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UN report: Sex abuse in UN peacekeeping drops, up elsewhere

The United Nations says allegations of sexual exploitation and abuse in U.N. peacekeeping missions decreased in 2018 — but allegations against other U.N. personnel and staff of organizations implementing U.N. programs increased, possibly due to "awareness-raising."

Secretary-General Antonio Guterres said in a report to the General Assembly Monday that the allegations involve adults and children. He stressed the U.N.'s "zero-tolerance" policy and called for scaled-up prevention efforts.

According to the report, the number of cases in U.N. peacekeeping and political missions dropped to 54 in 2018 from 62 in 2017. By comparison, there were 94 reported cases at U.N. agencies, funds and programs and 109 allegations involving U.N. partner organizations, it said.

The United Nations has long been in the spotlight over allegations of sexual abuses by its peacekeepers.

Source: Fox News World

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Microsoft quarterly revenue beats estimates on cloud growth

The Microsoft sign is shown on top of the Microsoft Theatre in Los Angeles, California
FILE PHOTO: The Microsoft sign is shown on top of the Microsoft Theatre in Los Angeles, California, U.S. October 19,2018. REUTERS/Mike Blake

April 24, 2019

(Reuters) – Microsoft Corp beat Wall Street estimates for quarterly revenue on Wednesday, fueled by its Azure cloud computing unit and the continued shift to the subscription version of its Office software.

Total revenue rose 14 percent to $30.57 billion in the third quarter ended March 31, beating analysts’ average estimate of $29.84 billion, according to IBES data from Refinitiv.

Net income rose to $8.81 billion, or $1.15 per share, from $7.42 billion, or 96 cents per share, a year earlier.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Sriraj Kalluvila)

Source: OANN

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Kudlow: Trump Might Cut $125B If Congress Rejects His Budget

President Donald Trump might initiate a budget sequester and allow $125 billion in cuts for both defense and non-defense spending if Congress does not agree to his 2020 budget, White House economic adviser Larry Kudlow said Thursday, according to The Hill.

"The president has indicated, if the spending caps going all the way back to the 2011 deal are not met, then we will sequester across-the-board, both defense and non-defense, excluding entitlements, but we will run by those rules," Kudlow told The Hill's Newsmaker Series event Thursday. "That's tough stuff. I think that's appropriate."

The spending caps must be raised by Congress at the risk of a 10 percent spending cut in 2020, dropping defense spending $71 billion and non-defense spending $54 billion, according to The Hill.

Trump's 2020 budget sticks to the caps set by the 2011 Budget Control Act (BCA), but $96 billion of defense spending would come from an off-budget account that would have to be approved by Congress, according to the report.

Thus far, Democrats have proposed to increase spending caps by $17 billion for defense and $34 billion for non-defense, while Senate Majority Leader Mitch McConnell, R-Ky., is going to meet with congressional leaders to discuss spending, perhaps outside of Trump's budget request, per The Hill.

If Trump does not agree to the bipartisan congressional deal that works around his budget, and not with it, he can veto raising the caps, shut down the government, and force the government into sequestration by mid-December, according to the report.

Source: NewsMax Politics

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Luckin Coffee files for U.S. IPO

The logo is seen next to a customer at a Luckin Coffee store in Beijing
FILE PHOTO: The logo is seen next to a customer at a Luckin Coffee store in Beijing, China, February 28, 2019. REUTERS/Jason Lee

April 22, 2019

(Reuters) – China’s Luckin Coffee Inc on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission.

The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed. (https://bit.ly/2UtnC0g)

The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini GanguliEditing by Shinjini Ganguli)

Source: OANN

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U.S.-China trade optimism to help yuan overcome concerns over weakening economy: Reuters poll

FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing
FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. REUTERS/Kim Kyung-Hoon/File Photo

April 4, 2019

By Vivek Mishra

BENGALURU (Reuters) – The Chinese yuan will hold on to its recent gains against the dollar, and likely make a modest push forward from current levels over the coming year, as optimism about a U.S.-China trade deal offsets anxiety over weak domestic economic growth, a Reuters poll showed.

Having slumped about 6 percent versus the dollar in 2018, with analysts wagering in early January of a move toward 7 per dollar by mid-year, the yuan has defied pressure and gained around 2.5 percent this year.

That rebound was largely driven by progress in trade talks between Washington and Beijing and the People’s Bank of China (PBoC) setting consistently higher mid-point reference rates.

The yuan was expected to gain 0.6 percent to 6.66 per dollar in a year, from about 6.70 on Wednesday, according to the latest poll of over 60 foreign exchange strategists taken over the past week.

That is a modest upgrade to last month’s forecast.

“Trump’s backing away from tariff escalation, previously implicit in our forecasts, means our USD/CNY projections have to be lower,” noted Cliff Tan, East Asian head of global markets research at MUFG.

Market watchers have shifted their attention to the latest round of negotiations being held in Washington after both sides cited progress in discussions in Beijing last week.

“There will be a currency component in any ultimate U.S.-China trade deal and FX markets initially took that to mean USD/CNY has become a one-way bet – stronger yuan. But too strong a yuan may also make for awkward future currency diplomacy,” Tan said.

Expectations for a stronger yuan are also partly driven by changing fortunes for the dollar.

The dollar’s outlook darkened after the Federal Reserve last month abandoned projections for further interest rate hikes this year on signs of an economic slowdown.

That could help unwind last year’s slide in emerging market currencies.

“The end of the Fed’s tightening cycle now appears to be more clearly in sight, and indeed there is some risk it has already been reached. Overall, evolving Fed policy should become an increasing headwind for the U.S. dollar, and an increasing tailwind for the renminbi,” said Erik Nelson, currency strategist at Wells Fargo.

Forecasts in the latest poll showed a complete shift from a January survey when a majority of strategists had predicted the yuan to have breached or to trade at 7 per dollar by mid-year.

In the latest poll analysts were mostly optimistic on the yuan and only four respondents still forecast it to reach 7 per dollar or weaker over the coming year, attributing that pessimism to an economic slowdown and more policy easing.

“We are extremely concerned about the ability of the Chinese economy to keep stimulating growth without a significant weakness in the value of the exchange rate,” said Jane Foley, head of FX strategy at Rabobank who predicted the yuan to hit 7 per dollar rate by end-Sept.

“Trade deal might give some short-term celebration, but again in order to keep the economy growing at the sort of rate, that the government wants it to, then it is reasonable to assume that the yuan will slide below 7,” said Foley, who was the most accurate foreign exchange forecaster on major currencies in Reuters polls last year.

(Polling by Khushboo Mittal; Editing by Shri Navaratnam)

Source: OANN

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EU sets out 10-point plan to balance China economic ties

European Commission Vice President Jyrki Katainen listens China's Premier Li Keqiang (not pictured) during a meeting at the Great Hall of the People in Beijing
FILE PHOTO: European Commission Vice President Jyrki Katainen listens China's Premier Li Keqiang (not pictured) during a meeting at the Great Hall of the People in Beijing, China June 25, 2018. Fred Dufour/Pool via REUTERS

March 12, 2019

By Philip Blenkinsop

BRUSSELS (Reuters) – The European Commission set out a 10-point plan on Tuesday for more balanced economic relations with China, urging EU leaders to back its ideas to curb Chinese state-owned enterprises and increase their guard against cybersecurity threats.

The action plan marks a shift in the bloc’s stance toward its top trading partner and will be put to EU leaders to discuss at their next regular summit meeting in Brussels on March 21-22 — before an EU-China summit on April 9.

The Commission, the EU’s executive, said the European Union should cooperate more with China in areas such as climate change and peace, but should also push for a more reciprocal economic relationship and take steps to protect its industry.

The European Union shares many of the United States’ concerns over Chinese market distortions, overcapacity and technology transfer. But it has avoided taking sides in a multi-billion dollar trade war between Washington and Beijing.

Europe has also been increasingly frustrated by what it sees as the slowness of China’s opening of its economy, a surge of Chinese takeovers in critical EU sectors and U.S. pressure to shun China, and notably telecoms equipment maker Huawei [HWT.UL], over espionage concerns.

Commission Vice President Jyrki Katainen told a news conference that Chinese state financing and state-owned enterprises distorted EU markets. For example, EU rules limited subsidies EU governments could give to European companies, but did not apply to foreign companies, he said.

A German EU diplomat described the paper as a “comprehensive and courageous” stocktaking of relations with Beijing, highlighting a lack of reciprocity and growing protectionism and also broaching difficult issues, such as human rights.

If backed by EU leaders, the European Union would urge China to agree to reforms of World Trade Organization rules, notably regarding subsidies and forced technology transfer, and conclude a deal with the EU on investment rules by 2020.

The Commission urged EU nations to revive a stalled proposal known as the International Procurement Instrument that would require foreign countries to open up their public tenders in return for access to Europe.

The EU executive believes Chinese bidders for EU public contracts should meet high labor and environmental standards and wants to adapt EU law to limit the state-owned enterprises and state subsidies in the EU market.

It also believes EU countries should find a common line on the security of planned high-speed 5G telecoms networks.

China is the EU’s biggest source of imports and its second-biggest export market after the United States, with trade between the two worth more than $1 billion per day. China’s trade surplus in goods with the European Union was 177.7 billion euros ($200.4 billion) in 2017.

($1 = 0.8869 euros)

(Editing by Alastair Macdonald and Frances Kerry)

Source: OANN

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Doug Schoen to Newsmax TV: We Must Beat Authoritarianism

Political analyst and author Doug Schoen told Newsmax TV it is time for the United States to stand up taller in the face of authoritarianism and live by our values.

During an interview on "The Joe Pags Show," Schoen — author of the new book "Collapse: A World in Crisis and the Urgency of American Leadership" — said the U.S. needs to act like a world superpower again.

"We're only gonna succeed together," he said. "If we can't conquer our common adversaries as one nation, one people, we will lose. We'll lose to authoritarians like the Russians and the Chinese, which is the point of my new book.

"We need to strengthen NATO, we need to strengthen our relations in Asia . . . and I would love somebody, as you were saying, Pags, to talk about human rights in China. Xinjiang Province. A million people in detention camps; that's outrageous. Where is America? Where is our voice? We will not defeat authoritarianism without an articulate assertion of our values, which are freedom, liberty, democracy."

Regarding the Korean peninsula, Schoen predicted President Donald Trump will fall short of coming to an agreement with North Korean leader Kim Jong Un and the reclusive nation could join the international club of nuclear powers.

"I don't think we're going to get a denuclearized Korean peninsula," he said. "I am worried that this is more rhetoric than action and that we will find that the negotiations will break down and a nuclear North Korea will be as powerful and aggressive and assertive as they've ever been."

The answer to the North Korea problem, Schoen said, lies with China.

"We should be putting pressure on the Chinese, [Kim's] sponsors, and basically say to them, 'if you can't get him under control, you ought to turn the lights off in North Korea,'" Schoen said.

Schoen, a Democrat, also addressed the 2020 presidential campaign. To date, nearly 20 Democrats have thrown their hat into the ring. That figure is expected to grow, particularly with former Vice President Joe Biden ready to jump in.

"As for the Democrats, goodness gracious. Most of the candidates, with the exception of Biden at this point, are people I couldn't support," Schoen said.

Important: Newsmax TV is now carried in 65 million cable homes on DirecTV Ch. 349, Dish Network Ch. 216, Comcast/Xfinity Ch. 1115, U-verse Ch. 1220, FiOS Ch. 615 or More Systems Here.

Source: NewsMax America

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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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