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Oil dips on well supplied markets despite tighter Iran sanctions

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang
FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken December 7, 2018. REUTERS/Stringer

April 24, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices inched lower on Wednesday on signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran.

Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $66.02 per barrel, down 28 cents, or 0.4 percent, from their previous settlement.

Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

U.S. sanctions against oil exporter Iran were introduced in November 2018, but Washington allowed its largest buyers limited imports of crude for another half-year as an adjustment period.

With Iranian oil exports likely declining sharply from May as most countries bow to U.S. pressure, global crude markets are expected to tighten in the short-run, Goldman Sachs and Barclays bank said this week.

Despite this, analysts said global oil markets remained adequately supplied thanks to ample spare capacity from the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC), Russian and also the United States.

The International Energy Agency (IEA), a watchdog for oil consuming countries, said in a statement on Tuesday that markets are “adequately supplied” and that “global spare production capacity remains at comfortable levels.”

The biggest source of new oil supply comes from the United States, where crude oil production has already risen by more than 2 million barrels per day (bpd) since early 2018 to a record of more than 12 million bpd early this year, making America the world’s biggest oil producer ahead of Russia and Saudi Arabia.

“Total oil supplies from the United States are expected to grow by 1.6 million bpd this year,” the IEA said.

Commercial inventories in the United States are also high.

U.S. crude oil inventories rose by 6.9 million barrels in the week to April 19 to 459.6 million, data from industry group the American Petroleum Institute showed on Tuesday.

(GRAPHIC: U.S. crude oil production & exports link: https://tmsnrt.rs/2ULQiTd).

(Reporting by Henning Gloystein; editing by Richard Pullin)

Source: OANN

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Unpredictable German export policies threaten arms projects with France: French envoy

FILE PHOTO: Activists demand the government end worldwide weapons exports during a demonstration in Berlin
FILE PHOTO: Activists demand the government end worldwide weapons exports during a demonstration in front of Germany's lower house of parliament in Berlin, Germany, February 26, 2019. The words on the banner read "Stop." REUTERS/Fabrizio Bensch/File Photo

March 25, 2019

By Andrea Shalal

BERLIN (Reuters) – Germany’s unpredictable arms export policies and long wait times for export licenses threaten the future of big Franco-German projects to develop new tanks, combat jets and drones, France’s ambassador to Germany said in an essay published late Monday.

Anne-Marie Descotes said growing numbers of companies were developing “German-free” weapons with no German content to smooth the export process, a dangerous omen for Franco-German projects valued in the billions of euros.

It was unacceptable that Germany could veto exports of weapons systems by other countries simply because they contained minor components that were built in Germany, she said.

Divisions over arms exports and defence spending are straining Chancellor Angela Merkel’s ruling coalition, with the Social Democrats (SPD) pushing to extend a freeze on arms exports to Saudi Arabia imposed after the killing of Saudi journalist Jamal Khashoggi by Saudi operatives.

Merkel and other conservative leaders have warned that Germany risks undermining its credibility and harming its defence industry with these policies.

Descotes said exports were needed to add sales volume and lower arms prices, otherwise European countries would have to boost military spending to as much as 4 percent of economic output to ensure adequate defences.

“This situation is untenable,” she said in an essay published by the German military’s Federal Academy for Security Policy. “Realistic export possibilities on the basis of clear and predictable rules are an essential prerequisite for the survival of our European defence industry.”

Europe’s Airbus is already redesigning its C295 military transport plane to strip out German-built components, company sources said in February.

Germany’s Saudi arms freeze has put a question mark over billions of euros of military orders, including a 10 billion pound ($13.18 billion) deal to sell 48 Eurofighter Typhoon jets to Riyadh that would be led by Britain’s BAE Systems. German firms build about a third of the plane’s components.

Descotes said Germany tended to treat arms exports as a domestic political issue, but its policies “have serious consequences for our bilateral cooperation in the defence sector and the strengthening of European sovereignty.”

She said France and Germany should complete work in coming weeks on a bilateral accord that would allow each country to ban the other’s arms exports only in exceptional cases that affected a country’s direct interest or national security.

The accord would also prevent a country from seizing on inclusion of minor components to block the other’s arms exports.

(Reporting by Andrea Shalal; Editing by Phil Berlowitz)

Source: OANN

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Bernie Sanders calls on Trump to release tax returns during Fox News town hall

During a Fox News town hall Monday, Sen. Bernie Sanders urged President Donald Trump to release his tax returns — the same day the Vermont senator released 10 years of his tax information.

The 77-year-old's tax documents confirmed Sanders is a millionaire, specifically showing his adjusted gross income in 2018 was $561,293 and that he paid a 26 percent effective tax rate.

"That's a lot of money ... it came from a book that I wrote. [It's] a pretty good book, you might want to read it," said Sanders during the opening of the town hall, adding that he wasn't going to apologize for having a best-seller.

BERNIE SANDERS FAST FACTS: 5 THINGS TO KNOW ABOUT THE VERMONT SENATOR

Fox News anchor Bret Baier noted that Sanders benefited from Trump's tax bill, while Sanders pointed out that he voted against it.

"In my view ... wealthy people and large corporations that are making billions in profits should start paying their fair share of taxes," the 2020 presidential hopeful added.

Baier asked Sanders why he doesn't take the tax breaks that Trump's policy offers; the Vermont senator explained that he just pays the standard amount.

WHAT IS 'DEMOCRATIC SOCIALISM'? BERNIE SANDERS' POLITICAL IDEOLOGY EXPLAINED

Sander then demanded that the correspondents call on Trump to release his tax returns.

"Hey, President Trump, my wife and I just released 10 years. Please do the same. Let the American people know," he continued, as the audience applauded.

Source: Fox News Politics

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Texas teen dies after being stabbed in alleged fight over a brownie, police say

A Texas teenager has died after reportedly being stabbed in the eye in a fight said to be over a brownie earlier this week, police said.

Police responded to reports Wednesday about 4:30 p.m. that a 14-year-old boy was stabbed during a fight with another juvenile, Houston Police Department said in a statement. Witnesses told police that they saw the victim arguing with another person just before he was attacked.

SOUTH DAKOTA POLICE SOLVE 38-YEAR-OLD HOMICIDE OF INFANT

Houston Independent School District Police Chief Paul Cordova said the fight erupted between the two individuals after school outside a convenience store across from the Jane Long Academy in southwest Houston.

After attacking the unidentified boy, the suspect, who has also not been identified, fled the scene.

Emergency personnel transported the teen to Memorial Hermann Hospital where he eventually succumbed to his injuries on Friday.

CLICK HERE TO GET THE FOX NEWS APP

Houston Police Homicide Division took over the case and made an arrest Friday afternoon.

Officials say the 14-year-old suspect is charged with aggravated assault with a deadly weapon.

The Associated Press contributed to this report.

Source: Fox News National

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Cellphone jamming tested at South Carolina state prison

Federal officials say they oversaw a test this week of a jamming technology some hope will help combat the threat posed by inmates with smuggled cellphones.

Department of Justice officials tell The Associated Press the test took place over the course of five days at a maximum-security prison in South Carolina. Assistant Attorney General Beth Williams says it's the first time federal officials have collaborated with officials at a state prison for such a test.

The test marks progress on the state-level quest to stamp out cellphones, which officials have long said represent the top security threat within their institutions.

Jamming technology was tested last year at a federal prison, but a decades-old law says state or local agencies don't have the authority to jam the public airwaves.

Source: Fox News National

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Nigeria's opposition urges military to stay away from vote

Nigeria's top opposition candidate is urging the military not to be involved in the upcoming presidential election, saying the army "has no role to play in the conduct" of the poll.

Speaking on national television Tuesday, Atiku Abubakar criticized President Muhammadu Buhari's earlier remarks in which he ordered Nigeria's security forces to be "ruthless" with those found interfering with the voting process.

Nigeria's presidential election, initially scheduled for Feb. 16, was at the last minute postponed for a week to Feb. 23, raising political tensions. The electoral commission said it needed more time to organize a credible election.

Both the ruling party and the opposition have criticized the delay.

The race between Buhari and Abubakar appears to be tight.

Source: Fox News World

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Baez homers twice as Cubs rough up Rangers

MLB: Chicago Cubs at Texas Rangers
Mar 28, 2019; Arlington, TX, USA; Chicago Cubs shortstop Javier Baez (9) circles the bases after hitting a three-run home run in the fifth inning against the Texas Rangers at Globe Life Park in Arlington. Mandatory Credit: Ray Carlin-USA TODAY Sports

March 28, 2019

Javier Baez hit two homers and drove in four runs to lead the Chicago Cubs to a 12-4, season-opening win against the Texas Rangers on Thursday afternoon in Arlington, Texas.

Baez became the first Cubs player with a multi-homer game in the season opener since Corey Patterson in 2003.

David Bote, Jason Heyward and Albert Almora Jr. had two hits each, and Kris Bryant drove in two of his three runs with an eighth-inning homer for Chicago.

Cubs left-hander Jon Lester (1-0) went six innings, allowing two runs and four hits with three strikeouts and two walks.

Elvis Andrus and Nomar Mazara each hit two-run homers for the Rangers.

Texas left-hander Mike Minor (0-1) pitched 4 2/3 innings, allowing six runs and five hits with three strikeouts and two walks.

Minor breezed through the first 3 2/3 innings before giving up a solo home run to Baez with two outs in the fourth to cut Texas’ lead to 2-1.

Minor started Chicago’s six-run fifth by hitting Bote with a pitch. He then gave up a single to Ben Zobrist, moving the runner to third. Heyward drove in Bote with an infield single to second base to tie the score, and No. 9 hitter Mark Zagunis followed with a double to center, scoring Zobrist and putting runners on second and third.

After Almora fanned, Bryant’s groundout to short made it 4-2. Anthony Rizzo then walked to end Minor’s day. Jesse Chavez entered and gave up a three-run homer to Baez on his first pitch for a 7-2 lead.

The Cubs tacked on two more runs in the sixth, another in the seventh and two more in the eighth on the home run by Bryant.

Lester, who went 11-2 with a 2.87 ERA in road games last season to tie a career high for away wins, only faced trouble in the first and third innings, both after two were out.

After Texas’ Rougned Odor doubled down the right field line with two outs in the third, Andrus hit a two-run homer for a 2-0 lead.

–Field Level Media

Source: OANN

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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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