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Senegal votes: Meet the five candidates running for president

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Senegal, one of West Africa's most stable democracies, will be holding a presidential election on Sunday. Reuters' correspondent in Dakar, Sofia Christensen, takes a look at the candidates in the running.

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Banks ordered to disclose bondholder information to Puerto Rico board

The flag of Puerto Rico flies outside the Capitol building in San Juan
The flag of Puerto Rico flies outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez

April 18, 2019

SAN JUAN (Reuters) – A judge on Thursday ordered banks to comply with a request from Puerto Rico’s federally created financial oversight board to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth.

The ruling boosts a potential effort by the board to recover billions of dollars in payments made to bondholders should a federal court hearing Puerto Rico’s bankruptcy cases choose to invalidate disputed debt issued by the government and its agencies.

U.S. Magistrate Judge Judith Gail Dein’s order said “good cause exists” to grant the board’s motion, which seeks to compel banks to submit bondholder names and addresses along with Puerto Rico debt payments the bondholders received between 2013 and 2017.

The Bank of New York Mellon, Bank of America Corp, JP Morgan Chase Bank, and U.S. Bank objected to the board’s request last week, citing concerns over disclosing confidential customer information, as well as the cost and ability to produce a large amount of information by the April 19 deadline set by the board.

The judge ordered the banks and the board to submit a proposed confidentiality agreement by April 23 and set rolling deadlines of April 25, April 30 and May 8 for the banks to submit bondholder information. She rejected requests by the banks to be reimbursed for their costs and for indemnity for claims that could result from compliance with the order.

It was unclear whether the banks will appeal. Attorneys for the banks either declined to comment or could not immediately be reached. 

The quest for bondholder information is related to an attempt by the board and some creditor groups in the bankruptcy to have the federal court void more than $6 billion of defaulted general obligation (GO) bonds sold in 2012 and 2014, as well as debt issued by Puerto Rico’s Public Buildings Authority and bonds sold for the island’s Employees Retirement System.

The board filed bankruptcy for the island in May 2017 to restructure about $120 billion of debt and pension obligations. But it did not seek to void the GO bonds on the basis they were issued in violation of debt limits in the Puerto Rico Constitution until January 2019, just months before the statute of limitations on bringing such actions runs out in early May.

U.S. District Court Judge Laura Taylor Swain is scheduled to take up the board’s motion to extend that deadline at an April 24 hearing.

(Reporting By Luis Valentin Ortiz in San Juan and Karen Pierog in Chicago; Editing by Matthew Lewis)

Source: OANN

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UN decries killing of 7 children in Yemen explosion

The U.N. humanitarian coordinator in Yemen has decried the killing of 13 civilians, including seven children, in a large explosion over the weekend in the rebel-held capital, Sanaa.

Lise Grande described the killings in a statement Monday as "terrible, senseless deaths and injuries and we offer our deep condolences to the families of the victims."

The cause of Sunday's blast at a warehouse remains unclear, which Yemeni officials say injured over 100 people and damaged nearby schools.

The Houthi rebels, who gained control of the capital in 2014, said the Saudi-led coalition had targeted the warehouse with an airstrike. The coalition denied carrying out any strikes in the area.

Yemen's internationally-recognized government said the rebels had stored weapons at the warehouse.

Source: Fox News World

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Terry Gou’s Taiwan presidential run fuels rally in Foxconn shares

FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei
FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan, March 30, 2018. REUTERS/Tyrone Siu

April 18, 2019

HONG KONG (Reuters) – Shares of Foxconn and its Shanghai and Hong Kong-listed units soared on Thursday as investors cheered news that the chairman of the world’s largest contract manufacturer will run for president of Taiwan.

Gou, Taiwan’s richest person with a net worth of $7.6 billion according to Forbes, said on Wednesday he would join the already competitive presidential race, and take part in the opposition, China-friendly Kuomintang (KMT) primary elections.

Foxconn in a statement on Tuesday said Gou would remain chairman, though he planned to withdraw from his company’s daily operations.

On Wednesday, it said daily operations are handled by a team of professional managers, indicating that business would continue as usual.

“In terms of economic fundamentals, Taiwan stocks are not bad,” said Cathay Futures Vice-President Anderson Chien.

“If Gou runs for the election, the market may draw parallels to the rally in the U.S. stock market after U.S. President Trump won in 2016,” Chien said, referring to Donald Trump similarly being a businessman before turning attention to the presidency.

Foxconn, formally Hon Hai Precision Industry Co Ltd, climbed as much as 5.9 percent to T$97.20, the highest since October 2018. The stock is up more than 8 percent so far this week.

Handset maker and Foxconn unit FIH Mobile Ltd jumped as much as 58 percent to HK$2.23, its highest since February 2018, and was on track for its sixth consecutive session of gain. The stock has soared more than 100 percent so far this week, heading for its best week since its February 2005 listing.

“Punters are excited by the news and that boosted the stocks of the group of companies,” said Alex Wong, a director at Ample Finance. However, he said, a correction – when a stock price falls as investors in tandem sell at a profit – could come at any time.

FIH’s stock ranked as the second-biggest percentage gainer in early trade, tracking a rally in its parent Foxconn. It has outperformed the Hang Seng Commerce & Industry Index sector by 55.2 percentage points in the past month.

Shares in Foxconn Industrial Internet Co Ltd, a subsidiary of Foxconn, soared to the maximum-allowed limit of 10 percent, hitting their highest since June 2018.

Foxconn Industrial has jumped 25 percent this week and nearly 70 percent so far this year, far outpacing the broad market.

The Hong Kong-listed shares of Foxconn Interconnect Technology Ltd, Hon Hai’s electronic and optoelectronic connectors maker unit, rose as much as 14.3 pct to the highest since February 2018. The stock is up 15 percent this week.

(Reporting by Donny Kwok and Jeanny Kao; Writing by Anne Marie Roantree; Editing by Christopher Cushing)

Source: OANN

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Company founded by Ocasio-Cortez in 2012 still owes $1,870 in taxes

Rep. Alexandria Ocasio-Cortez wants to pass sweeping tax hikes on the wealthy, but the freshman lawmaker might want to take care of her own unpaid tax bill first.

Brook Avenue Press, a company she founded in 2012 to publish children’s books in The Bronx, owes the state $1,870.36 in corporate taxes, public records show.

The state slapped the company with a warrant on July 6, 2017, two months after Ocasio-Cortez announced her candidacy to run against Democratic incumbent Joe Crowley for the district that encompasses parts of Queens and The Bronx.

OCASIO-CORTEZ NOT RULING OUT AMAZON'S RETURN TO NEW YORK, SAYS COMMUNITIES MUST BE CONSULTED

The state requires businesses to pay a corporation tax on a sliding scale based on revenue. The minimum payment last year was $25.

“The company probably got numerous letters from the state and probably ignored them,” one New York City accountant theorized.

“The company probably got numerous letters from the state and probably ignored them.”

— A New York City accountant's theory

Public records show the state dissolved the company in October 2016, which can happen when a business fails to pay corporate taxes or file a return.

The state Tax Department won’t comment on individual companies but typically files warrants as a last resort after trying to collect money.

“This is the first we’re hearing of it, and we won’t have any additional comment until we look into it,” Ocasio-Cortez’s spokesman, Corbin Trent, said Saturday.

Brook Avenue Press was set up to “develop and identify stories and literature in urban areas like New York, specifically communities like The Bronx,” Ocasio-Cortez said in a YouTube video posted in October 2011, months before she filed incorporation papers for the company in July 2012.

The company relied on cheap office space in a city-subsidized program to help small businesses in The Bronx.

Called the Sunshine Bronx Business Incubator, the program was housed in a renovated former printing plant in Hunts Point, where rates for office spaces and tech services in 2012 averaged between $99 for a “virtual office” and $275 per month for local start-ups.

Ocasio-Cortez was featured on the city’s website for the incubator, and The National Hispanic Institute named her a social entrepreneur in residence.

“You see a huge return on your investment here,” a 22-year-old Ocasio-Cortez told a reporter in July 2012. “People pay $500 an hour for consulting that we get for free by the water cooler.”

The tax warrant was issued to Brook Avenue Press at the incubator’s address on Garrison Avenue.

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But despite her promise to work with “designers, artists and authors that really know the urban story and help develop stories for kids,” The Post could not find any books the publishing house produced.

Last week, Ocasio-Cortez signed on to a bill to tax stock trades and has previously called for a 70 percent tax on incomes over $10 million in order to help finance the Green New Deal, her environmental manifesto calling for “new national, social, industrial and economic mobilization” to save the planet.

Source: Fox News Politics

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Malaysia seeks to drop murder charge against Indonesian suspect in Kim Jong Nam murder

Indonesian Siti Aisyah arrives at the Shah Alam High Court on the outskirts of Kuala Lumpur
Indonesian Siti Aisyah, who is on trial for the killing of Kim Jong Nam, the estranged half-brother of North Korea's leader, arrives at the Shah Alam High Court on the outskirts of Kuala Lumpur, Malaysia March 11, 2019. REUTERS/Lai Seng Sin

March 11, 2019

KUALA LUMPUR (Reuters) – Malaysian prosecutors on Monday applied to withdraw a murder charge against an Indonesian woman accused of killing the half-brother of North Korea’s leader.

The trial of Indonesian Siti Aisyah, 26, was suspended in December as her lawyers argued with prosecutors over access to statements made by seven witnesses.

Prosecutors told the court they had been instructed to withdraw the charge against Siti Aisyah. No reason was given for the application.

(Reporting by Joseph Sipalan)

Source: OANN

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2 California officers shot after confronting man with sword

Two police officers and a suspect were shot Wednesday after law enforcement responded to reports of a man with a sword entering the Church of Scientology in Inglewood, California, authorities said.

The suspect was shot in the head and was not expected to survive, said Lt. Neal Cochran of the Inglewood Police Department.

A shootout erupted Wednesday afternoon after officers approached the man, who was wearing a hooded sweat shirt and wielding the sword, Cochran said.

One officer was struck in a hand and the other was hit in an arm, officials said. They were hospitalized with non-life-threatening injuries.

The suspect was taken by ambulance to a hospital in grave condition.

Officials didn't say who fired first or whether a gun was recovered from the suspect.

Inglewood is a city of about 100,000 residents in Los Angeles County.

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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