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Market Chatter: Radiant World Sues Glencore for $2 Billion, Executive Says

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Radiant World and Sapphire Minmetals have sued Glencore in Singapore, seeking $2 billion in damages, Bloomberg reported Tuesday, citing a phone interview with Sapphire Chairman Rakesh Sethi.

Radiant World and Sapphire are separate companies but closely related and are both subject to a $499 million global freezing order imposed by a London court at the request of a fund managed by Jefferies Financial Group (JEF). That fund alleged the companies had falsified iron ore invoices as part of a "fraudulent scheme," according to the report.

Radiant World's lawyers had previously sent a letter to Glencore claiming the company had lost $1.4 billion as a result of Glencore's actions, according to an earlier Bloomberg report.

Radiant World, Sapphire and Glencore didn't immediately reply to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Veea, NovaGen Sign Term Sheet for Potential $750 Million Combination

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$VEEA
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$CTNM$JNJ
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Market Chatter: OpenAI Acquires Camera Startup Glass Imaging

Microsoft-backed (MSFT) OpenAI quietly acquired Glass Imaging, a startup developing AI-powered smartphone camera technology aimed at matching DSLR image quality, The Wall Street Journal reported Monday, citing people familiar with the matter.The deal valued Glass Imaging at more than $300 million, some of the people said, according to the report. OpenAI's exact plans for Glass Imaging are not clear, the report added.OpenAI and Glass Imaging did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $506.92, Change: $+11.29, Percent Change: +2.28%

$MSFT