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China’s Ant Financial amasses 50 million users, mostly low-income, in new health plan

The logo of Ant Financial Services Group is pictured at its headquarters in Hangzhou
The logo of Ant Financial Services Group, Alibaba's financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang

April 12, 2019

SINGAPORE (Reuters) – A mutual health aid plan launched by Ant Financial Services Group, the dominant fintech player in China, has amassed more than 50 million users and is aiming for 300 million within two years, the company said late on Thursday.

The plan, dubbed Xiang Hu Bao or literally “mutual protection”, is marketed on Ant Financial’s flagship mobile payment app Alipay and provides participants a basic medical coverage with the risks and expenses distributed across all members.

It has gained unexpected popularity among China’s “low-end population”, poorer sections of society, who struggle to afford medical services due to the government’s inadequate social healthcare system and are under-served by traditional commercial insurers as they cannot meet the premiums and advance payments required with commercial health insurance products.

About 47 percent of Xiang Hu Bao plan’s 50 million participants are migrant workers and 31 percent are from rural areas and county-level regions, Ant Financial said.

Chinese billionaire Jack Ma’s Ant Financial was spun off from e-commerce giant Alibaba Group Co Ltd, which went public in 2014, and has played a vital role in shaping the financial technology landscape in China, shaking up the state-controlled traditional banking, asset management and insurance sectors with disruptive new products.

The expansion of Xiang Hu Bao was even faster than Ant Financial’s blockbuster online spare cash management platform Yu’e Bao, which took more than six months to reach the 50 million user milestone after launching in 2013 and has grown to become the world’s largest money market fund with 1.13 trillion yuan ($168.2 billion) in net asset as of end-2018. China has a population of nearly 1.4 billion.

The Xiang Hu Bao health plan protects participants against 100 critical illnesses with a one-time payout of up to 300,000 yuan ($44,650). The cost is shared equally by all other participants, capped at 188 yuan per month for individual users in 2019, according to its description.

Despite its mutual insurance features, Ant Financial said the plan is “not a health insurance product”, indicating the product is not regulated by the country’s insurance regulator.

Ant Financial has obtained a range of licenses to operate financial services, including payments, online banking, insurance, micro lending, and fund management in China’s vast financial market. Its rapid expansion has propelled regulators to place it under increased scrutiny to prevent potential systematic financial risks.

(Reporting by Shu Zhang; Editing by Jacqueline Wong)

Source: OANN

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Giants manager Bochy retiring after 2019 season

San Francisco Giants Manager Bochy stands next to the World Series trophy before their MLB National League baseball game against St. Louis Cardinals in San Francisco
FILE PHOTO: San Francisco Giants Manager Bruce Bochy stands next to the World Series trophy before the team's MLB National League baseball game against the St. Louis Cardinals in San Francisco, California April 7, 2013. REUTERS/Stephen Lam

February 19, 2019

San Francisco Giants manager Bruce Bochy announced Monday that he will retire after the 2019 season.

The announcement was made on the club’s Twitter feed.

“I will be retiring after the season.” –@BruceBochy

Bochy, who turns 64 in April, has guided the Giants to three World Series titles (2010, 2012, 2014) during his tenure. He also managed the San Diego Padres to the 1998 World Series when that club lost to the New York Yankees.

Bochy enters the 2019 season with the 11th-most wins in major league history. He is 1,926-1,944 in 24 seasons — 12 with the Padres and 12 with the Giants.

“Words cannot adequately express the amount of admiration, gratitude and respect the Giants family has for Bruce Bochy,” team president and CEO Laurence M. Baer said in a prepared statement. “His honesty, integrity, passion and brilliance led to the most successful period of Giants baseball in the history of our franchise. He will always be a Giant and we look forward to honoring him and all of his achievements throughout his final season in San Francisco and inevitably in Cooperstown.”

He stands 74 ways away from reaching 2,000 career wins. Every manager who has reached that mark is enshrined in the National Baseball Hall of Fame in Cooperstown.

“It’s been an unbelievable ride,” Bochy said. “There’s so much I’m grateful for.”

Bochy’s teams went 951-975 in his tenure with San Diego from 1995-2006. He was National League Manager of the Year in 1996 and led the Padres to four postseason berths.

Bochy won division titles in each of his final two seasons in San Diego but was told after the 2006 campaign he could explore his options. He eventually accepted the Giants’ job.

World Series title No. 1 came after the 2010 season when San Francisco defeated the Texas Rangers in five games.

Two years later, the Giants won their second title under Bochy with a four-game sweep of the Detroit Tigers.

In 2014, San Francisco won a memorable seven-game series against the Kansas City Royals. Bochy made the call to install ace left-hander Madison Bumgarner in relief on two days rest and received five shutout innings to win his third title.

The Giants also made the playoffs in 2016 and were eliminated by the Chicago Cubs in the National League Division Series.

His record with San Francisco heading into 2019 stands at 975-969.

“Ever since I moved to San Francisco in 2007, the city and our awesome fans have embraced me,” Bochy said on Twitter. “I’m going to miss it, but I’m so grateful for the last 12 years and am looking forward to finishing strong this season.”

Bochy’s health has been a concern in recent seasons and he has undergone multiple heart procedures.

Bochy was a catcher for the Houston Astros (1978-80), New York Mets (1982) and Padres (1983-87) and batted .239 with 26 homers and 93 RBIs over nine major league seasons.

(Field Level Media)

Source: OANN

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Saudi says May will be key to decide on extending supply cut deal

FILE PHOTO: Saudi Arabia's Energy Minister Khalid al-Falih speaks during the Saudi-India Forum in New Delhi
FILE PHOTO: Saudi Arabia's Energy Minister Khalid al-Falih speaks during the Saudi-India Forum in New Delhi, India, February 20, 2018. REUTERS/Anushree Fadnavis/File Photo

April 8, 2019

RIYADH (Reuters) – The Saudi energy minister said on Monday it was premature to say whether there was consensus among OPEC and its allies to extend a supply cut agreement, but a meeting in May would be key as by then the effect of current reductions would be clearer.

A joint OPEC and non-OPEC ministerial committee known as the JMMC is set to meet in May.

“JMMC will be a key decision point because we will certainly by then know where the consensus view is and, more importantly, before we ask for consensus, we will know where the fundamentals are pointing. I think May is going to be key,” Khalid al-Falih said.

Oil inventories remain higher than average but the market is on its way towards rebalancing, Falih added.

(Reporting By Rania El Gamal and Stephen Kalin; Editing by Kirsten Donovan)

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Woman at Biden Event: 'Just Say Yes' to 2020 Run

Former Vice President Joe Biden should "just say yes" to a 2020 presidential run, a woman in the audience at a University of Delaware event shouted Tuesday.

"Oh my god, just say yes," she said after Biden said he was "very close" to making a decision.

"The first hurdle for me was deciding whether or not I am comfortable taking the family through what would be a very, very difficult campaign. No matter who runs, it's a very difficult campaign," he said during a discussion with presidential historian Jon Meacham.

Biden is concerned about attacks President Donald Trump will direct at his family but has told people closest to him the likelihood of him running is high – from 70, to 80 and even more recently 90 percent.

"I'm certain about where the family is," he added. "But the second piece is that I don't want this to be a fool's errand and I want to make sure that if we do this – and we're very close to getting to a decision – that I am fully prepared to do it."

Biden is a frontrunner among Democratic presidential contenders, but the field is already packed with Sens. Bernie Sanders, I-Vt., Amy Klobuchar, D-Minn., Kirsten Gillibrand, D-N.Y., Kamala Harris, D-Calif., Elizabeth Warren, D-Mass., Cory Booker, D-N.J., and Rep. Tulsi Gabbard, D-Hawaii, and former Rep. Beto O'Rourke, D-Texas.

Source: NewsMax America

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Lebanese immigrant seeks pardon for teenage crimes

A New Hampshire auto shop owner facing deportation to Lebanon is seeking a pardon for crimes he committed as a teenager 14 years ago.

Thirty-four-year-old Alain Ata came to the U.S. at age 10. He spent several years in prison for burglary, conspiracy and receiving stolen property incidents when he was 18, and is seeking a pardon that will allow him to remain in the country.

In a letter to state officials, Ata says he made mistakes as a youth, but has matured and worked hard to find purpose in life. He owns an auto repair shop in Manchester and says he doesn't want to be torn away from everything he loves.

The Executive Council on Wednesday delayed action on whether Ata deserves a pardon hearing. Prosecutors oppose his request.

Source: Fox News National

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French President Macron considers banning protests on Champs Elysees: official

French President Emmanuel Macron presides over an emergency crisis meeting at the Interior Ministry in Paris
French President Emmanuel Macron presides over an emergency crisis meeting at the Interior Ministry in Paris, France, late 16 March 2019. Christophe Petit Tesson/Pool via REUTERS

March 18, 2019

PARIS (Reuters) – French President Emmanuel Macron is considering banning all demonstrations on the Champs Elysees after “yellow vest” rioters wrecked the iconic Parisian avenue last weekend, an official from the president’s office said on Monday.

On Saturday, protesters related with the “yellow vest” movement burned down the famous Fouquet’s restaurant on the Champs Elysees as well as several newspaper stands, a Longchamp luxury goods shop and vehicles.

Following Saturday’s riots, that were reminiscent of violent clashes last December on the Champs Elysees between protesters and police, Macron summoned a meeting with the interior and justice ministers on Monday.

Macron has promised to take “strong measures” as soon as possible to prevent riots happening again next Saturday.

Since mid-November, the “yellow vests” protesters – a group that originally demanded fuel tax cuts but has since morphed into a general opposition movement against the government – have held demonstrations every Saturday in the French capital.

(Reporting by Marine Pennetier; Editing by Inti Landauro/Sudip Kar-Gupta)

Source: OANN

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Illegal aliens rescued from freezing, snowy mountain by Arizona Border Patrol

Border Patrol agents worked together to rescue five illegal aliens who were trapped on a snowy mountain in Arizona on Thursday, U.S Customs and Border Protection (CBP) revealed.

Officials say late in the day on Wednesday, Tucson Sector Border Patrol and the Santa Cruz County Sheriff's Office (SCCSO) received 9-1-1 calls from one of the men, who managed to contact their number and ask for assistance. SCCSO coordinated efforts with a Department of Public Safety (DPS) aircrew who spotted the group on the mountain south of Tucson just after 1:00 a.m. Thursday morning, but had to postpone rescue operations until dawn as conditions worsened during the night.

MIGRANTS SEEN CLIMBING OVER BORDER WALL IN ARIZONA

The men were airlifted to medical personnel on the ground, where they were transported to a nearby hospital.

The men were airlifted to medical personnel on the ground, where they were transported to a nearby hospital. (U.S. Customs and Border Protection)

At daybreak, CBP said agents at the Border Patrol Search Trauma and Rescue team hiked to reach the stranded group. When they arrived, agents performed a medical check on the five men to stabilize their conditions and determined they weren’t fit enough to walk back to safety.

"All five men, three Honduran nationals and two Mexican nationals illegally present in the country, were exhausted and had injuries caused by the snow and freezing temperatures to their extremities," said CBP.

Agents reached the group and assessed their conditions.

Agents reached the group and assessed their conditions. (U.S. Customs and Border Protection)

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With the five men in no condition to walk, agents called for a helicopter to airlift them off the mountain, according to the release. They were taken to a nearby road where medical personnel from the Green Valley Fire District drove them to a hospital.

CBP said the men will be processed for immigration violations once their physical conditions improve.

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)

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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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