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“Recycling” No Different Than Burning Plastic Trash In Backyard

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Factbox: New revelations from the Mueller report

The Muller Report on the Investigation into Russian Interference in the 2016 Presidential Election is pictured in New York
The Mueller Report on the Investigation into Russian Interference in the 2016 Presidential Election is pictured in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri

April 18, 2019

(Reuters) – There are several aspects of Special Counsel Robert Mueller’s investigation into Russia’s role in the 2016 U.S. election campaign that were not previously known until the release of his report on Thursday.

TRUMP’S REACTION TO APPOINTMENT OF SPECIAL COUNSEL

U.S. President Donald Trump believed the appointment of a special counsel to take over an active federal investigation would spell the end of his presidency, according to Mueller’s report.

When then-Attorney General Jeff Sessions told Trump of Mueller’s appointment on May 17, 2017, the report said, Trump slumped back in his chair and said: “Oh my God. This is terrible. This is the end of my presidency. I’m fucked.”

Trump asked Sessions, whom he had berated for months for recusing himself from the investigation of Russian interference in the election: “How could you let this happen, Jeff?” and told Sessions he had let him down.

Trump told Sessions he should resign, and Sessions agreed to do so. When Sessions delivered his resignation letter to Trump the following day, Trump put the letter in his pocket but said he wanted Sessions to stay on the job.

That alarmed chief of staff Reince Priebus and senior advisor Steve Bannon, who worried Trump would use the letter to control the Department of Justice, and they tried to return it to Sessions.

Trump took the letter with him on a trip to the Middle East, where he showed it to several senior advisers and asked them what he should do about it. On May 30, he finally returned the letter to Sessions with a note saying: “Not accepted.”

THE PRESIDENTIAL INTERVIEW THAT WASN’T

Mueller tried for more than a year to interview Trump, but in the end Trump refused. Trump provided written answers on some Russia-related topics, but did not agree to answer questions about possible obstruction of justice or events that took place during the presidential transition.

Mueller said he thought he had the legal authority to order Trump to testify before a grand jury, but he decided not to take that course because of the “substantial delay that such an investigative step would likely produce at a late stage in our investigation.”

TRUMP’S EFFORTS TO FIRE MUELLER

Trump tried to get Mueller fired in June 2017, shortly after he was appointed, according to the 448-page report. Trump called then-White House counsel Don McGahn twice and directed him to order Deputy Attorney General Rod Rosenstein to fire Mueller on the grounds that he had conflicts of interest.

McGahn felt “trapped,” but did not carry out the order, deciding that he would rather resign, Mueller said.

Other White House advisers later talked McGahn out of resigning, and Trump did not follow up to ask whether McGahn had fulfilled his directive.

Trump pressured McGahn to deny that these events took place when they surfaced in news accounts in January 2018, but McGahn refused, according to Mueller’s report, some of which was blacked out to protect some sensitive information.

TRUMP’S EFFORTS TO LIMIT THE INVESTIGATION

Trump also enlisted his former campaign manager, Corey Lewandowksi, to try to narrow the investigation’s scope. The report said Trump asked Lewandowski in June 2017 to tell Sessions that he should publicly announce that the Russia probe was “very unfair” to the president, say Trump had done nothing wrong, and limit Mueller’s probe into interference in future elections, not the one that had put him in the White House.

A month later, Trump asked Lewandowski about the status of his request and Lewandowski assured Trump he would deliver the message soon. Trump then publicly criticized Sessions in a New York Times interview and a series of Twitter messages.

Mueller says Lewandowski did not want to deliver the message to Sessions, so he asked senior White House official Rick Dearborn to speak to him. Dearborn also did not want to carry out the task. Ultimately, the message never reached Sessions.

MANAFORT’S EFFORTS TO MONETIZE THE CAMPAIGN

Mueller found that campaign chairman Paul Manafort’s efforts to work with his former business partners in Ukraine were greater than previously known, as he tried to use his insider status on the campaign to collect on debts owed for his past work by Oleg Deripaska, an oligarch who is close to Russian President Vladimir Putin.

Shortly after he joined the campaign in the spring of 2016, Manafort directed his deputy Rick Gates to share internal polling data and other campaign materials with Konstantin Kilimnik, a former Ukrainian business partner, with the understanding that it would get passed on to Deripaska, the report said.

During an August 2016 meeting in New York, Manafort told Kilimnik about the campaign’s efforts to win the battleground states of Michigan, Pennsylvania, Wisconsin and Minnesota, the report said. Trump ended up winning three of those states in the November election.

Manafort worked with his Ukrainian allies until the spring of 2018, after he had been indicted by Mueller, to promote a peace plan that would have split the country in two. These efforts did not constitute coordination between the campaign and Russian efforts to disrupt the election, Mueller found.

Manafort urged Gates not to plead guilty after they were both indicted by Mueller, apparently believing that they would be pardoned by the president if they did not cooperate with investigators. Trump’s numerous sympathetic statements before and during Manafort’s criminal trial could be interpreted as an effort to sway the outcome, but they also could be interpreted as a sign that he genuinely felt sorry for Manafort, Mueller said.

PLAN FOR U.S.-RUSSIA RECONCILIATION

Relations between Washington and Moscow had deteriorated under two previous administrations and the United States had imposed sanctions on Russia. Following Trump’s election victory, Russian financier Kirill Dmitriev worked on a proposal to improve ties with Rick Gerson, a hedge fund manager who is friends with Trump son-in-law Jared Kushner. Dmitriev runs Russia’s sovereign wealth fund and reports directly to Putin.

Gerson gave the plan to Kushner before Trump was sworn in, Mueller’s report said, and Kushner gave copies to Bannon and then-Secretary of State Rex Tillerson.

After Trump took office in January 2017, Dmitriev told Gerson that his “boss” – an apparent reference to Putin – wanted to know if there was a reaction to the proposal, which called for cooperation on terrorism, weapons of mass destruction, and economic matters. When Putin and Trump spoke by phone, Dmitriev told Gerson that their plan had “played an important role.”

Gerson told Mueller’s team that he acted as an intermediary between Trump and Russia on his own initiative, not at the request of Trump’s aides.

(Compiled by Andy Sullivan; editing by Grant McCool)

Source: OANN

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U.N. head wants democratic transition in Algeria

FILE PHOTO: Police officers attempt to disperse demonstrators trying to force their way to the presidential palace during a protest calling on President Abdelaziz Bouteflika to quit, in Algiers
FILE PHOTO: Police officers attempt to disperse demonstrators trying to force their way to the presidential palace during a protest calling on President Abdelaziz Bouteflika to quit, in Algiers, Algeria March 22, 2019. REUTERS/Zohra Bensemra

March 31, 2019

ALGIERS (Reuters) – U.N. Secretary-General Antonio Guterres said on Sunday that he welcomed efforts towards a peaceful and democratic transition in Algeria, where weeks of protests have pushed for President Abdelaziz Bouteflika to end his 20-year rule.

Addressing an Arab League summit in Tunis, Guterres said any steps should be made in a way “that addresses the concerns of the Algerian people in a timely way”.

On Saturday, the army chief of staff, Lieutenant General Ahmed Gaed Salah, renewed a call for the Constitutional Council to rule whether the ailing 82-year-old Bouteflika is fit to rule, a move provided for under article 102 of the charter.

But his attempt to break the political impasse has failed to placate demonstrators, who reject military intervention in civilian matters and want to dismantle the entire ruling elite, which includes veterans of the war of independence against France, army officers, the ruling party and business tycoons.

Several close allies, including some members of the ruling FLN and union leaders, have abandoned Bouteflika, who has rarely appeared in public since suffering a stroke in 2013.

Leading Algerian businessman Ali Haddad, who was part of President Abdelaziz Bouteflika’s inner circle, has been arrested at the Tunisian border, a close associate said on Sunday.

“Yes, Haddad has been arrested,” his associate told Reuters on condition of anonymity, without elaborating. Several Algerian television stations broadcast news on the detention of Haddad, a media magnate who helped to fund Bouteflika’s election campaigns over the years.

Bouteflika’s announcement that he would not seek a fifth term but that he would not quit immediately has fuelled anger in the North African country, an oil and gas producer.

(Editing by Raissa Kasolowsky)

Source: OANN

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Ted Cruz: Democrats ‘Fully Intend To Impeach The President’

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Family of boy thrown from Mall of America balcony won’t comment on child’s injuries despite ‘miracle’ claim

The family of the 5-year-old boy who was thrown off a third-floor balcony at the Mall of America earlier this month won’t comment on a pastor’s statement that the child miraculously showed “zero evidence” of a brain injury.

Stephen Tillett, an attorney for relatives of Landen Hoffman, said during a news conference Tuesday he was not authorized to confirm or deny comments made by Pastor Mac Hammond in a video posted to Facebook, the Star Tribune reported.

FAMILY OF BOY THROWN FROM MALL OF AMERICA BALCONY THANKS SUPPORTERS FOR PRAYERS

Hammond, pastor of the Living World Christian Center in Brooklyn Park, Minn., where the boy’s grandparents attend services, said the boy’s grandfather told him an MRI indicated no brain damage, spinal cord injury, nerve damage or other life-threatening internal injuries.

Landen Hoffman, the 5-year-old boy who was thrown nearly 40 feet from the third story balcony at the Mall of America, is said to be making a miraculous recovery.

Landen Hoffman, the 5-year-old boy who was thrown nearly 40 feet from the third story balcony at the Mall of America, is said to be making a miraculous recovery. (Christian Broadcasting Service)

According to Hammond, the grandfather told him one of the attending physicians said, “This is truly a miracle. It’s like he fell off a bicycle instead of off the third floor of the mall.”

Tillitt said he couldn't confirm or deny Hammond’s comments, as it would invade the Hoffmans' privacy, but he clarified that the bicycle remark referred to the boy’s facial injuries, not his overall condition.

MINNESOTA TODDLER TOSSED FROM BALCONY HAVING MIRACULOUS RECOVERY, PASTOR SAYS

“The family is in a position where any comment to confirm or deny would be intruding on the realm of the privacy they want,” Tillitt said. "To start going into details of any kind, confirming or denying, means that the privacy has been intruded upon.

“This is a young child whose health is now becoming public, and the family realizes that what’s public today will be public in 20 years.”

This undated photo provided by the Bloomington, Minn., Police Department, shows Emmanuel Deshawn Aranda, who was arrested in connection with an incident at the Mall of America where a 5-year-old boy plummeted three floors Friday, April 12, 2019, after being pushed or thrown from a balcony. 

This undated photo provided by the Bloomington, Minn., Police Department, shows Emmanuel Deshawn Aranda, who was arrested in connection with an incident at the Mall of America where a 5-year-old boy plummeted three floors Friday, April 12, 2019, after being pushed or thrown from a balcony.  (Bloomington Police Department via AP)

Landen remains under sedation in intensive care, with more testing to come, Tillitt said.

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A GoFundMe page created by a friend of the Hoffman family has raised nearly $1 million for Landen’s healing process.

Emmanuel Deshawn Aranda, 24, of Minneapolis, has been charged with attempted premeditated first-degree murder for the April 12 incident. He is being held in lieu of $2 million bail at the Hennepin County Jail.

Fox News' Danielle Wallace contributed to this report.

Source: Fox News National

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Thai man accused of raping and killing German tourist

Thai police say a local man has been arrested on suspicion of raping and killing a German tourist on the island of Koh Si Chang in the Gulf of Thailand.

Thai police said the victim was approached and attacked by Ronnakorn Romruen, a native of the small island, while she was traveling on her rental motorbike.

Ronnakorn was tracked down and arrested on Monday through a series of CCTV images.

Police say the suspect, who operates a trash collecting boat, admitted to the crimes and said he used drugs before the incident.

The body of the 27-year-old tourist with injuries on head and legs was found Sunday hidden under rocks and a pile of leaves.

Koh Si Chang is a popular weekend destination for both locals and foreigners.

Source: Fox News World

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China says Xinjiang has ‘boarding schools’, not ‘concentration camps’

Officials attend the meeting of Xinjiang delegation on the sidelines of the National People's Congress (NPC), at the Great Hall of the People in Beijing
(L-R) Nayim Yasen, deputy director of the Ethnic Affairs Committee of the National PeopleÕs Congress (NPC), Shewket Imin, chairman of the Standing Committee of the Xinjiang Uighur Autonomous Region, Xinjiang Communist Party Secretary Chen Quanguo, Xinjiang Chairman Shohrat Zakir, and Sun Jinlong, party secretary of Xinjiang Uighur Autonomous Region Production and Construction Corps, attend the meeting of Xinjiang delegation on the sidelines of the NPC at the Great Hall of the People in Beijing, China March 12, 2019. REUTERS/Jason Lee

March 12, 2019

By Michael Martina

BEIJING (Reuters) – China is running boarding schools not concentration camps in the far western region of Xinjiang, its governor said on Tuesday, as the United States called conditions there “completely unacceptable”.

China has faced growing international opprobrium for what it says are vocational training centers in Xinjiang, a vast region bordering central Asia that is home to millions of Uighurs and other Muslim ethnic minorities.

Activists say there is a network of mass detention camps there holding more than a million people, part of a crackdown that Beijing says is needed to stem the threat of Islamist extremism.

The U.S. government has weighed sanctions against senior Chinese officials in Xinjiang, including on the Communist Party boss there, Chen Quanguo, who as a member of the powerful politburo is in the upper echelons of China’s leadership.

Xinjiang governor Shohrat Zakir, the region’s most senior Uighur official who ranks below Chen, said that there had not been any violent attacks in more than two years and three months since the government adopted “a series of measures” to combat terror and extremism.

“Some international voices say Xinjiang has concentration camps and re-education camps,” Shohrat Zakir told a briefing on the sidelines of China’s annual largely rubber-stamp parliament.

“These kinds of statements are completely fabricated lies, and are extraordinarily absurd,” he said.

“They are the same as boarding schools,” he said, adding that the personal freedoms of the “students” were guaranteed.

Chen, who attended what was one of the most eagerly anticipated briefings of China’s parliamentary session by foreign media, did not answer questions on the camps.

POSSIBLE SANCTIONS

Former detainees, however, have described to Reuters being tortured during interrogation at the camps, living in crowded cells and being subjected to a brutal daily regimen of party indoctrination that drove some people to suicide. (https://tinyurl.com/y9zzouss)

Some of the sprawling facilities in the region are ringed with razor wire and watch towers.

U.S. officials have said China has made criminal many aspects of religious practice and culture in Xinjiang, including punishment for teaching Muslim texts to children and bans on parents giving their children Uighur names.

Academics and journalists have documented grid-style police checkpoints across Xinjiang and mass DNA collection, and human rights advocates have decried martial law-type conditions there.

Chen made his mark swiftly after taking the top post in Xinjiang in 2016, with mass “anti-terror” rallies conducted in the region’s largest cities involving tens of thousands of paramilitary troops and police.

United Nations human rights chief Michelle Bachelet is seeking access to China to verify continuing reports of disappearances and arbitrary detentions, particularly of Muslims in Xinjiang.

U.S. ambassador for religious freedom Sam Brownback, speaking from Taipei on a teleconference call with reporters, said the situation in Xinjiang was “completely unacceptable” and that sanctions against Chinese officials under the Global Magnitsky Act remained a “possibility”.

That act is a federal law that allows the U.S. government to target human rights violators around the world with freezes on any U.S. assets, U.S. travel bans and prohibitions on Americans doing business with them.

Brownback added that dialogue between Washington and Beijing on the issue had made little headway thus far, calling discussions “more of a dual monologue”.

“The monologue back from China initially was that they denied the (detention camps) even existed and then the statement was that these are vocational training facilities which the people are appreciative of, which we just don’t agree with,” he said.

China has warned that it would retaliate “in proportion” against any U.S. sanctions.

(Reporting by Michael Martina and Philip Wen; Additional reporting by Lusha Zhang)

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)

Source: OANN

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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)

Source: OANN

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