by Jan Schwartz; writing by Thomas Seythal; editing by Christoph Steitz)

Source: OANN

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Citgo raises $1.2 billion loan to run operations, refinance debt

FILE PHOTO: The Citgo Petroleum Corporation headquarters are pictured in Houston
FILE PHOTO: The Citgo Petroleum Corporation headquarters are pictured in Houston, Texas, U.S., February 19, 2019. REUTERS/Loren Elliott

March 28, 2019

(Reuters) – Citgo Petroleum, the U.S.-based unit of Venezuelan state-run oil firm PDVSA, said on Thursday it raised $1.2 billion through a five-year term loan to cover operating expenses and to refinance existing debt.

Citgo said it settled a $320 million accounts receivable securitization facility and a $900 million revolving credit line.

The financing would help Citgo fund its operations following U.S. sanctions and its split from the parent company, which remains under control of Venezuelan President Nicolas Maduro and a military-led management team.

Last week, Reuters reported that Citgo was looking to raise $1.8 billion through a three-year term loan.

Washington imposed sanctions and barred U.S. firms, including Citgo, from importing Venezuelan crude as part of a strategy to starve the Maduro government of oil revenue and force his ouster.

Since Venezuelan congress head Juan Guaido invoked the constitution to assume interim presidency in January, saying Maduro’s May 2018 re-election was illegitimate, a fierce battle has emerged for control of Citgo, Venezuela’s largest foreign asset, which has been valued at $8 billion to $13 billion.

Following the refiner’s announcement, ratings agency Fitch removed Citgo from “negative watch” on revolver refinancing and gave it a “stable” outlook.

(Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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House rebukes Trump on Saudi, backs war powers resolution

U.S. President Trump speaks at the National Republican Congressional Committee Annual Spring Dinner in Washington.
U.S. President Donald Trump speaks at the National Republican Congressional Committee Annual Spring Dinner in Washington, U.S., April 2, 2019. REUTERS/Joshua Roberts

April 4, 2019

WASHINGTON (Reuters) – The U.S. House of Representatives approved a resolution on Thursday to end U.S. support for the Saudi Arabia-led coalition in the war in Yemen, rebuffing President Donald Trump’s policy toward the kingdom.

Because the resolution had already passed the Senate, the 247-175 vote in the Democratic-led House sends the resolution to the White House, which said last month Trump would issue a veto.

(Reporting by Patricia Zengerle; Editing by Bernadette Baum)

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Sports Direct says other Debenhams investors back making Ashley boss

FILE PHOTO: People walk past a Debenhams store in Stockport
FILE PHOTO: People walk past a Debenhams store in Stockport, Britain January 4, 2018. REUTERS/Phil Noble/File Photo

April 1, 2019

LONDON (Reuters) – Sports Direct, the sportswear group that is seeking control of Debenhams, said it has been contacted by other shareholders in the department store group expressing their support to install Mike Ashley as Debenhams CEO.

Sports Direct, which has a near 30 percent stake in Debenhams, did not say how many Debenhams shareholders were backing it or name any of them.

Last year Sports Direct bought department store chain House of Fraser out of administration and has been trying to wrest control of Debenhams for months.

Sports Direct said it has set up a template letter on its website to enable any shareholders in Debenhams to make their views known.

On Friday Debenhams secured 200 million pounds ($261.4 million) in new funds but warned shareholders still faced being wiped out unless Sports Direct gave its support.

Debenhams said Sports Direct needed to either make a firm offer for the group, underwrite a rights issue, or provide debt funding if it wanted to prevent Debenhams’ ownership falling into the hands of lenders.

Sports Direct said last week it was considering a 61.4 million pound offer.

(Reporting by James Davey, editing by Louise Heavens)

Source: OANN

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Prize-winning author, 21 U.N. workers among dead in Ethiopian Airlines crash

Professor Pius Adesanmi, Director of The Institute of African Studies speaks about the department at the Carleton University in Ottawa
Professor Pius Adesanmi, Director of The Institute of African Studies speaks about the department at the Carleton University in Ottawa, Canada in this still image taken from a video uploaded February 29, 2016. CARLETON UNIVERSITY via REUTERS

March 12, 2019

(Corrects flight number to ET 302 in first paragraph of this March 11 story.)

NAIROBI (Reuters) – A prize-winning author, a soccer official and a team of humanitarian workers were among those who perished in the crash of Ethiopian Airlines Flight ET 302, government officials and employers said on Monday.

Sunday’s crash, minutes after take-off from Addis Ababa for a flight to Nairobi, inflicted a particularly heavy toll on the United Nations, which has large offices in both cities.

At least 21 staff members were on board, said Stephane Dujarric, a U.N. spokesman.

The Addis Ababa-Nairobi route is also popular with tourists and business people, who are drawn to East Africa’s popular safari parks and fast-growing economies.

The 157 victims, including 149 passengers and eight crew members, came from more than 30 countries, the airline said. They included 32 Kenyans, 18 Canadians, nine Ethiopians and eight each from Italy, China and the United States.

There were no survivors.

UNITED NATIONS STAFF AND AID WORKERS

The number of U.N. staff members and aid workers from other agencies on board may have been higher than usual because of a week-long conference convened by the U.N. Environment Programme (UNEP) in Nairobi, which opened on Monday.

The dead included Joanna Toole, a British woman working as a fisheries consultant for the U.N. Food and Agriculture Organization, and Victor Tsang, a Hong Kong native who worked in Nairobi for the UNEP.

U.N. Secretary-General Antonio Guterres said the world body was in grief.

“Our colleagues were women and men – junior professionals and seasoned officials – hailing from all corners of the globe and with a wide array of expertise,” Guterres said. “They all had one thing in common – a spirit to serve the people of the world and to make it a better place for us all.”

The WFP said it had seven staff members on board. They included Michael Ryan, a 39-year-old engineer from Ireland.

“Michael was doing life-changing work in Africa with the World Food Programme. Deepest sympathies to family, colleagues & friends,” Irish Prime Minister Leo Varadkar said on Twitter.

Also among the dead were four Catholic Relief Services employees from Ethiopia. Sara Chalachew, Getnet Alemayehu, Sintayehu Aymeku and Mulusew Alemu were headed to Nairobi for training, their employer said.

Josefin Ekermann, 30, who worked for the Stockholm-based Civil Rights Defenders, was among at least four Swedish citizens on the flight, according to her NGO and government.

Karoline Aadland, a 28-year-old Norwegian Red Cross worker, was also on her way to Kenya for work, her employer said. She had recently gotten married. 

ACADEMICS

Pius Adesanmi, a Nigerian-born professor with the English Language and Literature Department at Carleton University in Ottawa, was among the victims from Canada.

He was awarded the Penguin Prize for African Writing in non-fiction in 2010 for a collection of essays titled, “You’re Not a Country, Africa!”

“Pius Adesanmi was a towering figure in African and post-colonial scholarship, and his sudden loss is a tragedy,” said Benoit-Antoine Bacon, the university’s president.

A fellow writer, the Nigerian satirist Elnathan John, said his friend had recently been injured in a car accident. He recalled hosting Adesanmi in Berlin recently.

“He was still limping a bit,” John said on Twitter. “He told me how lucky he was to survive his car crash. He loved his hotel. We laughed about dressing alike.”

The Italian victims included Sebastiano Tusa, an archaeologist and councillor for cultural affairs in the regional government of Sicily. He was traveling to Kenya for a UNESCO conference on protecting underwater cultural heritage in East Africa, according to Italian media reports.

Glato Kodjo, a professor of Botanical Studies at the University of Lomé in the west African nation of Togo, and two lecturers at Kenyatta University in Nairobi, Agnes Kathumbi and Isaac Mwangi Minae, were also reported killed.

KENYANS

Kenya suffered the heaviest losses with at least 32 citizens killed.

Jared Mwazo Babu, who founded a Nairobi-based marketing agency, and his wife, Mercy Ndivo, both died, colleagues confirmed. They left behind a 15-month-old daughter.

The Tamarind Group, a Kenyan restaurant and leisure company, said it lost its chief executive, Jonathan Seex.

Also among the dead were Grace Kariuki, an epidemiologist working for the Centers for Disease Control and Prevention in Nairobi, and Hussein Swaleh, a senior official with the Football Kenya Federation (FKF), their employers said.

Swaleh was returning to Nairobi from Egypt, where he served as a match commissioner in Friday’s African Champions League game between Ismaili and TP Mazembe Englebert

“Football has indeed lost a dedicated and hardworking individual that lived the game,” FKF said.

FAMILIES IN MOURNING

Anton Hrnko, a lawmaker from Slovakia, shared his “deep grief” after his wife, Blanka, and two grown children, Martin and Michala, died in the crash.

They were among four Slovaks killed. The fourth victim was identified as Danica Olexova, an aid worker.

Husband and wife Aleksandr and Ekaterina Polyakov, who both worked for Russia’s Sberbank, were among at least three Russians on board. They were on holiday when they died, local media reported.

Alalo Christine, a senior police officer from Uganda on assignment with the African Union peacekeeping mission in Somalia, also died in the crash, Uganda’s police force said. She was returning to the Somali capital Mogadishu from Italy.

(Reporting By Maggie Fick, Katharine Houreld, Hereward Holland, Humphrey Malalo, Omar Mohammed, John Ndiso and George Obulutsa in Nairobi, Gwladys Fouche in Oslo, Padraic Halpin in Dublin, Denny Thomas in Toronto, Giselda Vagnoni in Rome, Anna Ringstrom in Stockholm and Tatiana Jancarikova in Bratislava.; Writing by Maggie Fick; Editing by Alexandra Zavis/Mark Heinrich)

Source: OANN

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NKorea issues mild criticism of Bolton over media interview

North Korea has issued a relatively mild criticism of White House national security adviser John Bolton over a recent interview he gave.

State media on Saturday cited First Vice Foreign Minister Choe Son Hui as criticizing Bolton for telling Bloomberg News that the U.S. would need more evidence of North Korea's disarmament commitment before a third leaders' summit.

Choe described Bolton's comments as having "no charm" and being "dim-sighted"

Her criticism is much softer than the North's typical fiery rhetoric usually directed at the U.S. and South Korea.

North Korea blames the U.S. for deadlocked nuclear negotiations. Some observers say the North is avoiding harsh rhetoric at the U.S. to keep diplomacy alive.

On Thursday, the North demanded U.S. Secretary of State Mike Pompeo be removed from nuclear negotiations.

Source: Fox News National

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Mexican president jeered by hostile crowd at baseball event

Mexico's President Andres Manuel Lopez Obrador during the opening celebrations of the Alfredo Harp Helu Stadium in Mexico City
Mexico's President Andres Manuel Lopez Obrador during the opening celebrations of the Alfredo Harp Helu Stadium in Mexico City, Mexico March 23, 2019. Press Office Andres Manuel Lopez Obrador/Handout via REUTERS

March 24, 2019

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador, who has enjoyed soaring approval ratings in his first few months in power, got a rare taste of public animosity on Saturday when he was booed at the inauguration of a baseball stadium in Mexico City.

In an evening ceremony to mark the opening of the new home of the Diablos Rojos de Mexico (Mexico City Red Devils), Lopez Obrador endured cat whistles, boos and cries of “out” from the packed crowd at the stadium close to the city’s airport.

It was unclear why sections of the crowd were hostile towards the president, but the self-professed baseball fan hit back against the criticism, scoffing at his adversaries.

“I’m not going to talk much, because there are some fans here from team ‘fifi’,” he said from the pitch, using a term sometimes rendered as ‘sissy’ he favors to belittle critical voices.

“But the majority of the people are in favor of change and in favor of the king of sports: baseball,” he continued, as the Diablos Rojos prepared to play the San Diego Padres.

Lopez Obrador, a leftist former mayor of Mexico City, took power in December following a landslide election win last July.

During the five month transition, he quickly set about stamping his authority on Mexico, pledging to revamp the economy from the bottom up and upsetting some of the country’s wealthier citizens with his decisions, particularly on economic policy.

His Oct. 29 cancellation of a partly-built, $13 billion new airport for the capital proved especially contentious.

Since taking power, Lopez Obrador has taken a firm grip of the national agenda with daily news conferences at 7 a.m. The public has warmed to it, and his approval ratings have flown as high as 80 percent or above, according to opinion polls.

Amid boos and applause, Lopez Obrador mixed baseball terms and rhetoric from his campaign to tell the crowd he would deliver on promises to defeat the corrupt “mafia” he says is the root cause of violence, poverty and inequality in Mexico.

“We’re going to continue subjecting the ‘mafia of power’ to strikeouts,” he said, winding up his speech quickly before throwing the first ceremonial pitch to open the stadium.

(Reporting by Dave Graham; Editing by Sam Holmes)

Source: OANN

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

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)

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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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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)

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