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Pinterest prices IPO at $19, above target range

FILE PHOTO: A Pinterest banner hangs on the facade of the NYSE in New York
FILE PHOTO: A Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2017. REUTERS/Brendan McDermid/File Photo

April 18, 2019

NEW YORK (Reuters) – Pinterest Inc, the online scrapbook where users save ideas for clothes, décor and recipes, said on Wednesday it priced its initial public offering at $19 per share, above its $15-$17 target range.

At this price, Pinterest raised around $1.4 billion at a roughly $12.6 billion valuation, taking into account restricted stock units and options.

The company is due to start trading on the New York Stock Exchange on Thursday under the symbol “PINS”.

(Reporting by Joshua Franklin in New York; Editing by Lisa Shumaker)

Source: OANN

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Bill Maher Rips Into 2020 Democrats: ‘They Look Weak’

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More detentions as death toll in Sri Lanka attacks rises to 359

People participate in a mass funeral in Negombo
People participate in a mass funeral in Negombo, three days after a string of suicide bomb attacks on churches and luxury hotels across the island on Easter Sunday, in Sri Lanka April 24, 2019. REUTERS/Thomas Peter

April 24, 2019

By Sanjeev Miglani

COLOMBO (Reuters) – Sri Lankan police said on Wednesday they had detained 18 more people for questioning over the Easter Sunday attacks on churches and hotels, claimed by the Islamic State group, as the death toll climbed again to 359.

The extremist Islamic State group made its claim after Sri Lankan officials said the suicide bombings in Sri Lanka were carried out in retaliation for attacks on two mosques in New Zealand that killed 50 people in March.

Police spokesman Ruwan Gunasekera said the death toll had risen to 359 from 321 overnight, with about 500 people wounded, but did not give a breakdown of casualties from the three churches and four hotels hit by the bombers.

Islamic State said through its AMAQ news agency the assaults in Sri Lanka were carried out by seven attackers but gave no evidence to support its claim of responsibility. If true, it would be one of the worst attacks carried out by the group outside Iraq and Syria.

Junior minister for defense Ruwan Wijewardene told parliament on Tuesday two Sri Lankan Islamist groups – the National Thawheed Jama’ut and Jammiyathul Millathu Ibrahim – were responsible for the blasts, which went off during Easter services and as hotels served breakfast.

Police continued searching homes across the Indian Ocean island nation overnight, leading to the detention of 18 more people. That brings the number of people taken in for questioning to close to 60, including one Syrian.

The overnight raids included areas near the Gothic-style St Sebastian church in Negombo, north of the capital, where scores were killed on Sunday, a police spokesman said. An unspecified number of people were detained in western Sri Lanka, the scene of Muslim riots in 2014.

“Search operations are going on everywhere, there is tight checking of Muslim areas,” a security source said.

The Easter Sunday bombings shattered the relative calm that has existed in Buddhist-majority Sri Lanka since a civil war against mostly Hindu, ethnic Tamil separatists ended 10 years ago, and raised fears of a return to sectarian violence.

Sri Lanka’s 22 million people include minority Christians, Muslims and Hindus. Until now, Christians had largely managed to avoid the worst of the island’s conflict and communal tensions.

The attacks have already foreshadowed a shake-up of Sri Lankan security forces, with President Maithripala Sirisena saying on Tuesday night he planned to change some of his defense chiefs after criticism that intelligence warnings of an Easter attack were ignored.

Three sources told Reuters that Sri Lankan intelligence officials had been warned by India hours before the blasts that attacks by Islamists were imminent. It was not clear what action, if any, was taken.

Most of those killed and wounded were Sri Lankans, although government officials said 38 foreigners were also killed. That included British, U.S., Australian, Turkish, Indian, Chinese, Danish, Dutch and Portuguese nationals.

The U.N. Children’s Fund said 45 children were among the dead.

Junior defense minister Wijewardene said investigators believed revenge for the March 15 mosque attacks in the New Zealand city of Christchurch was the motive but did not elaborate. The attacks during Friday prayers in Christchurch were carried out by a lone gunman.

The Sri Lankan government has imposed emergency law and an overnight curfew. It said it has also blocked online messaging services to stop the spread of inflammatory rumors that it feared could incite communal clashes.

The U.S. Federal Bureau of Investigation is assisting with investigations.

(Reporting by Sanjeev Miglani; Editing by Paul Tait)

Source: OANN

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India’s Jet Airways shares rise after government official rules out grounding more planes

Jet Airways aircrafts are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai
FILE PHOTO: Jet Airways aircrafts are seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India, March 26, 2019. REUTERS/Francis Mascarenhas

March 27, 2019

(Reuters) – Jet Airways Ltd’s shares rose about 6 percent on Wednesday to a near 10-week high, after a top aviation ministry official ruled out grounding more planes and said the carrier would fly 40 more aircraft by the end of April.

Jet is in talks with leasing companies to restart operating several of its grounded aircraft, Pradeep Singh Kharola, secretary at the civil aviation ministry, told a news conference on Tuesday.

The airline has had to ground more than two-thirds of its fleet as it struggles to pay lenders, suppliers, pilots and leasing companies.

Saving Jet is crucial for Prime Minister Narendra Modi as he looks to avoid thousands of job losses ahead of a general election. His government had urged state-run banks to rescue the airline, sources have told Reuters.

Earlier this week, Jet Chairman and founder Naresh Goyal stepped down from the company’s board with lenders seizing control in a bid to save the airline from bankruptcy. Jet has a debt of over $1 billion.

Under the rescue plan, Jet’s lenders, led by State Bank of India, will issue a loan of 15 billion rupees ($217.73 million) to meet the airline’s obligations and will form an interim management committee to oversee operations.

Jet’s shares have lost over 56 percent of their value in the past year as of Tuesday’s close.

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

Source: OANN

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Child, 2 adults dead after Arkansas fire; homicide suspected

Arkansas authorities say the deaths of a child, the child's mother and a man found inside a burning home are being investigated as homicides.

Crittenden County Sheriff's Chief Todd Grooms said firefighters discovered the bodies shortly before 1 a.m. Monday in the home in Earle, about 110 miles (177 kilometers) northeast of Little Rock.

Grooms declined to say how they died or release their names and ages. He described the child as "young" and said the man and woman are not believed to be related. He didn't say whether a suspect is in custody.

Grooms said the bodies were sent to the state medical examiner's office to determine the causes of death. The state fire marshal's office will determine the cause of the fire.

Source: Fox News National

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“Style muse”: Meghan’s rise to a royal fashionista

Britain's Prince Harry and Meghan, Duchess of Sussex, attend the Endeavour Fund Awards in the Drapers' Hall in London
Meghan, Duchess of Sussex at the Endeavour Fund Awards in London, February 7, 2019. Tolga Akmen/Pool via REUTERS

March 13, 2019

By Marie-Louise Gumuchian

LONDON (Reuters) – Her jackets and jeans, bangles and bags can instantly send tongues wagging and designers’ sales soaring.

Since being catapulted into the global spotlight as Prince Harry’s girlfriend in 2016, Meghan’s outfits have been scrutinized and copied, often crashing websites selling her apparel.

Fashion blogs and social media accounts dedicated to the American’s style have mushroomed, just as they sprang up for her sister-in-law Kate, Prince William’s wife, allowing followers to comment on her latest sleek looks usually in a monochrome palette.

“The Meghan effect is this economic phenomenon similar to the Kate effect…where if she wears it, it turns to gold,” said Christine Ross, co-editorial director of Meghan’s Mirror fashion blog, describing Meghan’s style as “very on trend and modern”.

Almost everything she wears up to and around the $300 or 300 pound-mark, a pretty high price point, sells out, she added.

Designer dresses, luxury handbags and stylish stilettos are the fashion dream of many women, but for a young royal they are the staple of an everyday wardrobe.

For her busy royal diary, the now Duchess of Sussex usually wears expensive labels, namely French couture house Givenchy whose British artistic director Clare Waight Keller designed Meghan’s wedding dress.

Dior, Ralph Lauren, Carolina Herrera and Oscar de la Renta are among other formal and eveningwear go to brands.

“Meghan’s wardrobe is really unique because there are so many bespoke pieces in it and we’ll really never know how much those cost,” Ross said.

She estimates her wardrobe at about 500,000 pounds ($657,750) a year.

“STYLE MUSE”

While becoming a trendsetter, Meghan, named 2018’s best dressed woman by People magazine, has stayed loyal to smaller brands she wore before her global fame.

The 37-year-old, who used to film drama “Suits” in Toronto, has worn Canadian labels Mackage, Aritzia and Line the Label.

For casualwear, she has worn J.Crew and brands known for their environmental and social credentials: a Reformation dress, Veja sneakers, Outland Denim jeans and jewelry made from recycled metal.

“Meghan carved this niche for supporting these sustainable fashion brands,” Holly Rains, digital editor at magazine Marie Claire UK, said. “People are now going to Meghan as a style muse…She crashes sites.”

It is particularly her more affordable accessories that are snapped up by consumers.

“The jewelry, the bags, the belts is where we can dip in and get that kind of Meghan touch to our outfits,” Rains said.

Ross said Meghan’s casual jean looks proved popular with readers. Her maternity wear as she awaits her first child is also eagerly followed.

“She’s done a lot of bespoke pieces, a lot of customization pieces that aren’t maternity at all and it’s really been a difference,” Ross said.

Royal fashion expert Michael Talboys said he hoped to see Meghan wear more British labels. She has worn items from UK brands Victoria Beckham, Strathberry, Marks & Spencer and her second wedding gown was a halterneck dress by Stella McCartney.

“She should, as an English duchess, really be patronizing English designers and promoting them in the eyes of the world,” he said.

Kate frequently wears British high street dresses.

On the streets of London, student Savanah Edwards said Meghan’s “classic” style was having an impact.

“I personally cannot afford anything that she wears but it does influence me to try new pieces,” she said.

(Graphic: The British Royal Family: https – //tmsnrt.rs/2D6WnUk )

(Reporting by Marie-Louise Gumuchian; additional reporting by Jayson Mansaray; Writing by Marie-Louise Gumuchian; Editing by Alexandra Hudson)

Source: OANN

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California school district changing name tied to Confederacy

The Dixie School District board voted Tuesday night to change the name of the 150-year-old district after critics linked it to the Confederacy and slavery.

Trustees voted 3-1, with one abstention, to change both the name of the San Francisco Bay Area district and the name of its elementary school by Aug. 22, when classes resume.

However, the board didn't choose a new name. A committee made up of parents, other community members and district staff will be set up to solicit and evaluate suggestions from the public.

The board rejected some 15 names in February when it voted against a name-change on grounds that more community input was needed.

The cost of the name change, such as replacing signs, was estimated at nearly $40,000, but the Marin Community Foundation pledged to cover it.

Dixie is a nickname for the southern U.S. states that formed the pro-slavery Confederacy in 1860, sparking the Civil War. The legacy of the Confederacy prompts political, legal and cultural conflicts to this day.

Those who support changing the name say the district was named Dixie by James Miller, the school founder, on a dare by Confederate sympathizers. Those who oppose the change say the school system was named for Mary Dixie, a Miwok Indian woman that Miller knew in the 1840s.

The name-change issue has generated heated debate in San Rafael, an overwhelmingly white city of 59,000 people, with some insisting the Dixie name is racially insensitive while others complain the proposed change is political correctness run amok.

Both sides spoke out during Tuesday night's meeting.

"You know Dixie is a racist name, so change it," said Bali Simon, a fifth-grader at Dixie Elementary School. "I'm hoping I can go back to school next fall proud of our new district name."

An opponent of the name change, Mette Nygard, said the "ugly insinuations" tarnished Miller's reputation.

"The community is so far removed from the confederacy that it's a ridiculous assertion," Nygard said.

However, she was interrupted by demonstrators chanting "Dixie must go!" Critics of the current name also brought signs into the room that said "say no to racism."

Some of the proposed names that were previously rejected by the board included "Marie Dixie Elementary School District" and "Skywalker Elementary School District."

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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