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French court ruling due in UBS $6 billion tax case

FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

February 20, 2019

By Inti Landauro and Emmanuel Jarry

PARIS (Reuters) – A French court will rule on Wednesday whether UBS, Switzerland’s largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds.

French prosecutors are demanding a 3.7 billion euro ($4.2 billion) fine, while the French state is seeking an additional 1.6 billion euros in damages. Such a combined penalty would be a record for France and exceed the Swiss bank’s 2018 net profit.

UBS denies any wrongdoing and the case could drag on for years if appealed by either side. It has set aside $2.46 billion to cover potential losses from litigation and regulatory requirements.

The French trial follows a similar case in the United States, where UBS accepted a $780 million settlement in 2009 and in Germany, where it agreed to a 300 million euro fine in 2014. UBS last month reported a 2018 net profit of $4.9 billion.

European banks have come under pressure from regulators to tighten compliance with anti money laundering rules since the financial crisis and will scrutinize the ruling, analysts say.

“Bankers in Europe are watching this case closely and will try to assess how exposed they are to similar risk,” Thierry Bonneau, a banking law professor at Paris Pantheon-Assas University, said ahead of the ruling.

The penalty French prosecutors are seeking is high by European standards, although in the United States judges have levied higher fines including the $8.9 billion a U.S. court in 2015 ordered BNP Paribas to pay for violating U.S. economic sanctions against Sudan, Cuba and Iran.

GOLF AND HUNTING

The French court ruling marks the culmination of a seven-year investigation and aborted settlement negotiations.

French prosecutors say UBS sent Swiss bankers to golf tournaments, classical music concerts and hunting parties to solicit new clients illegally, while the bank is also alleged to have helped its clients launder the money involved.

The prosecutors said UBS was “systematic” in its support to tax-evading customers and that the laundering of proceeds from the tax fraud was done on an “industrial” scale.

Under French law, those convicted of money laundering can be ordered to pay a fine totaling half the amount laundered. The prosecution estimates UBS’s customers hid billions of euros from the French tax authorities.

Prosecutors told the court that UBS’s bankers would hand over business cards without any logo and used computers which carried software allowing data to be quickly erased.

Six former UBS executives, including its former head in France, Raoul Weil, could be fined of between 50,000 and 500,000 euros and suspended jail terms if convicted. The six have all pleaded not guilty in the case.

Lawyers for UBS have called the magnitude of the possible penalty “irrational” and “extravagant” and said prosecutors failed to bring material evidence against the bank.

UBS, whose lawyers said the case had become politicized, turned down a settlement offer of 1.1 billion euros, an amount the bank was later requested to pay as a court bond.

($1 = 0.8851 euros)

(Reporting by Inti Landauro, Emmanuel Jarry and Angelika Gruber; editing by Richard Lough)

Source: OANN

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American tourist, guide who were freed after kidnapping in Uganda pictured as Trump urges captors’ capture

American tourist Kimberly Sue Endicott and her safari guide were pictured for the first time since they were freed Sunday following five days in captivity at the hands of gunmen who ambushed them in Uganda’s Queen Elizabeth National Park.

Endicott and her guide, Jean-Paul Mirenge Ramezo, were greeted by several people on Monday after they were found alive in Congo, where their kidnappers had taken them after abducting them last Tuesday, Ugandan authorities said. Endicott and Ramezo were found in “good health” and placed “in the safe hands of the joint security team” on Sunday.

AMERICAN TOURIST, DRIVER ABDUCTED IN UGANDA RELEASED BY CAPTORS, OFFICIALS SAY

U.S. military drones assisted Ugandan security forces in the recovery of Endicott and Ramezo, U.S. officials told Fox News

Endicott left the Ishasha Wilderness Camp in the national park on Monday for the capital city of Kampala, where she is expected to meet Deborah Ruth Malac, the U.S. Ambassador to Uganda.

Kimberly Sue Endicott seen Monday after she was freed from her kidnappers.

Kimberly Sue Endicott seen Monday after she was freed from her kidnappers. (Wild Frontiers Uganda)

President Trump on Monday urged Ugandan officials to work quickly in finding the armed kidnappers still at large.

“Uganda must find the kidnappers of the American Tourist and guide before people will feel safe in going there. Bring them to justice openly and quickly!” Trump tweeted.

Endicott — an aesthetician from Costa Mesa, Calif. — Remezo and two other tourists were in a car between 6 and 7 p.m. Tuesday when four men stopped them and held them at gunpoint. The men took Endicott and Remezo and left the two tourists, who then contacted the camp manager and were taken to safety, Uganda Police Force said.

Safari guide Jean-Paul Mirenge Ramezo, right, after he was rescued.

Safari guide Jean-Paul Mirenge Ramezo, right, after he was rescued. (Wild Frontiers Uganda)

The captors used Endicott’s phone to demand a $500,000 ransom for the pair's safe return. Ugandan police spokesman Fred Enanga said the armed kidnappers released Endicott and Ramezo because of the “implicit threat of the use of force,” disputing several reports that stated a ransom was paid for their release.

"I have indicated to you that we don't do ransom," he said Monday.

US PULLS FORCES FROM LIBYA DUE TO 'SECURITY CONDITIONS' AMID FIGHTING NEAR CAPITAL

A Uganda-based tour official said, however, that a ransom was paid to secure Endicott's freedom. The official with Wild Frontiers Uganda Safaris, which organized the kidnapping victims' safari itinerary, said Monday that Endicott was released -- "not rescued" -- after money was paid.

"Otherwise, she wouldn't be back," he said, speaking on condition of anonymity because he was not authorized to speak to the press.

Kimberly Sue Endicott and her guide, Jean-Paul Mirenge Ramezo, were held captive for five days.

Kimberly Sue Endicott and her guide, Jean-Paul Mirenge Ramezo, were held captive for five days. (Wild Frontiers Uganda)

Enanga said authorities were working to find the kidnappers but insisted citizens' and tourists’ safety is their main priority. Ugandan President Yoweri Museveni also tweeted the country is safe for tourists, despite Endicott’s terrifying ordeal.

“We shall deal with these isolated pockets of criminals. However, I want to reassure the country and our tourists that Uganda is safe and we shall continue to improve the security in our parks. Come and enjoy the Pearl of Africa,” Museveni tweeted.

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Endicott, who is in her 50s, booked the trip to Uganda because it was her dream to see gorillas on a safari in Africa, her friend Pam Lopez, told the Los Angeles Times.

“I know she was planning this trip for a while because it’s something that she’s always wanted to do,” Lopez said. “This was always a big trip she wanted to take.”

Queen Elizabeth National Park, which is located near the porous border with Congo, is Uganda's most popular safari destination. Its attractions also include groups of tree-climbing lions.

Fox News' Lucas Tomlinson and the Associated Press contributed to this report.

Source: Fox News World

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Lara Trump: $1 Billion Fundraising Goal Set for President’s Campaign

President Donald Trump's presidential campaign hopes to raise $1 billion dollars toward his second-term race, senior campaign adviser Lara Trump said Friday.

"We're light years ahead of where we were two-and-a-half years ago," Trump, the president's daughter-in-law, told Fox News' "Fox and Friends," where she participated in an interview along with her husband, Eric Trump. "I would like to say we were very grassroots in the 2016 campaign, meaning none of us had any idea of what we were doing."

But for the 2020 campaign, "we're very streamlined," said Trump. "In reality, we'll let the Democrats battle it out, see who their candidate is. We're not worried about [anyone] we've seen get in the race."

She said currently, the campaign directly has raised "about $60 million, but combined with the RNC we're close to $200 million."

Meanwhile, the couple discussed comments made earlier by Attorney General William Barr, when he said spying on Trump's 2016 campaign did occur.

"It did occur, right?" Eric Trump said. "The problem with these guys, they go so deep they found themselves."

But with Barr, "you have a grown up in the room, who calls out this nonsense because, you know, my father went around during the campaign, talked about the deep state," he added. "The deep state, guys, does exist. By the way it still exists, but it does exist and did exist."

He also ridiculed Democratic lawmakers for shifting their focus away from Russia and to healthcare.

"You've been talking about Russia for the last three years, all day, every day," he said. "All of sudden it comes out the whole thing was a hoax...this is why they're going to lose in 2020."

Source: NewsMax Politics

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Volkswagen, Siemens to collaborate on industrial cloud technology

Volkswagen logos are pictured during the media day of the Salao do Automovel International Auto Show in Sao Paulo
FILE PHOTO: Volkswagen logos are pictured during the media day of the Salao do Automovel International Auto Show in Sao Paulo, Brazil November 6, 2018. REUTERS/Paulo Whitaker

March 29, 2019

BERLIN (Reuters) – Volkswagen has selected Siemens as its integration partner to help connect its 122 plants to Amazon’s cloud in an effort to raise efficiency in production, the two German companies announced on Friday.

“Siemens will play a key role in ensuring that machinery and equipment of different manufacturers at the 122 Volkswagen plants are networked efficiently in the cloud,” they said in a joint statement, without giving financial terms.

Volkswagen on Wednesday said it has teamed up with Amazon Web Services to link up and integrate data from plants, machines and systems, as a way to improve and standardize its production systems and processes.

For Siemens, Volkswagen is an important, high-profile customer for its MindSphere internet of things platform, the core of its Digital Factory division.

(Reporting by Thomas Seythal; Editing by Georgina Prodhan)

Source: OANN

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Fight brews over expected blacked out portions of Mueller report

Special Counsel Mueller arrives at his office in Washington
Special Counsel Robert Mueller arrives at his office in Washington, U.S., April 17, 2019. REUTERS/Joshua Roberts

April 17, 2019

By David Morgan and Sarah N. Lynch

WASHINGTON (Reuters) – Congressional Democrats could move forward quickly – as early as Monday – with subpoenas to obtain Special Counsel Robert Mueller’s full report on Russian interference in the U.S. 2016 election, after Attorney General William Barr releases a version on Thursday that may have significant portions blacked out.

A day before the planned release of a redacted version of the report, President Donald Trump went to Twitter to renew his attacks on the special counsel’s investigation and the FBI.

When the report is released, close attention will be given not only to potential new details on the Trump campaign’s contacts with Russia and the question of whether the Republican president acted to impede the inquiry, but also on how much Barr elects to withhold.

The Democratic-led House of Representatives Judiciary Committee voted on April 3 to authorize its chairman, Jerrold Nadler, to issue subpoenas to the Justice Department to obtain Mueller’s unredacted report and all underlying evidence, as well as documents and testimony from five former Trump aides.

A source familiar with the matter said Nadler could issue subpoenas as early as Monday. The source, speaking on condition of anonymity, said Friday would be too early for subpoenas unless the entire report were to be blacked out.

“Chairman Nadler has said that subpoenas could come very quickly if we do not receive the full, unredacted report with the underlying evidence from DOJ. We will have to see what comes out on Thursday,” committee spokesman Daniel Schwarz said in a statement, using an acronym for the Justice Department.

The department this week said the report would be released on Thursday to both Congress and the public, a day before the major religious holidays of Good Friday and Passover.

Barr, who has broad authority to decide how much of the report to release, has promised to be as transparent as possible, but told lawmakers he would redact four categories of content: secret grand jury information, intelligence-gathering sources and methods, information relating to active cases and information could affect the privacy of “peripheral third parties” who were not charged.

The redactions, to be color coded to reflect the reason they were omitted from the final report, have Democrats seeing red. They have expressed concern that Barr, a Trump appointee named after the president fired former Attorney General Jeff Sessions, could black out material to protect the president.

Mueller on March 22 submitted to Barr a nearly 400-page report on his 22-month investigation into whether the Trump campaign worked with Moscow to sway the election in his favor, and whether Trump committed obstruction of justice with actions to impede the inquiry.

In a letter to lawmakers two days later, Barr said Mueller did not find that members of Trump’s campaign engaged in a criminal conspiracy with Russia. Barr said he determined there was not enough evidence to establish that Trump committed the crime of obstruction of justice, though Mueller did not exonerate Trump on obstruction.

Since then, Trump has set his sights on the FBI, and accused the Justice Department of improperly targeting his campaign. Last week, Barr told a U.S. Senate panel he believed “spying” did occur on Trump’s campaign, and he plans to investigate whether it was properly authorized.

A federal judge criticized Barr during a Tuesday hearing on a Freedom of Information Act lawsuit demanding access to the Mueller report, according to media reports.

“The attorney general has created an environment that has caused a significant part of the public to be concerned about whether or not there is full transparency,” U.S. District Court Judge Reggie Walton was quoted as saying.

Walton said he could ask to review the full document after a redacted version is released, but denied a request by a media outlet, Buzzfeed News, to speed up the process.

(Reporting by David Morgan and Sarah N. Lynch; Writing by Doina Chiacu; Editing by Will Dunham)

Source: OANN

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Rep. Nadler: Trump Showed ‘Contempt’ in Suggesting CBP Official Break Law

President Donald Trump showed “contempt” for the law by telling a Customs and Border Protection official that he’d pardon him if he went to jail for stopping asylum seekers at the border, Rep. Jerrold Nadler, D-N.Y., said Sunday.

In an interview on CNN’s “State of the Union,” Nadler was asked about Trump’s remark to former CBP commissioner and current Acting Secretary of Homeland Security Kevin McAleenan during a visit to the border in Calexico, Calif.

“This shows the president's contempt for law, another incidence of the president's contempt for law, to order that something clearly illegal, mainly blocking people claiming asylum, from coming into the country, which is clearly against our law… or offering a pardon… to someone who would disobey the law at the president's request,” Nadler said.

“That's the main job of the president, to see that the laws are faithfully executed,” Cardin added. “For a president to sabotage that goal by deliberately seeking to break the law is unforgivable.” 

Nadler also charged that Trump, before he became president, “stole” a 9/11 grant that should have gone to small businesses — and that Trump has “no moral authority to be talking about 9/11 at all.”

”I was instrumental in getting funding for small business grants for victims of 9/11, people with small businesses in the area,” the New York lawmaker said. “Donald Trump actually took a $150,000 grant from the Bush administration, they let him take $150,000 grant for 40 Wall Street. 

“He stole $150,000 from some small business person who could have used it to rehabilitate himself… He has no moral authority to be talking about 9/11 at all,” Nadler added, referring to Trump’s tweet condemning remarks by Rep. Ilhan Omar, D-Minn., about the terror attacks.

Source: NewsMax Politics

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Nestle to face lawsuit saying Poland Spring water not from a spring: U.S. judge

FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey
FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland, February 18, 2016. REUTERS/Pierre Albouy/File Photo

March 28, 2019

By Jonathan Stempel

(Reuters) – A federal judge on Thursday rejected Nestle SA’s bid to dismiss a revised lawsuit claiming that it defrauded consumers by filling bottles of its Poland Spring water with ordinary groundwater.

U.S. District Judge Jeffrey Alker Meyer said consumers from eight northeastern states may pursue claims that Nestle Waters North America deceived them into overpaying by labeling Poland Spring as “100% Natural Spring Water.”

The New Haven, Connecticut-based judge allowed claims on behalf of consumers from Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. He said federal law preempted claims from Vermont consumers.

Nestle Waters had argued there was “no fraud” because its water met the various state requirements. Meyer had dismissed an earlier version of the lawsuit last May.

“We remain highly confident in our legal position and will continue to defend our Poland Spring brand vigorously against this meritless lawsuit,” a Nestle Waters spokeswoman said in a statement on Thursday. “Poland Spring brand natural spring water is just what it says it is — 100 percent natural spring water.”

Lawyers for the plaintiffs did not immediately respond to requests for comment.

According to the amended complaint, Nestle Waters sells 1 billion gallons of Poland Spring a year in the United States, and “not one drop” of its water “emanates from a water source that qualifies as a genuine legal ‘natural spring.'”

The actual Poland Spring in Maine, which the defendant’s labels said is a source of Poland Spring water, “commercially ran dry” nearly 50 years ago, the complaint said.

In his earlier dismissal, Meyer said the plaintiffs were trying merely to enforce guidelines for spring water under the federal Food, Drug, and Cosmetic Act, and that this preempted their state law claims.

But in Thursday’s decision, he said he was “convinced” the plaintiffs would try to show only that Poland Spring water did not meet the states’ individual spring water standards, though they appeared to “mirror” the federal standard.

The case is Patane v. Nestle Waters North America Inc, U.S. District Court, District of Connecticut, No. 17-01381.

(Reporting by Jonathan Stempel in New York; Editing by Tom Brown)

Source: OANN

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Traders work on the floor at the NYSE in New York
FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

April 26, 2019

By Sruthi Shankar and Amy Caren Daniel

(Reuters) – U.S. stock index futures were flat on Friday, as investors paused ahead of GDP data, which is expected to show the world’s largest economy maintained a moderate pace of growth in the first quarter.

Gross domestic product probably increased at a 2% annualized rate in the quarter as a burst in exports, strong inventory stockpiling and government investment in public construction projects offset a slowdown in consumer and business spending, according to a Reuters survey of economists.

The Commerce Department report will be published at 8:30 a.m. ET.

The GDP data comes as investors look for fresh catalysts to push the markets higher. The S&P 500 index is about 0.5% below its record high hit in late September, after surging nearly 17% this year.

First-quarter earnings have been largely upbeat, with nearly 78% of the 178 companies that have reported so far surpassing earnings estimates, according to Refinitiv data.

Wall Street now expects S&P 500 earnings to be in line with the year-ago quarter, a sharp improvement from the 2.3% fall expected at the start of April.

Amazon.com Inc rose 0.9% in premarket trading after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

Ford Motor Co shares surged 8.5% after the automaker posted better-than-expected first-quarter earnings largely due to strong pickup truck sales in its core U.S. market.

Mattel Inc jumped 8% after the toymaker beat analysts’ estimates for quarterly revenue, as a more diverse range of Barbie dolls powered sales in the United States.

At 6:52 a.m. ET, Dow e-minis were down 35 points, or 0.13%. S&P 500 e-minis were down 1.5 points, or 0.05% and Nasdaq 100 e-minis were up 10.75 points, or 0.14%.

Among decliners, Intel Corp slumped 7.7% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business.

Rival Advanced Micro Devices declined 0.8%.

Oil majors Exxon Mobil Corp and Chevron Corp are expected to report results later in the day.

(Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva)

Source: OANN

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General view of a destroyed building during World War II is pictured in Warsaw
General view of a destroyed building during World War II is pictured in Warsaw, Poland April 26, 2019. REUTERS/Kacper Pempel

April 26, 2019

By Joanna Plucinska

WARSAW (Reuters) – Germany could owe Poland more than $850 billion in reparations for damages it incurred during World War Two and the brutal Nazi occupation, a senior ruling party lawmaker said.

Some six million Poles, including three million Polish Jews, were killed during the war and Warsaw was razed to the ground following a 1944 uprising in which about 200,000 civilians died.

Germany, one of Poland’s biggest trade partners and a fellow member of the European Union and NATO, says all financial claims linked to World War Two have been settled.

The right-wing Law and Justice (PiS) has revived calls for compensation since it took power in 2015 and has made the promotion of Poland’s wartime victimhood a central plank of its appeal to nationalism.

PiS has yet to make an official demand for reparations but its combative stance towards Germany has strained relations.

“Poland lost not only millions of its citizens but it was also destroyed in an unusually brutal way,” Arkadiusz Mularczyk, who heads the Polish parliamentary committee on reparations, told Reuters in an interview.

“Many (victims) are still alive and feel deeply wronged.”

His comments come a month before European Parliament elections in which populist and nationalist parties are expected to do well. Poland will also hold national elections later this year, with PiS still well ahead of its rivals in opinion polls.

EU LARGESSE

Mularczyk said the reparations figure could amount to more than 10 times the estimated 100 billion euros ($111 billion) that Poland has received so far in European Union funds since it joined the bloc in 2004.

Germany is the biggest net donor to the EU budget and some Germans regard its contributions as generous compensation to recipient countries like Poland which suffered under Nazi rule.

In 1953 Poland’s then-communist rulers relinquished all claims to war reparations under pressure from the Soviet Union, which wanted to free East Germany, also a Soviet satellite, from any liabilities. PiS says that agreement is invalid because Poland was unable to negotiate fair compensation.

Mularczyk said his committee hoped to complete its report on the reparations issue by Sept. 1, the 80th anniversary of Hitler’s invasion.

Accusing Berlin of playing “diplomatic games” over the issue, he said: “The matter is being swept under the rug (by Germany) … until it’ll be wiped from the memory, from people’s awareness.”

His comments come after the Greek parliament voted this month to seek billions of euros in German reparations for the Nazi occupation of their country.

(Additional reporting by Anna Wlodarczak-Semczuk, Editing by Justyna Pawlak and Gareth Jones)

Source: OANN

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FILE PHOTO - Otto Frederick Warmbier is taken to North Korea's top court in Pyongyang North Korea
FILE PHOTO – Otto Frederick Warmbier (C), a University of Virginia student who was detained in North Korea since early January, is taken to North Korea’s top court in Pyongyang, North Korea, in this photo released by Kyodo March 16, 2016. Mandatory credit REUTERS/Kyodo/File Photo

April 26, 2019

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday said the United States did not pay any money to North Korea as it sought the release of comatose American student Otto Warmbier.

The Washington Post reported on Thursday that Trump had approved payment of a $2 million bill from North Korea to cover its care of the college student, who died shortly after he was returned to the United States after 17 months in a North Korean prison.

(Reporting by Makini Brice and Susan Heavey)

Source: OANN

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Al-Qaida in Yemen is vowing to avenge beheadings carried out by Saudi Arabia this week — an indication that some of the 37 Saudis executed on terrorism-related charges were members of the Sunni militant group.

Al-Qaida in the Arabian Peninsula, as the branch is called, posted a statement on militant-linked websites on Friday, accusing the kingdom of offering the blood of the “noble children of the nation just to appease America.”

The statement says al-Qaida will “never forget about their blood and we will avenge them.”

U.S. ally Saudi Arabia on Tuesday executed 37 suspects convicted on terrorism-related charges. Most were believed to be Shiites but at least one was believed to be a Sunni militant.

His body was pinned to a pole in public as a warning to others.

Source: Fox News World

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For two friends with checkered pasts it was the luck of a lifetime: a 4 million-pound ($5.2 million) lottery win.

But Mark Goodram and Jon-Ross Watson may see their celebrations cut short.

The Sun newspaper reports that Britain’s National Lottery is withholding the payout as it investigates whether the men, who have a string of criminal convictions, used illicit means to buy the winning ticket.

The Sun said neither man has a bank account, leading lottery organizers to investigate how they obtained the bank-issued debit card that paid for the 10 pound ($13) scratch card.

Camelot, which runs the lottery, said Friday it couldn’t confirm details of the story because of winner-anonymity rules. The firm said it holds a “thorough investigation” if there is any doubt about a claim.

Source: Fox News World

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