Author: Anna Kovalenko

On Saturday, Ukrainian President Volodymyr Zelenskiy requested Pope Francis to support Kyiv’s peace proposal, and the Pope promised to help repatriate Russian-abducted Ukrainian children. “It is a great honour,” Zelenskiy told Francis, who stood with a cane. Zelenskiy met with Italian Prime Minister Giorgia Meloni on Saturday, who pledged military and financial support for Ukraine and reaffirmed her support for its EU membership aspiration. Zelenskiy, visiting Rome for the first time since the war, chatted with the Pope for 40 minutes and gave him a protective jacket that a Ukrainian soldier had decorated with the Madonna. Zelenskiy and the Pope…

Two Adani group companies, including the Indian conglomerate’s flagship firm, revealed plans to raise $2.57 billion from the market months after a short-seller report shattered investor trust and lowered share prices. Adani Transmission (ADAI.NS) said its board approved a public market offering of up to 85 billion rupees ($1.0 billion). Adani Enterprise (ADEL.NS) filed with markets that its board has approved plans to raise 125 billion Indian rupees ($1.53 billion) using similar methods. After Hindenburg Group accused Indian billionaire Gautam Adani of stock market manipulation and tax haven use, he called off a record $2.5 billion share sale in January.…

EU-US pledge cooperative action over China worries. A draft statement suggested that Washington and the EU will coordinate export bans on semiconductors and other items and address China’s non-market practices during a meeting this month. On May 30-31 in Lulea, Sweden, U.S. Secretary of State Antony Blinken, European Commission Vice-President Margrethe Vestager, and other top officials will meet for the fourth EU-U.S. Trade and Technology Council (TTC). The draft statement obtained by Reuters said the two sides would address non-market practices and economic coercion and have regular conversations to stop their companies’ expertise tied to overseas investment backing key rivals’…

Binance leaves Canada amid crypto regulations. Binance left Canada on Friday, weeks after the country imposed investor limits and required registrations on cryptocurrency exchanges. In recent months, Canada has tightened crypto asset trading platform restrictions by requiring pre-registration. In addition, according to the Ontario Securities Commission website, non-compliant corporations may be prosecuted. “Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” Binance tweeted. Binance disagrees with the recent guidance and wants to cooperate with Canadian regulators to develop a comprehensive crypto framework. “We…

G7 launches immunization initiative for underdeveloped nations. Japan’s Yomiuri newspaper reported that next week’s G7 summit would establish a new vaccination distribution program for underdeveloped nations. According to Japanese government sources, the G7, G20 nations, including India, and international organizations like the WHO and World Bank will participate. The WHO and GAVI-backed COVAX facility delivered over 2 billion doses of coronavirus vaccine to 146 countries during the COVID-19 pandemic. However, affluent nations prioritized immunizations for their residents, while insufficient storage facilities in poorer nations prompted supply delays and disposal of millions of close-to-expiry doses. The Yomiuri stated the new scheme would…

Australia’s Minister for Trade and Tourism, Don Farrell, said he was “pleased” with his talks with his Chinese counterpart in Beijing on trade obstacles but that his visit was “just another step” in stabilizing relations. After Labor’s mid-2022 election, Farrell became the first Australian trade minister to visit Beijing since 2019. Australian wine, cattle, barley, coal, shellfish, and lumber exports to China were impacted by trade limits in 2020. Australian journalist Cheng Lei was jailed in Beijing on national security charges after Australia called for an international review into COVID-19’s origins, which infuriated Beijing. After the negotiations, Farrell told a…

According to Friday’s European Commission agenda, Alphabet (GOOGL.O) CEO Sundar Pichai will meet deputy chief Vera Jourova and EU Industry Chief Thierry Breton in Brussels on May 24. Breton’s digital regulations will oblige Alphabet’s Google and other tech companies to let business users access platform data, among other things. Don’t include favoring their products and services above competitors. Google and other tech companies must do more to combat illicit online content under new EU tech laws. Google did not immediately comment.

On Friday, a senior U.N. official said discussions on a Sudan ceasefire would continue in the next day or two and detailed a change in the warring factions’ posture that could make them more likely to uphold any future arrangement. Sudan’s military groups agreed late on Thursday to protect people and enable humanitarian relief following a week of talks in Saudi Arabia but fighting continued on Friday. Volker Perthes, U.N. Special Representative for Sudan, said he had met with one side and was assured of their commitment to keep discussing. We expect ceasefire discussions to resume today or tomorrow. He…

On Friday, German Finance Minister Christian Lindner hoped US politicians would make a “grown-up” choice to raise the federal debt ceiling, warning that failure would threaten the world economy. On the sidelines of the G7 summit in Japan, Lindner termed the global economy “fragile” and hoped parties would not be mislead by short-termism or partisanship. Lindner’s remarks raise concerns as President Joe Biden and lawmakers in Washington postponed a Friday meeting. Raising the debt ceiling prevents default. The German finance minister said politics jeopardized global economic and financial market stability. “That’s why we’re looking at the United States in particular…

GSK sells partial ownership in spin-off Haleon at a discount. GSK (GSK.L) sold 240 million Haleon (HLN.L) shares at 335 pence each on Friday, raising 804 million pounds ($1.01 billion). Haleon, GSK, and Pfizer (PFE.N)’s largest standalone consumer health firm distributes vitamins, oral care, and non-prescription medications. GSK, the second-largest shareholder, will own 10.3% of Haleon after the transaction, 2.3% below Thursday’s closing price of 342.85 pence. Haleon shares rose 1.6% to 348 pence early Friday. Higher costs lowered quarterly profit last week. GSK and Pfizer merged their consumer healthcare businesses in July 2019, becoming Haleon, manufacturer of Sensodyne. July…

On Friday, French nursing care company Orpea (ORP.PA) posted an annual net loss in line with its expected significant asset depreciation. After independent journalist Victor Castanet’s book shocked France and sparked debate over nursing home care, Orpea had a difficult 2022. It denies widespread misuse. The corporation requested conciliation talks with creditors and warned of impairments after its net profit fell to 4.03 billion euros ($4.44 billion) in fiscal year 2022 from 65 million euros a year earlier. The firm, which operates in over 20 countries, blamed asset sales for the net loss. The group stated Orpea’s real estate portfolio…

Toshiba Corp (6502.T) announced Friday that its operating profit would fall this year ahead of a $15-billion purchase by a consortium led by private-equity firm Japan Industrial Partners (JIP). Toshiba anticipated an operational profit of 110 billion yen ($814.51 million) for the year ending March 2024, down from 110.5 billion last year. Seven Refinitiv analysts predict 166.03 billion yen in operational profit. Toshiba’s board welcomed the JIP-led group’s 2 trillion yen ($14.81 billion) acquisition offer, potentially ending years of turmoil. The board has not determined whether to suggest shareholders tender their shares. The 4,620 yen per share offer may not…

On Friday, Japanese e-commerce and fintech behemoth Rakuten Group Inc (4755.T) reported an operating loss of 76.2 billion yen ($564.24 million) for the first three months of 2023, weighed down by its mobile phone operations. Mobile Rakuten lost 102.7 billion yen in January-March. Rakuten CEO Hiroshi “Mickey” Mikitani originally planned to become Japan’s fourth major carrier by employing cloud-based software and commoditized hardware to construct a low-cost countrywide mobile network. Analysts note Rakuten’s challenge to win market share from cash-rich incumbents with high-quality networks due to the build-outs capital burn.

Dubai’s Emirates Group reported a yearly profit of 10.9 billion dirhams ($3 billion) and an 81% revenue growth to $33 billion on Thursday. Emirates Group, which includes Emirates Airlines and dnata, made $2.9 billion. After a $5.5 billion loss in 2021-22, the state-owned carrier lost $1.1 billion. Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum stated the airline had ” fully recovered” from the epidemic. “As the last travel restrictions lifted and triggered a tide of demand, we were ready to expand our operations quickly,” he added. Emirates reported filling 79.5% of tickets, up from 58.6% a year earlier, and…

Prominent EU politicians reached an agreement on Thursday to amend draft rules to limit the use of generative AI like ChatGPT and to propose a ban on face monitoring, bringing the EU one step closer to establishing ground-breaking regulations for AI. Two relevant committees in the European Parliament have reached an agreement; next month’s plenary vote will then determine whether the proposal moves on to final negotiations with EU member states and the European Commission. Fears of job losses, misinformation, and copyright infringements have led to the EU executive proposing the AI Act two years ago to establish the standard…

French Foreign Minister Catherine Colonna and her Chinese colleague Qin Gang agreed to “develop an economic relationship that is both stronger and more balanced,” according to the Paris foreign ministry. The meeting followed French President Emmanuel Macron’s April visit to China and weeks after China’s Paris ambassador’s Ukraine statements caused a diplomatic split. In a statement, Colonna reminded her counterpart “that China had an important role to play in convincing Russia to return to full compliance with the U.N. Charter, in particular the sovereignty and territorial integrity of Ukraine.” In a separate statement, China’s foreign minister Qin Gang said the…

Yellen fears US default would damage the global economy, US leadership. On Thursday, Treasury Secretary Janet Yellen asked Congress to extend the $31.4 trillion federal debt ceiling to avoid a historic default that would cause a worldwide economic slowdown and threaten U.S. global economic leadership. In a news conference before a meeting in Japan with the Group of Seven (G7) affluent nations, India, Indonesia, and Brazil, Yellen offered the latest in a series of increasingly dire warnings. A default would jeopardize our epidemic recovery progress. Moreover, she claimed it would cause a global recession that would throw us back much…

Starting on Thursday, an impasse over extending the U.S. debt ceiling dominated a G7 finance chiefs conference, intensifying U.S. recession worries as central banks seek a gentle landing for the global economy. President Joe Biden urged Republican legislators on Wednesday to boost the government’s borrowing ceiling from $31.4 trillion or face a recession in the world’s largest economy. After three U.S. regional banks failed, Treasury Secretary Janet Yellen was due to answer questions with her G7 counterparts in Niigata, Japan, on how Washington plans to calm financial markets. A default would jeopardize our epidemic recovery progress. On Thursday in Niigata,…

Finnish prime minister divorces husband. On Wednesday, Sanna Marin and Markus Raikkonen announced their divorce on Instagram. We’re thankful for 19 years and our daughter. In separate Instagram stories, they declared, “We will remain best friends.” Marin and Raikkonen have a 5-year-old daughter. While Marin was in office, they married in 2020. “We have lived our youth together, entered adulthood together, and grown into parents for our dear daughter together,” Marin said on Instagram after her August 2020 wedding to Raikkonen. The right-wing National Coalition Party and the nationalist Finns Party defeated Marin’s Social Democratic Party in Finland’s parliamentary election…

On Wednesday, First Citizen BancShares Inc (FCNCA.O) posted a first-quarter profit of $9.82 billion, largely thanks to its purchase of Silicon Valley Bank in March. The windfall contributed to a rise in earnings from $264 million, or $16.70 per share, in the same period a year earlier to $9.50 billion, or $653.64 per share. Deposits at the Raleigh, North Carolina-based bank hit $140.05 billion in the first quarter, up nearly 57% from the year-end total. First Citizens acquired Silicon Valley Bank with the blessing of American financial authorities, accounting for more than a third of the deposits.

Wednesday, Mexican President Andres Manuel Lopez Obrador announced a constitutional amendment to elect judges and magistrates. After the Supreme Court partially overturned an electoral reform that would reduce Mexico’s elections authority, Lopez Obrador criticized the court. Lopez Obrador criticized the judiciary on Wednesday for favoring conservatives. The day before, had labeled them “rotten” and lacking “remedy.” “End the control of those at the top once and for all, so that it’s the people of Mexico who rule and govern,” Lopez Obrador said in a regular press conference. The constitutional revision would require two-thirds congressional approval. Lopez Obrador’s rule MORENA lacks…

The Justice Department accused Republican U.S. Representative George Santos of fraud, money laundering, and public funds on Wednesday. He was scheduled to appear in New York federal court later. After CNN published the accusations, Santos’ attorney and congressional office did not reply to Reuters’ requests for comment late Tuesday. Santos told an Associated Press reporter Tuesday: “This is news to me. You called first about this.” The New York Times and other media sources reported that 34-year-old Santos had invented practically all of his personal and professional past shortly after his November victory in a rich Long Island district. Santos…

On Wednesday, President Putin signed a decree that might pave the way for Russia to formally “denounce” the Treaty on Conventional Armed Forces in Europe. The pact sought to control the number of forces deployed by the Warsaw Pact and NATO countries. The order formally designated Deputy Foreign Minister Sergei Ryabkov to represent Putin during legislative processes on rejecting the deal. It was declared in 2015 that Russia would no longer be adhering to the pact in any capacity.

Europe serves as a gateway to post-COVID China for investors. The unevenness of China’s financial recovery and geopolitical worries has led investors to prefer investing in European firms with a focus on China over investing directly in Chinese companies this year. China’s economy rebounded quicker than predicted in the first quarter of 2023 after it abandoned its strict zero-COVID policy late last year. However, the improvement has been inconsistent. The services industry has benefited from pent-up consumer demand, while manufacturing has trailed behind. In addition, regulator crackdowns have been hard on the real estate and technology industries; financially strapped municipalities…

SVB’s failure didn’t start the U.S. credit crunch and may not finish there. Carissa Rodeheaver, CEO of a small bank in western Maryland’s mountains, didn’t change tactics after Silicon Valley Bank’s March 10 failure. Last year, Federal Reserve interest rate hikes and a less certain economic environment caused Rodeheaver, CEO of the $1.9 billion First United Bank & Trust (FUNC.O) in Oakland, Maryland, to shift focus from commercial real estate lending, begin “husbanding deposits” with a tougher look at collateral backing loans, and end up with only a $9.6 million increase in lending over the first three months of 2023.…

Crude prices dipped on Wednesday, halting a three-day gain, as an unexpected surge in U.S. crude stocks raised demand worries, and investors awaited inflation data to guide interest rates. By 0855 GMT, Brent crude slid $1.01, or 1.3%, to $76.43, while WTI declined 99 cents, or 1.3%, to $72.72. According to market sources, U.S. oil stocks grew by 3.6 million barrels in the week ending May 5, while gasoline stockpiles jumped by 399,000. Eight Reuters experts predicted a 900,000-barrel crude decline and a 1.2 million-barrel gasoline reduction, but the facts contradicted them. Wednesday brings U.S. government oil inventory statistics. The…

Australian lithium miner Allkem Ltd. (AKE.AX) announced a $10.6 billion deal to purchase U.S. chemical manufacturer Livent Corp. (LTHM.N). Livent will hold 44% of the new company and Allkem 56%. Livent shareholders will receive 2.406 shares in the new firm for each Livent share, while Allkem stockholders will receive one share of a new public holding company for each Allkem share. As manufacturers want lithium for electric car batteries, Allkem shares have increased 15% this year. Demand for the metal is predicted to increase five-fold by 2030. U.S. commodities companies have been trying to acquire Australian lithium mining. However, In…

On Wednesday, food caterer Compass Group (CPG.L) boosted its fiscal 2023 expectations after half-year earnings rose 41%, helped by more people returning to work and events and higher food inflation. Due to first-time outsourcers going to major caterers, the world’s largest catering firm has grown. Still, its profits have trailed pre-pandemic levels due to higher food, labor, and new business expenditures. “I think what’s really important to us is we continue to see margin progression, that we continue to grow above historic levels, and in the face of significant inflation, we continue to be fair and balanced in pricing with…

Treasury Secretary Janet Yellen arrives at Japan’s G7 finance summit this week with her ambitious economic agenda hijacked by a heated partisan dispute over the U.S. debt ceiling that threatens a new financial catastrophe and a landmark tax agreement blocked by Republicans. Last year, Yellen spearheaded G7 sanctions against Russia for its invasion of Ukraine. She’ll likely spend much of the two-day conference in Niigata convincing the same group that a U.S. payments default won’t destroy the global economy. The move shows how deeply U.S. party disagreements may affect global economic ambitions and the Biden administration. “Yellen has a challenging…

According to an EU draft document obtained by Reuters, Amazon (AMZN.O), Alphabet’s (GOOGL.O) Google, Microsoft (MSFT.O), and other non-EU cloud service providers seeking an EU cybersecurity certification to handle sensitive data must form a joint venture with EU business. The letter stated that U.S. tech companies and anyone interested in the joint venture could only have a minority ownership. In addition, personnel with access to EU data must be screened and located in the 27-country union. The cloud service must be managed and maintained in the EU, and all client data must be kept and processed in the EU. EU…

On Tuesday, Breaking Defense magazine claimed that the UAE had canceled an 800 million euro ($880.6 million) Airbus (AIR.PA) contract to buy 12 H225M Caracal multirole helicopters. The UAE’s defense and security acquisitions authority chief Muammar Abdulla Abushehab told the Washington-based journal that the decision was financial and technological. In a May 8 interview, the official cited high lifespan costs, limited mission adaptability, and a difficult technical proposal. The UAE government media office did not immediately comment. Airbus Helicopters didn’t comment. We have served the UAE military for over 40 years. “We’re proud of our relationship, which benefits France-UAE relations,”…

Marcos says Taiwan issue, maritime code to factor in ASEAN discussions. Philippine President Ferdinand Marcos Jr. said the risk of Taiwan tensions growing was a “grave concern” to Southeast Asian nations and would be discussed at this week’s conference in Indonesia. “Considering that we agree on the concept of ASEAN centrality when it comes to regional concerns, that will be one of the most important subjects that we will bring up,” Marcos told reporters late Tuesday. Marcos sought a South China Sea code of conduct at the ASEAN conference in Indonesia. Marcos promised to raise it again. “The issues…they will…

On Wednesday, India’s fourth-largest airline, Go Airlines (India) Ltd., and its 7,000 workers will face a bankruptcy plea judgment that would affect overseas lessors attempting to repossess planes. The low-cost carrier, recently rebranded Go First, blamed its financial woes on “faulty” Pratt & Whitney engines that grounded half its 54 Airbus (AIR.PA) A320neos. The engine maker, Raytheon Technologies (RTX.N), denies the accusations. If the Indian judiciary accepts Go First’s case, a new resolution specialist will govern Wadia Group’s airline to renew it. Go First should win around 10:30 a.m. (0500 GMT). Indian airlines have never deliberately sought bankruptcy protection to…

China is in contact with all parties seeking Ukraine peace, says the foreign minister. On Tuesday, Chinese Foreign Minister Qin Gang said Beijing would communicate with all sides of the Ukraine crisis, including Germany, to negotiate a truce. “As a permanent member of the United Nations Security Council and responsible major country, China will neither watch the fire from the other bank nor add fuel to the fire,” Qin said in Berlin with German colleague Annalena Baerbock. Qin said Beijing “firmly opposes some countries in using their so-called laws to impose long-arm jurisdiction and unilateral sanctions on other countries, including…

On Tuesday, Apollo Global Management Inc. (APO.N) reported that its first-quarter adjusted net income decreased 8% year-over-year, missing projections due to reduced asset sales. Apollo, like its peers, struggled to sell its private equity assets for top dollar in the quarter due to a dealmaking downturn. However, its asset management and retirement businesses mitigated the damage. Apollo reported $845 million adjusted net income, down from $917 million last year. Refinitiv data shows adjusted net income per share of $1.42, below the average expert projection of $1.47. Performance fees, largely from asset sales, fell 96% to $8 million for Apollo. In…

On Tuesday, Imran Khan’s aides said Pakistani security officers detained him at Islamabad High Court. Geo TV reported the corruption arrest of cricketer-turned-politician Khan. Khan’s Pakistan Tehreek-e-Insaf (PTI) party posted footage of his imprisonment in a van by hundreds of riot-gear-clad security officials. Khan’s counsel, Fawad Chaudhry, said security forces who detained Khan “attacked” the court in a video. Detention did not instantly affect Marriyum Aurangzeb. Khan has been indicted with over 100 corruption counts since his April 2018 parliamentary defeat. His four-year term expired. With a November national election, Khan may be disqualified from public office. Khan’s party promised…

Twitter to delete inactive accounts and archive them. CEO Elon Musk tweeted on Monday that Twitter Inc. will delete dormant accounts after many years, calling it “important to free up abandoned handles.” Musk tweeted that inactive accounts will be archived, although he didn’t say when. Twitter’s archived account access was unclear. Musk also suggested numerous dormant accounts may be terminated from the micro-blogging network, reducing followers. To avoid permanent removal due to inactivity, Twitter users must log in at least once every 30 days. After National Public Radio ceased publishing to its 52 official Twitter channels in protest of a…

President Vladimir Putin declared on Tuesday that Russians were unified in a “sacred” war with the West over Ukraine that would end in victory and accused the U.S. and its allies of forgetting the Soviet victory over the Nazis in World War Two. Putin had often compared the conflict in Ukraine, which he portrays as a defensive measure against a West that seeks to split up Russia, to the danger Moscow faced when Adolf Hitler attacked the Soviet Union in 1941. “The decisive battles for the fate of our Motherland have always become patriotic, all-national and sacred,” the 70-year-old president…

On Tuesday, Italian truck maker Iveco Group (IVG.MI) said it would purchase Nikola Corp’s (NKLA.O) joint venture to develop battery electric and fuel cell heavy-duty vehicles. Iveco will end its joint venture with Nikola after founding it in 2019 to enable the Italian business. Part of CNH Industrial (CNHI.MI) and a latecomer to electrification, to catch up with big European rivals like Daimler Truck (DTGGe.DE) and Volvo (VOLVb.ST). Nikola reported in February that sluggish demand had slowed delivery of its battery-powered vehicles, that its financial reserves had depleted, and that it projected 2023 gross margins to be deep in the…

According to two sources, as it expands in the world’s second-largest economy, HSBC (HSBA.L) has agreed to buy out its China fund management joint venture partner. According to reports, HSBC, which holds 49% of HSBC Jintrust Fund Management, has negotiated with Shanxi Trust to buy the Chinese state-owned company’s 51% part in the joint venture. The individuals, who declined to be identified because they were not authorized to speak to the media, said the transfer is subject to a public auction of the shares and regulatory approval. If allowed, Europe’s biggest bank by assets, which earns most of its income…

A source said Tuesday that Japanese and South Korean military authorities would link their radars via a U.S. system early next month to real-time exchange intelligence about North Korea’s ballistic missiles. Defense ministers from Japan, South Korea, and the U.S. expect to strike an agreement during an Asian defense summit in Singapore early next month, according to the source, who declined to be identified. North Korea’s ballistic missile tests accelerated information-sharing in November. In addition, South Korea and Japan share U.S. radar systems. US-Asian ties improved with North Korea’s threat. Sunday’s “shuttle diplomacy” in Seoul reaffirmed defense cooperation between Japanese…

PayPal’s adjusted margin prediction beats greater profit forecasts. PayPal Holdings Inc (PYPL.O) shares fell 5% in extended trading on Monday after the payments giant trimmed its year-adjusted operating margin expectation, overshadowing its profit prediction increase. PayPal predicts a 100-basis-point adjusted operating margin increase this year, down from 125. Investors think the company’s high-margin branded checkout button isn’t working as well as expected and that they’re losing market share to Apple. Mizuho analyst Dan Dolev told Reuters why PayPal shares fell. Analysts say high-interest rates discourage expensive purchases since buyers, especially lower-income ones, are in debt. Payments volume on a forex-neutral…

Ukraine’s envoy to Japan said the Group of Seven (G7) affluent nations must denounce any threat to use nuclear weapons and pledge “decisive action” against it at their summit in Hiroshima next week. Since the Ukraine crisis began, Russian President Vladimir Putin has regularly threatened to use nuclear weapons to protect its “territorial integrity.” Sergiy Korsunsky told Reuters that circumstances near the Zaporizhia nuclear power station had worsened fast, a position the head of the U.N.’s nuclear power authority warned was “potentially dangerous” over the weekend. read on “It should be a very clear statement from specifically those nuclear powers…

UBS Group (UBSG.S) announced on Tuesday that Credit Suisse CEO Ulrich Koerner would join the bank’s executive board after its merger with its Swiss competitor, and Todd Tuckner will replace Sarah Youngwood as CFO. The leadership reshuffle follows the government-orchestrated rescue of Credit Suisse (CSGN.S), which UBS agreed to take over in March for 3 billion Swiss francs ($3.4 billion), assuming up to 5 billion francs in losses as part of a rescue backed by 250 billion francs of state support. UBS said Koerner would help Credit Suisse’s merger and ensure operational continuity and client focus. UBS stated that it…

LinkedIn, owned by Microsoft Corp (MSFT.O), announced on Monday that it would reduce 716 employees and close its China-focused job application due to declining demand. LinkedIn, with 20,000 employees, has gained revenue each quarter over the previous year. Still, it joins other large technology businesses like its parent in laying off staff despite a worsening global economy. Layoffs. Fyi reports over 270,000 IT job cuts worldwide in the previous six months. LinkedIn sells ads and charges recruitment and sales professionals for memberships to locate prospects. LinkedIn CEO Ryan Roslansky told staff that cutting sales, operations, and support positions will streamline…

The EU ambassador to China praised Chinese President Xi Jinping’s call with Ukraine President Volodymyr Zelenskiy on Tuesday and called for more peace efforts. Kyiv desired Zelenskiy’s hour-long meeting with Xi. “We would like China to go further and help more to reach a just peace, which involves Russian troops withdrawing from Ukraine,” Jorge Toledo Albinana said during a Beijing news conference. According to state media, Xi assured Zelenskiy that China would send special officials to Ukraine and seek peace with all parties during their call. Albinana expected major trade, economy, digital, and environment meetings between EU foreign policy chief…

On Monday, Truecaller (TRUEb.ST) told Reuters that its caller identification service would soon be accessible on WhatsApp and other messaging applications to assist users in identifying scam calls. Truecaller CEO Alan Mamedi stated the beta functionality would launch internationally in May. In 2021, Truecaller reported that Indian customers received 17 spam calls per month. In February, India’s telecom regulator ordered Jio and Airtel to prevent telemarketing calls with AI filters. Truecaller is negotiating with telecom carriers to create such a solution. “Over the last two weeks, we have seen a spike in user reports from India about spam calls over…

Biden and McCarthy attempt to end US debt-ceiling stalemate as default crisis approaches. President Joe Biden and senior Republicans and Democrats from Congress will meet this week to attempt to resolve a three-month deadlock over the $31.4 trillion U.S. debt ceiling and prevent a devastating default before May. The Democratic president wants lawmakers to unconditionally lift the federal government’s self-imposed borrowing cap. Republican House Speaker Kevin McCarthy has stated his chamber would not adopt any deal that does not decrease spending to confront a mounting budget imbalance. Biden, McCarthy, Schumer, and McConnell will meet at the White House on Tuesday…

Merck (MRCG.DE), a German pharmaceutical company, said on Monday that Helene von Roeder would replace Marcus Kuhnert as CFO and a member of the Executive Board. The business said the adjustments will take effect on July 1. This month, German real estate firm Vonovia (VNAn.DE) stated that von Roeder would be voluntarily stepping down from the company’s management board from July 1.

On Monday, Standard Chartered (STAN.L) CEO Bill Winters said a U.S. recession was improbable, but a period of negative growth was feasible. “I think it’s less the question of a massive decline in the U.S. – I think that’s very, very unlikely,” Winters said at a conference in Dubai, adding that the economy remained “extremely strong.” “But it’s also got a high inflation problem and interest rates that are either going to stay high or maybe even go higher… until the economy slows down.” Does that cause a massive recession? Not likely. Negative growth? Yes.” He said Standard Chartered’s credit…

The ambassador says the Philippines-U.S. South China Sea patrols may start in the third quarter. A top diplomat said on Monday that the Philippines and the U.S. might begin joint patrols in the South China maritime later this year, days after Washington confirmed its resolve to defend Manila against a maritime attack. Philippine ambassador to the US Jose Manuel Romualdez said discussions were ongoing on the February-announced coordinated marine patrols. “No later than the third quarter.” CNN Philippines quoted him as saying, “We should have that.” In February, U.S. Defense Secretary Lloyd Austin and his Philippine counterpart, Carlito Galvez, agreed…

On Monday, President Joe Biden will announce that the U.S. Transportation Department would establish new regulations requiring airlines to reimburse customers for severe flight delays or cancellations where carriers are at fault. The Biden administration’s newest airline crackdown and consumer protection measure. “When an airline cancels or delays a flight, passengers should not pay,” stated USDOT Secretary Pete Buttigieg. USDOT proposes to make airlines pay for food and accommodations if they strand customers. In August 2022, most carriers voluntarily offered rooms or meals but not monetary compensation for delays. The Biden administration has opposed family seating surcharges, investigated ten carriers…

Toyota Motor Corp (7203.T) has halted sales of the Yaris ATIV. Still, senior executives said Monday that the vehicle is safe and that all parties should cooperate on inspections and inquiries. Toyota’s CEO for Asia, Masahiko Maeda, told a Bangkok news conference that customers’ cars were safe and high-quality. However, Maeda complained about manufacturing demands and automobile production deadlines. Last Monday, Toyota revealed Daihatsu had faked part of the door in side-collision safety tests for 88,000 compact vehicles, most of which were marketed under the Toyota brand.

Zelenskiy celebrates the 1945 Nazi capitulation, bringing Ukraine closer to Europe. On Monday, President Volodymyr Zelenskiy said that Ukraine will observe a day of commemoration on May 8, when Western nations celebrate Europe’s victory. Zelenskiy told the people from a hill overlooking Kyiv that “the old evil” had returned, this time perpetrated by a “modern Russia” seeking “enslavement and destruction” like the Nazis, but they would fail. Zelenskiy said he had presented a bill to parliament to make May 8 a day of recollection and victory. May 9—Russia’s victory day—would become Europe Day, further solidifying Ukraine’s separation from its Soviet…

China seeks ‘new avenues’ of military cooperation with Pakistan. On Monday, China’s defense minister urged Pakistan’s navy chief that their armies, especially their ships, should “expand into new fields of cooperation” to strengthen regional security. Their navy and air forces have exercised together for years. If the Strait of Malacca is blocked, China needs Pakistan and its Arabian Sea access. After opening its first overseas military facility in Djibouti on the northern Indian Ocean in 2017, Chinese activity in the region has raised concerns, notably in India. China’s Defence Minister Li Shangfu told Pakistan’s Chief of Naval Staff Amjad Khan…

Premier Li Qiang said China wishes to collaborate with the International Olympic Committee (IOC) to resist sports politicization amid calls for the IOC to ban Russian athletes after the invasion of Ukraine. According to Xinhua, Premier Li made the remarks at a weekend meeting with IOC President Thomas Bach in Beijing. Li’s comments come as 35 nations, including the US, Britain, and France, lobby the IOC to remove athletes from Russia and its ally Belarus due to the war. In January, the IOC indicated it would consider neutrally accepting athletes from the two nations in the Olympics and recommended Asia…

China is the epicenter of the electric car pricing war, and Tesla Inc (TSLA.O) and BYD (002594. S.Z.) dominate the SUV sector. Analysts and executives expect at least 20 new Chinese and international models to launch in April, compressing price and margins at home and pushing exports in a market with more than 90 models. Analysts claimed Chinese E.V. manufacturers had followed Tesla’s aggressive price reduction by dropping pricing for their electric SUVs, cannibalizing ICE sales as the price gap narrows. China-made electric SUVs will export the trend. China’s ultra-competitive market will lead to a lot of exports. “It’s a…

After “erroneous words and deeds” froze Sino-U.S. relations, China’s Foreign Minister Qin Gang stated on Monday that ties must be stabilized. Qin told U.S. Ambassador Nicholas Burns in Beijing that the U.S. must fix its Taiwan policy and cease undermining the “one China” premise. Last year, then-House Speaker Nancy Pelosi visited democratic Taiwan, angering China, which claims the island as its own. As a result, the relationship between the world’s two greatest economies plummeted. Beijing cut down military connections with the U.S. At a G20 conference in Indonesia in November, U.S. and Chinese presidents Joe Biden and Xi Jinping agreed…

SAP (SAPG.DE) and Siemens (SIEGn.DE) have joined U.S. tech titans in criticizing new EU legislation on smart gadgets and consumer goods data usage. EU governments and parliamentarians are finalizing the Data Act, proposed by the European Commission last year before it becomes law. German corporations believe a clause requiring companies to share data with third parties to provide aftermarket or other data-driven services might compromise trade secrets. At the same time, the U.S. says the bill is excessively restrictive. “It risks undermining European competitiveness by mandating data sharing – including core know-how and design data – with not only the…

After missing a Sunday deadline to request a court appearance, former U.S. President Donald Trump will not testify in a civil trial to dispute writer E. Jean Carroll’s accusations that he assaulted her in the 1990s and defamed her. On Thursday, Trump’s attorney Joseph Tacopina informed the judge that Trump had waived his right to testify in the Manhattan federal court trial and decided not to provide a defense, betting that jurors would find Carroll’s evidence unconvincing. Tacopina confirmed to Reuters what Trump’s legal team had told the court on Thursday: the former president will not testify. After the jury…

On Saturday, Ford Motor Company (F.N) announced it would begin accepting orders for its best-selling F-150 Lightning pickup truck the next week to raise annual production to 150,000 units. On Wednesday, a source informed Reuters that Ford is experiencing problems manufacturing F-150 pickup trucks due to a scarcity of door handles. In February, a battery fire disrupted production at the company. However, manufacturing resumed in March. Although some of the automaker’s North American plants are suffering from a shortage of supplier parts, the company said in an emailed statement on Wednesday that it anticipates making up all the lost output.…

On Friday, President Joe Biden indicated he was not ready to invoke the 14th Amendment to prevent the U.S. from defaulting on its obligations on June 1. “I’ve not gotten there yet,” Biden told MSNBC regarding invoking the Amendment. The Treasury Department warns the divided U.S. Congress that it may be unable to pay its debts by June 1 if it does not raise the $31.4 trillion debt ceiling. Some legal experts suggest Biden can invoke the 14th Amendment to keep paying the nation’s bills if Congress doesn’t act. After the 1861-1865 Civil War, Section Four of the Amendment declared…

On Saturday, proxy consulting company Institutional Shareholder Services (ISS) advised Shell (SHEL.L) shareholders to vote against a climate activist resolution seeking speedier carbon reduction while noting its benefits. The Follow This activist shareholder group will encourage Shell investors to support the 2015 Paris climate pact at their annual general meeting on May 23. To fulfill the Paris Agreement’s objective of keeping global warming at 2C above pre-industrial levels, scientists predict greenhouse gas emissions must decrease by 43% by 2030 from 2019. Shell plans to eliminate planet-warming emissions by 20% by 2030 and 100% by 2050 throughout its portfolio and products.…

On Saturday, King Charles III was crowned amid the most lavish show of pomp in British history, which dates back a thousand years. The Archbishop of Canterbury, the spiritual leader of the Anglican Church, took his time placing the 360-year-old St. Edward’s Crown on Charles’ head as he sat on a throne from the 14th century in Westminster Abbey, in front of a congregation of approximately 100 international leaders and a television audience of millions. The 74-year-old’s predecessor, William the Conqueror’s 1066 event, was historic and somber. Charles’ second wife Camilla, 75, will be proclaimed queen during the two-hour event,…

A Thai official said on Saturday that China’s Hozon New Energy Automobile would construct electric vehicles in Thailand for the Southeast Asian market, joining others in the region’s auto production powerhouse. Hozon struck a deal with Thailand’s Bangchan General Assembly this week to begin manufacturing its NETA V model in 2024, according to Thai government spokeswoman Tipanan Sirichana. Tipanan said the EV company introduced its NETA V model in Thailand last year and expected to sell its U and S variants soon. As domestic consumers choose Great Wall Motors and Tesla, other Chinese EV manufacturers, including BYD (002594. SZ), have…

Tens of thousands of people, young and old, from Britain and throughout the world, gathered in central London on Saturday to watch history and celebrate. People dressed in red, white, and blue and waving Union flags lined the streets early to attend King Charles’ coronation, Britain’s first in 70 years. Different factors brought people together. Older tourists supported Charles and the monarchy, while others celebrated a new age. Younger onlookers wanted to see history and join a big celebration. Antonina Strain, 53, traveled from Toronto with her sister Yvonne Havery, claiming she was born in London and returning for the…

On Friday, negative investors were surprised by Carvana Co.’s (CVNA.N) second-quarter earnings prediction, sending its shares up 55%. Carvana struggled in 2022 to sell secondhand automobiles bought at greater costs during the epidemic, owing to affordability worries. According to Ortex, Carvana short sellers lost $142 million when the company started trading higher after-hours on Thursday. Short holdings were $488 million. “Some short sellers will add to the buying pressure as they try to close their positions and, therefore, causing a short squeeze,” Ortex co-founder Peter Hillerberg said. On Thursday, Carvana said its second-quarter adjusted earnings before interest, taxes, depreciation, and…

Warner Bros Discovery Inc (WBD.O) reported a quarterly loss on Friday due to expenditures related to its 2022 merger, dimming the streaming business’s first profit and sending shares down 5%. The merger of WarnerMedia and Discovery Inc. resulted in a $1.81 billion charge and $95 million in restructuring charges in the first three months of 2023. Warner Bros Discovery lost 44 cents per share, whereas Refinitiv data predicted a 1-cent profit. The streaming segment, which includes HBO Max and Discovery+, earned $50 million pre-tax in the quarter, compared to a $227 million loss a year earlier. 1.6 million signed up.…

Australian PM is ‘frustrated’ about Julian Assange’s incarceration. On Friday, Australian Prime Minister Anthony Albanese said he was angry for not finding a diplomatic solution to Julian Assange’s confinement and concerned about his mental health. “I know it’s frustrating, I share the frustration,” Albanese told ABC television from London, where Assange is imprisoned pending U.S. extradition. I can state my stance; the U.S. administration knows the Australian government. So his confinement is pointless.” Assange, an Australian citizen, is fighting extradition from Britain to the U.S., where he faces criminal accusations of leaking sensitive U.S. military data and diplomatic cables in…

Russian pro-war social media reported Thursday that former deputy defense minister Colonel General Mikhail Mizintsev, Ukraine’s nuclear contract with Cameco is risky but lucrative. had joined the Wagner Group private militia as deputy leader. War journalist Alexander Simonov uploaded two Telegram videos of Mizintsev visiting a training camp and Russian outposts in Bakhmut, east Ukraine, wearing Wagner-branded combat gear. In two videos, Wagner founder Yevgeny Prigozhin vehemently accused the defense establishment of jealously denying his soldiers weapons. Prigozhin has lauded commanders but criticized the military and Defence Minister Sergei Shoigu. On April 29, Prigozhin’s press service offered to face Mizintsev…

On Friday, Russian Foreign Minister Sergei Lavrov called Wednesday’s Kremlin drone incident a “hostile act” and promised “concrete actions.” Russia has accused Ukraine of using drones to assassinate President Vladimir Putin and blamed the US. Ukraine denies that, and the White House calls Russia “lies.” “It was clearly a hostile act, it is clear that the Kyiv terrorists could not have committed it without the knowledge of their masters,” Lavrov told an Indian press conference. “We will not respond by talking about ‘casus belli’ or not, we will respond with concrete actions,” he stated. “Casus belli” is Latin for a…

Ad experts claimed TikTok’s appeal to consumers would keep advertisers spending despite U.S. national security worries. TikTok, owned by Chinese tech giant ByteDance, is battling a U.S. ban after senators sponsored a measure that would give President Joe Biden’s administration the power to prohibit security-risk applications. Multiple countries have banned the short-form video app from government-issued phones. As part of NewFronts, a week of social media and streaming video platform presentations for marketers, TikTok will give an advertising presentation on Thursday evening in New York. According to Insider Intelligence, TikTok’s ad sales would expand 36% to $6.83 billion this year…

After his Ukrainian flag was removed to prevent him from photobombing a video interview with Russia’s lead delegate, a Ukrainian delegate punched a Russian delegate in the face during a Black Sea nations meeting in Turkey’s capital on Thursday. Oleksandr Marikovski shared a Facebook video showing himself hitting the Russians and collecting the blue and yellow flags. The incident occurred in a legislative hallway during the Organisation of the Black Sea Economic Cooperation (BSEC) meeting. Several Ukrainian delegates fought with security personnel who tried to remove them from a demonstration earlier in the day. They yelled and waved their flags…

As violence escalates in Myanmar, Indonesia’s foreign minister said Friday that it had been discreetly contacting key parties, including neighbors India, Thailand, and China, to start a peace process. Retno Marsudi told Reuters exclusively that Indonesia, as chair of ASEAN, has quietly tried to resolve the problem through more than 60 “engagements” with all sides. She named the junta, ethnic minority army, and pro-democracy shadow government. At a press conference, Retno said trust was crucial. “Indonesia is using non-megaphone diplomacy, this aims to build trust with all stakeholders, so they want to talk to us,” she stated. Quiet diplomacy does…

British Airways-owner IAG (ICAG.L) and Air France-KLM (AIRF.PA) announced strong summer reservations on Friday as holidaymakers continued to plan despite a cost-of-living issue. IAG, which owns Iberia, Vueling, and Aer Lingus, said summer ticket sales and a full winter season would boost 2023 earnings. Other major European airlines share its optimism. Lufthansa, easyJet, and Ryanair reported strong summer reservations despite rising inflation and an uncertain economic outlook. Air France-KLM reported stronger first-quarter revenue and summer ticket sales. IAG termed the summer forecast “encouraging” and said capacity in its core North Atlantic and Latin American markets was back at pre-pandemic levels,…

Thursday’s results showed Apple Inc.’s (AAPL.O) resiliency in a slowing global economy thanks to better-than-expected iPhone sales and substantial breakthroughs in India and other fresh regions. Apple shares jumped 2% after beating Wall Street’s revenue and profit projections for the April 1 quarter. However, due to China’s delayed economic recovery, large chipmakers’ performance lagged behind the company’s. As supply-chain issues have improved, Apple executives said Thursday that gross profit margins for the current quarter would be better than expected despite a revenue drop. Apple’s fiscal second-quarter revenue declined 2.5% to $94.8 billion, beating Refinitiv’s 4.4% forecast. Profit was $1.52 per…

On Friday, Adidas (ADSGn.DE) reported better-than-expected first-quarter revenues, down 1% from last year. However, investors believe the German sportswear giant can turn its fortunes around. Adidas’ average projections predicted a 4% revenue decline from the first quarter of 2022. Due to supply chain expenses and increased discounting, Adidas’ operating profit was 60 million euros ($66.26 million), and its gross margin was 44.8%. Adidas, which concluded a profitable deal with Ye, previously Kanye West, last year, did not update its intentions for unsold Yeezy sneakers.

Ferrari Q1 core earnings are up 27% after reopening Purosangue orders. On Thursday, Ferrari (RACE.MI) reported 27% growth in first-quarter core earnings, exceeding expectations. “Our order book already extends into 2025 with an award-winning product portfolio,” Chief Executive Benedetto Vigna said. Ferrari was resuming orders for its Purosangue four-door, four-seater, which had been stopped owing to “unprecedented” demand. The 390,000-euro 12-cylinder petrol automobile, unveiled last year, will begin deliveries this quarter. Ferrari will restrict sales below 20% of total group shipments during the car’s life to maintain exclusivity. In March, the business introduced the Roma Spider. According to a Reuters…

The US has clarified its defense treaty obligations to the Philippines by publishing new rules addressing South China Sea attacks, including on its coast guard. President Ferdinand Marcos Jr.’s relentless drive to revise the Mutual Defense Treaty with the former colonial ruler led to Wednesday’s six-page “bilateral defence guidelines” in Washington. The recommendations were the first since the pact was formed in 1951 and followed hundreds of Philippine diplomatic concerns in the last year about China’s “aggressive” acts and threats to its coast guard. The instructions said that the bilateral treaty commitments would be triggered if either was assaulted in…

On Thursday, Ukrainian President Volodymyr Zelenskiy told the International Criminal Court (ICC) in The Hague that Russian President Vladimir Putin must be held accountable for his war in Ukraine. In March, the ICC issued an arrest order for Putin for the alleged deportation of Ukrainian children. In addition, the European Commission announced a new international center for prosecuting aggression in Ukraine in The Hague. “We all want to see a different Vladimir here in the Hague, the one who deserves to be sanctioned for his criminal actions here, in the capital of international law,” Zelenskiy added. “I’m sure we will…

After announcing forecast-beating earnings on Thursday, Danish drugmaker Novo Nordisk (NOVOb. C.O.) warned it would have to cut U.S. initial dosages of its popular Wegovy weight-loss medicine to meet demand. Novo Nordisk shares fell 4.7% at 0731 GMT, trimming a 140% advance since the company debuted Wegovy in the U.S. in June 2021. Its stock is Europe’s finest. “To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the U.S. will be reduced temporarily,” Novo said. Novo has spent much in improving the Wegovy supply due to high demand. Novo’s obesity medicines, including Wegovy, increased by…

Price increases improve BMW automobile sales. BMW (BMWG.DE) reported a higher earnings margin for its cars segment on Thursday, with a rise to 12.1% in the first quarter from 8.9% a year earlier, but kept its outlook unchanged in the face of ongoing high costs and rising competition. The German automaker blamed the impact of last year’s full consolidation of its Chinese joint venture, BMW Brilliance Automotive, for a drop in group earnings before tax to 5.1 billion euros ($5.65 billion) from 12.2 billion. “The geopolitical and economic situation remains volatile and tense.” In key markets, inflation and interest rates…

The International Criminal Court (ICC) announced that Ukrainian President Volodymyr Zelenskiy will meet with them in The Hague on Thursday. In March, the ICC issued an arrest order for Russian President Vladimir Putin for deporting Ukrainian children, a war crime. ANP reported that Zelenskiy met with legislators at the Dutch Senate at about 0700 GMT. The government announced that it would meet with Prime Minister Mark Rutte and parliamentarians. “No Peace Without Justice for Ukraine” was Zelenskiy’s message, according to the foreign ministry. Government spokespersons wouldn’t discuss Zelenskiy’s visit due to security concerns. Since Russia’s 2022 invasion, Ukraine’s leader has…

Shell (SHEL.L) reported a $9.65 billion first-quarter net profit on Thursday, above analysts’ expectations. Fuel trading earnings offset falling oil and gas prices. For the next three months, Shell maintained its $0.2875 dividend and $4 billion share repurchase program. Shell’s first-quarter adjusted earnings were $9.65 billion, above the company’s $8 billion consensus projection. That compared to $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022 when Shell reported a record $40 billion profit. Due to lower natural gas prices, Shell’s integrated gas division lost 18% to $4.9 billion. However, its chemicals and refined products unit…

China’s Toronto consulate-general said on Thursday that an allegation of consular employees “coercing” a Canadian lawmaker and his family has “no factual basis and is purely baseless” and that Canadian media and politicians have ulterior objectives. The consulate-general spokeswoman added, “We express strong dissatisfaction and firm opposition to this,” urging the media and lawmakers to “stop spreading rumours and smearing.” The consulate said Canadian media and politicians were “intentionally damaging the reputation and image” of the consulate and “maliciously interfering with normal communication and cooperation between both parties.” On Wednesday, Canadian Prime Minister Justin Trudeau claimed that Canada’s intelligence service…

Biden administration approves Chinese airline flights to the US. On Wednesday, the Transportation Department (USDOT) said Chinese airlines could boost U.S. passenger services to 12 weekly roundtrips, matching Beijing’s allowance for American carriers. It’s up from Chinese carriers’ eight weekly roundtrip flights and matches what Beijing has allowed U.S. carriers, but it’s still a fraction of the more than 150 roundtrip flights each side allowed before restrictions were imposed in early 2020 due to the COVID-19 pandemic. USDOT ordered “a gradual, broader reopening of the U.S.-China air services market.” China reopened its borders to international visitors in March for the…

The Financial Times reported Thursday that Vodafone (VOD.L) and CK Hutchison (0001.HK) are close to combining their UK telecoms companies for 15 billion pounds (nearly $19 billion), creating the country’s largest mobile provider. The FT said that three sources valued the merged group’s equity at 9 billion pounds and its debt at 6 billion pounds. The article indicated the deal will be revealed this month. The report said that Hong Kong-based CK Hutchison might leave the UK telecoms sector with the merger. However, no agreement has been reached and circumstances may change. Reuters received no response from Vodafone or CK…

On Wednesday, Facebook owner Meta (META.O) revealed that malware distributors used public interest in ChatGPT to trick users into installing harmful programs and browser extensions, similar to cryptocurrency schemes. In research, the social media giant uncovered ten malware families and over 1,000 dangerous websites marketed as products utilizing the popular artificial intelligence-powered chatbot since March. The business stated some spyware supplied ChatGPT capabilities with abusive files. At a press briefing on the report, Meta Chief Information Security Officer Guy Rosen said, “ChatGPT is the new crypto.” Rosen and other Meta officials claimed the business was bracing for abuses related to…

UAW President Shawn Fain said the Detroit-based organization is not backing President Joe Biden for a second term due to the electric car policy. Fain wrote to members on Wednesday that other national unions endorsed Biden, but the UAW has not. The federal government is investing billions in the electric car transition without restrictions or job commitments. As a result, EV adoption might become a race to the bottom. “We want national leadership to support us before we commit,” Fain stated. Biden’s campaign didn’t respond. The new UAW president met with legislators and White House Chief of Staff Jeff Zients…

On Wednesday, a top Ukrainian presidential official stated Kyiv had nothing to do with any drone strike on the Kremlin and that such operations did nothing for Kyiv on the battlefield and would only push Russia to take more aggressive measures. Presidential adviser Mykhailo Podolyak told Reuters that Russia’s detention of accused Ukrainian saboteurs and Kyiv’s accusation of the attack might presage a large-scale “terrorist” operation against Ukraine in the coming days. Ukraine is unrelated to Kremlin drone attacks. “We don’t attack the Kremlin because it doesn’t solve any military tasks,” Podolyak stated. On Wednesday, Russia accused Ukraine of using…

The FTC director said current AI limitations would avoid “turbocharging” wrongdoing and favoring dominant corporations. “Although these (AI) tools are novel, they are not exempt from existing rules, and the FTC will vigorously enforce the laws we are charged with administering, even in this new market,” FTC Chair Lina Khan said in a Wednesday New York Times opinion article. Microsoft-backed (MSFT.O) OpenAI’s ChatGPT’s rapid ascent this year has triggered global calls for regulation amid worries about its potential for misconduct as firms use it to improve productivity. read on She called the agency “well equipped” for the job. AI assistance…

Taiwan wants US collaboration to build next-generation fighters. On Wednesday, the president of Taiwanese defense contractor Aerospace Industrial Development Corp (AIDC) (2634.  T.W.) stated that Taiwan wants U.S. help to build its next fighter plane. As Beijing pressures Taiwan to accept Chinese sovereignty, Taiwan’s air force battles Chinese jets in the island’s airspace daily. Taiwan’s air force relies on Lockheed Martin Corp.’s (LMT.N) F-16s, French-built Mirages, and AIDC’s F-CK-1 Ching-kuo Indigenous Defence Fighter, or IDF. Taiwan IDF fleet was updated after more than three decades. At a Taiwan-U.S. defense industry forum in Taipei, AIDC Chairman Hu Kai-hung said the company…

A source said U.S. asset manager Apollo Global Management Inc (APO.N) would apply to Swedish and Danish regulators to purchase a majority interest in SAS AB (SAS.ST) as part of the Scandinavian airline’s rescue plan. The U.S. asset manager’s interest boosted the struggling carrier’s shares by 14% on Wednesday morning. 5.9% up at 1011 GMT. Since filing for Chapter 11 bankruptcy last July to cut costs and debt after pilot wage talks failed, SAS has lost almost 60% of its value. A transaction with the U.S. private equity behemoth, which has invested in U.S. and Mexican airlines, would challenge European…

On Wednesday, the European Union executive proposed new regulations to tackle corruption by harmonizing graft crime definitions and punishments and imposing fines on corrupt foreigners. The draft EU legislation would take effect if all 27 member nations and the European Parliament, shaken last year by a massive corruption scandal involving World Cup host Qatar, accept them. 68% of EU residents said corruption was pervasive in the 2022 Eurobarometer survey. However, only 30% trusted anti-corruption efforts. Abuse of power and corruption undermine democracy. “No EU country is immune,” said Vera Jourova, the European Commission’s democratic values deputy director. “That’s why we…

Democratic U.S. legislators on Wednesday urged the U.S. Trade Representative and State Department to remove investor-state dispute resolution clauses from current and future trade accords and to defend Honduras against a roughly $11 billion claim by a U.S. corporation. Thirty-three congressmen wrote to Secretary of State Antony Blinken and Trade Representative Katherine Tai, seen by Reuters, claiming investor-state dispute resolution (ISDS) systems in trade accords are a “problematic corporate handout” that breaches sovereignty and democracy rights. The Democrats signing the letter argued the lawsuit might force poor Honduras to pay billions of government dollars to a firm that “weaponized” dispute…

The organizers and Buckingham Palace say Saturday’s coronation ceremony for King Charles will be Britain’s grandest in a generation and help the economy. Charles and Camilla will be crowned at Westminster Abbey in a mile-long procession by hundreds of military members in a 1,000-year-old ceremony. “This is a proud moment in our national history,” declared Earl Marshal Edward Fitzalan-Howard, the Duke of Norfolk and England’s highest peer. “This is also a time to remind ourselves of the pride we have in our great country and our unwritten constitution which has served us so well for over 1,000 years during our…

Cash-strapped On Tuesday, Indian airline Go First declared bankruptcy, blaming “faulty” Pratt & Whitney engines for grounding half its fleet. The first major airline failure in India since Jet Airways filed for bankruptcy in 2019 highlights the severe rivalry in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata group. On April 28, Go First’s bankruptcy filing with the National Company Law Tribunal listed 65.21 billion rupees in financial creditors’ debt. As of April 30, the company had defaulted on operational creditors, including 12.02 billion rupees to vendors and 26.60 billion to…

On Tuesday, U.N. Secretary-General Antonio Guterres pledged to help millions of Afghans despite the Taliban’s prohibition on female personnel, but financing is drying up. After meeting over 20 nations’ envoys in Doha to develop a single Afghanistan policy, Guterres told the media that concerns about the country’s stability were growing. “We stay, we deliver, and we are determined to seek the necessary conditions to keep delivering…participants agreed on the need for a strategy of engagement,” Guterres said. Last month’s Taliban ban on female Afghan U.N. workers violated human rights. “We will never be silent in the face of unprecedented systemic…

On Tuesday, Marriott Overseas Inc. upped its full-year profit prediction, citing a faster-than-expected rebound in overseas markets and solid worldwide booking patterns. Due to flexible work arrangements, travel demand has increased, helping hotel businesses recover from the epidemic. In addition, a strong U.S. dollar has helped the travel business in recent quarters. “With the faster than expected recovery in international markets and continued solid booking trends globally to date in the second quarter, we are raising our RevPAR guidance for the full year,” Marriott Chief Anthony Capuano said. Marriott increased its full-year RevPAR prediction from 6% to 11% to 10%…

After strong January-March results, Uber Technologies Inc. (UBER.N) forecasted quarterly core earnings above estimates on Tuesday. The company’s shares climbed 10% in premarket trade, while Lyft Inc. (LYFT.O) rose 4%. As travel recovers from the pandemic, Uber benefits from its global dominance. Analysts say a rise in people seeking extra income enables platforms like Uber to make more money by giving lower gig worker incentives. “Our clear lead on driver preference has allowed us to better serve this growing demand: 5.7 million drivers and couriers earned $13.7 billion (including tips) on Uber during the quarter, both all-time highs,” said CEO…

German Finance Minister Christian Lindner rejected Economy Minister Robert Habeck’s industrial electricity price plan Tuesday. In a Handelsblatt guest post, he termed direct government aid to reform the business “economically unwise” and against market principles. The economy ministry remained silent. This week, the ministry planned to propose an industrial power price for fossil fuel transition. Lindner said industrial power prices would affect taxpayers and other consumers. “Increasing competitiveness for some would thus mean a loss of competitiveness for others,” Lindner stated, adding, “no leeway in the already strained budget for correspondingly high subsidies.” Chancellor Olaf Scholz questions the plan. “We…

Tinder owner Match Group (MTCH.O) will exit Russia by June 30, citing the need to defend human rights. “We are committed to protecting human rights,” Match stated in an annual impact report released Monday. “Our brands are taking steps to restrict access to their services in Russia and will complete their withdrawal from the Russian market by June 30, 2023.” After Moscow began its military campaign in Ukraine in February 2022, Spotify and Netflix withdrew. Match, which owns Tinder, Hinge, and PlentyOfFish, has been quiet about its Russian businesses but warned of severe effects on its European company in March…

After realizing that computers may outsmart humans sooner than planned, a pioneer of artificial intelligence departed Google (GOOGL.O) to speak out against its risks. “I left so that I could talk about the dangers of A.I. without considering how this impacts Google,” Geoffrey Hinton tweeted. Hinton told the New York Times that A.I.’s ability to make convincing fake visuals and words will create a future where people “cannot know what is true anymore.” “It is hard to see how you can prevent the bad actors from using it for bad things,” he remarked. As it learns new behaviors, the technology…

British foreign minister anticipates Chinese vice president meeting this week. British Foreign Secretary James Cleverly is scheduled to see China’s Vice President Han Zheng when key Chinese politicians visit London for King Charles’ coronation later this week. “I suspect that I will,” Cleverly told BBC Radio. “And when I do, I will discuss a whole range of things just like when I meet other Chinese officials, including those areas where we have points of criticism.” Ministers may meet with foreign leaders this week before the May 6 coronation at Westminster Abbey. After London restricted Chinese investment over national security concerns…

In a letter to congressional leaders on Monday, Treasury Secretary Janet Yellen warned that the US government could run out of money by June 1, as President Joe Biden invited Republican House Speaker Kevin McCarthy to the White House next week amid growing concerns that Washington is headed toward a debt ceiling crisis. “After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit,” Yellen wrote. She…

Geberit (GEBN.S), a Swiss plumbing supplies producer, reported an 8.9% reduction in first-quarter sales on Tuesday, blaming difficult comparative results and a remodeling slowdown. The firm, which produces bathroom pipes and ceramics, recorded first-quarter revenues of 892.7 million Swiss francs ($996.65 million), up from 980 million the year before. The business said lower volumes and unfavorable currency moves also hurt quarter profits. Due to the European energy crisis, Geberit warned heating solutions were replacing sanitary solutions. The sanitary goods producer reiterated its prognosis for a tough construction sector in 2023. Consumers curtailed spending due to record-breaking inflation, increasing borrowing rates…

US and Philippines reaffirm security partnership under China pressure. On Monday, President Joe Biden informed Ferdinand Marcos Jr. that the U.S. would defend its friend “ironclad,” particularly in the South China Sea, where Manila is under siege from China. On his first White House visit in 10 years, Marcos stressed the importance of the U.S. as his country’s sole treaty ally in “arguably the most complicated geopolitical situation in the world right now.” In a trip that marked a major change in U.S.-Philippine ties, the two nations reaffirmed their decades-old strategic cooperation to counter China’s growing aggression near Taiwan and…

On Tuesday, Australia’s central bank shocked markets by hiking its cash rate by 25 basis points, saying inflation was too high and that future rises may be needed. The Reserve Bank of Australia (RBA) raised rates to 3.85% at its May policy meeting and stated “some further” tightening may be needed to bring inflation to goal in a reasonable period. Since core inflation had eased more than expected and the economy hadn’t fully felt the RBA’s past tightening, markets had been betting on a steady outcome. Investors drove the Australian dollar 0.9% higher to $0.6687 and three-year bond futures 16…

After lowering costs six times this year until mid-April, Tesla Inc. (TSLA.O) boosted US pricing for the second time in two weeks, according to its website. Tesla’s website shows a $250 price increase for its Model Y and Model 3 variations. The Tesla Model Y now starts at $47,240, while the Long-Range crossover and Performance variants cost $50,240 and $54,240, respectively. The performance Model 3 costs $53,240, while the base model costs $40,240. Since January, Tesla has slashed prices worldwide, including in the US, to boost sales of its mass-market Model Y crossover and Model 3 sedan. In a sluggish…

Japan-South Korea financial chiefs meet after 7 years. On Tuesday, Japan and South Korea conducted their first bilateral finance chiefs meeting in seven years, indicating improving relations as they face geopolitical concerns and sluggish economic development. “At an appropriate timing,” Japanese Finance Minister Shunichi Suzuki told reporters after the meeting, the two nations decided to restart regular finance communication. Suzuki predicted a yearly debate. Financial negotiations resume ahead of Japanese Prime Minister Fumio Kishida’s visit to South Korea next week to meet with President Yoon Suk Yeol. “Japan and South Korea are important neighbors that must cooperate to address various…

After months without a White House invitation, U.S. House Speaker Kevin McCarthy stated Monday that Israeli Prime Minister Benjamin Netanyahu should be welcomed. “I know we’ve had many different leaders coming to America,” McCarthy said at a Jerusalem press conference. “I expect the White House to invite the prime minister over for a meeting, especially with the 75th anniversary.” While opposing Netanyahu’s plans to weaken Israel’s highest court, President Joe Biden has avoided a public showdown. Proponents claim the change balances Israeli government branches, while others argue it removes government checks. Massive demonstrations over the impending law have thrown Israel…

According to Bloomberg News, Meta Platforms Inc. (META.O) is considering a $7 billion bond issuance. According to the article, the five-part bond issue’s longest 40-year security may yield 215 basis points above Treasuries. According to the article, Facebook would utilize the proceeds for capital expenditures, repurchases of its common stock, and acquisitions or investments. Last year, Meta issued its first corporate bond for $10 billion. Last week, shares rose 13% after the company beat first-quarter profit and revenue expectations on Wednesday.

On Monday, China’s largest listed steelmaker, Baoshan Iron and Steel Co (600019. SS), announced a joint venture with Saudi Aramco (2222. SE) and Public Investment Fund (PIF) to manufacture steel plates. Baosteel stated that Saudi Aramco, PIF, and it will each own 25% of the joint venture. It claimed the joint venture would develop a steelmaking manufacturing facility in Saudi Arabia with a 2.5 million-tonne direct reduction iron and 1.5 million-tonne steel plate capacity, subject to regulatory clearance. The announcement says Baosteel will open the production base by 2026. It said the project’s direct reduction iron furnace and natural gas-powered…

Two sources said the Biden administration could delay deciding whether to give electric vehicle (EV) manufacturers tradable credits for using electricity generated from renewable fuels, putting the effort to boost EV automakers like Tesla (TSLA.O) in political limbo. Last year, the EPA suggested adding EVs to the Renewable Fuel Standard (RFS), encouraging oil refiners to combine biofuels. The Biden EPA is extending the liquid fuel program to EVs to assess its legality. Oil refiners must blend billions of gallons of biofuels into the nation’s gasoline mix or buy tradable RINs from those that do under the RFS. The initiative would…

Aiyaz Sayed-Khaiyum, Fiji First’s general secretary and former attorney general, was detained on Monday for abuse of office, according to local media. After an election official complained, the Director of Public Prosecution accepted the criminal case, FBC News reported. Outside office hours, the Office of the Director of Public Prosecutions did not respond to Reuters. Fijian media reported that Sayed-Khaiyum will appear in Suva Magistrates Court on Tuesday. Fiji First’s Facebook page showed police taking Sayed-Khaiyum. Fiji First ignored. In March, Frank Bainimarama, Fiji’s ex-prime minister, denied abuse of office accusations. Bainimarama dominated the Pacific island nation for 16 years…

US regulator seizes First Republic Bank, sells assets to JP Morgan. First Republic Bank, the third major U.S. bank to fail in two months, was seized and sold to JPMorgan Chase & Co. on Monday. The authorities said the Wall Street giant would absorb most of First Republic’s assets and all deposits, including uninsured ones. Over the weekend, sources said JPMorgan, PNC Financial Services Group, and Citizens Financial Group Inc. submitted final bids on Sunday in a U.S. regulator-run auction. The California Department of Financial Protection and Innovation took over the First Republic early Monday and appointed the FDIC as…

World Bank will release improved, transparent business climate rankings. After humiliating disclosures of data discrepancies and partiality toward China caused it to discontinue the “Doing Business” rankings two years ago, the World Bank will publish a new methodology for rating the business climate in up to 180 nations on Monday. The bank said that a pilot edition of “Business Ready,” the new yearly series, would be released in spring 2024, including 54 markets in Asia, Latin America, Europe, the Middle East, and Sub-Saharan Africa. In the next two years, the bank will strengthen its methods and expand its flagship initiative…

Dubai’s crypto regulator gave BitOasis the first broker-dealer minimum viable product operating license Monday. Dubai’s Virtual Asset Regulatory Authority (VARA) was founded in March 2022 to govern the industry as the UAE seeks to become a virtual asset powerhouse. VARA licenses businesses slowly. BitOasis completed MVP first. VARA’s website says no FMP firm is licensed. VARA’s regulatory framework allows BitOasis to offer broker-dealer services to qualifying retail and institutional clients from its Dubai headquarters. “The VARA ecosystem aims to strike a balance between value creation, risk mitigation, and enhanced investment opportunities with consumer protection at its core,” said CEO Henson…

On Monday, much of Asia was on holiday, leaving currencies in limbo as traders prepared for a busy week of central bank meetings that would provide the latest rate rise direction across continents. Singapore, Hong Kong, and mainland China’s Labour Day vacations slowed forex trading. Asia has only three centers: Japan, Australia, and New Zealand. On Monday, the yen fell 0.2% to 136.67 per dollar. The yen fell 1.7% on Friday as the BOJ maintained its monetary stance. The Australian dollar fell 0.1% to $0.6610 on Monday. Last week, the currency fell 1.1% to $0.6573, a seven-week low, but found…

The Philippines and China will discuss South China Sea fishing rights. As he sought a “direct communication line” with Beijing on maritime disputes, Philippines President Ferdinand Marcos Jr. said China would discuss South China Sea fishing rights. Marcos instructed the Philippine Coast Guard and Department of Foreign Affairs “to put together…a map of these fishing grounds” to deliver to Beijing after China promised to “sit down” and discuss Filipino fishing rights in the South China Sea. When questioned about a recent maritime incident between the two nations, Marcos told reporters on a plane to Washington that a Philippines-China “direct communication…

On Monday, the University of Tokyo announced that Alibaba Group (9988. HK) founder Jack Ma will be a visiting professor at Tokyo College, a new entity. The institution claimed China’s most famous entrepreneur’s position expires in October but is renewed annually. Ma will advise on research topics and teach management and business start-ups at the college. Following a year-long absence, Ma returned to China in March and made the announcement, which was taken as a reflection of the depressed state of private businesses in China following a harsh two-year regulatory crackdown. To facilitate communication between the University of Tokyo and…

Exclusive: SoftBank’s Arm files massive US IPO. On Saturday, sources indicated SoftBank Group Corp.’s (9984.T) chip manufacturer Arm Ltd. filed confidentially for a U.S. stock market listing, laying the groundwork for this year’s largest IPO. SoftBank’s IPO registration reveals it is proceeding with the blockbuster sale despite market circumstances. According to Dealogic, U.S. IPOs, excluding special purpose acquisition businesses, are down 22% year-to-date to $2.35 billion. Stock market volatility and economic uncertainties deterred many IPO aspirants. Sources indicated Arm will sell its Nasdaq shares later this year to generate $8 billion to $10 billion. The sources requested anonymity since the…

Kim Yo Jong, the influential sister of leader Kim Jong Un, told official media KCNA on Saturday that a U.S.-South Korea security deal this week will aggravate the situation. Kim said North Korea must improve its “nuclear war deterrent.” Statements were brief. Kim’s initial statement on the summit signals North Korea would continue its military demonstrations of force and weapons development. In light of Pyongyang’s increasing missile and bomb arsenal, U.S. President Joe Biden and South Korean President Yoon Suk Yeol met this week. To show Washington’s commitment to protecting South Korea from North Korea, a nuclear-armed ballistic missile submarine…

On Saturday, a U.N. official told Reuters that Sudanese warring parties are more receptive to dialogue and have realized that the conflict that started two weeks ago cannot continue. Volker Perthes, the U.N. special envoy in Sudan, said the sides had nominated delegates for negotiations in Jeddah, Saudi Arabia, or Juba, South Sudan. Still, it was unclear if they could “actually sit together.” He stated conversations were unscheduled. Negotiations between the two presidents have appeared unlikely. General Abdel Fattah al-Burhan claimed in an interview on Friday that he would never meet with the RSF’s “rebel” leader, General Mohamed Hamdan Dagalo,…

Women in Paraguay fight for political equality. Soledad Nunez, a 40-year-old engineer, and former minister, is running for vice president in Paraguay’s Sunday election. Paraguay’s “machista” culture has made it difficult for women to enter politics. As a result, 15% of lawmakers are women, compared to 30% in Latin America. One female presidential candidate ran five years ago. Seven female candidates out of 26 indicate change. “Something is shifting, even if slowly,” Nunez told Reuters, recalling how a university lecturer told her engineering class of eight women and over 90 men that women should sweep floors and cook. In 2014,…

In February, EU parliamentarians’ proposals to regulate artificial intelligence systems like ChatGPT did not include generative AI. Two years ago, the bloc’s 108-page AI Act draft had only one reference to “chatbot.” Deepfakes—images or sounds that imitate humans—dominated AI-generated content. By mid-April, European Parliament (MEPs) were scrambling to revise those laws to catch up with a surge of interest in generative AI, which has sparked amazement and fear since OpenAI introduced ChatGPT six months earl. Lawyers expect the proposed bill to take years to pass. However, their work speed is a rare example of consensus in Brussels, which is often…

US confiscates Iran oil shipment aboard vessel amid Tehran tensions. Three sources stated the U.S. confiscated Iranian oil on a ship at sea in a sanctions enforcement operation. Days later, Iran seized another oil-laden vessel in response, according to a maritime security firm. The cargo interception follows years of U.S. sanctions on Iran’s nuclear program and shaky oil markets. Nevertheless, Iran sells oil despite the sanctions. Tehran claims its nuclear program is for civilian use, but Washington suspects a nuclear weapon. Maritime security business Ambrey claimed the U.S. confiscation occurred five days before Iran’s move on Thursday. “Ambrey has assessed…

Refining earnings offset a drop in energy prices and oil and gas output to boost first-quarter profit for oil major Chevron Corp (CVX.N) on Friday. Profit rose 5% to $6.57 billion or $3.46 per share. According to Zacks Investment Research, Wall Street expects a $3.38 per share flat profit. Higher margins in oil refining drove profits to $1.8 billion. But price declines in its oil and gas production division cut its net profit by 25%. Brent crude, the global oil standard, averaged $82 per barrel in the first quarter, down 16% from a year earlier and 7% from the fourth…

EU proposes generative AI copyright regulations. ChatGPT and Midjourney must disclose copyrighted content used to build their algorithms. This clause was included within two weeks, according to a negotiator. According to the source, some committee members wanted to restrict copyrighted information from training generative AI models but agreed on openness. “Against conservative wishes for more surveillance and leftist fantasies of over-regulation, parliament found a solid compromise that would regulate AI proportionately, protect citizens’ rights, foster innovation, and boost the economy,” European Parliament member Svenja Hahn stated. The EU’s strategy was called “tactful” by Macquarie analyst Fred Havemeyer. An early EU…

Tui said it repaid all German COVID-19 governmental subsidies on Friday. After a capital increase, the company gave the economic stability fund 750 million euros ($823 million). An arrangement reached with the German government late last year required Tui to repay the government fund’s silent participation and warrant bond by the end of the year. On Friday, Tui paid 381 million euros for interest, coupons, and conversion rights. “This is a very important day for TUI – the roadmap to repay the state aid has been implemented consistently and swiftly,” said Tui CEO Sebastian Ebel. “TUI is strengthened and on…

China flies a military drone over Taiwan; US Navy jet transits strait. As a U.S. maritime patrol aircraft transited the Taiwan Strait, a Chinese uncrewed combat aircraft flew around Taiwan, demonstrating Beijing’s ability to attack its fall-back east coast bases. Over the past three years, China has increased military pressure on Taiwan to force Taipei to accept its sovereignty claim. After Taiwan President Tsai Ing-wen met U.S. House of Representatives Speaker Kevin McCarthy in Los Angeles, China held war games around Taiwan this month. Taiwan’s defense ministry reported 19 Chinese military aircraft entering the island’s air defense identification zone on…

An Australian court determined that Katy Perry violated the trademark of a Sydney-based fashion designer who marketed her wares under her birth name. In 2019, Katie Taylor sued the singer for selling Katy Perry clothes to Australians during her 2014 and 2018 concert tours. A Thursday court filing stated that Katy Perry’s firm, Kitty Purry, partially violated Katie Taylor’s online clothing business’s trademark by advertising the singer’s wares on social media. Damages will be decided later. “This is a tale of two women, two teenage dreams and one name,” Markovic said. The judge rejected the popstar’s Katie Perry trademark cancellation…

U.S. private equity firm Blackstone Inc (BX.N) said that Singapore’s sovereign wealth fund GIC has agreed to purchase a portfolio of six Japanese logistics properties for more than $800 million, demonstrating strong demand for logistics real estate. Including 4,000,000 square feet of warehouse space across Japan, the acquisition is the largest real estate sale in Japan so far this year, according to statistics provided by Refinitiv. Despite low-interest rates in Japan, GIC, an investor there for over three decades, has recently increased its deal activity. It acquired Seibu Holdings (9024.T), a Japanese railway and hotel company, and its hotel and…

Remy Cointreau (RCOP.PA), a French spirits producer, said on Friday that it expects organic sales to remain steady during the 2023/24 fiscal year, despite a sluggish first half for cognac demand in the United States and a robust comeback in China. The producer of Remy Martin cognac and Cointreau liquor reported sales growth beyond expectations and reiterated a prediction for significant organic growth in current operating profit for its 2022/2023 full fiscal year ending March 31. With a substantial resurgence in business in China since February thanks to the easing of COVID limitations, group sales came in at €1.548 billion,…

U.S. officials spearhead First Republic rescue discussions. Three sources said U.S. authorities are organizing urgent negotiations to save First Republic Bank (FRC.N) since private-sector attempts headed by the bank’s advisors have failed. The sources claimed the FDIC, Treasury Department, and Federal Reserve have just begun to organize talks with financial businesses to discuss a lifeline for the ailing lender. One source said the government’s participation brings banks and private equity firms to the table. The U.S. may join a private-sector First Republic rescue. However, one source claimed the government’s involvement had encouraged First Republic management as they tried to negotiate…

Asian equities surged on Friday as solid corporate profits bolstered morale amid economic stagnation. At the same time, the yen fell as the Bank of Japan held rates ultra-low and promised a thorough review of monetary policy. MSCI’s broadest Asia-Pacific share index outside Japan (.MIAPJ0000PUS) rose 0.45% but remained on track to conclude the month down. Japan’s Nikkei (.N225) rose 1% as the yen fell 0.60% to 134.76 per dollar, and government bonds rose. The BOJ maintained its easy monetary policy but planned a “broad-perspective” assessment. In its first meeting under new governor Kazuo Ueda, the central bank removed a…

AUKUS nuclear submarine cost includes a 50% reserve for unanticipated overruns. After a study indicated that the projection was off, Australia’s defense minister stated the government was being “upfront and transparent” about the cost of the AUKUS nuclear submarine program. A 50% contingency reserve costs $368 billion. The Parliamentary Budget Office research, commissioned by the Greens, found “huge” project uncertainty. In March, U.S. President Joe Biden, Australian Prime Minister Anthony Albanese, and British Prime Minister Rishi Sunak announced a proposal to give Australia nuclear-powered attack submarines to oppose China’s Indo-Pacific aspirations. The U.S. will sell Australia three General Dynamics-built Virginia-class…

Russian soldiers blasted Bakhmut, the months-old focal point of their attempts to seize Donbas, and the chief of Russia’s Wagner mercenary army warned Ukrainian troops were coming in ahead of an “inevitable” counter-offensive. In a Facebook post, the Ukrainian general staff reported combat in Bakhmut and neighboring regions. Russian soldiers failed to advance on two northwest settlements. Instead, Russia bombarded at least 12 towns. On Wednesday, Ukrainian eastern group spokesperson Serhiy Cherevatiy told national media that Russian forces had attacked 324 times with artillery and multiple rocket launchers in the preceding 24 hours. “The Russians are destroying Bakhmut buildings to…

Russia denies nuclear escalation, but countries should not try its patience. On Thursday, Russian foreign ministry spokeswoman Maria Zakharova said Russia would not escalate its confrontation with the West over Ukraine to nuclear war, but countries should not test its patience. Her remarks follow a series of warnings from senior Russian officials, including President Vladimir Putin that Western military backing for Ukraine raises the possibility of a nuclear war. “We will do everything to prevent the development of events according to the worst scenario, but not at the cost of infringing on our vital interests,” Zakharova said during a regular…

Deutsche Bank cuts 800 positions after a successful first quarter. After a better-than-expected first-quarter profit, Deutsche Bank (DBKGn.DE) will slash 800 positions. Germany’s largest bank earned well throughout the US and Swiss bank bailouts. Nevertheless, investors panicked, customers withdrew deposits, and the upheaval continued. Deutsche’s latest personnel reduction reverses recent hiring. “We need to further speed up and that’s what we are doing,” Deutsche Bank CEO Christian Sewing told reporters about the layoffs. Executives said the move was one of many to slash expenses by 500 million euros over the next three years and will focus on senior non-client-facing functions…

Two sources told Reuters that Exxon Mobil Corp (XOM.N) is in talks with Colombia’s government to recoup its investment in a fracking pilot project as the U.S. oil major prepares to leave upstream operations in the Andean country, where the government is pushing a fracking ban. Exxon holds eight Colombian exploration and production contracts, including the fracking pilot. Colombia’s National Hydrocarbon Agency (ANH) notified Reuters that all had ceased, stopped, or liquidated. Under a two-year contract, the business intended to invest $53 million in the Platero fracking pilot project. After nearly nine months in power, socialist President Gustavo Petro has…

Nestle (NESN.S) is testing Airbus (AIR.PA) satellites to track reforestation amid worldwide worries over consumer products businesses’ carbon footprints. The world’s largest food business said Airbus’ Pléiades Neo satellites would offer high-resolution photos in southern Thailand’s Ranong and Chumphon provinces to assist Nestle’s sourcing region trees thrive. “It’s more accurate because you need to go down to 30 centimetres, which is a sheet of paper,” Nestle Executive Vice President, Head of Operations Magdi Batato told Reuters. “The EU (European Union) green taxonomy touches on a lot of points, and one point which is coming more and more to the table…

On Thursday, the London Stock Exchange Group (LSEG.L) restated its core financial aims for the year ahead of its annual meeting to approve a previously announced purchase of shares from the Blackstone/Thomson Reuters partnership. In January 2021, LSEG purchased Refinitiv from the consortium for $27 billion. As a result, market data now dwarfs the group’s 300-year-old exchange activity. “As we continue our shift from integration to transformation, we are confident of making further progress through the rest of the year,” LSEG CEO David Schwimmer said in a first-quarter trading report. LSEG completed the second 250 million pound tranche of its…

Pernod Ricard (PERP.PA), a French spirits company, announced a larger-than-expected decrease in third-quarter sales but said it was optimistic of a positive 2022/2023 result, bolstered by “very strong” fourth-quarter sales. Pernod, the world’s second-largest spirits firm behind Diageo (DGE.L), expects Chinese consumer demand to recover further after COVID-19 limitations in the fourth quarter. As a result, it projected pricing hikes in the US and China based on better comparables. In its fiscal year ending June 30, the owner of Mumm champagne, Absolut vodka, and Martell cognac expected organic profit growth of 10% from recurring operations and an operating margin increase.…

On Wednesday, CEO Donnie King said that Tyson Foods Inc. (TSN.N) would reduce 10% of corporate employment and 15% of senior leadership positions. The largest U.S. meat manufacturer by sales is slashing costs again as it attempts to rebuild its famed chicken business. According to a document seen by Reuters, King will meet with most impacted staff this week. Shares fell 1.1% to $60.35 on Wednesday. “We will drive efficiency by focusing on fewer initiatives with greater intensity and removing duplication of work,” King added. According to regulatory filings, Tyson employed 6,000 U.S. corporate employees on Oct. 1 and 118,000…

Geely’s EV brand Zeekr is the latest to use Tesla’s “gigapress” die-casting method to lower electric car prices. Zeekr’s production technology head Jiang Kehong told Reuters that the Chinese manufacturer was employing big aluminum die castings to produce a large rear underbody part of its Zeekr 009 six-seat MPV. He claimed the technology-enabled Zeekr to reduce over 800 welding places, cut flaws, lighten the car, and stiffen its structure, enhancing the ride of the MPV sold in China this year. Jiang said Zeekr would employ giga-casting on additional models. Zeekr’s gigapress approach comes as Chinese rival Xpeng adopts a new…

CNN reported Thursday that former U.S. President Donald Trump lost an attempt to prevent former Vice President Mike Pence from testifying in the special counsel examination investigating efforts to overturn the 2020 presidential election. After a Justice Department judgment this month, Trump attorneys filed the appeal. However, Pence said he would not challenge a judge’s judgment that forces him to testify to a federal grand jury regarding his contacts with Trump before the deadly attack on the U.S. Capitol on Jan. 6, 2021. CNN reported that D.C. Circuit Court of Appeals judges Patricia Millett, Robert Wilkins, and Greg Katsas issued…

Skoda Auto, a subsidiary of Volkswagen (VOWG_p.DE), announced plans to extend its electric vehicle lineup to six models by 2026, raising the company’s e-mobility goals even further. The business had originally planned to introduce three new electric models. Still, it said Tuesday evening that it would introduce four new e-vehicles and two modified versions in the following years. The launches are part of Skoda’s 5.6 billion euro ($6.16 billion) e-mobility investment plan till 2027.

Hilton Worldwide Holdings Inc. (HLT.N) boosted its full-year adjusted profit projection on Wednesday, betting on pent-up travel demand. After the epidemic, customers booked longer stays despite rising interest rates and tight financial conditions, raising worries about a recession. Hilton, which owns Waldorf Astoria Hotels & Resorts, predicts full-year adjusted profit per share between $5.68 and $5.88, up from $5.42 to $5.68. Hilton’s first-quarter revenue-per-available-room (RevPAR), a key investment statistic, surged 30%.

On Wednesday, industry sources claimed Airbus (AIR.PA), the world’s largest planemaker, has replaced the leadership of its A320-family airliner program, its earnings engine. The planemaker’s core commercial business program chief, Michael Menking, will lead special projects. Christoph Zammert, Airbus Helicopters’ support and services leader, will succeed him. Airbus does not discuss internal appointments. Supply chain and industrial issues have hampered A320neo and sister model production and delivery, as well as A350 deliveries. Airbus has fewer quarterly deliveries than archrival Boeing (BA.N) for the first time since adding the Canadian-designed A220 light airliner in 2018. Airbus claims component deliveries are its…

After reporting higher-than-expected first-quarter revenue on Wednesday, Danone (DANO.PA), the world’s largest yogurt manufacturer, boosted its 2023 sales growth projection. Danone, the creator of Activia yogurt, Evian water, and Aptamil newborn milk, now expects like-for-like 2023 sales growth of 4%–6%, up from 3-5%. It predicted a modest increase in recurring operating margin for the year. Danone’s first-quarter revenue grew 10.5% like-for-like to 6.96 billion euros, exceeding a company-compiled average of 18 analysts’ 7.3% rise. It stated Essential Dairy and Plant-based, Specialised Nutrition and Water helped growth.

Safran (SAF.PA) announced strong quarterly sales and maintained its 2023 financial guidance as air traffic demand recovered. Through its CFM International joint venture with General Electric (GE.N), Safran produces engines for Boeing (BA.N) and Airbus (AIR.PA) narrow-body planes. First-quarter revenues climbed 24.7% organically to 5.266 billion euros ($5.78 billion). The business reported Wednesday that core propulsion revenues climbed 34.9% organically to 2.714 billion euros. Safran reiterated its 2023 full-year financial estimate of at least 23 billion euros in sales, 3 billion euros in recurring operating income, and 2.5 billion euros in free cash flow. Safran’s biggest risk was supply chain…

Microsoft Corp. (MSFT.O) exceeded Wall Street’s quarterly revenue and profit projections on Tuesday, led by growth in its cloud computing and Office productivity software businesses and sales of its artificial intelligence technologies. The business expected sales in its key segments for the current quarter to meet or exceed Wall Street estimates. After-market trading rose 8.3% after Redmond, Washington-based Microsoft reported fiscal third-quarter profits of $2.45 per share, topping Wall Street projections of $2.23. “The bottom line is that despite all the concerns that the sky is falling in big tech, the truth is companies still see value in cloud computing…

Nokia claims that EU patent regulations are one-sided and would weaken Europe. Nokia said EU proposed guidelines to prevent patent disputes over telecoms equipment and connected car technologies look to place the onus and expense on patent owners, which might damage Europe’s leadership in such fields. Two days before the European Commission presented the proposed guidelines, the Finnish telecommunications equipment producer, whose standard essential patents (SEPs) generate 1.5 billion euros ($1.7 billion) in sales and over 40% of its earnings, made its remarks. Reuter suggests that patent holders must register their patents with the EUIPO to demand fees or sue.…

On Wednesday, Honda Motor Co (7267.T) announced a strategic partnership agreement with Taiwan Semiconductor Manufacturing Co (TSMC) (2330. TW) to ensure a reliable semiconductor supply. At a press conference, Honda CEO Toshihiro Mibe stated the carmaker would establish direct partnerships with chip makers to ensure a consistent chip supply. “Honda will work closely together with Tier 1 suppliers and semiconductor makers and move forward with drastic steps,” Mibe added. Chief operating officer Shinji Aoyama anticipates the tie-up with TSMC to start impacting the 2025 financial year. Honda intended to launch four new EV cars in Japan by 2026.

On Tuesday, President Joe Biden said he will run for a second term in 2024, testing if Americans are ready to give the 80-year-old Democrat, already the oldest U.S. president, another four years. In a polished video issued by his new campaign staff, Biden declared that he would safeguard American democracy. The January 6, 2021, attack on the U.S. Capitol by Trump supporters starts it. “When I ran for president four years ago, I said we’re in a battle for the soul of America, and we still are,” Biden added. It’s not time to relax. I’m running again.” Finish this…

As results and global economic concerns grew on Tuesday, the dollar climbed, and the euro fell from a 10-month high. Since March, the U.S. dollar index has fallen 3.3% to 101.37. On Monday, First Republic Bank (FRC.N) reported falling deposits, while UBS (UBSG.S) reported a 52% drop in quarterly profitability, highlighting stability issues. However, central banks will reduce their dollar liquidity operations starting May with the U.S. Federal Reserve, another indicator that March’s financial market turbulence is passed. Even though the Bank of Japan’s (BOJ) new governor Kazuo Ueda signaled he would not change policy, haven currencies like the yen…

On Tuesday, Mitsubishi Motors Corp (7211.T) reported a one-time loss of 10.5 billion yen ($78.31 million) due to decreased sales in China. Mitsubishi did not adjust its full-year results projection because the unusual loss was previously factored in “to a certain extent.” Mitsubishi’s warning shows how China’s electric car drive hurts combustion-engine automakers. On Friday, Toyota Motor Corp (7203.T) CEO Koji Sato said that China’s booming battery-powered and plug-in hybrid electric car market would require the world’s largest automaker to act quicker. Mitsubishi Motors reported a tremendous December loss despite introducing a new Outlander in China through its equity-method subsidiary,…

On Tuesday, former KFC outlets in Russia will reopen as Rostic’s as the new owners resuscitate a brand founded after the Soviet Union collapsed and Russia rapidly switched from communism to capitalism in the 1990s. Last week, Yum! Brands Inc. (YUM.N), KFC’s parent company, transferred master franchise rights to Smart Service, a local franchisee by Konstantin Kotov and Andrey Oskolkov. The acquisition includes all Russian KFC locations, the operating systems, and Rostic’s trademark. Unknown pricing. Rostic’s, founded in 1993, helped KFC expand in Russia, where it had 1,000 locations before Yum! But, after Russia invaded Ukraine last year, brands declared…

Ocado Retail, a joint venture between Ocado Group (OCDO.L) and Marks & Spencer (MKS.L), said Tuesday that its Hatfield customer fulfillment facility would cease this summer. Retailers are using robotic customer fulfillment hubs. Ocado said it expected no order volume impact due to Hatfield’s outage and will move client orders to its other UK sites. Hatfield, Ocado’s oldest factory, employs 2,300. The business said it was working with them to relocate as many as possible to other sites, including the soon-to-open Luton branch. Ocado expects the new technology to enhance production and same-day delivery.

On Tuesday, former U.S. National Security Adviser John Bolton suggested redeploying tactical nuclear weapons in South Korea to send a message to North Korea and quell South Korean clamor for bomb development. Bolton’s comments came as South Korean President Yoon Suk Yeol met with U.S. President Joe Biden in Washington to explore measures to boost trust in U.S. extended deterrence, the American nuclear umbrella safeguarding allies. As North Korea works to improve its nuclear missiles, Yoon’s party leaders are pressing for Seoul to develop its nuclear programs. Bolton said re-stationing U.S. tactical nuclear weapons would comfort South Koreans and warn…

On Tuesday, Primark-owner Associated British Foods (ABF.L) announced a 3% drop in first-half earnings and maintained its full-year outlook for a flat result. In the six months to March 4, adjusted operating profit, its primary profit indicator, was 684 million pounds ($854 million) on revenue, rising 21% to 9.56 billion pounds. The firm also includes substantial sugar, grocery, and ingredients companies. The firm estimates an adjusted operating profit of 1.44 billion pounds in 2022-23, similar to 2021-22. “At Primark, we remain cautious about the resilience of consumer spending in the face of ongoing cost of living inflation and higher interest…

On Tuesday, Hyundai Motor Co (005380. KS) announced a $5 billion North American electric vehicle (EV) battery joint venture with a first-quarter net profit above forecasts. Hyundai and SK On, a battery business of SK Innovation Co Ltd (096770. KS), will establish a new battery production factory in Georgia. Hyundai recorded a net profit of 3.3 trillion won ($2.47 billion) for the January-March quarter, up from 1.6 trillion won a year earlier, due to a surge in vehicle output as a worldwide semiconductor shortage eased and demand for its high-margin sport-utility vehicles remained robust. Sixteen experts’ Refinitiv SmartEstimates for first-quarter…

After a strong first quarter, ABB (ABBN.S) upped its full-year sales and profit projection on Tuesday. The producer of electric car chargers, industrial motors, and drives said it now anticipated raising revenues by at least 10% this year, up from 5% earlier, and increasing its profit margin. The company’s three-month net profit surged 72% to $1.04 billion, exceeding analyst predictions of $877 million. $200 million tax benefit from Power Grids sale raised the amount. Operational profits before interest, tax, and amortization rose 28% to $1.28 billion, above expectations of $1.15 billion. Revenue rose 13% to $7.86 billion, above projections (7.55…

On Monday, JBS USA, a unit of Brazilian meatpacker JBS SA (JBSS3.SA), announced it was canceling contracts with a U.S. business punished for recruiting juveniles to clean meat factories and moving the labor in-house. Major meat industries are adjusting due to a U.S. federal probe into food-safety sanitation provider Packers Sanitation Services Inc. (PSSI). JBS spokesperson Nikki Richardson said the company does not accept child labor and is switching from PSSI at all locations where suspected breaches occurred. Richardson said the meatpacker hires its personnel at certain factories and third-party suppliers at others, including a beef factory in Cactus, Texas,…

A former JPMorgan Chase & Co (JPM.N) executive who befriended Jeffrey Epstein requested a U.S. judge to dismiss the bank’s case against him, accusing the firm of diverting blame for its shortcomings in working with the late sex offender. In a Monday night Manhattan federal court filing, Jes Staley argued that the largest U.S. bank had no credible claims against him regarding its association with Epstein, a client from 1998 to 2013, and could not rationally suggest he was entirely responsible. Staley denied providing JPMorgan services that were Epstein’s “lifeblood” or seeing questionable activity in the financier’s accounts. “What is…

On Tuesday, Netflix Inc. (NFLX.O) announced it would invest $2.5 billion in South Korea over the next four years to develop Korean TV episodes, movies, and unscripted projects, tripling its investment since 2016. After meeting with South Korean President Yoon Suk Yeol, Netflix co-CEO Ted Sarandos made the news. Monday marked Yoon’s six-day state visit to Washington. President Yoon called the investment a “major opportunity” for South Korea’s creative sector and Netflix to boost cultural exports and soft power. Showbox (086980. KQ) and Studio Dragon (253450. KQ) rose 8.75% and 2.26%, respectively, on Tuesday, outperforming the Kosdaq index’s (.KQ11) 2.21%…

Valentino announced an 18% increase in core earnings for 2022 as sales grew 10% at constant currencies, despite a sluggish Chinese market. Valentino, owned by Qatari investment company Mayhoola, recorded preliminary revenue of 1.42 billion euros ($1.56 billion) last year. Sales at stores the firm directly runs, including online ones, increased twice as quickly as overall income, while the wholesale channel dropped 6%. “Geographically speaking, Europe, North America, and the Middle East lead the way, while Greater China was still shaky tied to Covid,” it stated. Core profit rose 19% to 337 million euros, while operational profit rose 30% to…

On Monday, EU Council President Charles Michel said EU leaders would examine China’s stance and future relations at their June summit. “EU-China policy will be on the agenda of our European council in June,” Michel tweeted. “Foreign affairs ministers will prepare this discussion under the leadership of the High representative Josep Borrell.” On Monday, EU foreign affairs ministers underlined their dismay over China’s ambassador to France’s comments questioning Ukraine’s sovereignty.

On Monday, Nidec Corp (6594.T), a Japanese electric motor company, reported its first quarterly operating loss in a decade due to high restructuring expenses and semiconductor shortages. According to a Refinitiv survey of analysts, the January-March quarter loss was 24.3 billion yen ($181.01 million). “The business environment surrounding Nidec continues to be severe,” the company stated warning of a delay in global vehicle production recovery and other challenges. A statement said a fall in China’s electric vehicle (EV) unit growth rate and peaking of capital investment-related demand squeezed it. Nidec has substantially invested in the e-axle traction motor, which combines…

Hong Kong’s dollar peg is in a bind. The wide yield spread between U.S. government debt and the Asian hub’s equivalent has forced the special administrative region of China’s monetary authority to repeatedly intervene to keep the currency from crossing the weak end of its official trading band of 7.75 to 7.85 per dollar. It’s doable in the short term, but investors are worried about the city’s economic future. Since September, the Hong Kong Monetary Authority’s aggregate balance, a crucial indicator of bank cash, has fallen from HK$458 billion ($58 billion) to below HK$50 billion as it maintains the defense.…

A Czech government source told Reuters that Vietnam is seeking aircraft, radars, armored vehicle improvements, and weapons from the Czech Republic to diversify its primarily Russian arsenal. The official said Czech Prime Minister Petr Fiala’s three-day visit to Vietnam last week focused on security, as security businesses comprised most of his business group. The former Soviet satellite state’s military firms are skilled at retrofitting Russian gear and making new equipment compatible with Soviet legacy arms. This is especially valuable in Vietnam, where 80% of the local arsenal is estimated to come from Russia. According to SIPRI, Prague has been the…

South Korean President Yoon Suk Yeol left on Monday for the U.S. and a summit with President Joe Biden at a time when South Korea is rarely questioning an alliance that has maintained its security for decades. Yoon’s April 24-29 state visit is the first by a South Korean leader in 12 years. It marks the 70th anniversary of cooperation that has anchored U.S. strategy in Asia and laid the groundwork for South Korea’s economic rise. As North Korea develops nuclear weapons and missiles, South Korea is questioning its reliance on “extended deterrence,” the American nuclear umbrella. As a result,…

OPEC’s proportion of India’s oil imports declined rapidly in 2022/23 to the lowest in at least 22 years as cheaper Russian crude increased, according to industry insiders, and could fall further this year. OPEC members, mostly from the Middle East and Africa, saw their share of India’s oil market fall to 59% in the fiscal year to March 2023 from 72% in 2021/22, according to a Reuters study of 2001/02 data. The report showed that Russia overtook Iraq as India’s top oil supplier last fiscal year, pushing Saudi Arabia to No. 3. After Russia invaded Ukraine in February 2022, India…

According to a Monday study, Australia’s government will prioritize long-range precision strikes, guided missile production, and diplomacy. The study stated that the U.S. was no longer the “unipolar leader of the Indo Pacific,” Strong competition between the U.S. and China defined the region. That major power competition had “potential for conflict.” The study stated northern bases would deter enemies and secure commerce lines and communications. Prime Minister Anthony Albanese termed the review “the most significant work that’s been done since the Second World War.” It shows how national security threats change. No old assumptions. “We must build our security by…

In the latest cash-making fad, crowds of individuals have been meandering seemingly aimlessly around the forecourt of a museum in central Seoul, silently brushing past each other with heads bent toward smartphones and fingers busily tapping displays. Financial services app Toss by South Korean startup Viva Republica lets users earn up to 10 cents by walking 10,000 steps, subscribing to social media, or tapping the screen when other users are around. Cash- and points-offering loyalty applications have become popular in an economy with high youth unemployment and rising inflation. Toss has led this trend with its viral marketing. According to…

In what appears to be the first trial involving Tesla’s Autopilot feature, jurors told Reuters that the electric-vehicle maker clearly warned that the partially automated driving software was not a self-piloted system and that driver distraction was to blame. A California state court jury found Tesla Inc (TSLA.O)’s Autopilot technology did not fail to perform safely and awarded plaintiff Justine Hsu zero damages on Friday. Tesla’s semi-automated driving system, which CEO Elon Musk claims are safer than humans, will be the subject of many more experiments this year. Experts say this trial’s outcome helps Tesla and other plaintiffs’ lawyers refine…

According to a regulatory filing on Friday, Alphabet Inc. (GOOGL.O) CEO Sundar Pichai made $226 million in 2022, more than 800 times the median employee’s remuneration. According to the filing, Pichai received $218 million in stock awards. In January, Alphabet, Google’s parent company, revealed plans to shed 12,000 employees worldwide, or 6% of its global staff. After a layoff disagreement, hundreds of Google employees in London walked out early this month. After over 200 Google employees were put off in March, Zurich employees walked out.

Latvia’s Foreign Ministry announced Saturday that the U.N.’s World Food Programme is shipping the first Russian fertilizer seized last year to Kenya. Russia has cited the seizure as a major obstacle to participating in a Black Sea grain arrangement letting Ukraine export wheat. The ministry said a vessel with part of the 200,000 tonnes of seized fertilizer left Riga on Friday. A government spokeswoman said several more vessels would transfer the fertilizer confiscated in March 2022. Russia has stated that it will not extend the Black Sea export arrangement brokered by the U.N. and Turkey in July 2022 beyond May…

On Saturday, data indicated that Tesla’s market share in California dropped in the first quarter despite significant price cuts as rivals stepped up. According to Reuters calculations based on California Energy Commission data, Tesla Inc (TSLA.O) owned 59.6% of the battery electric market in California from January to March, down from 72.7% in 2022 and the lowest since 2017. Competitors like Volkswagen AG (VOWG_p.DE), General Motors Co.’s (GM.N) Chevrolet, and Kia Corp (000270. KS) boosted their market shares in California, but they remain in the single digits. According to Reuters, 16% of Tesla’s global deliveries last year were in California.…

Brazil’s president won’t “please anyone” on Ukraine. After being criticized for blaming Kyiv for Russia’s invasion of Ukraine, Brazil’s Luiz Inacio Lula da Silva stated he doesn’t intend to “please anyone” with his views. Lula stated Saturday in Lisbon that he wanted to “build a way to bring both of them (Russia and Ukraine) to the table.” “I want to find a third alternative (to solve the conflict), which is the construction of peace,” he told a news conference. Lula was criticized in the West for blaming Ukraine and Russia for the conflict that began when Moscow invaded its neighbor…

On Saturday, Defence Minister Yasukazu Hamada instructed the military to prepare to shoot down a North Korean spy satellite if it fell into Japan. The Defense Ministry stated Hamada might “order the destruction of ballistic missiles” and ordered the Self-Defense Forces to prepare. Preparations included sending troops to Okinawa to “minimise damage should a ballistic missile fall.” On Wednesday, official media stated that Kim Jong Un ordered the launch of North Korea’s first spy satellite to counter perceived threats from the US and South Korea.

PM criticizes EU response as Poland gives farmers $2.4 billion. After the government authorized 10 billion zlotys ($2.4 billion) in aid for Polish agriculture, the Polish prime minister warned on Friday that EU initiatives to support farmers hit by a glut of Ukrainian food imports are too little too late. After unilaterally banning Ukrainian food imports, Central European countries are negotiating with Brussels on EU-wide agriculture aid. “What the EU is offering us is offered with a delay, it is too little, a drop in the ocean of needs,” Mateusz Morawiecki said at a news conference. After Russia invaded Ukraine…

On Friday, two sources told Reuters that an Indian court dismissed Xiaomi Corp.’s (1810. HK) lawsuit against the seizure of 55.51 billion rupees ($676 million). Last year, India’s government financial crime bureau froze Xiaomi’s assets over allegations that it had made illicit royalty payments to overseas firms. “We are studying the matter and waiting for the written order,” a Xiaomi spokeswoman said of the Karnataka court ruling, adding that the company’s Indian activities comply with local rules. The corporation has claimed it will “continue to use all means to protect the reputation and interests” and that its royalty payments are…

On Friday, the EU’s top court halved Poland’s daily penalties for judicial changes to 500,000 euros, saying Warsaw had mostly executed the measures. Poland’s populist government has been fighting Brussels over judicial reforms that critics claim weaken court independence. Due to the disagreement, Warsaw has been fined and denied billions in EU money. In 2021, the EU’s top court declared that Poland’s judge-discipline system violated EU law and fined Warsaw 1 million euros ($1.10 million) each day for failing to disband the disciplinary chamber. Poland abolished the chamber and replaced it with a new body, but critics argue the politicization…

Treasury Secretary Janet Yellen said Thursday that the U.S. wants “constructive and fair” commercial relations with China but will defend its national security and oppose Chinese attempts to dominate international competitors. Yellen spoke at Johns Hopkins University’s School of Advanced International Studies about the Biden administration’s goals for an “essential” economic relationship between the world’s two largest economies as China becomes more antagonistic toward the U.S. and its allies. “Our relationship is clearly at a tense moment,” Yellen stated. “My goal is to be clear and honest, cut through the noise, and speak to this essential relationship, based on sober…

On Friday, Mexico’s presidential jet was sold to Tajikistan, ending a political story that President Andres Manuel Lopez Obrador exploited to criticize his predecessors. Lopez Obrador tweeted that the Boeing 787 Dreamliner used by his predecessor Enrique Peña Nieto, but never by him, was sold for 1.66 billion pesos, or $92 million. The president said the transaction showed how his leadership has altered Mexican politics in a video. “It’s important that everyone knows how people thought before, how the authorities acted, like little pharaohs,” he added, sitting in a high leather-backed chair with officials. “Not anymore.” He said the plane’s…

The Swiss banking regulator was sued by Credit Suisse (CSGN.S) investors who held more than 4.5 billion Swiss francs ($5 billion) of Additional Tier 1 (AT1) bonds. AT1 bonds worth 16 billion Swiss francs were wiped out last month amid UBS’s state-backed bailout of Credit Suisse, angering bondholders who thought they would be better protected than shareholders. The bondholders’ law firm said Friday that Quinn Emanuel Urquhart & Sullivan’s April 18 complaint challenges FINMA’s write-down decision. “FINMA’s decision undermines international confidence in the legal certainty and reliability of the Swiss financial center,” Switzerland managing partner Thomas Werlen stated. None from…

ANA Holdings Inc (9202.T), Japan’s largest airline, boosted its profit prediction for the just-ended fiscal year on Friday, citing lower fuel costs and a stronger currency. In a statement, the business now expects 120 billion yen ($897 million) in operating profit through March 2023, up from 95 billion. April 27 will bring full-year results. After Japan eased pandemic border procedures, business and inbound travel increased, boosting international passenger revenues in the fourth quarter, ANA said. However, it reported flat international cargo revenue. In a February mid-term plan, ANA projected 200 billion yen in operating profit in fiscal 2025. In fiscal…

Beyonce and Pope Francis lost their verified statuses on Twitter on Thursday. LeBron James and Stephen King had checkmarks. “The Shining” author King tweeted: “My Twitter account indicates I’ve subscribed to Twitter Blue. I’ve not. I tweeted a phone number. I didn’t.” “You’re welcome namaste,” Musk tweeted. According to The Verge, James had not paid to preserve the check mark. Musk also tweeted, “I’m paying for a few personally.” Later, he tweeted, “Just Shatner, LeBron and King,” referring to Star Trek star William Shatner, who grumbled about last month having to pay for his blue checkmark. Donald Trump, Bill Gates,…

On Thursday, two sources said U.S. President Joe Biden might declare his re-election campaign by video on Tuesday, setting up a possible rematch with Republican predecessor Donald Trump. On Tuesday, Biden, 80, will reveal four years after his 2020 campaign kickoff. However, one Thursday insider warned that the timing could vary. “We’ll announce it relatively soon,” Biden told reporters last Friday. “I told you my plan is to run again.” Biden, the oldest president, would be 86 after a second four-year term. A Sunday Reuters/Ipsos poll found that only 39% of Americans approve of his job performance. The White House…

European Union antitrust inspectors investigated Gucci’s Milan headquarters this week as part of a multi-country inquiry into Europe’s luxury goods business. On Tuesday, the European Commission announced that antitrust inspectors had raided fashion companies in multiple EU countries but did not identify the companies or the suspected violations. On Wednesday, Reuters reported that EU antitrust officials were investigating a Gucci plant as part of the probe. According to a source, the Gucci site was inspected for probable Article 101 infractions. The clause forbids agreements restricting, hindering, or distorting EU competition and trade between member states. Gucci’s Milan headquarters, a former…

Irish data regulator urges caution on chatbot bans. On Thursday, Ireland’s data protection head said generative AI like OpenAI’s ChatGPT must be controlled, but authorities must figure out how to do so before banning it. “It needs to be regulated, and it’s about figuring out how to regulate it properly,” Ireland’s Data Protection Commissioner (DPC) Helen Dixon told a Bloomberg conference, adding that the issue covered thousands of ChatGPT analogs. “For the Irish data protection commission, we are trying to understand a little bit more about the technology, the large language models, and where the training data is sourced.” “So…

U.S. crypto exchange Coinbase GloU.S.Inc. (COIN.O) has secured a Bermuda license to expand globally. Without “clarity about regulation” from the U.S. and U.KK, Coinbase CEO Brian Armstrong warned crypto startups would thrive in “offshore” havens on Tuesday. After several business scandals in 2022, U.S. regulators and law enforcement are targeting crypto companies. For example, in March, the SEC threatened to sue Coinbase on certain items. Coinbase revealed its Bermuda Monetary Authority digital asset company license in a Wednesday blog post. The blog said that Abu Dhabi bankers are negotiating a license with the exchange. On Wednesday WednesdayCoinbase will launch a…

On Thursday, Thailand’s Board of Investment announced that Changan Auto (000625. SZ) would invest $285 million in a factory to create 100,000 electric cars (EVs) yearly. Narit Therdsteerasukdi, the board’s secretary-general, said the corporation would offer EVs throughout Thailand, Southeast Asia, Australia, and South Africa. Toyota (7203.T) and Honda (7267.T) assemble and export cars in Thailand, Asia’s fourth-largest. The industry generates 10% of Thailand’s GDP and manufacturing jobs. “Changan’s decision to invest in Thailand is a significant milestone in promoting the country as the world’s major EV production base,” said Narit. As domestic consumers choose Great Wall Motors and Tesla,…

On Thursday, Malaysia voiced disappointment over a European Union policy banning deforestation-linked imports, fearing damage to its palm oil exports. On Wednesday, the European Parliament passed a major law mandating companies exporting goods into the EU to submit “verifiable” evidence that their products were not grown on land deforested after 2020 or face heavy fines. The law will affect soy, cattle, palm oil, lumber, cocoa, coffee, rubber, charcoal, leather, chocolate, and furniture. Malaysia’s palm oil industry, a key export, branded the law a “deliberate effort” to hike costs and limitations. Second only to Indonesia, Malaysia exports lipstick and pizza oil.…

On Wednesday, the FBI warned that China and Iran are becoming bolder in their attempts to silence American dissidents and influence U.S. policy. FBI counterintelligence agents asked victims to come forward at a news conference about transnational repression, saying the bureau is tracking an increasing trend of foreign authoritarian regimes breaking U.S. laws to frighten communities. The officials said that federal prosecutors had initiated many criminal charges against governments for hiring private detectives to surveil dissidents. “A lot of these are new tactics and lines that are being crossed that we have not seen China and Iran do on U.S.…

President Joe Biden will unveil plans to expand U.S. financing to help developing countries battle climate change and deforest Brazil’s Amazon rainforest at a Thursday conference with leaders from the world’s largest economies. Biden will host a virtual Major Economies Forum on Energy and Climate conference to rally support for global warming policies—the fourth group meeting under his presidency. According to the White House, the forum’s countries account for 80% of global greenhouse gas emissions and GDP. The White House said the president would double the U.S. commitment to the Green Climate Fund, which funds sustainable energy and climate change…

The industry ministry announced Thursday that the South Korean government and top battery businesses will invest 20 trillion won ($15.1 billion) until 2030 to develop advanced battery technologies such as solid-state batteries. “The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others,” the ministry stated. Three of the world’s five largest electric vehicles (E.V.) battery makers—L.G. Energy Solution Ltd (LGES) (373220. K.S.), Samsung SDI Co Ltd (006400. K.S.), and SK On—are based in South Korea. The trio supplies Tesla Inc (TSLA.O), Volkswagen AG, General Motors Co (GM.N), and Ford Motor Co (F.N.)…

When questioned about funding additional childcare measures to encourage more births, Prime Minister Fumio Kishida said Thursday he had no intentions to raise Japan’s sales tax rate. The world’s third-largest economy prioritizes childcare after births dipped below 800,000 for the first time last year. This month, a prominent member of Kishida’s Liberal Democratic Party told Reuters that the government should spend 5 trillion yen ($37.2 billion) on a new plan and consider issuing more debt. In a roundtable interview with foreign journalists in Tokyo, Kishida, who has committed to treble childcare expenditure, said he had no plans to change the…

In the world’s largest auto market, automakers competed to attract drivers with amenities like crystal balls, in-car karaoke systems, and 3D dashboards at the Shanghai auto show. Zeekr, a premium electric vehicle (E.V.) brand owned by Zhejiang Geely Holding Group (GEELY.UL), showcased its new X model SUV’s massaging seats at China’s first presentation since COVID-19 limits ended. In a market where nimble domestic automakers have overtaken classic Western brands, many Chinese firms exhibited dashboard touch displays that let users sing karaoke or play games while driving. Polestar, a premium E.V. maker created by Volvo (VOLCARb. S.T.) and Geely, unveiled the…

On Thursday, consumer healthcare business Haleon (HLN.L) said it expected 2023 organic sales, growth near the top of its 4%-6% prediction owing to high demand and restocking of its respiratory, health products after a terrible cold and flu season. The world’s largest standalone consumer health business, which offers non-prescription medications, vitamins, and dental care, maintained its full-year 2023 outlook. GSK (GSK.L) spun off Haleon in July.

In an interview with the Irish Times, Dutch central banker Klaas Knot said he is “not uncomfortable” with market predictions of interest rates rising to 3.85% from 3%. According to Reuters, the ECB is expected to raise rates for a seventh straight meeting on May 4 to lower stubbornly high euro zone inflation, with policymakers converging on a 25-basis-point hike. Policy rates are slightly restrictive, but inflation is not. “Inflation is still too high,” he told the newspaper on Thursday. “Mildly restricted area will not be enough to counter an underlying inflation rate that is moving up towards 6%. We…

On Thursday, a Russian official told Interfax that the Zaporizhzhia nuclear power plant in southern Ukraine, which Russia acquired last year, will discontinue using U.S. nuclear fuel as soon as possible. Ukraine switched to Westinghouse nuclear fuel after its 2014 confrontation with Russia at Europe’s largest nuclear power plant, primarily built in the Soviet era. Last year, Russian troops invaded Ukraine and seized the plant, causing a nuclear security crisis owing to near-constant shelling that Kyiv and Moscow blame on one other. Renat Karchaa, an adviser to Rosenergoatom’s general director, told Interfax that the plant has four years of U.S.-made…

Spyware and mercenary hacking. British officials warned that a more unpredictable firm targeted thousands of people annually using monitoring software and hackers-for-hire. GCHQ’s National Cybersecurity Centre (NCSC) claimed mercenary hackers marketed government hacking services on Wednesday. “There is another new front opening, as we see more and more adversaries able to buy and sell sophisticated cyber tools and spyware like Pegasus,” senior British minister Oliver Dowden told an NCSC conference in Belfast on Wednesday. “These are the types of tools that we used to only see in a handful of powerful state actors, and which can cause serious damage,” Dowden…

On Wednesday, Airbus told shareholders that European states need to “get their act together” on strategic autonomy and offered to assist in shoring up Europe’s weak industrial cooperation on military, but asked governments to back promises with factory orders. The head of Europe’s largest aerospace business, Rene Obermann, warned investors last year’s Russian invasion of Ukraine was a wake-up call. “It has shown that defense is vital to society and that European nations must cooperate for strategic autonomy.” “The sooner the better,” he told a streamed shareholder meeting on Wednesday. Moscow’s “special operation” invasion has raised defense spending and reignited…

The British government publishes PM Sunak and other ministers’ interests. On Wednesday, Britain’s government updated its ministers’ interests, including Prime Minister Rishi Sunak, who is under investigation for failing to report his wife’s shareholdings. On April 13, Parliament’s Commissioner for Standards began investigating whether Sunak correctly declared his wife’s interest in a daycare company that would profit from the new government policy. On Monday, the prime minister’s spokesperson claimed Sunak’s wife’s investment in Koru Kids had been transparently stated. However, opponents urged Sunak to provide an updated list of ministerial interests to promote openness. On Wednesday, the Cabinet Office listed…

Pontegadea, Amancio Ortega’s private corporation, bought a central London BBC property for 82 million pounds ($102 million) on Wednesday. Last month, Ortega paid 100 million euros ($109 million) for a luxury Dublin apartment building with 120 rental units. Ortega’s organization also bought luxury US and Canadian residential and corporate properties. Pontegadea bought Abrdn fund’s 33 Foley Street office building in Fitzrovia near Oxford Circus, according to the Spanish newspaper Cinco Dias. The story indicates the structure was transformed from a BBC office.

On Wednesday, Baker Hughes Co. (BKR.O) exceeded first-quarter profit projections due to increasing demand from oil and natural gas producers, hoping to capitalize on China’s rebound and strong pricing. After OPEC+ announced a surprise production cut, U.S. oil prices rose from $64 a barrel in mid-March due to banking crisis concerns to above $80. According to Baker Hughes, the average North American rig count for the quarter was 948, 12% more than last year. “We continue to believe that the current environment remains unique, with a spending cycle that is more durable and less sensitive to commodity price swings, relative…

Suncor Energy (SU.TO) released 5,900 cubic meters (208,400 cubic feet) of water with twice the permitted suspended particles from a sedimentation pond at its Fort Hills oil sands operation in northern Alberta. Suncor reported the April 16 release to the Alberta Energy Regulator (AER) because the water’s total suspended solids—mud—exceeded regulations. Suncor representative Erin Rees said the water came from a sedimentation basin, not a tailings pond. After Imperial Oil (IMO.TO) said in February that tailings ponds at its Kearl facility had been seeping for months and another spill spilled 5,300 cubic meters of process water in late January, oil…

On Wednesday, Britain’s competition authority reviewed Google’s proposals to let app developers leave Google Play’s billing system. Last June, Britain’s investigation revealed concerns that Google’s exclusive control over in-app payments unfairly restricted app developers by forcing them to use Google Play’s billing system, reducing competition and hurting customers. The Competition and Markets Authority (CMA) stated the new suggestions allow app developers to offer a payment system “of their choosing” or give customers a choice between Google Play’s billing system and another. The suggestion suggests third-party payment providers promote to app developers. “We need to make sure these commitments will work…

On Wednesday, official media stated that Kim Jong Un ordered preparations to launch North Korea’s first spy satellite to counter U.S. and South Korean threats. Analysts say the military satellite is part of the reclusive, nuclear-armed state’s drive to upgrade surveillance technologies, including drones, to strike targets in conflict. North Korea stated it would launch the spy satellite in April after completing a “final phase” test in December. It posted pixelated black-and-white photographs of Seoul from the test. Kim authorized the launch of more spy satellites and ensured the launch went through on Tuesday during a visit to the official…

Sumitomo Mitsui Financial Group (SMFG) (8316.T) priced $1.04 billion of additional tier-1 (AT1) debt on Wednesday, becoming the first big Japanese bank to sell them after Credit Suisse’s (CSGN.S) bonds lost value. SMFG priced the bonds in two tranches: 89 billion yen ($662.50 million) five-year notes and 51 billion yen 10-year bonds. Market players liked the conditions. “In Japan, where spreads over corporate bonds are thin, the terms for these AT1 bonds were reasonably good, provided that the banking sector is credible,” said Pictet Japan senior fellow Nana Otsuki. “SFMG had a choice of not selling them, but they went…

President Yoon Suk Yeol hinted that South Korea would arm Ukraine if it suffered a large-scale civilian onslaught. Yoon told Reuters that his administration is researching ways to defend and reconstruct Ukraine, the as South Korea did during the 1950-53 Korean War. “If there is a situation the international community cannot condone, such as any large-scale attack on civilians, massacre or serious violation of the laws of war, it might be difficult for us to insist only on humanitarian or financial support,” Yoon added. After a year, Seoul offered weaponry to Ukraine. South Korea, a U.S. ally and major artillery…

Russian Foreign Minister Sergei Lavrov will meet with U.N. Secretary-General Antonio Guterres in New York next week to discuss the Ukraine Black Sea grain export arrangement, which might expire unless Russian demands are met. As Russia retains the 15-member Security Council leadership for April, Lavrov will chair two meetings. Russian U.N. Ambassador Vassily Nebenzia claimed Lavrov and most of his delegation have U.S. visas for New York. Nebenzia said he will meet Guterres. Russia has warned that the accord allowing the safe wartime transfer of grain and fertilizer from Ukrainian Black Sea ports beyond May 18 is “not so great.”…

The Indian foreign ministry announced on Tuesday that India and Russia would resolve trade deficit and market access issues after Russian imports quadrupled during the Ukraine crisis. On Monday in New Delhi, the Russian trade minister said India and its largest armaments supplier are considering a free trade pact to boost commerce. India has advocated for dialogue and not publicly opposed Russia’s February 2022 invasion of Ukraine, which Moscow calls a “special military operation.” A source said India bought $51.3 billion of Russian commodities, principally oil, between February 24 and April 5. Denis Manturov met India’s foreign and finance ministers…

GSK (GSK.L) will buy Bellus Health Inc. (BLU.TO) for $2 billion in cash as it bets on respiratory medicines. GSK investors worry about whether the medicine cupboard has enough to sustain pace over the next decade after the impending loss of patent protection for one of its major ingredients. On Tuesday, the businesses announced a contract for Camlipixant, a late-stage RCC medication. Patients may cough 900 times a day. It affects 10 million people worldwide. No U.S. or European medicines are approved. GSK’s $14.75 bid is more than twice Bellus’ Monday Nasdaq closing price of $7.26. GSK’s respiratory portfolio, which…

EU prohibits taxpayer money from saving failing banks. On Tuesday, the EU proposed making it harder for governments to provide banks billions of euros in public aid like Italy did with Monte dei Paschi di Siena six years ago. The EU executive wants banks to have enough resources, including debt that can be written down to provide cash in a crisis to avoid taxpayer bailouts. The European Commission noted that bank failures still occur after Silicon Valley Bank and Signature Bank failed in the US, and UBS took over Credit Suisse last month. “Today’s proposal will enable authorities to organise…

Northern Ireland honors peacemaking women. On Monday, twenty-nine political and civic women were honored to celebrate 25 years of Northern Ireland’s Good Friday Agreement, which former U.S. Secretary of State Hillary Clinton stated would not have been possible without them. Clinton, Queen’s University Belfast’s chancellor, called medal and honorary degree recipients “determined, unstoppable forces for peace” during her time as Secretary of State. They included the late Mo Mowlam, Britain’s first female minister for the region, who played a key role in the talks while being treated for a brain tumor, and the founders of Northern Ireland Women’s Coalition, who…

China foreign ministry spokesperson Wang Wenbin denied U.S. allegations of a “secret police station” in New York on Tuesday. Wang told a regular press briefing that these police stations do not exist since China does not interfere in other countries. On Monday, U.S. federal agents arrested two New Yorkers for operating a Chinese “secret police station” in Manhattan’s Chinatown, prosecutors claimed, as part of a crackdown on Beijing’s suspected targeting of dissidents.

On Tuesday, Britain’s competition authority announced a “Phase 1” investigation into Amazon.com Inc.’s (AMZN.O) $1.7 billion acquisition of Roomba maker iRobot Corp. The CMA had until June 16 to decide if the arrangement would reduce U.K. competition. Reuters received no response from Amazon or iRobot. The U.S. Federal Trade Commission is reviewing Amazon’s August 2018 smart home deal.

Nissan launches EV for China to compete in the top auto market. On Tuesday, Nissan Motor (7201.T) presented a new electric SUV at the Shanghai auto show, pledging its commitment to the Chinese auto market, which it claimed would continue to lead the electric car revolution. Nissan has traditionally relied on China, but like other global automakers, it confronts growing competition from domestic automakers. At the exhibition, Ashwani Gupta, Nissan’s COO, announced that Nissan would offer a Chinese market EV. “China has already crossed the tipping point of accepting the electrified car as a modern car,” Gupta remarked on the…

Four sources claimed state-owned China Mobile Ltd (0941. HK) is considering a buyout of Hong Kong’s biggest telecoms business, HKBN Ltd (1310. HK), which may trigger a bidding battle for the $1 billion enterprise. The people claimed China Mobile recently sent an RFP to a limited group of banks to advise on acquiring and privatizing the Hong Kong telecom operator, which provides internet and Wi-Fi management. The secret sources said the Beijing-based company is still getting presentations from investment banks and has yet to make a formal offer. After the Reuters report, HKBN shares rose 17% to HK$9 billion ($1.15…

G7 ministers emphasize unity despite China-Russia concerns. On Tuesday, the Group of Seven industrial countries declared they were more unified than ever as they criticized China’s pressure on Taiwan and Russia’s threat to station nuclear weapons in Belarus while fighting in Ukraine. “The strength of the solidarity between the G7 foreign ministers is at a level not seen before,” Japan’s Foreign Minister Yoshimasa Hayashi told a press conference after hosting the gathering in Karuizawa. The unity comes after French President Emmanuel Macron this month suggested the EU should minimize its dependence on the US and avoid getting involved in a…

Scania and Northvolt introduced a truck-lifetime electric battery on Tuesday. Swedish companies said the lithium-ion battery under test could power vehicles for 1.5 million kilometers (930,000 miles), Scania’s anticipated lifespan. “The future of heavy transport is electric, and to enable the shift and continue delivering on our brand promise towards customers to be premium, Scania needs top-performing battery cells for our electric trucks,” said Scania CEO Christian Levin. The businesses claimed that the battery cells made in the Northvolt Ett gigafactory in northern Sweden have an estimated carbon footprint of one-third of a relevant industry reference at full serial manufacturing.

On Monday, Eli Lilly and Co. (LLY.N) announced it would invest $1.6 billion at its two new Indiana manufacturing sites to support the production of Jaypirca, its recently authorized cancer medicine. Eli Lilly reported $3.7 billion in facility investments. Lilly has invested $6.4 billion in U.S. manufacturing capacity over the previous three years and expects to ramp up as it prepares to introduce new obesity, Alzheimer’s, and autoimmune disease drugs. Company stated. In January, the company announced plans to invest $450 million to expand a North Carolina plant to accommodate the demand for its blockbuster diabetic medicine Trulicity and recently…

Swiss government awards $9.7 mn Credit Suisse-UBS merger deal. On Monday, state procurement site Simap.ch announced that Alvarez & Marsal Switzerland won an advising mandate for up to 8.7 million Swiss francs ($9.70 million) to rescue Credit Suisse (CSGN.S). Bern told UBS it would cover up to 9 billion francs of losses on Credit Suisse’s hard-to-value assets as part of the shotgun marriage between Switzerland’s two largest banks. UBS covered losses of up to 5 billion francs. “For the contractual implementation of the granting of the guarantee, the Confederation needs advice and support in the short term from an economic…

On Monday, Russia dismissed Japanese criticism of its Pacific Fleet naval maneuvers, saying it needed to prepare against several regional threats while focusingUkraine. On Monday, Japanese Chief Cabinet Secretary Hirokazu Matsuno said Tokyo had protested Moscow’s military exercises in disputed islands near Hokkaido. Kremlin spokesperson Dmitry Peskov said the drills were “in strict accordance with international law.” “Many fronts are turbulent. “Regional conflicts abound,” Peskov told reporters. “We know these regional conflicts’ geography.” Russia and Japan have disputed islands in the North Pacific since World War Two. As a result, Japan joined Western sanctions against Russia as a member of…

Tesla Inc.’s (TSLA.O) first-quarter margins are expected to hit a three-year low as the electric-vehicle maker cut prices to attract more buyers in a poor economy and increased competition. The world’s most valuable manufacturer, which controls over half of the U.S. E.V. market, dropped sticker prices on its cars five times between January and April, increasing quarterly sales but lowering its industry-leading profit margin. According to 17 Visible Alpha analysts, Tesla’s car gross margin would drop to 23.2% from 32.9% a year earlier and the lowest since the fourth quarter of 2019. In January, Tesla finance chief Zachary Kirkhorn pledged…

On Monday, Republican U.S. House Speaker Kevin McCarthy will argue for federal spending cuts to accompany lifting the $31.4 trillion debt ceiling at the New York Stock Exchange. His statement comes as the federal government nears its financial collapse this summer. A historic default will rock the U.S. and global markets if the divided Congress does nothing. The White House wants Congress to lift the borrowing limit without conditions, as it did three times under Biden’s Republican predecessor, Donald Trump. Senate Democrats, who control the limit, have been at odds with Republicans for months. This week, the Republicans who control…

On Monday, the Chinese foreign ministry said it had protested U.S. sanctions on Chinese enterprises and individuals for alleged fentanyl trade. “China, in the spirit of humanitarianism, has been trying to help the U.S. as best it can,” spokesperson Wang Wenbin told a regular news briefing. Wang said repeated U.S. sanctions “seriously undermine” drug control cooperation. On Friday, Washington sanctioned two Chinese organizations and four Chinese nationals for supplying precursor chemicals to Mexican drug traffickers to make illicit fentanyl for the U.S.

According to online posts and workers, Tesla (TSLA.O) Shanghai manufacturing workers are using social media to appeal to Elon Musk and the Chinese public after learning over the weekend that their performance bonuses will be lowered. Several posts criticized Tesla’s handling of a tragic accident at its largest plant earlier this year and wondered if the reductions were related. Last year, Musk complimented Tesla’s Shanghai plant’s workers for burning “the 3 a.m. oil” to keep operations running during the city’s two-month COVID lockdown. Baidu Tieba’s posts started late last week. Some tweeted to Musk, his mother, Maye Musk, and Tesla…

After the IT services exporter’s disappointing revenue guidance, Infosys Ltd (INFY.NS) shares fell over 15% on Monday, dragging peers’ equities. After a dismal quarterly report from larger rival Tata Consultancy Services (TCS.NS), Infosys’ outlook raised concerns for the industry, which receives over 25% of its sales from the U.S. and European banking, financial, services, and insurance sectors. After two mid-sized U.S. lenders collapsed in March, the government took exceptional measures to reassure depositors and stabilize the system. Infosys saw its worst intraday percentage decrease since October 2019, dragging down other IT stocks and the Nifty IT index (.NIFTYIT) by 7.6%.…

South Korea, the US, and Japan will practice missile defense against North Korea. Seoul’s military said South Korea, the U.S., and Japan would hold naval missile defense exercises on Monday to confront North Korea’s increasing missile threats better. The statement comes days after the three countries agreed at their trilateral meetings in Washington to conduct common missile defense and anti-submarine drills to increase diplomatic and military cooperation. South Korea’s 7,600-ton Aegis destroyer Yulgok Yi I, the U.S. guided-missile destroyer USS Benfold, and Japan’s Aegis-equipped Atago will participate in Monday’s drills on international seas between Korea and Japan. The South Korean…

Saturday’s weightlifting tournament opening ceremony in Armenia saw Azerbaijan’s flag burned. After the championships, Azerbaijani athletes returned home through Georgia. Azerbaijan’s youth and sports ministry and National Olympic Committee were upset when a video showed a man snatching and burning the flag. They labeled it a “barbaric act” and evidence of Armenia’s ethnic intolerance and hatred. Armenia said the issue was resolved swiftly and without harm to European Weightlifting Championships athletes. Since 1991, the nations have been at odds. They have fought two major wars over Nagorno-Karabakh, an ethnic Armenian mountain territory officially recognized as Azerbaijan. Last week’s combat killed…

On Saturday, Angry Birds developer Rovio Entertainment (ROVIO.HE) said it is negotiating with Sega Sammy Holdings Inc (6460.T) about a tender offer. In February, Rovio began a strategic assessment and non-binding talks about a prospective tender offer for its shares. “As part of its strategic review, Rovio Entertainment Corporation confirms that it is in discussions with Sega Sammy Holdings Inc,” it stated. “Rovio and Sega will release further information at an appropriate time.” The Wall Street Journal claimed Friday that Sega is close to buying Rovio for $1 billion. Rovio didn’t comment. Refinitiv Eikon data showed its market capitalization at…

After last month’s turmoil in U.S. government bonds, SEC chief Gary Gensler said hedge funds and other areas of the shadow banking system require more oversight, the Financial Times reported on Saturday. Gensler told the newspaper that lowering speculative fund and non-banking financial institution risks was “more important than ever.” “We just had Treasury yields move more significantly than they had in 35 years in three days in mid-March,” Gensler told the Financial Times, alluding to the volatility in Treasury bonds last month when Silicon Valley Bank and Signature Bank collapsed quickly. “When you have that, it’s appropriate as a…

On Friday, President Joe Biden indicated he will declare his re-election campaign “relatively soon.” “We’ll disclose it shortly. “But the trip here just reinforced my optimism about what can be done,” Biden told reporters after an emotional trip to Ireland. “I told you I plan to run again.” The 80-year-old Democrat, one of the oldest international presidents, has long stated he will seek re-election, but the absence of an official declaration has occasionally jittered fans. However, close aides and allies have already begun setting up a campaign infrastructure and fundraising apparatus ahead of a 2024 bid that could be a…

After a suspect tossed a smoke bomb during an outdoor address in western Japan on Saturday, Prime Minister Fumio Kishida was removed unharmed. Japanese media showed Kishida hiding after a loud explosion while police restrained a suspect. Wakayama prefectural police told Nikkei that a police officer received minor injuries. “Police are investigating the details of the loud explosive sound at the previous speech venue,” Kishida stated as he began campaign talks. I apologize for worrying many. Our nation is holding a crucial election. We must persevere.” The killing of former Prime Minister Shinzo Abe, Japan’s longest-serving modern leader, was similar.…

Finland began erecting a barrier on its Russian border on Friday, less than two weeks after joining NATO, to end its security U-turn in reaction to the Ukraine crisis. The government built the barrier last year in case Russia flooded the border with refugees in response to its NATO application. Finland wants to avoid repeating the winter 2021 crisis in Poland, when the EU accused Belarus, a staunch Russian ally, of flying in Middle Eastern migrants, giving them visas, and pushing them across the border. By 2026, the steel mesh Finnish barrier will span 200 kilometers (125 miles) of its…

On Friday, U.S. Treasury Secretary Janet Yellen said the International Monetary Fund has the resources to address global financial difficulties but requires “fair and simple” ownership reforms to reflect its member nations’ economies. In a statement to the IMF’s steering committee, Yellen said she wanted the World Bank to adopt more reforms to scale up funding for climate and other global needs on a rolling basis before the IMF and World Bank’s annual meetings in Marrakech, Morocco, in October.

Norway says ousted Russian officials sought sources and technology. The Norwegian PST security police said Friday that 15 Russian diplomats expelled this week aimed to cultivate sources, intercept communications, and acquire advanced technology. PST counterintelligence head Inger Haugland informed a press conference that the diplomats’ true employers were the Russian GRU, FSB, and SVR. “This lowers the threat from Russian intelligence in Norway by permanently reducing the number of intelligence officers operating under diplomatic cover,” Haugland said of the expulsions. Norway’s greatest expulsion of Russian diplomats follows Western expulsions since Moscow’s full-scale invasion of Ukraine. The foreign ministry said Norway…

A senior source said Canada is ready to supply vital minerals to its allies, including Japan since the Group of Seven (G7) countries consider them crucial for climate objectives and energy security. Canada and the US have agreed to improve crucial mineral supply lines. Japan and the EU have comparable critical minerals cooperation agreements. “We view this resource has been very strategic, not only from an economic point of view, but also a security point of view,” Canada’s minister of environment and climate change, Steven Guilbeault, told Reuters in Japan, where he will attend a G7 ministerial meeting on climate,…

Biden will conclude ‘homecoming’ journey with West of Ireland rally. On Friday, U.S. President Joe Biden concluded his sentimental three-day visit to Ireland, the longest ever by an American leader, with a rally in his great-great-great grandfather’s West of Ireland homeland. With exuberant flag-waving audiences, picture opportunities with newborns, and extended long-winded speeches, the trip has previewed his 2024 re-election campaign. Politics and people fuel him. “He’s a natural politician,” said Irish Foreign Minister Micheál Martin, who spent Wednesday afternoon with Biden welcoming audiences in northeastern County Louth. “There’s no waning of the appetite is what I would have detected…

According to a Friday economy ministry assessment, Germany will narrowly avoid recession and increase in the first quarter. “A technical recession of two negative quarters in a row appears to have been averted,” the ministry stated. It stated that 2023 GDP predictions foresee a small year-over-year growth. However, leading economic institutions predict 0.3% German economic growth for 2023. The study claimed industrial and construction activity grew in the first quarter due to eased material bottlenecks, energy prices falling, and favorable weather. Consumer sentiment is expected to rise in the next months, while inflation-related purchasing power losses continue to hurt the…

Ukraine pulls back as Russia launches’re-energised’ Bakhmut attack, UK claims. Britain reported Friday that Russian artillery shelling has forced Ukrainian soldiers to retreat from some positions near Bakhmut. “Russia has re-energised its assault on the Donetsk Oblast town of Bakhmut as forces of the Russian MoD and Wagner Group have improved co-operation,” it claimed. Wagner Group is Russia’s biggest mercenary army. “Ukrainian forces face significant resupply issues but have made orderly withdrawals from the positions they have been forced to concede,” Britain’s military said in a daily intelligence update. Wagner led the Russian side in the months-long battle, the deadliest…

Gold gains 2nd week on weak dollar, Fed pause prospects. Gold prices rose for a second week on Friday as the U.S. dollar fell, and recent economic data suggested the Federal Reserve may be reaching the end of its rate-hike cycle. As of 0534 GMT, spot gold was up 0.1% at $2,042.01 per ounce, near its one-year high from Thursday. U.S. gold futures increased 0.1% to $2,056.70. The dollar index dropped to a year-low, making bullion cheaper for foreign purchasers. “The appetite to sell the U.S. dollar in the wake of soft inflation data, lower yields and calls for a…

European exchange equities may profit from the Credit Suisse (CSGN.S) collapse as investors seek conservative market operators with low valuations. As investors pursued banks due to increasing interest rates (.SX7P), the exchanges’ share prices have underperformed the region-wide STOXX 600 (.STOXX) index by much to 13 percentage points since September. After a slow start to the year, March’s turmoil is prompting some investors to diversify away from banks. As credit conditions tighten, defensive industries like exchanges may benefit from rising bond and equities volatility. In recent weeks, exchange operators’ shares have gained, with traders and analysts citing investor rotation into…

After Chinese drills, the Taiwan president honors military pilots. Taiwan President Tsai Ing-wen hailed fighter pilots who scrambled against China’s air force during its maneuvers surrounding the island on Friday and promised to maintain boosting the armed forces as Beijing’s military actions waned. After Tsai returned from Los Angeles, where she visited U.S. House of Representatives Speaker Kevin McCarthy, China launched the drills, which included bomber and missile attacks. Taipei denies China’s claim to democratic Taiwan. Tsai thanked fighter fighters at Magong Air Base near the Taiwan Strait in Taichung, central Taiwan. “I want to tell everyone: as long as…

Trump loses rape case as court fails to rule. In Washington, D.C., writer E. Jean Carroll filed the first of two legal defamation cases against Donald Trump for allegedly raping her 30 years earlier. After Trump accused the former Elle magazine journalist of lying about the alleged meeting in June 2019, the district’s highest local court, the Court of Appeals, concluded it didn’t have enough evidence to grant him immunity. A decision that Trump was acting as president, not personally, would have shielded him and doomed Carroll’s initial complaint since the government could replace itself as the defendant and cannot…

After being reappointed to the Tennessee statehouse, Justin Pearson was sworn in on Thursday morning. However, he and another Democratic colleague were ejected for organizing a gun protest on the House floor. Pearson was sworn in on the capital steps by around 50 supporters and reporters amid clapping, whoops, and shouts. Pearson’s Memphis district county legislature appointed him to his vacant seat on Wednesday. His swearing-in ended a tumultuous two weeks, making Tennessee the hub of U.S. politics. Tennessee Republicans expelled Pearson and Justin Jones, another young Black Democrat, on April 6 for spearheading a protest in the House chamber…

On Thursday, U.S. President Joe Biden, a patriotic Irish-American, met Ireland’s president and prime minister before addressing parliament and dining at Dublin Castle. On Wednesday, Biden celebrated his ancestry from peace in Northern Ireland and encouraged political leaders to restore their power-sharing government with the prospect of considerable U.S. investment. Later, he took a lighter journey to Louth, where his great-great-grandfather Owen Finnegan came to the U.S. in 1849. He will visit his extended family in County Mayo on Friday. “It feels great,” Biden said after meeting Irish President Michael D. Higgins. “I know it sounds silly, but there are…

In a regulatory statement on Thursday, Amazon.com Inc. (AMZN.O) said it did not give Chief Executive Andy Jassy any additional shares in 2022, narrowing the salary disparity between him and other employees. The report indicated that it granted more than $40 million to the newly appointed CEOs of e-commerce and cloud operations at 2022 share values, while Jassy received an equal sum from his earlier grants. For months, Amazon has battled inflation and recession worries, forcing customers to cut back. As a result, the corporation reduced 27,000 employees and stock awards to minimize costs. Jassy said in his annual shareholder…

On Thursday, Julius Baer (BAER.S), a Zurich-based private bank, named Chin Lit Yee its new South East Asia chief. The announcement says that Kevin Tay will replace Yee as the South East Asia group leader on Thursday. Yee has 30 years of experience in money management. Thursday announced that he worked at Credit Suisse, Deutsche Bank, and J.P. Morgan before joining Julius Baer in 2015. Tay, a seasoned banker who most recently headed wealth planning and family office services in Singapore, will replace Yee and report to him. Julius Baer is focusing on Asia, its second home market, with the…

Hong Kong woos mainland China crypto businesses seek finance hub status. Hong Kong welcomes cryptocurrencies to boost its finance center position after years of bankers leaving due to a China security crackdown and COVID-19 restrictions. Hong Kong is courting mainland China crypto firms to rebase in the city despite controversies and high-profile failures. Mainland 2021 saw China’s cryptocurrency prohibition. Hong Kong chief executive John Lee is supporting crypto, and the city will host 100 crypto conferences and extravagant parties through April. Xiao Feng, chairman of Hong Kong crypto exchange HashKey, claimed the government “is very serious about building an international…

Germany to consider China stake in Hamburg port terminal; on Wednesday, a German finance ministry official said the country is reconsidering its decision to allow China’s Cosco (601919. SS) to invest in one of HHLA’s three Hamburg port terminals. After the Tollerort facility was designated vital infrastructure this year, political tensions over Chinese investment in Germany resurfaced. The government official said Cosco would be permitted to invest in the terminal under certain circumstances. China’s foreign ministry advised Germany to be “objective and rational” in its examination. “The German side is very clear about the ins and outs of the Hamburg…

Due to rocket debris, China’s maritime safety bureau barred boats from a zone north of Taiwan on Thursday. Taiwan and other neighboring states feared China will enforce a similar no-fly zone on Sunday morning, impacting 33 flights. South Korea, alerted of the preparations, said a satellite launch vehicle item caused the no-fly zone. China is silent. China’s maritime safety authorities announced Thursday that Sunday’s East China Sea restrictions would continue from 9 a.m. to 3 p.m. (0100 GMT to 0700 GMT).

After a 6.3% drop in 2022/23, Britain’s largest supermarket Tesco (TSCO.L), anticipated flat earnings in its current financial year. On Thursday, the business, which controls 27% of Britain’s grocery industry, reported a retail adjusted operating profit of 2.49 billion pounds ($3.11 billion) in the year to Feb. 25, in line with the forecast of 2.4-2.5 billion pounds but down from 2.65 billion pounds in 2021/22. Group revenues grew 5.3% to 57.6 billion pounds. “It’s been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help,” said Chief Executive Ken…

On Thursday, Japan’s Fast Retailing Co (9983.T), owner of Uniqlo, announced a 16.4% increase in first-half operating profit as sales in China rebounded, and Southeast Asia, North America, and Europe grew. In the six months through February, operational profit was 220 billion yen ($1.65 billion), up from 189 billion a year earlier. Fast Retailing boosted its full-year profit expectation to 360 billion yen from 350 billion in January. According to a Refinitiv survey of 14 experts, the consensus annual profit projection is 347 billion yen. Fast Retailing’s 900 Uniqlo shops in China, the company’s biggest international market, surpass Japan’s. After…

Apple Inc. (AAPL.O) is in negotiations with suppliers to build MacBooks in Thailand, according to Nikkei. Three suppliers negotiating with Apple informed Nikkei that they are considering assembling and producing MacBook components and modules at their Thai manufacturing facilities. The article also stated that Thailand had mass-produced Apple Watches for over a year. Apple didn’t reply to Reuters’ request for comment. In addition, Reuters couldn’t find the report’s three providers. Apple and its suppliers have moved manufacturing away from China after tight COVID-19 limits interrupted Foxconn’s (2317. TW) largest iPhone facility last year. Apple wants to prevent commercial losses from…

Prime Minister Fumio Kishida told reporters on Thursday that the government is finalizing its approval of an Osaka casino resort project. U.S. casino operator MGM Resorts International (MGM.N) and local partner Orix Corp (8591.T) proposed the Osaka integrated resort project, which includes Japan’s first casino. On Wednesday, Jiji reported that the government would approve the Osaka casino proposal on Friday.

FTX regained $7.3 billion in assets after bankruptcy. At a Delaware bankruptcy court hearing on Wednesday, FTX’s counsel stated the business had recovered approximately $7.3 billion in cash and liquid crypto assets, up $800 million since January. After months of gathering resources and determining what went wrong under accused ex-founder Sam Bankman-Fried, FTX attorney Andy Dietderich said the business is considering its future. Bankman-Fried denies wrongdoing. “The dumpster fire is out,” Dietderich stated. Dietderich claimed crypto prices had helped FTX. Based on crypto prices from November 2022, when it declared bankruptcy after traders withdrew $6 billion from the site in…

Warner Bros Discovery revamps ‘Max’ for streaming growth. Max costs $9.99 for the ad-supported version and $19.99 for “Max Ultimate,” the ad-free tier with four concurrent streams. The new service will test Zaslav’s goal of creating one of the world’s top streaming services by merging diverse assets, including the Barefoot Contessa culinary show, Batman, and Hanna-Barbera cartoons. At the debut, Zaslav claimed HBO’s “one-of-a-kind storytelling” would attract customers and Discovery’s unscripted programming would keep them. On Wednesday, Warner Bros Discovery Inc. (WBD.O) said that its long-awaited streaming service, “Max,” will launch on May 23. It will blend HBO Max’s scripted…

In an interview on Wednesday, Novavax Inc (NVAX.O) CEO John Jacobs said the company slashed $50 million in expenses in the first quarter of 2023 and aimed to cut more. Jacobs also said Novavax is in frequent conversations with the FDA about the design of its 2023 COVID-19 booster injection and expects it to be available by autumn. Novavax, Inc. in Gaithersburg, Maryland, develops vaccinations for dangerous infectious illnesses. Company scientists generated experimental influenza, respiratory syncytial virus, Ebola, and other infectious illness vaccines before 2020.

Yellen calls for “significant, predictable, and timely” Ukraine help. On Wednesday, U.S. Treasury Secretary Janet Yellen praised Ukraine’s solid governance and anticorruption efforts and urged continuing help. Yellen, who surprised Kyiv in February, opened a ministerial discussion on Ukraine at the IMF’s spring meetings, where Ukrainian President Volodymyr Zelenskiy also spoke. Supporting Ukraine requires teamwork. “We welcome our allies and partners’ significant, predictable, and timely assistance and urge all of us to continue doing so,” Yellen added. On Monday, a senior Treasury official said the U.S. had given Ukraine up to $50 billion in aid in the previous year, including…

The judge hearing Dominion Voting Systems’ case against Fox News said on Wednesday that he was sanctioning the network and would likely investigate if Fox’s legal team concealed information, the New York Times reported. “Fox will do everything they can to make the person available, and it will be at a cost to Fox,” Delaware Superior Court Judge Eric Davis concluded in punishing Fox. Fox didn’t reply to Reuters’ request for comment. Dominion claims that Fox, owned by Fox Corp (FOXA.O), destroyed its business by knowingly airing false claims that its ballot-counting machines flipped the 2020 U.S. presidential election against…

On Wednesday, the Republican-led U.S. House Judiciary Committee subpoenaed the FTC chair for Twitter privacy inquiry records. The committee claimed Chairman Jim Jordan and others approached Chair Lina Khan about its Twitter examination after Elon Musk’s acquisition. But, according to the committee, Khan did not react to their demands for papers and information. FTC comments were delayed. A source told Reuters last year that the government has been questioning Twitter if it has the capabilities to comply with the privacy consent decree. One question was whether Twitter had the staffing to comply with a May 2022 deal with the U.S.…

Russia sanctioned 333 Canadian officials, public personalities, and Olympians on Wednesday in retaliation for Canadian restrictions on Moscow and support for Ukraine. Since the West sanctioned hundreds of Russian individuals and firms over the invasion of Ukraine, Russia has repeatedly barred Western leaders and celebrities from entering Russia. The list, issued by Russia’s foreign ministry on Wednesday, includes Governor General Mary Simon, more than 250 regional legislative assembly members, and hundreds of Canadian athletes who have publicly backed a ban on Russian participants at the 2024 Olympics. “This measure encourages those on the black list to change their behavior,” the…

On Wednesday, Estonia’s parliament approved Prime Minister Kaja Kallas’ plans to hike taxes and defense expenditure in response to perceived Russian threats. “The ongoing war in Ukraine and Russia’s attempt to demolish the current European security standards will for the next several years place Estonia in the most challenging security scenario since World War Two,” Kallas’ new three-party coalition declared. The prime minister’s liberal Reform party won the March general election and formed a coalition with Estonia 200 and the center-left Social Democrat Party, garnering 60 of 101 parliament votes. The coalition claimed Estonian defense expenditure will grow to 3%…

Britain’s fresh sanctions against Russia for the Ukrainian crisis targeted “financial fixers” for Roman Abramovich and Alisher Usmanov. On Wednesday, Britain’s Foreign Office said the additional restrictions targeted anybody helping the two famous businessmen avoid financial fines. “We are tightening the net on the Russian oligarchs and those who help them hide their money for war,” foreign minister James Cleverly said. “We’ll deny them hidden assets.” The government sanctioned Cypriot “professional enablers” Demetris Ioannides and Christodoulos Vassiliades for building offshore entities and trusts. Britain has sanctioned 1,550 Russians and 180 organizations and restricted billions of pounds in assets to punish…

On Wednesday, Japanese industries and environmental organizations urged the government to accelerate renewable energy and carbon pricing to combat global warming. The Japan Climate Initiative (JCI), an alliance of corporations, local governments, and NGOs, released the warning ahead of the G7 climate ministers meeting in Sapporo on April 15-16, which Japan will chair. In a statement backed by 303 organizations, the JCI encouraged the Japanese government to tackle climate and energy crises by increasing renewable energy and implementing highly effective carbon pricing early. It called for quicker offshore wind power development and mandated solar power production in new buildings to…

Russia alleges U.S. intelligence revelations may be fake, part of a hybrid war against it. Deputy Foreign Minister Sergei Ryabkov hinted Wednesday that a recent U.S. intelligence dump might be fake. The documents, which Reuters has not authenticated, appear to be confidential U.S. evaluations of the Ukrainian war, the two sides’ casualties, and other nations’ intelligence. Ryabkov told Russian media Wednesday that the revelation highlighted several difficulties. “It’s absolutely exciting for someone to look at these documents, assuming they are documents at all,” Ryabkov added. “Since the United States is a participant to the (Ukrainian) conflict and is in effect…

The Scottish National Party (SNP) has informed Britain’s Electoral Commission watchdog about its difficulty finding an auditor to endorse its annual accounts before July amid a police inquiry into its finances. This Monday, police detained the husband of former Scottish leader Nicola Sturgeon as part of an inquiry into the SNP’s fundraising. Scottish independence campaigners raised over 600,000 pounds ($750,000) in 2017, which was meant to be ring-fenced but may have been used for other reasons. The police are investigating. Because its auditors quit last year and haven’t been replaced, the party’s finances are in question. The party might be…

Inflation outweighs financial concerns as central bank tightening continues. Despite widespread warnings about the economic implications of recent banking sector stress, global monetary officials focus on inflation and the need to maintain rising interest rates. Top officials at the International Monetary Fund are concerned about a worldwide meltdown, bond markets are signaling a recession, and policymakers are watching banking data and industry leaders for signs of disaster. Nonetheless, three of the world’s four main central banks are expected to hike interest rates at their next meeting, which U.S. markets expect would pave the way for borrowing cost reduction when recession…

After parliament’s two chambers failed to agree a day earlier, Swiss legislators debated the bailout of Credit Suisse (CSGN.S) on Wednesday. The decision to accept the 109 billion Swiss francs ($120.82 billion) government rescue package for the Swiss bank is mostly symbolic. The administration used emergency law to commit financial guarantees without parliamentary approval, angering lawmakers. On Tuesday, Switzerland’s upper parliament supported the bailout, but its lower, bigger chamber rejected it. Raclette, hard-boiled Easter eggs, and wine-fuelled parliamentarians’ heated arguments in the country’s four official languages into the early morning. They will vote again on Wednesday, revising the proposals to…

Advocacy organizations are suing FEMA for disregarding renewable energy sources while rebuilding Puerto Rico’s electricity system with billions of dollars in congressional money. The Center for Biological Diversity and nine Puerto Rican community organizations believe FEMA is making Puerto Rico less storm-resistant and more likely to endure major power outages by rebuilding its older fossil fuel-powered infrastructure without considering environmental implications. “Challenges FEMA’s failure to include rooftop solar, storage and other types of distributed renewable energy for projects meant to deliver electricity to areas at danger from Puerto Rico’s hurricane-battered grid,” the coalition of advocacy organizations stated in a press…

Vestas said Wednesday that Finland’s Fortum (FORTUM.HE) is seeking more than 200 million euros ($218 million) from Denmark’s Vestas (VWS.CO) for Russian wind farm projects that Vestas abandoned owing to sanctions. Vestas claimed sanctions against Russia following the Ukrainian crisis prohibited it from supplying, installing, and maintaining wind turbines at four wind power projects for Fortum’s Russian subsidiary WEDF. Vestas CEO Henrik Andersen stated that the arbitration was without merit. “We will fiercely defend ourselves if this meritless arbitration continues,” he continued.

China accused Tsai of pushing Taiwan into “stormy waters” on Wednesday after military drills in response to her meeting with U.S. House Speaker Kevin McCarthy in California. Tsai said Taiwan’s abroad tour, which included a meeting with McCarthy in the U.S. and visits to Guatemala and Belize, underlined its commitment to freedom and democracy. The trip incensed Beijing, sparking military maneuvers to prove it could firmly seize control of the self-ruled island, which China claims. Four sources told Reuters that China plans to establish a no-fly zone north of Taiwan from April 16 to 18. Two anonymous officials from outside…

London’s FTSE 100 climbed early Wednesday as investors remained cautious ahead of U.S. inflation data and Federal Reserve minutes, which might affect Bank of England monetary policy. The blue-chip FTSE 100 (.FTSE) increased 0.1% at 0703 GMT, while the mid-cap FTSE 250 (.FTMC) remained steady. Today’s inflation data and Fed minutes will influence U.S. interest rate hikes after last week’s excellent job report. Governor Andrew Bailey will follow. Hikma Pharmaceuticals Plc (HIK.L) declined 0.8% after selecting injectables president Riad Mishlawi CEO.

The U.S. has started looking into potential regulations for A.I., like ChatGPT. As doubts arise regarding A.I.’s influence on national security and education, the Biden administration requested public input on accountability standards for A.I. systems on Tuesday. ChatGPT, an A.I. software that has become the fastest-growing consumer application in history with over 100 million monthly active users, has caught U.S. legislators’ notice for its capacity to produce responses to a wide range of inquiries instantly. The National Telecommunications and Information Administration, a Commerce Department office that advises the White House on telecommunications and information policy, wants comments on an A.I.…

European pressure is growing to close a loophole in its attempts to avoid using Russian fossil fuels: liquefied natural gas (LNG). After Russia invaded Ukraine in February 2022, the EU sanctioned Russian seaborne oil and coal shipments. Although not sanctioning Russian pipeline gas, it has dramatically reduced its use. Nonetheless, EU members have boosted their overall purchases of Russian LNG, undercutting the bloc’s goal to stop using Russian fossil fuels by 2027. As a result, the EU has transferred billions of dollars to Russian gas businesses Gazprom and Novatek, who are Russia’s major corporate taxpayers and can fund the Ukrainian…

Thailand’s health minister, who supported cannabis legalization, hopes to become a coalition government power broker in next month’s election. Anutin Charnvirakul, 56, believes his Bhumjaithai Party will join the next administration following a close election between pro-military conservatives and populists. The economy is the key election topic, indicating growth amid inflation and a worldwide recession. Still, last year’s legalization of cannabis has brought Anutin and his party greater attention, both favorable and bad, ahead of the May 14 vote. “More seats. Because of what we’ve done, we want three-digit parliamentary seats in year, “Anutin said to Reuters. Bhumjaithai, or Proud…

On Wednesday, Binance U.S. said it would withdraw TRON and Spell from its trading platform, plummeting their values. The U.S. said it periodically reviews trading volume and liquidity, token risk profile changes, and fraud or unethical behavior. According to CoinMarketCap, the TRON token lost about 5% against the U.S. dollar after the news on Twitter and Binance.US, while the much smaller Spell token plunged more than 5%. Binance.US announced the two coins’ delisting on April 18. As a result, trading and deposits will close, but withdrawals will continue. TRON token creator Justin Sun texted Reuters that the impact would be…

According to Economy Minister Wang Mei-hua, Taiwan’s TSMC (2330. TW) has not changed its investment plan for its new chip factory in Kaohsiung. Wang told reporters outside parliament that TSMC’s global R&D and manufacturing hub remains in Taiwan. “TSMC still invests in Taiwan and Kaohsiung.” Wang’s comments follow DigiTimes’ story, citing sources, that TSMC is limiting its expansion in Kaohsiung and other Taiwanese cities. TSMC, a key Apple (AAPL.O) supplier, declined to comment, noting its quiet time before quarterly reports next Monday. Last year, the chipmaker started building its Kaohsiung factory to generate mature 28-nanometer transistors. TSMC announced the Kaohsiung…

On Tuesday, Spanish Economics Minister Nadia Calvino said Europe could not disregard China’s position as a crucial commercial partner and geopolitical player that might help resolve the Ukrainian crisis or give debt relief to low-income nations. “I think we cannot just turn our back to China and attempt to ignore it,” Calvino told an Atlantic Council event in Washington, D.C. “We have a common interest, I think, in ensuring that they participate constructively to put an end to the crisis in Ukraine as quickly as possible and to avoid global market fragmentation, which will be lose-lose for everyone.” After French…

On Tuesday, Ukraine’s foreign minister said that U.S. Secretary of State Antony Blinken told him in a phone call that Washington supported Kyiv’s determination to win the battle with Russia and opposed attempts to question its military capabilities. When a Washington Post piece outlined U.S. intelligence officials’ pessimistic assessment of Kyiv’s ability to recapture large Russian-occupied territory, the minister, Dmytro Kuleba, made the statement. “On our talk today, (Blinken) reiterated the unshakable U.S. support and forcefully rejected any attempts to put doubt on Ukraine’s potential to prevail on the battlefield,” he tweeted. “The U.S. is Ukraine’s reliable ally, committed to…

Pakistan called India’s intention to conduct G20 meetings in Kashmir next month “irresponsible” on Tuesday. The two nuclear-armed neighbors have fought two of their three wars over Kashmir. India hosts a G20 leaders’ conference in New Delhi in early September. India issued a detailed calendar of activities running up to the summit on Friday, including G20 and Youth 20 summits in Kashmir’s summer capital of Srinagar and Ladakh’s Leh in April and May. Pakistan’s foreign ministry denounced venue selection in the disputed region. “India’s reckless decision is the latest in a series of self-serving steps to sustain its unlawful occupation…

Credit Suisse rescission emergency session at Swiss parliament. Switzerland has been roiled since last month’s frantic rescue of Credit Suisse (CSGN.S). Many Swiss politicians have criticized the shotgun marriage between Credit Suisse and UBS (UBSG.S) for 3 billion Swiss francs ($3.3 billion) and 250 billion francs in guarantees and backing. On Tuesday, they’ll address Credit Suisse’s collapse and the government’s open-checkbook reaction in Bern. The third session in almost twenty years allows parliament to reject the hefty bailout package financing. But, lawmakers cannot reject the state’s funding commitment, so the vote is mostly symbolic. A subgroup of six parliamentarians approved…

On Tuesday, over 17,000 Filipino and U.S. soldiers began their largest joint military training over China’s Asian-Pacific aggression. While his predecessor halted drills to improve relations with Beijing, Ferdinand Marcos Jr. increased defensive drills. The Philippines and the U.S. will undertake live-fire training at sea for the first time during the three-week “Balikatan” or “shoulder-to-shoulder” drills. During the opening ceremony, Philippines exercise director Major General Marvin Licudine said the combined joint littoral live-fire exercise would be the centerpiece. The joint drills “must not participate in South China Sea problems, far less damage China’s territorial sovereignty, maritime rights and interests and…

On Tuesday, KCNA said Kim Jong called for a “more realistic and combative” war deterrent to oppose U.S. and South Korean aggression. During an expanded Central Military Commission meeting on Monday, Kim made the statement to examine ways to bolster the country’s war deterrent to “cope with the intensifying activities of the U.S. imperialists and the south Korean puppet traitors to launch a war of aggression,” KCNA said. The allies’ combined military drills, which KCNA said were meant to prepare for “an all-out war,” have angered North Korea and compelled Pyongyang to consider “strong practical action,” including military options. Kim…

On Tuesday, Bitcoin topped $30,000 for the first time in 10 months as investors wagered that the U.S. Federal Reserve would soon halt its relentless monetary tightening. Bitcoin peaked at $30,438 in Asian trade and closed 2% higher at $30,262. After climbing 23% in March, it has risen 6% this month. The token’s rise follows Friday’s carefully awaited U.S. nonfarm payrolls report, which showed robust hiring in March, indicating a stable economy. Yet, last month’s Silicon Valley Bank failure has heightened market expectations that the Fed will not hike interest rates much higher for longer to reduce banking sector stress.…

The head of a U.S. congressional committee on China raised concern about Tesla Inc.’s (TSLA.O) dependency on China a day after the firm unveiled Megapack battery manufacturing in Shanghai. Tesla tweeted the facility on Sunday. Chinese official media reported it would initially manufacture 10,000 Megapack units a year, equal to 40-gigawatt hours of energy storage, to accompany a gigantic Shanghai electric vehicle production. Mike Gallagher, the Republican chair of the House special committee on China’s Communist Party, wants to hear how Tesla CEO Elon Musk balances U.S. government aid with China operations. The battery facility worries Gallagher. “Tesla seems entirely…

On Tuesday, Taiwan’s defense ministry said that Chinese jets and naval ships remained in Taiwan’s seas after three days of war drills, as President Tsai Ing-wen criticized Beijing for its “irresponsible” behavior. When Tsai returned to Taipei from a meeting with U.S. House Speaker Kevin McCarthy in Los Angeles, China resumed the drills on Saturday. China, which advised the U.S. not to allow Tsai to come or meet McCarthy, has never abandoned force to seize the democratically ruled island. Taiwan vigorously denies China’s accusations. Taiwan’s defense ministry reported seeing nine Chinese ships and 26 aircraft, including J-16 and Su-30 fighters,…

300 Gangneung residents fled a fire on Tuesday. Authorities said winds hindered water-bombing planes from fighting the Gangneung fire that started at 8:30 a.m. local time (2330 GMT on Monday). At 1 p.m., Gangwon Province Governor Kim Jin-tae claimed the fire had burnt about 170 hectares (420 acres) and caused 300 residents of over 200,000 to escape—unreported casualties. Kim said heavy winds toppled a tree into live power lines, beginning the fire. Social media showed smoke-filled dwellings and forest fires. His office said South Korean President Yoon Suk Yeol ordered officials to deploy all measures to extinguish the fire and…

On Monday, World Bank President David Malpass called Russia’s imprisonment of Wall Street Journal writer Evan Gershkovich a “brazen act” that undermines press freedom and journalist safety. On Friday, local news outlets reported that Russian Federal Security Service agents accused Wall Street Journal writer Gershkovich of espionage. The FSB apprehended Gershkovich in Yekaterinburg on March 30 for allegedly stealing military-industrial complex state secrets.

The Palestinian health ministry claimed Israeli soldiers murdered a youngster in a military operation in Jericho on Monday. The ministry reported head, chest, and abdominal gunshot wounds to 15-year-old Mohammad Balhan. The Israeli soldiers arrested Palestinians for attacking Jews in the Aqabat Jabr refugee camp outside Jericho. The military stated that during the operation, suspects opened fire and threw bombs at its forces, who reacted with live fire and struck several of them, but no soldiers were injured. This year, Israeli military incursions and settler violence in the occupied West Bank have increased amid Palestinian assaults. Since January, over 90…

On Monday, Canada’s Teck Resources (TECKb.TO) reiterated its rejection of Glencore Plc’s (GLEN.L) unsolicited $22.5 billion deal, citing “fundamental problems” and urging shareholders to vote for a reorganization. Last week’s Swiss miner acquisition proposal proposes spinning off the thermal and steelmaking coal divisions and rebranding the surviving firm as GlenTeck. Teck said its board rejected the offer because Glencore did not give a clear plan for its planned coal firm and would expose shareholders to thermal coal, oil, LNG, and associated industries. “Fundamental issues of Glencore’s proposal make it a non-starter and Glencore’s track record makes it an undesirable buyer,”…

After three years of virtual participation due to COVID-19 restrictions, top Jin Liqun, Asian Infrastructure Investment Bank CEO, will attend. Beijing and Washington, presently at war over Taiwan, have also disagreed over China’s assistance for emerging economies. Washington has accused Beijing of “dragging its heels” in debt relief discussions for cash-strapped states. China, the world’s largest bilateral creditor, contends that multilateral lenders like the IMF should also suffer risks. Chinese officials will attend Washington’s World Bank and IMF spring meetings this week. China’s central bank informed Reuters that People’s Bank of China governor Yi Gang and a deputy governor would…

When questioned about allegations that Moscow leaked U.S. intelligence materials about several nations, including Ukraine, the Kremlin replied on Monday that people always blame Russia for everything. Two U.S. officials said the leak of hundreds of secret papers had affected federal information-sharing and international relations. Reuters has not independently confirmed the documents outlining the Ukrainian battle, including losses on both sides. Given the scope of the materials, several national security specialists and U.S. officials assume the leaker is American, but they do not rule out pro-Russian forces. A veteran CIA official believes Russia coordinated the leak to confuse and perhaps…

Ishaq Dar, Pakistan’s Finance Minister, warned on Monday that provincial snap elections are not in the nation’s best interest. His words violate last week’s Supreme Court ruling to hold elections and threaten a constitutional crisis that would worsen Pakistan’s political and economic turmoil. The Election Commission of Pakistan (ECP) had to report back to the court on Tuesday after the government failed to provide 21 billion Pakistani rupees ($73.4 million) by Monday. Dar introduced a new finance measure Monday to vote on election funds. “Snap polls aren’t in the national interest,” he told lawmakers in a televised speech. Pakistani prime…

On Monday, Filipino President Ferdinand Marcos Jr. assured Beijing that U.S. military bases would not be used for hostile action, emphasizing that the arrangement with Washington would improve his country’s defenses. This week, China’s foreign ministry warned that the U.S. military expansion in the Philippines would deepen regional strife after Manila allowed Washington access to additional locations. Marcos told reporters China reacted. He said the Philippines would not allow base misuse. On Monday, the Philippines tripled its Enhanced Defense Cooperation Agreement sites to four (EDCA). Three bases face Taiwan, and one faces the South China Sea’s Spratly Islands. China also…

A foreign ministry official told a press briefing on Monday that China strongly opposes India’s home minister’s travel to Arunachal Pradesh, which violates Beijing’s territorial sovereignty. China has renamed various localities in India’s eastern state of Arunachal Pradesh, which China claims. “Zangnan is China’s territory,” spokeswoman Wang Wenbin said when asked about Indian Home Minister Amit Shah’s visit. “The Indian official’s visit to Zangnan breaches China’s territorial sovereignty and disrupts border tranquillity.” China and India have clashed over the disputed boundary in hilly places in recent years, straining relations.

Oil prices remained flat on Monday as investors evaluated the likelihood of tighter supply from OPEC+ producers in May against concerns about slowing global growth that may reduce fuel consumption. Brent crude futures fell 7 cents to $85.05 a barrel by 0630 GMT, while WTI crude fell 3 cents to $80.67. Although the Organization of the Petroleum Exporting Countries and their allies stunned investors by announcing fresh production cutbacks in May, both futures increased for a third week, returning to November levels. OPEC+ will reduce the Middle East sour crude supply headed by Saudi Arabia. The world’s largest oil exporter…

According to Chief Cabinet Secretary Hirokazu Matsuno, Japan may adopt OpenAI’s ChatGPT chatbot if privacy and cybersecurity issues are handled. “Looking at creating an office,” OpenAI CEO Sam Altman stated before meeting with Japanese Prime Minister Fumio Kishida. Matsuno talked. “We aim to… generate something amazing for Japanese people, make the models better for Japanese language and culture,” Altman told reporters after meeting Kishida. Matsuno told a regular news conference that Japan knows about Italy’s ChatGPT restriction. After data breaches, Matsuno proposed using AI to minimize government workers’ workloads. OpenAI advised the Italian regulator last week after Italy’s ChatGPT restriction…

China’s military conducted aerial and naval blockade maneuvers around Taiwan on Monday, its penultimate planned day, with a Chinese aircraft carrier joining combat patrols as Taipei reported another warplane influx near the island. China announced the three-day drills on Saturday after Taiwan’s President Tsai Ing-wen returned to Taipei after a meeting with U.S. House of Representatives Speaker Kevin McCarthy in Los Angeles. China has never given up using force to annex democratic Taiwan. Taiwan’s government denounces China’s allegations and drills. China state television reported “multi-directional island-encompasing blockade situation” drills by warships and planes, including nuclear-capable H-6 bombers with real missiles.…

As U.S. employment statistics showed a robust labor market and heightened prospects of a May Fed rate hike, gold prices slid 1% to below $2,000 on Monday. Gold fell 0.9% to $1,990.69 per ounce at 0402 GMT. U.S. gold futures fell 1% to $2,006.30. “Profit-booking on anticipation of Fed rate hikes followed by Friday’s good U.S. employment growth data and a solid dollar,” said Geojit Financial Services’ head of commodity research Hareesh V. The dollar index rose 0.1%, making bullion costly for foreign purchasers. In March, non-farm payrolls rose 236,000, above estimates of 239,000. The unemployment rate fell to 3.5%…

Ukraine’s military said it repulsed more than 40 Russian raids in the previous 24 hours along the front in two eastern Donetsk cities. On Sunday, Ukraine’s general staff reported fighting was strongest in the western approaches to Bakhmut, one of two eastern cities Russia has been targeting along with Avdiivka. The Russian army had besieged Bakhmut for months in the longest wartime struggle. Ukrainian President Volodymyr Zelenskiy blasted Russian air attacks on Orthodox Palm Sunday in a nightly weekend video message, saying Moscow was further isolating itself. Russian military hit a residential building in Zaporizhzhia, southeast Ukraine, killing a 50-year-old…

In an interview published Saturday, Swiss Finance Minister Karin Keller-Sutter said UBS’s (UBSG.S) multi-billion state-sponsored merger with Credit Suisse (CSGN.S) should continue without political interference. The Swiss parliament will have an extraordinary session next week to consider the emergency merger the Swiss government arranged after Credit Suisse nearly collapsed. About 260 billion Swiss francs ($287 billion) in liquidity support and state guarantees were given to assist the takeover and prevent a financial disaster from the bank’s uncontrolled demise. Keller-Sutter told Finanz und Wirtschaft that UBS and CS have a merger agreement and that the government has promised the national bank…

Pakistan Finance Minister Ishaq Dar said on Saturday that the prime minister had ordered him to cancel his trip to Washington for the spring IMF and World Bank meetings owing to the political environment. Dar said he would digitally attend major bilateral and international meetings and send a Pakistani team to Washington. The minister denied that Pakistan’s IMF bailout package stalled the trip.

On Saturday, Iranian police said they would deploy cameras in public spaces and thoroughfares to identify and punish exposed women. Police said violators would receive “warning text messages as to the repercussions” after identification. The statement, broadcast by the judiciary’s Mizan news agency and other official media, aims to “prevent opposition to the hijab legislation,” which tarnishes the country’s spiritual image and fosters instability. After the morality police killed a 22-year-old Kurdish woman in September, more Iranian women have removed their veils. Mahsa Amini was arrested for hijab violations. Security forces mercilessly suppressed the rebellion. Women are still exposed in…

Vice President Kamala Harris made a last-minute trip to Tennessee on Friday to call for tougher gun laws and criticize the Republican-controlled state House, which expelled two Black Democratic lawmakers a day earlier for their role in a protest calling for more gun control after a Nashville school shooting. Harris addressed a congregation at Nashville’s historically Black Fisk University that the Tennessee Three—removed Reps. She said Justin Jones, Justin Pearson, and Gloria Johnson—who just avoided expulsion—were calm and repressed for advocating for schoolchildren’s lives. Harris stated, “Let’s remember the fundamental problem is battling for our children’s protection. “It’s been years…

On Saturday, North Korea’s official media claimed another nuclear-capable undersea assault drone test. North Korea tested a nuclear-capable unmanned underwater assault weapon named “Haeil-2” from April 4 to 7, state media stated, a week after revealing a new underwater drone called “Haeil-1,” which translates as a tsunami. The drone sailed 1,000 kilometers (621 miles) for 71 hours and 6 minutes and hit a simulated target during the underwater strategic weapon system test, according to KCNA. “The test completely verified the dependability of the undersea strategic weapon system and its lethal attack potential,” KCNA added. KCNA reported the undersea vehicle would…

In response to President Tsai Ing-meeting wen’s with the U.S. House speaker, 42 Chinese fighter jets breached the Taiwan Strait median line on Saturday. The three-day drills, launched the day after Tsai returned from the U.S., were widely expected after China blasted her Wednesday meeting with Speaker Kevin McCarthy in Los Angeles. China has never stopped using force to annex democratic Taiwan. Taiwan’s government opposes China’s claims. Beijing’s declaration came hours after key European politicians visited China. “As planned,” the People’s Liberation Army began combat readiness patrols and “Joint Sword” drills surrounding Taiwan in the Taiwan Strait and to the…

According to the business journal STAR Market Daily, Alibaba (9988. HK) is recruiting organizations to test its Tongyi Qianwen AI chatbot. The free-to-use In November, Microsoft-backed (MSFT.O) OpenAI debuted ChatGPT, a large language model (LLM) program that generates articles and essays on demand. STAR Market stated that Alibaba is registering firms to test its AI application. A source told Reuters that the software was an Alternative for corporate customers. On Friday, Alibaba’s cloud computing division tweeted, “Hi, my name is Tongyi Qianwen, this is our first time meeting, I welcome your input.” The chatbot application’s official website asks for phone…

After weeks of sometimes violent public protests over proposals to raise the retirement age, Prime Minister Elisabeth Borne said France needed “a healing phase.” Still, she gave no obvious route out of the political upheaval. As Macron dodged a final vote in parliament, the trade union-led protests against President Emmanuel Macron’s pension reform became general resentment against him. Although reduced numbers in street marches around France on Thursday showed the demonstrations might be losing pace, the change is highly unpopular and emphasized Macron’s weakened position now that he lacks a functional majority in parliament. “Avoid pushing. Let’s relax… It needs…

Once Virgin Orbit Holdings Inc (VORB.O) filed for bankruptcy, plans for a Kyushu-based spaceport to attract tourists were put on hold. Oita, home to Japan’s most hot springs, collaborated with Virgin Orbit in 2020 to establish its first Asian spaceport at Oita Airport utilizing a Boeing (BA.N) 747 for horizontal rocket launches. Virgin Orbit, founded by British billionaire Branson, promoted itself as a military and intelligence satellite launch platform for the U.S. and its allies, including Japan, at a time when Washington and Tokyo worry about China’s space supremacy. After two rocket launch failures, Japan was supposed to launch tiny…

South Korea announced Friday that it would provide its battery producers with 7 trillion won ($5.32 billion) over five years to invest in North American infrastructure to assist them in dealing with the U.S. Inflation Reduction Act. The industry ministry said the government would decrease lending rates and insurance premiums by 20% and provide additional loans and tax credits for the area’s Korean battery and material production facilities. This week, the U.S. Treasury Department tightened E.V. tax regulations, forcing manufacturers to obtain a set amount of essential minerals for E.V. batteries from the U.S. or a free-trade partner to qualify…

German corporations in Eastern Europe have urged Berlin to take on more risk and strengthen security for business in Ukraine, notably transport. Michael Harms, managing director of the German Eastern Business Association, said logistics businesses are struggling with transport liability insurance because reinsurers have left the market. Harms stated the federal government “shouldn’t free corporations of business risk but should support with imaginative instruments.” The association’s request follows German Economics Minister Robert Habeck’s vow in Kyiv this week to secure German firms’ participation in Ukraine’s rehabilitation. Russia’s February 2022 invasion of Ukraine inflicted massive destruction. The organization helps 350 Eastern…

After police raids on Jerusalem’s Al-Aqsa mosque this week, Israel’s military struck locations in Lebanon and Gaza early on Friday in reprisal for Hamas rocket fire. Israel claimed its planes attacked 10 Hamas-controlled tunnels and weapons factories in Gaza, causing loud explosions. The military claimed it hit three Hamas infrastructure targets in southern Lebanon around 4 a.m. Residents of the Rashidiyeh refugee camp near Tyre heard three loud booms. Hamas condemned Israeli action against Lebanon near Tyre before daybreak. Two Lebanese security officials claimed the attack struck a small agricultural facility near the rocket launch site. Reuters witnesses reported a…

After three years, the World Health Organization director urged China to provide its COVID-19 origins data on Thursday. “Without complete access to the material that China has, you cannot say this or that,” said Director-General Tedros Adhanom Ghebreyesus when asked about the virus’s origin. “All hypotheses are open. We’ve asked China to cooperate since WHO agrees.” “If they do that, we will know what happened or how it started,” he added. The virus was originally discovered in Wuhan, China, in December 2019. Many believe it propagated via a live animal market before killing roughly 7 million people worldwide. Chinese scientists…

One of the few experts who predicted the Reserve Bank of India’s surprising decision to leave interest rates constant after almost a year of raising may prolong, even if the central bank called it a pause. A Prasanna, head of research at ICICI Securities Primary Dealership, was one of the few analysts who predicted the RBI to stop rate rises on Thursday. “By the next meeting (in June), if inflation data is in line or somewhat better and worldwide, if we receive a signal that the U.S. Federal Reserve is done with rises, then, I think, their (RBI’s) belief will…

On Wednesday, a U.S. court denied AMC Entertainment Holdings Inc. (AMC.N) a status quo ruling to convert its preferred stock into common shares. “The parties present no good cause to lift the status quo order,” Delaware Chancery Court judge Morgan Zurn wrote. AMC jumped 13.4% in premarket trade on Thursday, while preferred APE stock fell 10.5%. AMC investors sued the firm and its directors for breaching a law by generating preferred shares to “eviscerate” the voting power of ordinary shareholders who opposed the issue of additional shares. On Monday, AMC announced a binding deal with some investors and will petition…

Three sources said China International Capital Corp (CICC) (3908. HK) dealmakers’ incentives might be slashed by 40%, one of the financial sector’s biggest cuts in two years since a revived government drive to reduce income gaps. One person claimed prominent dealmakers at China’s third-largest brokerage by market value will see their 2022 incentives slashed by two-thirds. However, another source claimed the incentives would be given soon. All sources have firsthand information. While COVID-19 control measures hampered dealmaking in the world’s second-largest economy, prominent Chinese investment banks’ wages have fallen in recent years. Due to the government’s “shared prosperity” rhetoric, firms…

On Thursday, official media KCNA accused the U.S. and South Korea of raising tensions to the verge of nuclear war with their joint military drills and threatened “offensive action.” KCNA quoted foreign security specialist Choe Ju Hyon as calling the exercises “a trigger for bringing the situation on the Korean peninsula to the verge of explosion.” “The reckless militarily aggressive mania of the U.S. and its adherents against the DPRK is leading the Korean peninsula to an irreversible catastrophe… to the verge of a nuclear war,” the piece warned. It used North Korea’s official abbreviation, DPRK. Since March, U.S. and…

Oil declined on Thursday as bad U.S. economic data fueled fears about a worldwide recession and demand contraction, although benchmark prices rose for the week after OPEC+ announced more supply cuts and U.S. oil stockpiles fell. Around 0616 GMT, Brent oil futures lost 41 cents, or 0.5%, to $84.58. WTI fell 45 cents, or 0.6%, to $80.16 a barrel. As OPEC+ announced voluntary production cutbacks, Brent and WTI have risen over 6% this week, heading for three straight weeks of oil gains. “Weak economic statistics halted crude oil’s surge. Despite better fundamentals, “ANZ Research noted. When demand cooled in March,…

Apple Inc. (AAPL.O) unveiled its first retail store in India on Wednesday, with numerous people trying to see the establishment’s black and yellow artwork modeled by Mumbai’s renowned cabs. A source told Reuters the store is still barricaded and may open this month. In 2020, Cupertino, California-based Apple opened an online store in India, the world’s second-largest smartphone market. Apple owns 3% of India’s smartphone market due to its expensive costs. The COVID-19 outbreak delayed Apple’s 2021 store opening plans. Nonetheless, Amazon.com Inc (AMZN.O) and Walmart Inc’s (WMT.N) Flipkart have offered Apple goods in India for years, as have resellers.…

Wall Street’s self-funded watchdog, the Financial Industry Regulatory Authority, fined Goldman Sachs Inc (GS.N) $3 million for mislabeling stock orders as “long” instead of “short” and transaction reporting violations. Goldman mismarked 60 million short sell orders representing over 14 billion shares as “long” sales from October 2015 to April 2018, with eight million completed, according to FINRA. FINRA said Goldman’s automated trading software upgrade to simplify order flow failed to incorporate a single line of code, causing mismarked trades. FINRA reported 12,335 “long” orders completed below the best-posted price during a short-sell circuit breaker. Circuit breakers prohibit short sales. FINRA…

The 123rd annual New York International Auto Show, which takes place from April 7–16 at the Jacob K. Javits Convention Center in Manhattan, is excited to announce the release of the 2023 Official Show Poster. This year’s poster honors the quick advancement of automotive technology with a large, high-performance car jutting out from it. It has eye-catching pink letters and neon hues that exude vitality and force. “With gas-powered vehicles and trucks reaching the pinnacle of their 125-year journey in terms of style, performance, efficiency, technology, and safety, attendees of this year’s Show will have an unparalleled opportunity to see…

Japan said on Wednesday that it would provide countries with financial aid to strengthen their defenses, breaking its longstanding policy of not using overseas aid for military objectives. At a routine press conference, Chief Cabinet Secretary Hirokazu Matsuno stated Japan’s Overseas Security Assistance (OSA) would be maintained separately from the ODA program that has sponsored roads, dams, and other civilian infrastructure for decades. “Through increasing their security and deterrent capacities, OSA wants to enhance our security cooperation with the nations, to create a favorable security environment for Japan,” the Ministry of Foreign Affairs said. Japan’s greatest military buildup since World…