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Hubert Joly to step down as Best Buy CEO

Hubert Joly, the CEO of Best Buy, poses for a photograph before an interview with Reuters in New York
FILE PHOTO: Hubert Joly, the CEO of Best Buy, poses for a photograph before an interview with Reuters in New York, U.S. March 9, 2018. REUTERS/Stephanie Keith

April 15, 2019

(Reuters) – Best Buy Co Inc said on Monday Chief Executive Officer Hubert Joly would step down from his role in June and take over as the executive chairman.

The consumer electronics retailer named Chief Financial Officer Corie Barry as its new CEO.

(Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber)

Source: OANN

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U.S. tractor maker AGCO rolls out Fendt line for Brazil farmers

Employees work at a harvest machine assembly line at the AGCO Agricultural Machinery Plant in Ribeirao Preto
FILE PHOTO: Employees work at a harvest machine assembly line at the AGCO Agricultural Machinery Plant in Ribeirao Preto, northeastern region of the state of Sao Paulo, Brazil, September 15, 2016. REUTERS/Nacho Doce

April 23, 2019

By Marcelo Teixeira

SAO PAULO (Reuters) – U.S. agricultural machine maker AGCO Corp said on Tuesday it would launch its flagship Fendt line of equipment in Brazil later this year, targeting large soybean farmers in the vast center-west region.

AGCO will first bring the German-made line of Fendt Vario high-power tractors to Brazil’s grain heartland, the company’s South America chief Luís Felli said at a presentation in Sao Paulo.

Next year AGCO plans to launch sales of Fendt’s biggest-yet planters and harvesters that will be produced in two plants in Brazil, looking to lure the largest-scale farming groups, he said.

Felli said most items were designed in Brazil specifically for the needs of grain producers in the center-west states such as Mato Grosso and Goiás, where much of the country’s soybean and corn is produced.

“Everybody nowadays wants to produce two crops per year in Brazil. The windows for harvesting and planting are small. You need to gain speed, and these equipment will give you speed,” he said.

Fendt South America division will be headquartered in Sorriso, right along at the key BR-163 grain-shipping road, in the northern part of Mato Grosso state. It will sell 40-line planters that carry seeds and fertilizer and can be folded to be transported to other areas.

“The largest planters of that kind until today had 17 lines, so this could make a big difference in a large farm,” Felli said.

According to him, if conditions are right, precision planters could go as fast as 12 kilometers per hour (km/h) in the field, compared to 5 km/h for a conventional planter.

AGCO will also sell Fendt harvesters with up to 50-feet long platforms and internal storage for as much as 220 60-kg bags of soybeans (485 bushels).

Felli says Brazil has at least 10,000 farmers with 5,000 hectares or more each, a large scale farming not seen anywhere else, boosting sales potential for large, powerful machinery.

The company has invested 150 million reais ($38.30 million) so far to bring the Fendt line to South America.

(Reporting by Marcelo Teixeira; Editing by Richard Chang)

Source: OANN

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German growth weakness persists but pessimism unwarranted: Bundesbank

FILE PHOTO: The 'Europacity' construction site is pictured in Berlin
FILE PHOTO: The 'Europacity' construction site is pictured in Berlin, Germany, July 27, 2018. REUTERS/Fabrizio Bensch/File Photo

February 27, 2019

FRANKFURT (Reuters) – Germany’s growth weakness has extended into 2019 but the foundations of a rebound remain in place, Bundesbank President Jens Weidmann said on Wednesday in the presentation of the bank’s 2018 annual report.

Growth in Germany, the euro zone’s biggest economy, stalled in the second half of last year and fears are growing that its difficulties may not be as temporary as earlier thought, a potential drag for the entire currency bloc.

The Bundesbank said growth this year will be “well below” its potential rate of 1.5 percent as the dip, which had been expected to end last year, still persists.

“There is much to suggest that the dip in growth here in Germany has persisted into the current year … and that is probably why German economic growth will fall well short of the potential rate of 1.5 percent in 2019,” Weidmann said.

But he said there was no reason for pessimism as the prerequisites for further expansion remain solid, as financing remains cheap, employment is expanding and wages are rising.

The Bundesbank earned a profit of 2.5 billion euros last year and will pay 2.4 billion euros into the German budget, up from 1.9 billion a year earlier.

It is also increasing risk provisions by 1.475 billion euros to bring 17.9 billion euros, the central bank added.

(Reporting by Balazs Koranyi; Editing by Catherine Evans)

Source: OANN

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The Latest: 100 people evacuated from cruise ship off Norway

The Latest on the Viking Sky cruise ship, which is having engine problems off the coast of Norway (all times local):

6 p.m.

Norwegian officials say rescue workers have managed to evacuate about 100 people so far from a cruise ship that ran into engine problems in heavy winds and seas and sent a mayday call off Norway's western coast.

Authorities kicked off an evacuation on Saturday afternoon of the estimated 1,300 passengers and crew from the Viking Sky cruise ship. Rescue teams with helicopters and boats have been sent to help, and the evacuation process expected to take several hours.

Norwegian newspaper VG said the Viking Sky into propulsion problems as strong winds and heavy seas hit Norway's coastal regions and had to moor in Hustadsvika Bay, between the western Norwegian cities of Alesund and Trondheim.

The Viking Sky was delivered in 2017 to operator Viking Ocean Cruises.

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5:15 p.m.

Police say a cruise ship with engine problems has sent a mayday call off Norway's western coast and is making plans to evacuate its 1,300 passengers and crew.

Norwegian newspaper VG said the Viking Sky cruise ship ran into propulsion problems as strong winds and heavy seas hit Norway's coastal regions Saturday.

Police in the western county of Moere og Romsdal said Saturday the ship has managed to moor in Hustadsvika Bay, between the western Norwegian cities of Alesund and Trondheim.

Rescue teams with helicopters and boats have been sent to help and evacuate the vessel, a process expected to take several hours.

The Viking Sky was delivered in 2017 to operator Viking Ocean Cruises.

Source: Fox News World

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European stocks pause after strong rally, Brexit impasse weighs

The German share price index DAX graph at the stock exchange in Frankfurt
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, March 22, 2019. REUTERS/Staff

April 2, 2019

(Reuters) – European shares treaded water on Tuesday following their strongest two-day rally since January, as Brexit uncertainty clouded sentiment with parliament deadlocked again over its exit from the European Union.

The pan-European index was up 0.03 percent at 0720 GMT, nudging toward highs from September and March.

Most European bourses posted slight gains and Britain’s exporter-heavy FTSE 100 rose 0.5 percent, helped by a weaker sterling.

Global equities advanced on Monday, with STOXX posting its best gain in six weeks, after investors were encouraged by upbeat manufacturing surveys out of China and the United States.

The strong data from two of the world’s largest economies came on the heels of fresh concerns over the health of the world economy after the U.S. Federal Reserve abandoned plans for interest rates hikes this year in a surprise move last month.

Meanwhile, Britain was no nearer to resolving the chaos surrounding its exit from the EU bloc after parliament failed on Monday to find a majority of its own for any alternative to Prime Minister Theresa May’s divorce deal.

May is due to hold five hours of cabinet meetings with senior ministers on Tuesday to plan the government’s next moves.

Capping gains on the pan-region index were losses in auto stocks and basic resources, which declined for the first time in five sessions.

Mining stocks slid with BHP Group dipping after the company said their initial estimates indicated iron ore production would take a hit of about 6 million to 8 million tonnes from damage caused by cyclone Veronica last week.

Novartis AG shares fell 0.7 percent after a U.S. ruling that the Swiss drugmaker must face a government lawsuit accusing it of paying millions of dollars in kickbacks to doctors so they would prescribe its drugs.

Prosiebensat rose 2.5 percent, leading gains after HSBC upgraded the Germany-based advertising company’s stocks.

Grenke AG rose 1.5 percent after the company reported an increase of 22 percent in the new businesses in the first quarter.

Volvo rose 1.2 percent after Goldman Sachs initiated its rating on the company with “buy.”

Tire-maker Pirelli rose 0.3 percent after the company said it saw a positive impact of 107 million euros in first half from recognition of tax credits in Brazil.

(Reporting by Medha Singh and Agamoni Ghosh in Bengaluru; Editing by Andrew Cawthorne)

Source: OANN

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NZ Threatens 10 Years In Prison For ‘Possessing’ Mosque Shooting Video

New Zealand authorities have reminded citizens that they face up to 10 years in prison for “knowingly” possessing a copy of the New Zealand mosque shooting video – and up to 14 years in prison for sharing it. Corporations (such as web hosts) face an additional $200,000 ($137,000 US) fine under the same law. 

Terrorist Brenton Tarrant used Facebook Live to broadcast the first 17 minutes of his attack on the Al Noor Mosque in Christchurch, New Zealand at approximately 1:40 p.m. on Friday – the first of two mosque attacks which left 50 dead and 50 injured.

Copies of Tarrant’s livestream, along with his lengthy manifesto, began to rapidly circulate on various file hosting sites following the attack, which as we noted Friday – were quickly scrubbed from mainstream platforms such as Facebook, YouTube, Twitter and Scribd. YouTube has gone so far as to intentionally disable search filters so that people cannot find Christchurch shooting materials – including footage of suspected multiple shooters as well as the arrest of Tarrant and other suspects.

On Saturday, journalist Nick Monroe reported that New Zealand police have warned citizens that they face imprisonment for distributing the video, while popular New Zealand Facebook group Wellington Live notes that “NZ police would like to remind the public that it is an offence to share an objectional publication which includes the horrific video from yesterday’s attack. If you see this video, report it immediately. Do not download it. Do not share it. If you are found to have a copy of the video or to have shared it, you face fines & potential imprisonment.”

Dissenter blocked in New Zealand

Along with the censorship of online materials and investigation of content sharing platforms such as BitChute and 8chan – where the shooter posted a link to the livestream of his attack, social discussion service Dissenter has been blocked in New Zealand. Created by the people behind Twitter competitor Gab.ai – Dissenter is a browser extension which pops up a third-party comments section for any website where people can discuss content outside of the control of the website owner.

On Saturday, Gab’s official accounts (@gab and @getongab) reported that “New Zealand ISPs have banned dissenter.com until it is “censorship compliant.””

Update: Shortly after this article published, we were informed that ZeroHedge is unable to be reached by Votafone customers.

Milo banned

Meanwhile, far-right commentator Milo Yiannopoulos was banned from Australia in the wake of the New Zealand shootings after he said on Facebook that attacks like Christchurch happen because “the establishment panders to and mollycoddles extremist leftism and barbaric, alien religious cultures.”

Australia’s immigration minister, David Coleman, said in a Saturday statement that Yiannopoulos’s comments were “appalling and forment hatred and division,” adding “Milo Yiannopoulos will not be allowed to enter Australia for his proposed tour this year.”

UK man arrested

While the Christchurch attacks were utterly reprehensible, supporting them is now punishable in the United Kingdom. On Saturday afternoon, a 24-year-old man from Oldham was arrested on suspicion of sending malicious communications in support of the mosque attacks. It is unclear what he is alleged to have written.

The Greater Manchester Police said in a statement that they “became aware of a post on social media making reference and support for the terrible events in New Zealand,” adding “Police have made urgent enquiries and a man aged 24 from the Oldham area is now under arrest on suspicion of sending malicious communications.”

“It is clear that people are worried and we really understand that… It is truly terrible what happened yesterday. It is hard to put into any form of words,” said Assistant Chief Constable Russ Jackson, who added “We have nothing to suggest any threat locally, but none of this can diminish how people feel and that is why we want to be there to offer more support at this difficult time.”

Source: InfoWars

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Limo company operator pleads not guilty in fatal crash

The operator of a limousine company has pleaded not guilty to 20 counts each of criminally negligent homicide and second-degree manslaughter in a crash that killed 20 people in upstate New York.

Nauman Hussain was arraigned Wednesday in Schoharie County Court. State police have said the 2001 Ford Excursion stretch limousine should not have been on the road due to safety issues.

The limo ran a stop sign at a T-intersection and crashed beside a country store on Oct. 6.

Defense attorney Lee Kindlon said in a court brief that records demonstrate the company's efforts to maintain the vehicle's road-worthiness. He said the road design contributed to the accident.

Hussain has been free on $150,000 bail bond since October. Judge George Bartlett raised it Wednesday to $225,000 cash or $450,000 bond.

Source: Fox News National

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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German drug and crop chemical maker Bayer holds annual general meeting
Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, attends the annual general shareholders meeting in Bonn, Germany, April 26, 2019. REUTERS/Wolfgang Rattay

April 26, 2019

By Patricia Weiss and Ludwig Burger

BONN (Reuters) – Bayer shareholders vented their anger over its stock price slump on Friday as litigation risks mount from the German drugmaker’s $63 billion takeover of seed maker Monsanto.

Several large investors said they will not support aspirin investor Bayer’s management in a key vote scheduled for the end of its annual general meeting.

Bayer’s management, led by chief executive Werner Baumann, could see an embarrassing plunge in approval ratings, down from 97 percent at last year’s AGM, which was held shortly before the Monsanto takeover closed in June.

A vote to ratify the board’s actions features prominently at every German AGM. Although it has no bearing on management’s liability, it is seen as a key gauge of shareholder sentiment.

“Due to the continued negative development at Bayer, high legal risks and a massive share price slump, we refuse to ratify the management board and supervisory board’s actions during the business year,” Janne Werning, representing Germany’s Union Investment, a top-20 shareholder, said in prepared remarks.

About 30 billion euros ($34 billion) have been wiped off Bayer’s market value since August, when a U.S. jury found the pesticide and drugs group liable because Monsanto had not warned of alleged cancer risks linked to its weedkiller Roundup.

Bayer suffered a similar defeat last month and more than 13,000 plaintiffs are claiming damages.

Bayer is appealing or plans to appeal the verdicts.

Deutsche Bank’s asset managing arm DWS said shareholders should have been consulted before the takeover, which was agreed in 2016 and closed in June last year.

“You are pointing out that the lawsuits have not been lost yet. We and our customers, however, have already lost something – money and trust,” Nicolas Huber, head of corporate governance at DWS, said in prepared remarks for the AGM.

He said DWS would abstain from the shareholder vote of confidence in the executive and non-executive boards.

Two people familiar with the situation told Reuters this week that Bayer’s largest shareholder, BlackRock, plans to either abstain from or vote against ratifying the management board’s actions.

Asset management firm Deka, among Bayer’s largest German investors, has also said it would cast a no vote.

Baumann said Bayer’s true value was not reflected in the current share price.

“There’s no way to make this look good. The lawsuits and the first verdicts weigh heavily on our company and it’s a concern for many people,” he said, adding it was the right decision to buy Monsanto and that Bayer was vigorously defending itself.

This month, shareholder advisory firms Institutional Shareholder Services (ISS) and Glass Lewis recommended investors not to give the executive board their seal of approval.

(Reporting by Patricia Weiss and Ludwig Burger; Editing by Alexander Smith)

Source: OANN

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Sudan’s military, which ousted President Omar al-Bashir after months of protests against his 30-year rule, says it intends to keep the upper hand during the country’s transitional period to civilian rule.

The announcement is expected to raise tensions with the protesters, who demand immediate handover of power.

The Sudanese Professionals Association, which is spearheading the protests, said Friday the crowds will stay in the streets until all their demands are met.

Shams al-Deen al-Kabashi, the spokesman for the military council, said late Thursday that the military will “maintain sovereign powers” while the Cabinet would be in the hands of civilians.

The protesters insist the country should be led by a “civilian sovereign” council with “limited military representation” during the transitional period.

The army toppled and arrested al-Bashir on April 11.

Source: Fox News World

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FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture
FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture, March 30, 2019. REUTERS/Dado Ruvic

April 26, 2019

By Charlotte Greenfield

WELLINGTON (Reuters) – China’s Huawei Technologies said Britain’s decision to allow the firm a restricted role in building parts of its next-generation telecoms network was the kind of solution it was hoping for in New Zealand, where it has been blocked from 5G plans.

Britain will ban Huawei from all core parts of 5G network but give it some access to non-core parts, sources have told Reuters, as it seeks a middle way in a bitter U.S.-China dispute stemming from American allegations that Huawei’s equipment could be used by Beijing for espionage.

Washington has also urged its allies to ban Huawei from building 5G networks, even as the Chinese company, the world’s top producer of telecoms equipment, has repeatedly said the spying concerns are unfounded.

In New Zealand, a member of the Five Eyes intelligence sharing network that includes the United States, the Government Communications Security Bureau (GCSB) in November turned down an initial request from local telecommunication firm Spark to include Huawei equipment in its 5G network, but later gave the operator options to mitigate national security concerns.

“The proposed solution in the UK to restrict Huawei from bidding for the core is exactly the type of solution we have been looking at in New Zealand,” Andrew Bowater, deputy CEO of Huawei’s New Zealand arm, said in an emailed statement.

Spark said it has noted the developments in Britain and would raise it with the GCSB.

The reports “suggest the UK is following other European jurisdictions in taking a considered and balanced approach to managing supplier-related security risks in 5G”, Andrew Pirie, Spark’s corporate relations lead, said in an email.

“Our discussions with the GCSB are ongoing and we expect that the UK developments will be a further item of discussion between us,” Pirie added.

New Zealand’s minister for intelligence services, Andrew Little, did not immediately respond to a request for comment.

British culture minister Jeremy Wright said on Thursday that he would report to parliament the conclusions of a government review of the 5G supply chain once they had been taken.

He added that the disclosure of confidential discussions on the role of Huawei was “unacceptable” and that he could not rule out a criminal investigation into the leak.

The decisions by Britain and Germany to use Huawei gear in non-core parts of 5G network makes it harder to prove Huawei should be kept out of New Zealand telecommunication networks, said Syed Faraz Hasan, an expert in communication engineering and networks at New Zealand’s Massey University

He pointed out Huawei gear was already part of the non-core 4G networks that 5G infrastructure would be built on.

“Unless there is a convincing argument against the Huawei devices … it is difficult to keep them away,” Hasan said.

(Reporting by Charlotte Greenfield; Editing by Himani Sarkar)

Source: OANN

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FILE PHOTO: The logo commodities trader Glencore is pictured in Baar
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann

April 26, 2019

(Reuters) – Glencore shares plunged the most in nearly four months on Friday after news overnight that U.S. regulators were investigating whether the miner broke some rules through “corrupt practices”.

Shares of the FTSE 100 company fell as much as 4.2 percent in early deals, and were down 3.5 percent at 310.25 pence by 0728 GMT.

On Thursday, Glencore said the U.S. Commodity Futures Trading Commission is investigating whether the company and its units have violated some provisions of the Commodity ExchangeAct and/or CFTC Regulations.

(Reporting by Muvija M in Bengaluru)

Source: OANN

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