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Brexit fallout on UK finance intensifies: think tank

FILE PHOTO: Rain clouds pass over Canary Wharf financial financial district in London
FILE PHOTO: Rain clouds pass over Canary Wharf financial financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause/File Photo

March 11, 2019

By Huw Jones

LONDON (Reuters) – More than 275 financial firms are moving a combined $1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to $4 billion, a report from a think tank said on Monday.

UK lawmakers are due to vote on Tuesday on an EU divorce settlement. But with less than three weeks to go before Brexit day on March 29, it is still unclear whether the deal will be approved, whether departure from the EU will be delayed, or whether it will happen without agreement.

The report by the New Financial think tank, one of the most detailed yet on the impact of Brexit on financial services, said Dublin alone accounted for 100 relocations, ahead of Luxembourg with 60, Paris 41, Frankfurt 40, and Amsterdam 32.

The independent think tank said half of the affected asset management firms, such as Goldman Sachs Investment Management, Morgan Stanley Investment Management and Vanguard, had chosen Dublin, with Luxembourg the next port of call, attracting firms like Schroders, JP Morgan Wealth Management and Aviva Investors.

Nearly 90 percent of all firms moving to Frankfurt are banks, while two-thirds of those going to Amsterdam are trading platforms or brokers. Paris is carving out a niche for markets and trading operations of banks and attracting a broad spread of firms.

New Financial identified 5,000 expected staff moves or local hires, a figure that is expected to rise in coming years.

A better measure of Brexit’s impact is the scale of assets and funds being transferred, it said.

Ten large banks and investment banks are together moving 800 billion pounds of assets from Britain – or 10 percent of banking assets in the country. A small selection of insurers have shifted a combined 35 billion pounds in assets, and a handful of asset managers have moved a total of 65 billion pounds in funds.

William Wright, founder and managing director of New Financial, said the hit to London was bigger than expected and would get worse.

“Business will continue to leak from London to the EU, with more activity being booked through local subsidiaries,” Wright said.

“This will reduce the UK’s influence in European banking and finance, reduce tax receipts from the industry, and reduce financial services exports to the EU.”

A 10 percent shift in banking and finance activity would cut UK tax receipts by about 1 percent, the report said.

Relocations have cost firms $3 billion to $4 billion, which will be passed on to customers and shareholders, the report said.

But the breadth and depth of relocations so far, combined with pacts between regulators in Britain and the EU, mean the industry is well prepared for whatever form Brexit takes, New Financial said.

London will remain the dominant financial center for the foreseeable future, but other European cities will chip away at London’s lead over time, it added.

New Financial chart: https://tmsnrt.rs/2NMO9DS

(Reporting by Huw Jones; Editing by Mark Potter)

Source: OANN

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Boeing sees me as its ‘piggy bank’, Lion Air co-founder says

FILE PHOTO: Founder of Lion Air Group Rusdi Kirana stands as he hears questions from families of passengers on flight JT610 in Jakarta
FILE PHOTO: Founder of Lion Air Group, Rusdi Kirana, stands as he hears questions from families of passengers on the crashed Lion Air flight JT610 during a news conference about the recovery process at a hotel in Jakarta, Indonesia, November 5, 2018. REUTERS/Willy Kurniawan/File Photo

April 15, 2019

By Tim Hepher

PARIS (Reuters) – The co-founder of Indonesia’s Lion Air, one of two airlines that lost passengers and crew in recent crashes involving the 737 MAX, has lashed out at Boeing’s handling of the accidents as the potential business fallout from the jet’s grounding intensifies.

Rusdi Kirana said a recent apology by Boeing over the 346 lives lost in the two disasters, firstly at Lion Air in October and then at Ethiopian Airlines last month, stood in contrast to what he viewed as hasty earlier criticism of Lion Air’s pilots.

In a telephone interview, Kirana also accused Boeing of treating him as a “piggy bank”. Lion Air has spent tens of billions of dollars on plane orders with Boeing to become one of Asia’s largest budget carriers.

The Indonesian entrepreneur is the figurehead for what is now one of the planemaker’s largest customers with 187 jets on order and 200 already delivered.

Lion Air threatened in December to axe those orders, but has given no further update.

Boeing has embarked on a campaign following the two crashes to restore faith in its best-selling jet and pledged to remove any risk that anti-stall software, suspected of pushing the two planes downwards, could be activated by erroneous data.

In November, following an interim report on the Lion Air crash, it voiced questions over whether pilots had used correct procedures.

Kirana said the contrasting reactions demonstrated that Boeing was taking fast-growing carriers such as his for granted.

“They look down on my airline and my country even though relations are always handled in a proper way. They treat us as Third World,” Kirana told Reuters.

“They also look down on me. They look at me as their piggy bank,” he said in his first interview since the Ethiopian crash.

Kirana’s comments – by far the strongest since the crash off Indonesia on Oct 29 – underscore the depth of a recent rift between Boeing and Lion Air, which has been balking at taking delivery of Boeing jets worth $21 billion at list prices.

His voice also carries weight in Indonesia where he serves as the country’s ambassador to Malaysia, handling relations between two Muslim-majority states with important ties.

In a statement to Reuters regarding the comments, Boeing Chief Executive Dennis Muilenburg said: “We remain heartbroken over the tragic loss of Lion Air Flight 610. We’re sorry for the lives lost and deeply regret the devastating impact on the families, friends and colleagues of the passengers and crew.”

“Rusdi Kirana has been a leader and a pioneer in Asian aviation,” he said, adding that Kirana and his team “remain highly valued partners to Boeing”.

‘INCONSISTENCIES’

Although safety experts have raised some questions over crew performance in both crashes, the regulatory fallout has been dominated so far by questions over MCAS anti-stall software, which Boeing has acknowledged provided a common link in the separate chains of events leading to both crashes.

Following the Lion Air crash, Boeing issued a statement listing three questions relating to pilot and maintenance actions that had not been addressed in a preliminary report.

After a similar report on the Ethiopian crash, Boeing issued a sparser statement focusing on its ongoing software review. It has adopted an increasingly contrite tone as pressure grows over design decisions and its relations with U.S. regulators.

Kirana said Boeing had shown inconsistencies in its responses to the two disasters. “(They) cast blame for the first one and apologize after the second,” he said.

Indonesia has 236 Boeing commercial passenger planes on order and operates the AH-64 Apache attack helicopter.

Flag carrier Garuda joined Lion Air last month in threatening to cancel 49 MAX orders. Analysts have questioned how easily either airline can fund deliveries as competition grows and have cautioned that both face lengthy negotiations.

(Reporting by Tim Hepher; Editing by Jan Harvey)

Source: OANN

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NATO, EU condemn Russia's 2014 seizure of Crimea

NATO and the European Union are condemning Russia's 2014 annexation of Ukraine's Crimean Peninsula five years after Moscow declared the region Russian territory.

NATO allies said in a statement Monday that "we strongly condemn this act, which we do not and will not recognize."

They also criticized Russia's military buildup in Crimea and alleged rights abuses including "arbitrary detentions, arrest, and torture" against members of the Crimean Tartar community.

EU foreign ministers are marking the fifth anniversary of the annexation.

EU foreign policy chief Federica Mogherini said: "We stand in full solidarity with Ukraine, supporting its sovereignty and territorial integrity."

NATO and the EU also called for the release of Ukrainian sailors detained by the Russian navy and coast guard in waters off Ukraine in November.

Source: Fox News World

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Kamala Harris admits ‘unintended consequences’ in anti-truancy law while she was California AG

Kamala Harris expressed regret this week over a 2011 anti-truancy law she supported that put some parents in jail while she was California’s attorney general.

Speaking on the podcast “Pod Save America,” Sen. Harris said the law was never intended to punish parents for their child’s chronic truancy, but rather to get students on the right track in the classroom. She admitted, however, that it had “unintended consequences.”

KAMALA HARRIS, WHO DEFENDED DEATH PENALTY AS CALIFORNIA AG, NOW CHEERS NEWSOM'S DECISION TO END IT

“My regret is that I have now heard stories where in some jurisdictions, DAs have criminalized the parents. And I regret that that has happened,” she said, which aired Wednesday. It marks the first time Harris has shown remorse over the law, The Los Angeles Times reported.

The law is an example of difficult questions Harris may face from progressive voters concerned with prison reform.

It’s not the first time Harris’ prosecutorial past has come under the microscope. Earlier this month, a New York Times op-ed writer claimed Harris has fought to uphold wrongful convictions as attorney general. She has also been criticized for her defense of the death penalty as attorney general only to say she would call for a federal moratorium of the death penalty if she were elected president.

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Harris made it clear that no parents were arrested while she was district attorney in San Francisco and the arrests were in jurisdictions outside of hers.

Source: Fox News Politics

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Argentina: Bodies of 600 disappeared wait to be identified

Bonnie and Daniel Loedel walked into a mausoleum with an urn holding the bone remains of their sister Isabel, who had been unidentified for four decades after being forcibly disappeared during Argentina's military dictatorship.

Delivering the simple wooden box was the last step of an arduous identification process that they hope will bring the family closure and, at the same time, thwart the goal of the military regime that rights groups estimate killed or disappeared 30,000 people while seeking to make its victims invisible.

The Remembrance, Truth and Justice Mausoleum for the Victims of State Sponsored Terrorism is at a cemetery in La Plata, a town about 35 miles from Argentina's capital of Buenos Aires. It holds the remains of at least a dozen people who disappeared during the dictatorship.

Source: Fox News World

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‘I was like a prisoner’: Saudi sisters trapped in Hong Kong recall beatings

Sisters from Saudi Arabia, who go by aliases Reem and Rawan, are pictured at their lawyer Michael Vidler's office in Hong Kong
Sisters from Saudi Arabia, who go by aliases Reem and Rawan, are pictured at their lawyer Michael Vidler's office in Hong Kong, China February 23, 2019. REUTERS/Aleksander Solum

February 23, 2019

By Anne Marie Roantree

HONG KONG (Reuters) – Two sisters from Saudi Arabia who fled the conservative kingdom and have been hiding out in Hong Kong for nearly six months said they did so to escape beatings at the hands of their brothers and father.

The pair, who say they have renounced their Muslim faith, arrived in the Chinese territory from Sri Lanka in September. They say they were prevented from boarding a connecting flight to Australia and were intercepted at the airport by diplomats from Saudi Arabia.

Reuters could not independently verify their story.

Asked about the case, Hong Kong police said they had received a report from “two expatriate women” in September and were investigating, but did not elaborate.

The Saudi consulate in Hong Kong has not responded to repeated requests from Reuters for comment.

The case is the second high-profile example this year of Saudi women seeking to escape their country and spotlights the kingdom’s strict social rules, including a requirement that females seek permission from a male “guardian” to travel.

The sisters, aged 18 and 20, managed to leave Hong Kong airport but consular officials have since revoked their passports, leaving them stranded in the city for nearly six months, their lawyer, Michael Vidler, said.

Vidler, one of the leading activist lawyers in the territory, also confirmed the authenticity of a Twitter account written by the two women describing their plight.

On Saturday, dressed in jeans and wearing sneakers, the softly spoken women described what they said was a repressive and unhappy life at their home in the Saudi capital Riyadh. They said they had adopted the aliases Reem and Rawan, because they fear using their real names could lead to their being traced if granted asylum in a third country.

They posed for pictures but asked their features not be revealed.

Every decision had to be approved by the men in their house, from the clothes they wore to the hairstyle they chose – even the times when they woke and went to sleep, the sisters told Reuters.

“They were like my jailer, like my prison officer. I was like a prisoner,” said the younger sister, Rawan, referring to two brothers aged 24 and 25 as well as her father.

“It was basically modern day slavery. You can’t go out of the house unless someone is with us. Sometimes we will stay for months without even seeing the sun,” the elder sister, Reem, said.

In January, a Saudi woman made global headlines by barricading herself in a Bangkok airport hotel to avoid being sent home to her family. She was later granted asylum in Canada.

“BROTHER BRAINWASHED”

Reem and Rawan said their 10-year-old brother was also encouraged to beat them.

“They brainwashed him,” Rawan said, referring to her older brothers. Although he was only a child, she said she feared her younger brother would become like her older siblings.

The family includes two other sisters, aged five and 12. Reem said she and her sister feel terrible about leaving them, although they “hope their family will get a lesson from this and it might help to change their lives for the better.”

Reem and Rawan decided to escape while on a family holiday in Sri Lanka in September. They had secretly saved around $5,000 since 2016, some of it accumulated by scrimping on items they were given money to buy.

The timing of their escape was carefully planned to coincide with Rawan’s 18th birthday so she could apply for a visitor’s visa to Australia without her parents’ approval.

But what was supposed to be a two-hour stopover in Hong Kong has turned into nearly six months and the sisters are now living in fear that they will be forcibly returned to Saudi Arabia.

They have said they have renounced Islam – a crime punishable by death under the Saudi system of sharia, or Islamic law, although the punishment has not been carried out in recent memory.

The pair say they have changed locations 13 times in Hong Kong, living in hotels, shelters and with individuals who are helping, sometimes staying just one night in a place before moving on to ensure their safety.

Vidler said the Hong Kong Immigration Department told the women their Saudi passports had been invalidated and they could only stay in the city until February 28.

The department has said it does not comment on individual cases.

The sisters have applied for asylum in a third country which they declined to name in a bid keep the information from Saudi authorities and their family.

“We believe that we have the right to live like any other human being,” said Reem, who said she studied English literature in Riyadh and dreams of becoming a writer one day.

Asked what would happen on Feb 28, after which they can no longer legally stay in Hong Kong, the sisters said they had no idea.

“I hope this doesn’t last any longer,” Rawan said.

(Reporting By Anne Marie Roantree; Editing by Raju Gopalakrishnan)

Source: OANN

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US-Russian crew blasts off to International Space Station

A Russian-American crew of three has blasted off to the International Space Station, making a second attempt to reach the outpost after October's aborted launch.

A Russian Soyuz rocket carrying NASA astronauts Nick Hague and Christina Koch along with Roscosmos' Alexei Ovchinin lifted off as planned from the Baikonur cosmodrome in Kazakhstan at 12:14 a.m. Friday (1914 GMT Thursday). They are set to dock at the space station in about six hours.

On Oct. 11, a Soyuz that Hague and Ovchinin were riding in failed two minutes into its flight, activating a rescue system that allowed their capsule to land safely. That accident was the first aborted crew launch for the Russian space program since 1983, when two Soviet cosmonauts safely jettisoned after a launch pad explosion.

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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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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