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    Alibaba prices shares at $22.48 each in Hong Kong IPO: sources

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    Alibaba prices shares at $22.48 each in Hong Kong IPO: sources:: Chinese e-commerce giant Alibaba will raise up to $12.9bn in its Hong Kong secondary listing, pricing its shares at a 2.8 percent discount to their last closing price in New York, two sources with direct knowledge of the matter have reportedly said. The company has indicated to prospective institutional investors that its shares will be priced at 176 Hong Kong dollars ($22.48) each, the sources told Reuters and Bloomberg. The deal - the world’s biggest cross-border secondary listing to date, according to research firm Dealogic - will raise 88 billion Hong Kong dollars ($11bn), according to the people, an auspicious figure because the number eight implies prosperity in Chinese culture. This is before a so-called "greenshoe" over-allotment option is exercised, which could take the total to $12.9bn, according to the two people, who asked not to be named because the information had yet to be made public. The greenshoe option is a provision that allows the underwriter of the public offering to sell more shares to investors than was initially planned by the issuer if demand is higher than expected. Alibaba had previously indicated it could raise up to $13.4bn if the greenshoe option is exercised. The company has, however, already stopped taking orders from institutional investors, Bloomberg cited sources as saying. Meanwhile, the price for the retail component of the deal will be finalised in Hong Kong on Wednesday and sources told Bloomberg that institutional investors were due to be told at the same time how much stock they would be allocated. Alibaba declined to comment to Bloomberg and did not respond to a Reuters request for comment. Its secondary listing in Hong Kong is happening as the city nears its seventh month of anti-government protests, which has dented consumer and business sentiment and dragged its economy into a recession. None of this appears to have dampened investor appetite for Alibaba,s shares, however, as the Chinese company is set to challenge mainland tech giant Tencent Holdings Ltd for the title of Hong Kong,s largest listed corporation. @Worldnews

    Alibaba prices shares at $22.48 each in Hong Kong IPO: sources:: Chinese e-commerce giant Alibaba will raise up to $12.9bn in its Hong Kong secondary listing, pricing its shares at a 2.8 percent discount to their last closing price in New York, two sources with direct knowledge of the matter have reportedly said. The company has indicated to prospective institutional investors that its shares will be priced at 176 Hong Kong dollars ($22.48) each, the sources told Reuters and Bloomberg. The deal - the world’s biggest cross-border secondary listing to date, according to research firm Dealogic - will raise 88 billion Hong Kong dollars ($11bn), according to the people, an auspicious figure because the number eight implies prosperity in Chinese culture. This is before a so-called "greenshoe" over-allotment option is exercised, which could take the total to $12.9bn, according to the two people, who asked not to be named because the information had yet to be made public. The greenshoe option is a provision that allows the underwriter of the public offering to sell more shares to investors than was initially planned by the issuer if demand is higher than expected. Alibaba had previously indicated it could raise up to $13.4bn if the greenshoe option is exercised. The company has, however, already stopped taking orders from institutional investors, Bloomberg cited sources as saying. Meanwhile, the price for the retail component of the deal will be finalised in Hong Kong on Wednesday and sources told Bloomberg that institutional investors were due to be told at the same time how much stock they would be allocated. Alibaba declined to comment to Bloomberg and did not respond to a Reuters request for comment. Its secondary listing in Hong Kong is happening as the city nears its seventh month of anti-government protests, which has dented consumer and business sentiment and dragged its economy into a recession. None of this appears to have dampened investor appetite for Alibaba,s shares, however, as the Chinese company is set to challenge mainland tech giant Tencent Holdings Ltd for the title of Hong Kong,s largest listed corporation. @Worldnews

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    Emirates wants new Boeing jet put through ,hell on Earth, in test

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    Emirates wants new Boeing jet put through ,hell on Earth, in test:: The testing and certification of aircraft have been under scrutiny after the grounding of Boeing,s 737 MAX jet, following two fatal crashes, while problems with several models have led some airlines to accuse plane and engine makers of over-promising on performance capabilities. "We need to be absolutely sure that as she comes together, as she starts flying, everything is done in a manner that it should be done," Clark said of the 777x. "I want one aircraft to go through hell on Earth, basically to make sure it all works." A panel of international regulators last month heavily criticised the FAA,s review of the MAX, while congressional committees have voiced concerns over a close relationship between the FAA and Boeing. Boeing did not directly address the international regulators, findings but said it was committed to working with the FAA to improve the certification process, while the FAA said it would take appropriate action following the recommendations. @Worldnews

    Emirates wants new Boeing jet put through ,hell on Earth, in test:: The testing and certification of aircraft have been under scrutiny after the grounding of Boeing,s 737 MAX jet, following two fatal crashes, while problems with several models have led some airlines to accuse plane and engine makers of over-promising on performance capabilities. "We need to be absolutely sure that as she comes together, as she starts flying, everything is done in a manner that it should be done," Clark said of the 777x. "I want one aircraft to go through hell on Earth, basically to make sure it all works." A panel of international regulators last month heavily criticised the FAA,s review of the MAX, while congressional committees have voiced concerns over a close relationship between the FAA and Boeing. Boeing did not directly address the international regulators, findings but said it was committed to working with the FAA to improve the certification process, while the FAA said it would take appropriate action following the recommendations. @Worldnews

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    California takes a strike at oil industry, blocks new fracking

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    California takes a strike at oil industry, blocks new fracking:: California halted approvals of new oil wells that use high-pressure steam extraction techniques following recent leaks at a Chevron Corp. facility in Kern County. Regulators will consult with experts to determine whether the process can be done safely during the moratorium, the state,s Department of Conservation said in a statement Tuesday. California also said it will have an independent audit of its permitting process for hydraulic fracturing and other methods of stimulating crude flows. Shares of California Resources Corp. tumbled as much as 32% on the news while Berry Petroleum Corp., which operates in the state as well, slumped 18%. "These are necessary steps to strengthen oversight of oil and gas extraction as we phase out our dependence on fossil fuels and focus on clean energy sources," Governor Gavin Newsom said. "This transition cannot happen overnight; it must advance in a deliberate way to protect people, our environment, and our economy." The Department of Conservation fined Chevron $2.7 million last month after several "surface expressions" of water, steam and oil were found at the Cymric field near Bakersfield. The leaks were likely the result of steam operations and created a "significant threat of harm to human health and the environment," the department said. Chevron is among companies using steam injection to help crude flow from older wells that have little natural pressure. Representatives for Chevron and California Resources didn,t immediately comment on Tuesday. @Worldnews

    California takes a strike at oil industry, blocks new fracking:: California halted approvals of new oil wells that use high-pressure steam extraction techniques following recent leaks at a Chevron Corp. facility in Kern County. Regulators will consult with experts to determine whether the process can be done safely during the moratorium, the state,s Department of Conservation said in a statement Tuesday. California also said it will have an independent audit of its permitting process for hydraulic fracturing and other methods of stimulating crude flows. Shares of California Resources Corp. tumbled as much as 32% on the news while Berry Petroleum Corp., which operates in the state as well, slumped 18%. "These are necessary steps to strengthen oversight of oil and gas extraction as we phase out our dependence on fossil fuels and focus on clean energy sources," Governor Gavin Newsom said. "This transition cannot happen overnight; it must advance in a deliberate way to protect people, our environment, and our economy." The Department of Conservation fined Chevron $2.7 million last month after several "surface expressions" of water, steam and oil were found at the Cymric field near Bakersfield. The leaks were likely the result of steam operations and created a "significant threat of harm to human health and the environment," the department said. Chevron is among companies using steam injection to help crude flow from older wells that have little natural pressure. Representatives for Chevron and California Resources didn,t immediately comment on Tuesday. @Worldnews

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    Hungry for change: Ivy League climate activists urge divestment

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    Hungry for change: Ivy League climate activists urge divestment:: Hunger strikers at Columbia University in the City of New York began their fast on Monday to force quicker climate action New York, United States - As part of a worldwide week of hunger strikes by activists in Extinction Rebellion franchises, a group of students at Columbia University in the City of New York began rejecting all caloric intake on Monday to call attention to their school,s lack of action to address the climate crisis. The four activists - who join other "rebels" from Canada to the Congo and the Netherlands to Turkey - told the university administration in a letter submitted on Friday that they will not eat until four demands are met. They are trying to compel the Ivy League university to declare a "climate emergency" and "reach net-zero greenhouse gas emissions - including complete divestment from fossil fuels - by 2025". The activists are also lobbying for climate justice in neighbourhoods surrounding Columbia University through the formation of a community assembly to monitor progress towards environmental goals. "Tell us why Columbia,s $11,000,000,000 endowment continues to fund climate death through its investment in fossil fuels," demanded the group,s letter, adding that they "will use our privilege to refuse food as a small representation of the sacrifices to come." But some critics say their timeline - going carbon neutral in half a decade - is overly ambitious, while others argue that divestment may not be the most effective strategy for actually decreasing consumption of oil and gas in the United States. @Worldnews

    Hungry for change: Ivy League climate activists urge divestment:: Hunger strikers at Columbia University in the City of New York began their fast on Monday to force quicker climate action New York, United States - As part of a worldwide week of hunger strikes by activists in Extinction Rebellion franchises, a group of students at Columbia University in the City of New York began rejecting all caloric intake on Monday to call attention to their school,s lack of action to address the climate crisis. The four activists - who join other "rebels" from Canada to the Congo and the Netherlands to Turkey - told the university administration in a letter submitted on Friday that they will not eat until four demands are met. They are trying to compel the Ivy League university to declare a "climate emergency" and "reach net-zero greenhouse gas emissions - including complete divestment from fossil fuels - by 2025". The activists are also lobbying for climate justice in neighbourhoods surrounding Columbia University through the formation of a community assembly to monitor progress towards environmental goals. "Tell us why Columbia,s $11,000,000,000 endowment continues to fund climate death through its investment in fossil fuels," demanded the group,s letter, adding that they "will use our privilege to refuse food as a small representation of the sacrifices to come." But some critics say their timeline - going carbon neutral in half a decade - is overly ambitious, while others argue that divestment may not be the most effective strategy for actually decreasing consumption of oil and gas in the United States. @Worldnews

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    Sri Lanka gets its first president with military credentials

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    Sri Lanka gets its first president with military credentials:: The first president to have served the Sri Lankan army, Rajapaksa, 70, comfortably garnered more than 52 percent of the popular vote in Saturday,s election, primarily from the island,s Sinhala majority, a mandate that reflects Sri Lanka,s deep ethnoreligious divide. @Worldnews

    Sri Lanka gets its first president with military credentials:: The first president to have served the Sri Lankan army, Rajapaksa, 70, comfortably garnered more than 52 percent of the popular vote in Saturday,s election, primarily from the island,s Sinhala majority, a mandate that reflects Sri Lanka,s deep ethnoreligious divide. @Worldnews

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    @World News 2 day(s) ago ::Visibility>> World


    Membrane in a minute: Singapore scientists produce in-vitro human skin

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    Membrane in a minute: Singapore scientists produce in-vitro human skin:: A piece of skin about the size of your thumbnail can be printed in less than a minute, scientists in Singapore say, a game-changing step for the future of non-animal testing for cosmetics and other products. Made up of skin cells from donors and collagen, the in-vitro skin has the same chemical and biological properties as human skin, says John Koh, lab manager at start-up DeNova Sciences, which is collaborating with Singapore,s Nanyang Technological University on the product. "We can see that the industry is moving towards animal-free testing," Koh said. "So, we really want to offer a solution to testing on the skin without using animal or human skin." The team has accelerated the manufacturing process by using a printing machine to put in precisely patterned layers that mimic human skin. Each tiny piece of skin takes less than a minute to print, which is the distinctive quality of this project. The mixture is then incubated for about two weeks, as the skin cells multiply and gain opacity, turning into a whitish membrane. The skin can be used to test the toxicity or irritation potential of a substance, and the penetrative qualities of active ingredients in products like cosmetics. His team is now focusing on developing skin that includes Asian pigment cells to test the whitening effects of cosmetics and skincare products. @Worldnews

    Membrane in a minute: Singapore scientists produce in-vitro human skin:: A piece of skin about the size of your thumbnail can be printed in less than a minute, scientists in Singapore say, a game-changing step for the future of non-animal testing for cosmetics and other products. Made up of skin cells from donors and collagen, the in-vitro skin has the same chemical and biological properties as human skin, says John Koh, lab manager at start-up DeNova Sciences, which is collaborating with Singapore,s Nanyang Technological University on the product. "We can see that the industry is moving towards animal-free testing," Koh said. "So, we really want to offer a solution to testing on the skin without using animal or human skin." The team has accelerated the manufacturing process by using a printing machine to put in precisely patterned layers that mimic human skin. Each tiny piece of skin takes less than a minute to print, which is the distinctive quality of this project. The mixture is then incubated for about two weeks, as the skin cells multiply and gain opacity, turning into a whitish membrane. The skin can be used to test the toxicity or irritation potential of a substance, and the penetrative qualities of active ingredients in products like cosmetics. His team is now focusing on developing skin that includes Asian pigment cells to test the whitening effects of cosmetics and skincare products. @Worldnews

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    FDA approves drug made by China,s BeiGene to treat rare form of lymphoma

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    FDA approves drug made by China,s BeiGene to treat rare form of lymphoma:: The U.S. Food and Drug Administration (FDA) Thursday approved BeiGene Ltd,s drug to treat a rare form of blood cancer, validating China-based drugmaker,s strategy of largely using data from trials held outside the U.S. to file for approval. The company tested the treatment, Brukinsa, in 118 patients with mantle cell lymphoma (MCL) enrolled in two studies. About three-quarters of the patients were Asian and 21 percent Caucasian, while 10-15 percent were from the United States, BeiGene said. The FDA granted accelerated approval to the capsules for treatment of MCL in adults who have received at least one prior therapy. MCL is a rare, aggressive form of non-Hodgkin lymphoma, a blood cancer that most often affects men aged over 60 years. The company estimates between 3,000 and 4,000 new patients were diagnosed in the U.S. in 2015. BeiGene,s new treatment will compete with Johnson & Johnson and AbbVie Inc,s Imbruvica and AstraZeneca,s Calquence, as well as Celgene,s Revlimid. The company did not disclose the price of Brukinsa, saying it would be set once the treatment is commercially available in the coming weeks. "The FDA has assessed our data and they believe that the response rates are applicable to all ethnic groups, and is representative of a population that would be treated in the U.S.," Jane Huang, chief medical officer for hematology at BeiGene told Reuters ahead of the decision. "We are now incorporating China patients into global clinical trials in a greater proportion, and this is a strategy for us to be able to get our drugs to people around the world as quickly as possible." By avoiding large U.S. trials, drugmakers are more likely to quickly enroll patients in their studies, particularly for rare diseases like MCL where companies must compete with rivals testing their novel drugs in the same group of patients. "The FDA has made public statements ... that they are interested in expediting approvals on drugs for oncology from China," Cowen analyst Yaron Werber said. "This is the first time that the FDA ... approved a drug based on efficacy data that is predominantly from China." @Worldnews

    FDA approves drug made by China,s BeiGene to treat rare form of lymphoma:: The U.S. Food and Drug Administration (FDA) Thursday approved BeiGene Ltd,s drug to treat a rare form of blood cancer, validating China-based drugmaker,s strategy of largely using data from trials held outside the U.S. to file for approval. The company tested the treatment, Brukinsa, in 118 patients with mantle cell lymphoma (MCL) enrolled in two studies. About three-quarters of the patients were Asian and 21 percent Caucasian, while 10-15 percent were from the United States, BeiGene said. The FDA granted accelerated approval to the capsules for treatment of MCL in adults who have received at least one prior therapy. MCL is a rare, aggressive form of non-Hodgkin lymphoma, a blood cancer that most often affects men aged over 60 years. The company estimates between 3,000 and 4,000 new patients were diagnosed in the U.S. in 2015. BeiGene,s new treatment will compete with Johnson & Johnson and AbbVie Inc,s Imbruvica and AstraZeneca,s Calquence, as well as Celgene,s Revlimid. The company did not disclose the price of Brukinsa, saying it would be set once the treatment is commercially available in the coming weeks. "The FDA has assessed our data and they believe that the response rates are applicable to all ethnic groups, and is representative of a population that would be treated in the U.S.," Jane Huang, chief medical officer for hematology at BeiGene told Reuters ahead of the decision. "We are now incorporating China patients into global clinical trials in a greater proportion, and this is a strategy for us to be able to get our drugs to people around the world as quickly as possible." By avoiding large U.S. trials, drugmakers are more likely to quickly enroll patients in their studies, particularly for rare diseases like MCL where companies must compete with rivals testing their novel drugs in the same group of patients. "The FDA has made public statements ... that they are interested in expediting approvals on drugs for oncology from China," Cowen analyst Yaron Werber said. "This is the first time that the FDA ... approved a drug based on efficacy data that is predominantly from China." @Worldnews

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    European Investment Bank ends fossil fuels funding

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    European Investment Bank ends fossil fuels funding:: European Investment Bank (EIB) has become the first public lender to phase out financing for fossil fuels by the end of 2021, paving the way for more renewable energy projects. The board of the bank on Friday voted strongly for a new energy lending policy to deal with the climate crisis. "We will stop financing fossil fuel and we will launch the most ambitious climate investment strategy of any public financial institution anywhere," said Werner Hoyer, president of EIB. Under the new lending policy, more money would be made available for decentralized energy generation and e-mobility. The renewable power would constitute a 32-percent share in the European Union (EU) countries by 2030. With the new commitment, the EIB Group will aim to support investments worth one trillion euros in climate action and environmental sustainability in the critical decade from 2021 to 2030, the EIB statement maintained. The greenhouse gas emissions from the fossil fuel-run units have been linked to triggering global warming. More than 170 countries signed the Paris Climate Agreement to reduce emissions from energy and transportation sectors to limit global temperature rise within two degrees Celsius. "Scientists estimate that we are currently heading for 3-4 degrees Celsius of temperature increase by the end of the century," Hoyer added. A detailed report released last month lashed out on the multilateral development banks (MDBs) - a key source of finance for developing countries - for considerably reducing investment in the renewable energy sector. More than 500 million U.S. dollars, worth of financing was reduced for solar, wind and related projects between 2017 and 2018. The report ranked EIB last on the list of MDBs on phasing out fossil fuels for lending more than 15 billion U.S. dollars to fossil fuel projects. The EIB board convened a meeting in mid-October to end funding fossil fuel projects, but the decision was deferred to November. "We commit to align all EIB Group activities with the principles and goals of the Paris agreement by the end of 2020," stressed Emma Navarro, vice president of EIB. The bank,s decision has come as a relief to environmentalists that have been advocating ceasing lending to coal, oil and natural gas-fired plants. With the annual climate summit (COP25) a few weeks away, climate negotiators would seek similar action from other MDBs, including the Asian Infrastructure Investment Bank (AIIB). "They (EIB) have set a new global standard. All other banks, private and public, must follow suit," said Manuel Pulgar-Vidal, leader of WWF,s global climate and energy practice. @Worldnews

    European Investment Bank ends fossil fuels funding:: European Investment Bank (EIB) has become the first public lender to phase out financing for fossil fuels by the end of 2021, paving the way for more renewable energy projects. The board of the bank on Friday voted strongly for a new energy lending policy to deal with the climate crisis. "We will stop financing fossil fuel and we will launch the most ambitious climate investment strategy of any public financial institution anywhere," said Werner Hoyer, president of EIB. Under the new lending policy, more money would be made available for decentralized energy generation and e-mobility. The renewable power would constitute a 32-percent share in the European Union (EU) countries by 2030. With the new commitment, the EIB Group will aim to support investments worth one trillion euros in climate action and environmental sustainability in the critical decade from 2021 to 2030, the EIB statement maintained. The greenhouse gas emissions from the fossil fuel-run units have been linked to triggering global warming. More than 170 countries signed the Paris Climate Agreement to reduce emissions from energy and transportation sectors to limit global temperature rise within two degrees Celsius. "Scientists estimate that we are currently heading for 3-4 degrees Celsius of temperature increase by the end of the century," Hoyer added. A detailed report released last month lashed out on the multilateral development banks (MDBs) - a key source of finance for developing countries - for considerably reducing investment in the renewable energy sector. More than 500 million U.S. dollars, worth of financing was reduced for solar, wind and related projects between 2017 and 2018. The report ranked EIB last on the list of MDBs on phasing out fossil fuels for lending more than 15 billion U.S. dollars to fossil fuel projects. The EIB board convened a meeting in mid-October to end funding fossil fuel projects, but the decision was deferred to November. "We commit to align all EIB Group activities with the principles and goals of the Paris agreement by the end of 2020," stressed Emma Navarro, vice president of EIB. The bank,s decision has come as a relief to environmentalists that have been advocating ceasing lending to coal, oil and natural gas-fired plants. With the annual climate summit (COP25) a few weeks away, climate negotiators would seek similar action from other MDBs, including the Asian Infrastructure Investment Bank (AIIB). "They (EIB) have set a new global standard. All other banks, private and public, must follow suit," said Manuel Pulgar-Vidal, leader of WWF,s global climate and energy practice. @Worldnews

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    Why the Faroe Islands will close to tourists in 2020

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    Why the Faroe Islands will close to tourists in 2020:: Following a successful pilot scheme this year, the country has made the decision to "close" its major tourism sights and attractions during the weekend of April 16-17, 2020. Hotels will be open, and flights will continue. That weekend, people all over the island archipelago will be working on conservation projects and, as the tourism board puts it, "delivering a touch of TLC to the Faroese countryside." However, people who are just dying to visit the Faroes during that weekend can sign on to help with the housekeeping. The islands are looking for 100 volunteers to come to the country to assist with the caretaking efforts. There were thousands of applications for the 2019 scheme, so would-be islanders better apply fast. @Worldnews

    Why the Faroe Islands will close to tourists in 2020:: Following a successful pilot scheme this year, the country has made the decision to "close" its major tourism sights and attractions during the weekend of April 16-17, 2020. Hotels will be open, and flights will continue. That weekend, people all over the island archipelago will be working on conservation projects and, as the tourism board puts it, "delivering a touch of TLC to the Faroese countryside." However, people who are just dying to visit the Faroes during that weekend can sign on to help with the housekeeping. The islands are looking for 100 volunteers to come to the country to assist with the caretaking efforts. There were thousands of applications for the 2019 scheme, so would-be islanders better apply fast. @Worldnews

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    Indonesia arrests dozens after IS-linked suicide bombing

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    Indonesia arrests dozens after IS-linked suicide bombing:: Dozens of suspected Indonesian militants have been rounded up after a suicide bomber linked to the Islamic State group killed himself and wounded six others in a police station attack last week, police said Monday. Some 45 suspects have been arrested since the Wednesday bombing in Medan on Sumatra island, while two bombmakers were shot dead during a raid, according to authorities. "The pair resisted arrest and tried to attack police with sharp weapons and an air gun," National Police spokesman Dedi Prasetyo told reporters in Jakarta on Monday. They had built a low-intensity bomb that the 24-year-old attacker strapped around his body, Prasetyo added. @Worldnews

    Indonesia arrests dozens after IS-linked suicide bombing:: Dozens of suspected Indonesian militants have been rounded up after a suicide bomber linked to the Islamic State group killed himself and wounded six others in a police station attack last week, police said Monday. Some 45 suspects have been arrested since the Wednesday bombing in Medan on Sumatra island, while two bombmakers were shot dead during a raid, according to authorities. "The pair resisted arrest and tried to attack police with sharp weapons and an air gun," National Police spokesman Dedi Prasetyo told reporters in Jakarta on Monday. They had built a low-intensity bomb that the 24-year-old attacker strapped around his body, Prasetyo added. @Worldnews

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