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Singapore unveils budget bonanza for elderly with election anticipated

FILE PHOTO: Singapore's Finance Minister Heng Swee Keat speaks at a UBS client conference in Singapore
FILE PHOTO: Singapore's Finance Minister Heng Swee Keat speaks at a UBS client conference in Singapore, January 14, 2019. REUTERS/Feline Lim/File Photo

February 18, 2019

By John Geddie and Fathin Ungku

(Reuters) – Singapore unveiled an expansionary budget for the next financial year on Monday, setting aside S$6.1 billion for the welfare of its elderly in a generous package before an election expected as soon as this year.

Finance Minister Heng Swee Keat also announced a S$1.1 billion bonus package for all Singaporeans to mark 200 years since the former British colony’s founding, that includes vouchers, a cash bonus for lower income workers and income tax rebates for the middle class.

The government finance for the 2019 fiscal year that begins April 1 is expected to turn to a deficit of S$3.5 billion, after a predicted surplus of S$2.1 billion for the 2018 fiscal year.

The budget proposal comes after data showed Singapore’s economy grew at its slowest pace in more than two years in the fourth quarter, and its trade ministry warned that manufacturing is likely to face significant moderation this year.

Analysts have said stronger fiscal impulse will also be needed to tackle heightened external pressure on the economy, including from the U.S.-Sino trade war and Britain’s imminent departure from the European Union.

Singapore must hold its next general election by early 2021, but Prime Minister Lee Hsien Loong, eyeing retirement, has suggested it could be this year.

“The Merdeka Generation Package is a gesture of our nation’s gratitude for their contributions and a way to show care for them in their silver years,” said Heng, who been tapped to be the next leader of the People’s Action Party which has ruled the city-state for over half a century without interruption.

The so-called Merdeka, or “independence” generation refers to those born in the 1950s, near the end of British colonial rule. With the second-fastest aging population in the world after South Korea, and as pressure grows on more of the elderly to stay in the workforce beyond retirement age, the low-tax finance hub is facing rising social angst over the welfare of its aged.

Heng said about 30 percent of Singapore’s total budgeted expenditure for the 2019 fiscal year will support defense, security and diplomacy efforts and the quota for foreign workers in the services sector will be reduced in coming years.

Among other budget highlights was a hike in excise duty for diesel to 20 Singapore cents per liter from 10 cents with immediate effect. For all the highlights, click.

(Reporting by John Geddie and Fathin Ungku; Editing by Shri Navaratnam)

Source: OANN

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EU, UK to Seek Further Brexit Delay

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Source: InfoWars

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Recession risk? Canada’s curve inversion may offer clearer signal

FILE PHOTO: A Bay St sign, a symbol of Canada's economic markets and where main financial institutions are located, is seen in Toronto
FILE PHOTO: A Bay Street sign, a symbol of Canada's economic markets and where main financial institutions are located, is seen in Toronto, May 1, 2013. REUTERS/Mark Blinch

March 28, 2019

By Fergal Smith

TORONTO (Reuters) – Investors trying to work out whether the inversion of the U.S. yield curve signals a looming recession may find clues – but little comfort – in the Canadian bond market, which is less distorted by central bank buying.

The U.S. curve inverted last week for the first time in more than a decade as the 10-year yield dropped below the rate on the 3-month T-bill.

While inversion of the curve has preceded every U.S. recession for the last 50 years, its significance this time has been dismissed by some market participants. They argue that the curve has been distorted after the Federal Reserve bought trillions of dollars of bonds to help lower long-term rates after the global financial crisis.

Canada, where the yield curve also inverted last week, could be an alternative guide, even though its economy is one-tenth the size of the United States.

Canada does not issue as many long-dated bonds as the U.S. Treasury, leaving that part of the curve to the provinces. While its market has not been directly impacted by central bank purchases, its economy is so closely tied to its southern neighbor that it rarely enters a recession without a U.S. contraction.

Correlations between Canadian and U.S. bonds are high, at more than 90 percent, according to Refinitiv Eikon data. That tight relationship would likely weaken if the U.S. market were unable to overcome distortions to provide a signal on economic prospects.

“I see both inversions as true warning shots that the bond market sees a recession within the next few quarters,” said Patrick O’Toole, vice president, global fixed-income at CIBC Asset Management. “Canada’s signal is clearer than in the U.S.” because the Bank of Canada has not meddled in the market.

Canada, a major oil producer that sends about 75 percent of its exports to the United States, has had five recessions – at least two consecutive quarters of contraction – in the last 50 years. With the exception of 2015, when the price of oil collapsed, the recessions were accompanied by a U.S. downturn. (GRAPHIC: Canada, U.S. past recessions, click https://tmsnrt.rs/2HLuIeO)

Although the 2015 recession was not preceded by an inverted curve, the prior contraction, in 2008-09 during the global financial crisis, was.

The worry now is that Canada’s economy will falter due to trade tensions that slow global growth or due to record high levels of household debt.

Canadian yields trade as much as 98 basis points below U.S. yields, while money markets have shifted this month from expecting further interest rate hikes from the Bank of Canada to seeing about a 75 percent chance of a cut by December. The central bank has tightened its benchmark rate by 125 basis points since July 2017 to a level of 1.75 percent.

“There’s no way they were going to be able to raise rates without crushing households,” said Christian Lawrence, senior market strategist at Rabobank. “I fully expect the curve to invert further.”    

An inverted curve has not always led to a recession in Canada. Still, it does tighten financial conditions by reducing the incentive for banks to lend and the motivation for investors to take on the long-term projects that tend to boost economic growth.

“People are pooh-poohing the inversion, but if the inversion lasts or gets worse, that tightening could weigh on growth and in and of itself become self-fulfilling,” said Tom O’Gorman, director of fixed income at Franklin Bissett Investment Management. “I would always be careful about thinking the bond market has it wrong.”

(Reporting by Fergal Smith)

Source: OANN

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Officers confront armed driver on Atlanta-area freeway

More than a dozen police officers with guns drawn filled four lanes of a freeway near Atlanta, bringing Friday morning traffic to a standstill as they confronted an armed motorist.

Marietta police said a driver stopped on the freeway was armed and not cooperating with officers.

Police spokesman Chuck McPhilamy told reporters a robbery had occurred in the area of a Walmart a few miles away and officers spotted a car matching the description.

"He pulled over to the side of the interstate and then refused to exit the vehicle," McPhilamy said.

The southbound lanes of Interstate 75 were shut down just northwest of Atlanta.

"We had to do that for everyone's safety," McPhilamy said, as police used a telephone line to conduct an "off-and-on negotiation" with the motorist.

News photos showed an officer with a scoped rifle perched atop an armored vehicle and staring down at the suspect as police tried to resolve the situation.

No injuries were immediately reported.

Traffic was backed up for miles. The standoff comes on a particularly busy day on Atlanta highways as people are traveling through the city on their way to spring break destinations.

The situation was unfolding near SunTrust Park, the home of the Atlanta Braves, but no game was planned Friday.

Source: Fox News National

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“Spying On a Political Campaign is a Big Deal”

Speaking to the Senate Appropriations Committee on Wednesday, Attorney General Barr said he would investigate the origins of the Mueller probe and that he believes "spying did occur" on the Trump campaign in 2016.

ATTORNEY GENERAL BILL BARR: As I said in my confirmation hearing, I am going to be reviewing both the genesis and the conduct of intelligence activities directed at the Trump campaign during 2016. And a lot of this has already been investigated, and a substantial portion of it has been investigated and is being investigated by the office of the Inspector General, but one of the things I want to do is pull everything together from the various investigations that have gone on, including on the Hill and in the [Justice] Department, and see if there are any remaining questions to be addressed.

SEN. JEANNE SHAHEEN: And can you share with us why you feel a need to do that?

BARR: Well, you know, for the same reason we're worried about foreign influence in elections, we want to make sure that during elections -- I think spying on a political campaign is a big deal. It's a big deal.

The generation I grew up in, which is the Vietnam War period, people were all concerned about spying on anti-war people and so forth by the government, and there were a lot of rules put in place to make sure that there's an adequate basis before our law enforcement agencies get involved in political surveillance. I'm not suggesting that those rules were violated but I think it's important to look at that. and I'm not talking about the FBI necessarily, but intelligence agencies more broadly.

SHAHEEN: So you're not suggesting, though, that spying occurred?

BARR: Well, I guess -- I think spying did occur, yes. I think spying did occur.

SHAHEEN: Well --

BARR: The question was whether it was adequately predicated. And I'm not suggesting it wasn't adequately predicated. I need to explore that. I think it's my obligation. Congress is usually very concerned about intelligence agencies and law enforcement agencies staying in their proper lane. I want to make sure that happened. We have a lot of rules about that.

I want to say that I've said I'm reviewing this. I haven't set up a team yet, but I have in mind having some colleagues help me pull all this information together and letting me know whether there are some areas that should be looked at. I also want to make clear. I also want to make clear, this is not launching an investigation of the FBI. Frankly, to the extent there were any issues at the FBI, I do not view it as a problem that's endemic to the FBI.

I think there was probably a failure among a group of leaders there, at the upper echelon. So I don't like to hear attacks about the FBI because I think the FBI is an outstanding organization and I think Chris Wray is a great partner for me. I'm very pleased he's there as the director. If it becomes necessary to look over some former officials' activities, I expect I'll be relying heavily on Chris and work closely with him in looking at that information. But that's what I'm doing. I feel I have an obligation to make sure that government power is not abused. I think that's one of the principal roles of the attorney general.

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Calm appears to hold in Gaza despite exchange of fire

An unofficial cease-fire appears to be holding between Israel and Gaza's Hamas rulers despite limited exchanges of fire.

Schools reopened in southern Israel on Wednesday after late-night rocket attacks from Gaza set off air-raid sirens, breaking a daylong lull. The Israeli military struck back against additional Hamas targets but there were no reports of casualties on either side.

Israel and Hamas have fought three wars and dozens of skirmishes since the Islamic militant group seized control of Gaza in 2007. The latest round was triggered by a Gaza rocket fired early Monday that slammed into a house in central Israel and wounded seven people.

Large Gaza protests are expected this weekend, marking the anniversary of weekly rallies in which nearly 200 Palestinians have been killed by Israeli fire.

Source: Fox News World

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Supreme Court Case Could Help Pick 2024 Election Winners

Joshua A. Douglas writes that if the Supreme Court agrees to the Trump administration's request to add a citizenship question to the 2020 census, it would result in an undercount in states -- directly impacting the Electoral College and congressional representation.

Read Full Article »

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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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