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Retail investors, mid-caps stand out in China’s stock rally

FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai
FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China September 7, 2018. REUTERS/Aly Song/File Photo/File Photo

March 15, 2019

By Luoyan Liu and Andrew Galbraith

SHANGHAI (Reuters) – Heartened by signs of an end to a long-running trade war with the United States and monetary easing at home, China’s stock indices have vaulted by a fifth since the beginning of this year and recovered a big chunk of 2018’s losses.

The Shanghai stock index scaled the 3,000 mark for the first time since June this month. The rally has been characterized by heavy retail participation, rising foreign flows into the country and soaring turnover.

Here are some of the salient features of this rally:

China has outperformed its Asian peers and most other global stock markets this year.

Beijing’s efforts to support an economy growing at its slowest pace in 28 years, through tax cuts and government spending, are widely seen as the critical factor behind the recent run-up.

On top of that, the United States and China are possibly in the final weeks of discussions to hammer out a deal to ease their tit-for-tat tariffs dispute.

(For a graphic on ‘China equities outrun other Asian markets’ click https://tmsnrt.rs/2CjoVsn)

(For a graphic on ‘Chinese stocks rise amid yuan appreciation’ click https://tmsnrt.rs/2OayIG5)

The rally has been dominated by mid-cap firms. Shares in Eastern Communications have seen a jaw-dropping 752 percent gain since late November amid speculation the company would be a beneficiary from China’s 5G tech push, even as the firm repeatedly clarified it has no revenue whatsoever from 5G business.

(For a graphic on ‘China bulls charging to record highs’ click https://tmsnrt.rs/2CmEP5d)

Trading volumes have jumped while investor confidence has been picking up. The number of Chinese stock investors had climbed to 147.5 million in January 2019, while market turnover soared to 2015 highs. Retail investors accounted for 99.6 percent of total investors.

(For a graphic on ‘Investor confidence picked up’ click https://tmsnrt.rs/2UBVadB)

(For a graphic on ‘China’s A-share market daily turnover soared’ click https://tmsnrt.rs/2Uze0BV)

Private equity funds have become one of the driving forces behind the rally. Their average equity exposure stood at 72 percent in March 2019, its highest since at least late 2017, showed data from Simuwang.com, an industry website.

(For a graphic on ‘Chinese private equity funds hiked their equity exposure levels’ click https://tmsnrt.rs/2UyNGYH)

Mutual funds are joining the party too, looking for better returns in stocks. According to the data from China Securities Regulatory Commission, the number of equity mutual funds in China had been steadily increasing in the four quarters of 2018, while their fund shares and net asset value were also on a rising trend.

(For a graphic on ‘Shares of equity mutual funds climbed through Q4 2018’ click https://tmsnrt.rs/2FbaGb4)

The cheapness of China’s shares, despite the rally, is part of the appeal. The SSEC currently trades at 12.6 times earnings, compared with an earning multiple of roughly 18 for the Dow Jones Industrial Average.

(For a graphic on ‘China stocks low valuations appeal to investors’ click https://tmsnrt.rs/2FatCqd)

Foreign investors have splurged hundreds of billions of yuan snapping up A-shares, particularly after China promised more access for them by combining two inbound investment schemes.

The wall of money rushing in even forced global index provider MSCI to take off a stock from its index. MSCI said it would remove Han’s Laser Technology from its China indexes and slash the weighting of Midea Group Co, citing issues triggered by foreign ownership ceilings.

The ownership limit could become a bigger headache for overseas investors buying Chinese stocks, especially small- and mid-caps.

(For a graphic on ‘Industry leaders with heavy foreign ownership’ click https://tmsnrt.rs/2UuwT97)

Even pigs are “flying”.

Alongside the speculative frenzy that has seen many small cap stocks hitting fresh highs, shares in China’s leading pig producers have soared to record levels despite the industry facing one of its worst disease outbreaks in years, as investors bet on tightening pork supplies and strong government support for leading producers.

As of Tuesday, Wens Foodstuff Group, the biggest start-up firm and mainland China’s top hog farmer, had surged more than 60 percent since the end of the Lunar New Year holiday.

(For a graphic on ‘PIGS FLY: China’s hog producers soared amid African swine fever’ click https://tmsnrt.rs/2FaKwoM)

Retail borrowing to speculate in stocks is also back with a vengeance as regulators shift their focus back to growth after a lengthy clampdown on riskier types of financing.

Some investors have even turned to the gray market for financing as they tried to maximize their gains in the rally, although China’s securities watchdog is gradually tightening its scrutiny over this form of shadow lending.

(For a graphic on ‘China investors borrow more to buy shares’ click https://tmsnrt.rs/2UBbT0u)

(Editing by Vidya Ranganathan & Shri Navaratnam)

Source: OANN

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UK regulator blocks Sainsbury’s $9.4 billion Asda takeover

FILE PHOTO: Shopping bags from Asda and Sainsbury's are seen in Manchester.
FILE PHOTO: Shopping bags from Asda and Sainsbury's are seen in Manchester, Britain April 30, 2018. REUTERS/Phil Noble/illustration

April 25, 2019

By James Davey and Paul Sandle

LONDON (Reuters) – Britain’s competition regulator on Thursday blocked Sainsbury’s proposed 7.3 billion pound ($9.4 billion) takeover of Walmart owned Asda – a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco.

The Competition and Markets Authority (CMA) ruling is also a major setback for Sainsbury’s Chief Executive Mike Coupe, the architect of the deal and the group’s boss since 2014.

Coupe made unwanted headlines when he was caught on camera singing: “We’re in the money” shortly after the deal was announced last April. Analysts said questions will be raised over his future after it failed to win approval.

The deal would have resulted in a substantial lessening of competition at both a national and local level, with prices rising in stores, online and at petrol stations, the CMA said.

Coupe took issue with the CMA’s analysis.

“The specific reason for wanting to merge was to lower prices for customers,” he said in a statement.

“The CMA’s conclusion that we would increase prices post-merger ignores the dynamic and highly competitive nature of the UK grocery market. The CMA is today effectively taking 1 billion pounds out of customers’ pockets.”

Sainsbury’s, Walmart and Asda said they had mutually agreed to terminate the transaction, opting not to challenge the CMA’s ruling through the courts.

As well as leapfrogging Tesco, the deal would have given Walmart a way to exit Britain, one of the weakest performers in its global portfolio.

Shares in Sainsbury’s were down 5.1 percent at 0820 GMT, extending their losses over the last three months to 23 percent.

WORSE OFF SHOPPERS

After delivering a damning provisional report in February, the CMA’s final report was equally stern, finding that UK shoppers and motorists would be worse off if Sainsbury’s and Asda combined.

“We have concluded that there is no effective way of addressing our concerns, other than to block the merger,” said Stuart McIntosh, chair of the CMA inquiry group.

Sainsbury’s share of the UK grocery market has dropped from 15.8 percent to 15.3 percent in the last year, while Asda’s has fallen from 15.6 percent to 15.3 percent, according to data from market researcher Kantar.

All of the big four grocers have lost share to German discounters Aldi and Lidl, which now have a combined 13.6 percent share. Tesco has 27.4 percent.

Sainsbury’s and Asda have argued that their share of the total market for food was smaller than the data indicated because of the emergence of new players like delivery services, but the regulator was not persuaded.

Coupe said he was confident in Sainsbury’s strategy, which focuses on own-brand products, and on the quality, provenance and ethical credentials of its food.

Judith McKenna, CEO of Walmart International, said she was disappointed by the CMA’s ruling.

“Our focus now is continuing to position Asda as a strong UK retailer delivering for customers. Walmart will ensure Asda has the resources it needs to achieve that,” she said.

IMPLICATIONS

The implications of the deal failing are likely to be significant. Some analysts believe Sainsbury’s will have to undergo a major shake-up that could see new chairman Martin Scicluna part company with Coupe.

Analysts at Jefferies believe the risk of a reinvigorated market leader Tesco continuing to recover customers historically lost to Sainsbury’s needs addressing with urgency.

Earlier this month Sainsbury’s lost its status as Britain’s No. 2 supermarket group by market share to Asda, according to Kantar data. Tesco in contrast is gaining momentum, reporting a 34 percent jump in full-year operating profit on April 10.

With one potential exit route from Britain for Walmart blocked, analysts have said the U.S. group might instead consider a stock market listing of Asda or try to sell it to private equity.

The Sunday Times reported in February that private equity group KKR was mulling an offer for Asda.

But both of these avenues are problematic.

“The problem with the idea of private equity is that the only way PE makes money is to have its own exit and there isn’t one because you can’t break-up Asda now,” one senior UK supermarket director told Reuters.

“The problem with an IPO is – what growth prospects are you selling? The story to investors is not a very good one,” he said, adding that Walmart may decide to run Asda as a profit center and simply instruct CEO Roger Burnley to make them more money.

(Reporting by James Davey and Paul Sandle, Editing by Keith Weir)

Source: OANN

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UK watchdog fines Goldman Sachs $45 million for reporting failures

A sign is displayed in the reception of Goldman Sachs in Sydney
A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo

March 28, 2019

LONDON (Reuters) – Britain’s markets watchdog said on Thursday it has fined Goldman Sachs 34.3 million pounds ($45.07 million) for failing to provide accurate and timely reporting of transactions spanning a decade.

“These were serious and prolonged failures,” said Mark Steward, the FCA’s executive director of enforcement and market oversight.

(Reporting by Huw Jones, Editing by Iain Withers)

Source: OANN

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U.S. purchase mortgage activity hits nine-year high: MBA

Homes are seen for sale in the northwest area of Portland
FILE PHOTO: Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola

April 17, 2019

NEW YORK (Reuters) – Applications to U.S. lenders seeking loans to buy a home climbed to their highest level in almost nine years last week even as mortgage rates increased for a second week, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally-adjusted barometer on purchase mortgage activity, which is seen as a proxy on future housing activity, edged up 0.9% to 280.7 in the week of April 12, marking its strongest reading since 291.3 in the week of April 30, 2010.

(GRAPHIC: U.S. mortgage applications – https://tmsnrt.rs/2RnEpRD)

“The spring buying season continues to be robust, with activity more than 7% higher than a year ago and up year-over-year for the ninth straight week,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.

The latest pickup in loan requests for home purchases has not been hampered by the uptick in borrowing costs.

Interest rates on conforming 30-year mortgages, with loan balances of $484,350 or less, averaged 4.44% last week, up 4 basis points from the prior week, MBA said.

Other mortgage rates MBA tracks on average increased anywhere from 1 basis points to 10 basis points.

Home loan rates rose in step with rising bond yields, as investors pared their bond holdings on less dismal data from China, Europe and the United States.

On the other hand, refinancing applications fell 8.2% to 1,453.0 in the last week on a seasonally adjusted basis, MBA said.

The refinancing index reached its highest level since November 2016 two weeks earlier at 1,786, when mortgage rates fell to their lowest levels in over 14 months.

The share of refinancing requests versus total applications shrank to 41.5% from 44.1% the week before.

MBA’s seasonally adjusted gauge on overall mortgage application activity decreased 3.5% to 459.0 in the latest week. It retreated further from a 2-1/2 year peak set two weeks ago.

MBA’s weekly survey, which began in 1990, covers more than 75% of all U.S. retail mortgage applications.

(Reporting by Richard Leong, Editing by Franklin Paul and Nick Zieminski)

Source: OANN

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Iraq PM says country could take non-Iraqi IS detainees from Syria

FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair
FILE PHOTO: Iraq's Prime Minister Adel Abdul Mahdi speaks during the opening of Baghdad International Fair, Iraq November 10, 2018. REUTERS/Thaier al-Sudani /File Photo

February 26, 2019

BAGHDAD (Reuters) – Iraq could help transfer non-Iraqi Islamic State detainees held by the Syrian Democratic Forces (SDF) in Syria, Prime Minister Adel Abdul Mahdi said on Tuesday.

Iraq will either help repatriate those citizens to their home countries, or prosecute on its own those suspected of having committed crimes, he said at his weekly news conference.

“Some countries could ask Iraq to help to transfer some of her Daesh citizens to the other country, like France for example,” Abdul Mahdi said, using the Arabic acronym for Islamic State. “Iraq might help, would help, helped to transfer those people to their country. It is one battle and Iraq should fulfill its duties and obligations.”

“Fighters belonging to Daesh from other countries that their states, their countries refuse to receive – how should we deal with that?” he asked.

“Each case we should study the names, whether they participated in terrorist acts in Iraq. Then they could be judged by Iraqi tribunals.”

Earlier in the press conference, the prime minister specified that Iraq would not receive from Syria foreign fighters whose home countries refused to take back from Iraq.

The comments came one day after Iraqi President Barham Salih said that 13 Islamic State detainees who were transferred to Iraq last week from the Syrian Democratic Forces would be tried in Iraq. [nL5N20K52I]

Two Iraqi military sources told Reuters on Sunday that the U.S.-backed SDF handed over 14 French and six non-Iraqi Arab Islamic detainees last week. [nL5N20J11D]

The fate of foreign detainees in SDF custody has become more pressing in recent weeks as U.S.-backed fighters planned an assault to capture the last remnants of the group’s self-styled caliphate. [nL5N20L5KE]

The militant group still poses a threat in Iraq and some western officials believe that Islamic State’s leader, Abu Bakr al-Baghdadi, may still be hiding in the area.

“We will deal with the case because if we don’t, then they can use a 600 km (372.82 miles)border with Syria and infiltrate once again in Iraq. So it’s a case that really concerns us, worries us and we have to deal with it,” Abdul Mahdi said.

(Reporting by Ahmed Rasheed in Baghdad and Raya Jalabi in Erbil; Writing by Raya Jalabi; Editing by Richard Chang)

Source: OANN

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Endgame 2019: Democracy Of Genocide

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

Source: Fox News World

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

April 26, 2019

By Ryan Woo

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NEED FOR CASH

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

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

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

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

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

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

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

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

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

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

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

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

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

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

STATE COMPETITION

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

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

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

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

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

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

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

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

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

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

Source: OANN

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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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

April 26, 2019

By Patricia Weiss and Ludwig Burger

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

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

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

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

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

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

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

Bayer is appealing or plans to appeal the verdicts.

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

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

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

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

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

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

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

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

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

Source: OANN

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