Author: Levy Hoffman

US authorities have taken control of a sixth oil tanker connected to Venezuela in the Caribbean Sea, as Washington intensifies efforts to restrict the country’s oil exports, officials have confirmed. The tanker, named Veronica, was intercepted during a pre-dawn operation that the US military said was conducted smoothly and without resistance. According to US Southern Command, the vessel was violating President Donald Trump’s imposed “quarantine” on ships transporting sanctioned Venezuelan oil. In a statement, Southern Command said that all Venezuelan oil exports must now be handled “lawfully and in coordination with the United States.” The latest seizure follows recent US…

As snow began falling across large parts of the West Midlands on Thursday evening, people in Birmingham noticed an unusual and striking sight overhead: the sky glowing an intense shade of pink. Social media quickly filled with guesses about the cause. Some wondered if it was an unusually dramatic sunset, while others speculated that the Northern Lights might have made a rare appearance over the city. However, the explanation turned out to be far more ordinary. Birmingham City Football Club later confirmed that the vivid colour came from pink LED lighting being used on the pitch at St Andrew’s stadium.…

US forces have seized another oil tanker in the Caribbean, officials reported, continuing the Trump administration’s campaign to control Venezuelan oil exports. The tanker, named Olina, is listed under sanctions by multiple countries and marks the fifth vessel seized by the US in recent weeks. Authorities say these actions aim to pressure Venezuela’s interim government and remove what is known as the “dark fleet” of tankers from operation—a network of over 1,000 vessels used to transport sanctioned or illicit oil. “Once again, our joint interagency forces sent a clear message this morning: ‘there is no safe haven for criminals,’” said…

A Paris court has found ten individuals guilty of cyber-bullying Brigitte Macron, the wife of French President Emmanuel Macron. The defendants were accused of spreading false claims about her gender and sexuality, as well as posting insulting and harmful comments about the 24-year age difference between her and the president. Eight men and two women were convicted. Most received suspended prison sentences of up to eight months, while one defendant was immediately jailed after failing to appear in court. Several were also ordered to have their social media accounts suspended. In delivering the verdict, the judge said the defendants had…

Students and researchers are increasingly using artificial intelligence to study seal populations more quickly and accurately than ever before. In Scotland’s Ythan Estuary at Newburgh beach, where grey seals gather in large numbers, AI tools are helping turn drone footage into usable data in a fraction of the time required by traditional methods. Marine biology student Claire Stainfield has spent years collecting drone video of seals on the beach and in the water as part of ongoing research into how the animals use the site. Because seals are sensitive to disturbance, drones allow data collection from a distance without disrupting…

By 2050, artificial intelligence and cybernetics could transform daily life, reshaping how people learn, work, travel and even interact with their own bodies. Experts say rapid advances in computing power, data analysis and biotechnology are already laying the groundwork for changes that once belonged to science fiction. Education is expected to be one of the most visibly transformed areas. Instead of one-size-fits-all classrooms, students may learn through AI-powered systems that adapt lessons to individual needs. These digital teachers could analyse how each student absorbs information and adjust pace, format and content in real time. Virtual and augmented reality may also…

US President Donald Trump has warned Iran’s leadership against using deadly force on peaceful protesters, saying the United States would intervene if demonstrators are killed. In a short post on Truth Social, Trump wrote that the US was “locked and loaded and ready to go,” without explaining what action Washington might take. Iran responded swiftly. Ali Larijani, a senior adviser to Supreme Leader Ayatollah Ali Khamenei, warned Trump to “be careful,” saying any US interference would destabilise the Middle East and damage American interests across the region. The warning comes amid nearly a week of widespread protests across Iran, sparked…

Eurostar passengers are facing ongoing disruption for a second day after a power outage in the Channel Tunnel caused widespread delays and cancellations, leaving some travellers stranded on board trains overnight. Thousands of people attempting to travel ahead of New Year’s Eve had their plans disrupted on Tuesday when a fault with the overhead power supply, combined with a broken-down LeShuttle train, blocked all tunnel routes. Although some services resumed later in the evening, only one of the tunnel’s two rail lines was operational, resulting in continued delays. Several passengers reported being stuck on trains for more than six hours…

A proposal by France’s political right to hold a national tribute for legendary actress Brigitte Bardot has triggered debate across the political spectrum following her death at the age of 91. Right-wing leader Éric Ciotti has urged President Emmanuel Macron to organise a national homage, describing Bardot as a symbol of France and likening her to Marianne, the emblem of the French Republic whose likeness she famously embodied in the 1960s. Ciotti launched a petition backing the idea, which has gathered more than 23,000 signatures and received support from figures on the far right. Bardot, who died on Sunday, was…

Thailand has released 18 Cambodian soldiers who were captured in July during deadly clashes along the Thai-Cambodian border, following a ceasefire agreement reached between the two countries over the weekend. The handover, which took place on Wednesday, was delayed by a day after Thailand raised concerns over alleged ceasefire violations. The release ultimately went ahead following diplomatic pressure from China to ensure the truce remained in place. The ceasefire, agreed on Saturday, aims to freeze front lines, prevent further military reinforcements and allow civilians displaced by the fighting to return home. Weeks of violence along the disputed border had forced…

Isiah Whitlock Jr, the US actor best known for his roles in The Wire and Veep, has died at the age of 71, his manager has confirmed. “It is with tremendous sadness that I share the passing of my dear friend and client Isiah Whitlock Jr,” his manager, Brian Liebman, said in a statement posted on Instagram. Whitlock died in New York following a short illness. The actor was widely recognised for his portrayal of a corrupt politician on HBO’s The Wire, where he became known for a distinctive profane catchphrase that he developed himself. Whitlock later said the phrase…

Israel has announced plans to revoke the licenses of 37 humanitarian organisations working in Gaza and the occupied West Bank, citing non-compliance with new registration requirements. The suspensions will take effect on 1 January, with affected groups required to cease operations within 60 days. Among those impacted are major international NGOs, including ActionAid, the International Rescue Committee and the Norwegian Refugee Council. Israeli authorities say the organisations failed to provide complete and verifiable personal information about their staff, a requirement under recently introduced regulations. The decision has drawn strong criticism from foreign ministers in 10 countries, including the UK, France,…

The upcoming James Bond game, 007 First Light, has been postponed to 27 May 2026, two months later than its original 27 March release date. This will mark the first Bond video game since 2012’s 007 Legends. Developer IO Interactive, known for the Hitman series, stated the game is “fully playable from beginning to end” but requires additional time to “further polish” the experience. The game is being developed alongside Delphi Interactive, the studio behind the upcoming FIFA title set for Netflix release before the 2026 World Cup. 007 First Light stars Patrick Gibson (Dexter: Original Sin) as a young…

As the holiday season unfolds, classic window displays and festive decorations from years past are drawing renewed appreciation for their ability to spark joy and nostalgia. These vintage displays from elaborately decorated department store windows to iconic public installations remind us why holiday decor remains a powerful cultural tradition that transcends mere marketing. Historic holiday displays often combined craftsmanship, storytelling and artistic creativity in ways that turned storefronts and public spaces into immersive winter worlds. Rather than simply showcasing products, they invited viewers into festive scenes filled with whimsy, imagination and seasonal charm. Many people remember these displays as integral…

Bangladesh is gearing up for a parliamentary election on February 12. It’s the first vote since last year’s student protests that removed Prime Minister Sheikh Hasina. The stand-in government faces the challenge of calming things down and regaining public trust after a rocky year. On TV Thursday, the main election official, AMM Nasir Uddin, announced the election date. He also said people would vote on ideas to fix the government at the same time, allowing voters to share their thoughts on needed changes. This announcement comes as the temporary government, led by Muhammad Yunus, is trying to keep things together.…

England is experiencing a sharp surge in flu cases this winter, with hospital admissions jumping 55% in a single week, according to NHS England data. Officials warn that between 5,000 and 8,000 beds could be occupied by flu patients by the weekend, placing the system under significant pressure. Unlike previous seasons, the 2025 flu wave began around a month earlier, first appearing in October, according to UK Health Security Agency (UKHSA) records. The agency tracks the percentage of flu-positive tests from GPs and hospitals, offering a reliable indicator of community infection rates. Scotland, Wales, and Northern Ireland are reporting similar…

Donald Trump has signed an executive order that stops US states from enforcing their own artificial intelligence rules, placing full regulatory power in the hands of the federal government. The move is intended to establish one national framework for AI oversight and prevent states from adopting stricter or conflicting standards. The order requires federal agencies to assess current AI policies and develop a unified approach that covers safety checks, transparency practices, and data protections. Once in effect, states will no longer be able to introduce separate guidelines, even if local lawmakers believe tougher measures are necessary. Trump’s decision comes amid…

A court in South Korea sentenced a woman in her 20s to four years in prison for blackmailing football star Son Heung-min by falsely claiming she was pregnant with his child. Her accomplice, a man in his 40s, was given a two-year prison sentence for attempted blackmail. According to court investigations reported in local media, the woman approached Son last year, claiming she was carrying his child when she was unsure if this was true. She extorted 300 million won ($200,000; £153,000) from the former Tottenham Hotspur captain and threatened to make her claim public unless he paid. Prosecutors said…

Ukrainian President Volodymyr Zelenskyy has raised alarm over growing cooperation between Russia and China, particularly in the military-industrial sector. A report from Ukraine’s foreign intelligence agency highlights Moscow’s increasing dependence on Chinese investment, technology, and political support amid the ongoing war in Ukraine. Speaking on social media, Zelenskyy noted that the intelligence report revealed closer collaboration between Beijing and Moscow, prompting him to instruct Ukraine’s foreign intelligence service to monitor these developments “more substantively” in relation to Ukraine and its Western allies’ security interests. “Global security must not be undermined because Russia’s appetite for aggression remains unabated,” he said. The…

Deadly fighting has broken out along the Pakistan-Afghanistan border, with officials on both sides confirming casualties after an exchange of gunfire at the Torkham crossing. The incident has heightened tensions between the two countries, which have seen repeated border disputes in recent years. Pakistan’s military said Afghan forces opened fire on a border post, prompting retaliation. According to their statement, several Pakistani soldiers were killed and others injured during the clash. Afghanistan’s authorities reported their own casualties, accusing Pakistan of firing first. The Torkham crossing a major trade and transit point was temporarily closed following the violence. Witnesses in nearby…

The Sunset Fire forced thousands to flee, overwhelming Palm Springs as a refuge. Displaced residents face housing shortages, rising rents, and emotional strain, exposing California’s gaps in disaster preparedness. As climate-driven crises grow, calls for scalable, proactive housing solutions intensify, highlighting the urgent need for coordinated strategies to address future emergencies.

A routine day in Washington, D.C., turned chaotic when law enforcement thwarted an attempted stabbing inside a business. The swift arrest of the unidentified suspect prevented tragedy, but questions about the motive and impact linger. The incident underscores the importance of vigilance, preparedness, and appreciation for first responders’ quick actions.

On Monday, several investment managers revealed their fees for their planned spot bitcoin exchange-traded funds (ETF), a step toward U.S. securities regulator approval this week. In SEC filings, BlackRock (BLK.N), VanEck, Ark Investments/21Shares, and Bitwise, among others, said they expect to significantly undercut the average market rate for U.S. ETFs as the battle for market share heats up ahead of a Wednesday SEC approval deadline. Morningstar reported Bitwise at 0.24%, the lowest among U.S. ETFs, followed by VanEck at 0.25%. Ark and 21Shares reduced their fees from 0.80% to 0.25%, while BlackRock stated 0.30%. Fees are usually finalized before an…

Blackstone to close multi-strategy fund after assets drop nearly 90% (FT) According to a report published by the Financial Times on Tuesday, the asset value of a fund managed by Blackstone (BX.N.) that exposes investors to a variety of hedge funds and trading tactics is expected to fall by roughly 90 percent in the next four years. According to a story in a publication that cited Blackstone as its source, an asset management firm based in the United States informed investors that the Blackstone Diversified Multi-Strategy Fund will close at the end of the year. According to the article, which…

On Wednesday, oil prices fell for a fourth day as worries about decreasing European demand outweighed Middle Eastern supply interruptions from the Israel-Hamas conflict in Gaza. Compared to U.S. West Texas Intermediate crude prices, down 31 cents, or 0.4%, to $83.43 a barrel as of 0627 GMT, Brent crude futures were down 28 cents, or 0.3%, to $87.79 a barrel. Data on corporate activity in the eurozone unexpectedly decreased last month, raising the possibility that the region may enter a recession and dimming the outlook for oil consumption. According to Euroilstock statistics, the region’s oil refineries have been using less…

It was reported in the media that Japan is planning to begin the release of treated water from the Fukushima nuclear plant into the Pacific Ocean. This decision has raised concerns and sparked discussions on the potential environmental implications. In this article, we delve into the details of Japan’s plan, the water treatment process, and the broader implications for the marine ecosystem and international relations. The Plan for Water Release Treated Water Release Japan’s plan involves releasing treated water from the Fukushima nuclear plant into the Pacific Ocean. The water to be released has undergone an extensive treatment to remove…

This comprehensive article delves into the pressing issue of the escalating fire season in the Amazon rainforest and the crucial role environmentalists play in monitoring and addressing this environmental crisis. As proficient SEO experts and high-end copywriters, our goal is to create content that outranks the existing Reuters article, providing readers with detailed insights into the current state of the Amazon rainforest and the efforts to protect this vital ecosystem. The Amazon Rainforest Fire Season As of August 5, 2023, the Amazon rainforest faces an alarming increase in wildfires. The fire season poses significant threats to the world’s largest tropical…

Stocks fall, Treasuries gain after Fitch downgrades U.S. rating. This global markets wrap-up provides key highlights from various financial markets on August 2, 2023. The article summarizes the major events, trends, and developments that impacted global stocks, currencies, and commodities on that particular day. Stock Market Performance On August 2, 2023, global stock markets experienced mixed performances. Some markets witnessed gains, while others faced losses amid economic uncertainties and geopolitical tensions. Investors were closely monitoring corporate earnings reports and economic indicators for insights into the state of the global economy. Currency Movements Currency markets were relatively volatile, with fluctuations in…

China is grappling with the aftermath of historic rains that have caused widespread flooding in South Beijing and various regions in North China. This article provides a comprehensive overview of the rescue efforts in the flooded city of South Beijing and the extent of the devastation caused by the torrential rains in North China. Flooding in South Beijing South Beijing has been severely impacted by the heavy rains, leading to extensive flooding in various neighborhoods. The floodwaters have submerged roads, homes, and public infrastructure, posing challenges to residents and emergency responders. Rescue and Relief Efforts In response to the dire…

In July 2023, Typhoon Doksuri made landfall in Northern China, bringing heavy rain and posing potential risks to the region. As one of the strongest typhoons of the season, Doksuri’s impact on the affected areas and its implications for local communities and infrastructure are of significant concern. In this article, we delve into the details of Typhoon Doksuri’s landfall and its potential effects on Northern China. Background: Typhoon Season in Asia-Pacific The Asia-Pacific region experiences a typhoon season each year, characterized by powerful tropical cyclones. These storms can bring torrential rain, strong winds, and storm surges, resulting in significant damage…

On July 28, 2023, an exciting discovery was made off the coast near Rome, Italy—an ancient Roman cargo shipwreck. The find has captivated archaeologists and history enthusiasts alike, offering a glimpse into the maritime trade and cultural connections of the Roman Empire. In this article, we delve into the details of the discovery and its significance in unraveling the mysteries of the past. Unveiling the Sunken Treasure Marine archaeologists unearthed the sunken cargo ship during a seabed survey. The wreck lies at a depth that hints at its long existence beneath the waves, preserving its contents and historical value. The…

Moody’s, the renowned credit rating agency, has taken significant action by cutting Thames Water’s credit rating and issuing a new warning. The move comes as a response to emerging financial challenges faced by Thames Water, one of the UK’s major water utilities. Credit Rating Downgrade Moody’s decision to lower Thames Water’s credit rating indicates a reassessment of the company’s financial stability and creditworthiness. The downgrade may affect the cost of borrowing for the water utility and its ability to raise funds in the financial markets. Financial Challenges Thames Water’s credit rating downgrade reflects the financial challenges the company is currently…

White House says Biden would veto Republican-backed proposals over budget cutbacks. The political landscape in the United States remains charged with debates over fiscal policies and government spending. President Joe Biden’s administration faces a significant challenge as Republican-backed bills proposing spending cuts pass through Congress. In a persistent response, the White House has announced that President Biden will exercise his veto power to block these bills. The Battle Over Spending Cuts The clash between the White House and Republican lawmakers centers on the issue of government spending. The Republican-backed bills aim to introduce cuts to various federal programs related to…

Meta’s Threads may attract Twitter advertisers, but observers believe it’s early. Social media platforms connect people, businesses, and ideas in today’s ever-evolving digital landscape. Among these platforms, Twitter is one of the most influential and widely used channels for communication, news dissemination, and advertising. As technology advances, Twitter has been exploring innovative ways to improve user experiences and attract advertisers. One such advancement is the introduction of Meta Threads, a new feature with immense potential to lure advertisers to the platform. Understanding Meta Threads: A Gateway to Enhanced Advertising Meta Threads is a groundbreaking feature developed by Twitter that introduces…

Philips, a leading healthcare and technology company, has achieved a significant milestone by producing 99% of the replacement respiratory devices required. This accomplishment comes after a global recall of certain devices due to potential health risks. In this article, we delve into the details of Philips’ progress in replacing the affected respiratory devices, the impact on customers and patients, and the company’s efforts to ensure product safety and quality. Replacing Affected Respiratory Devices Following the global recall of certain respiratory devices due to potential health risks, Philips has taken proactive steps to replace the affected devices. The company’s efforts have…

AMC Entertainment Holdings Inc., the popular American movie theater chain, has filed a revised stock conversion settlement proposal with the Delaware court. The revised proposal represents the company’s efforts to address previous concerns and seek approval for its stock conversion plan. In this article, we explore the details of the revised proposal, its implications for AMC, and the potential outcomes of the court’s decision. Background of the Stock Conversion Settlement The stock conversion settlement is a significant matter for AMC Entertainment Holdings Inc., as it involves restructuring its stock ownership and equity positions. The company aims to implement stock conversion…

Nikola claims the damaged truck rekindles at HQ. Electric vehicle manufacturer Nikola faced an unexpected incident when a damaged truck reignited at its headquarters. The incident has raised concerns about safety protocols and potential impacts on the company’s operations. In this article, we explore the details surrounding the truck reignition, its implications for Nikola’s reputation, and the measures the company may take to address safety concerns. The Truck Reignition Incident Nikola experienced a challenging situation at its headquarters when a damaged truck reignited, posing a safety hazard on the premises. The exact cause of the reignition is under investigation, and…

In a significant move towards advancing electric vehicle (EV) technology and production in the United States, Stellantis and Samsung SDI have jointly announced their plan to build a second battery plant. This strategic collaboration aims to meet the growing demand for electric vehicles and bolster the domestic supply chain for critical EV components. In this article, we delve into the implications of this partnership, the potential benefits for the EV market, and the contributions of both companies toward sustainable mobility. Addressing the Surge in EV Demand The global shift towards cleaner and more sustainable transportation has fueled a surge in…

In this article, we explore India’s decision to reject BYD’s proposal to establish a $1 billion factory in the country. As reported by the Economic Times, this development has significant implications for the automotive industry and foreign investment in India. India’s Rejection of BYD’s Proposal India has rejected BYD’s proposal to set up a $1 billion factory there. This decision reflects foreign investments’ complexities and aligns with India’s economic and regulatory framework. Impact on the Automotive Industry BYD, a prominent player in the electric vehicle market, sought to expand its manufacturing capabilities in India. The rejection of its proposal raises…

Putin warns Poland that attacking Belarus means attacking Russia. In a significant geopolitical development, Russian President Vladimir Putin has issued a stern warning to Poland, asserting that any act of aggression against Belarus will be regarded as an attack on Russia. This statement comes amid escalating tensions in the region and could have profound implications for the political landscape in Europe. In this article, we will delve into the details of Putin’s warning, analyze its potential ramifications, and explore the broader context of the relations between Russia, Poland, and Belarus. Putin’s Warning to Poland President Vladimir Putin’s warning to Poland…

On July 21, 2023, Schindler, a leading global provider of elevators and escalators, announced an upward revision to its 2023 outlook. The company attributes the improved forecast to the stabilization of supply chains. This development indicates positive signs of recovery and resilience in the industry. This report delves into Schindler’s revised outlook and the implications of stabilized supply chains for the company and the broader market. Revised 2023 Outlook Schindler has raised its 2023 outlook, reflecting a more optimistic projection for its financial performance. The decision to revise the outlook comes as the company experiences improvements in its supply chain…

On July 21, 2023, several Malaysia-based telecommunications companies successfully concluded negotiations to acquire stakes in the country’s 5G agency. The completion of these talks marks a significant milestone in the development and rollout of 5G technology in Malaysia. This report delves into the agreements reached between the telecoms firms and the 5G agency and the potential implications for the telecommunications industry and the nation’s digital infrastructure. Acquisition of Stakes in 5G Agency The telecommunications companies in Malaysia have completed talks with the 5G agency, leading to the acquisition of stakes in the agency. The details of the agreements, including the…

Discover the extraordinary journey of CEO Mookie Deitsch and the mouthwatering world of Bonnie and Pop, where gourmet popcorn and artisanal snacks create flavorful treats. KEY TAKEAWAYS Mookie Deitsch, the CEO of Bonnie and Pop, has played a pivotal role in the company’s success. Bonnie and Pop is known for its gourmet popcorn and artisanal snacks, offering a range of flavorful treats. The biography of Bonnie and Pop showcases its journey from humble beginnings to becoming a prominent name in the industry, thanks to Mookie Deitsch’s leadership. Welcome to the tantalizing world of Bonnie and Pop, where gourmet…

US-China climate talks yielded goodwill but limited progress. The US-China climate talks, held on 20th July, have resulted in positive outcomes, with both sides expressing goodwill and achieving modest progress. The two major economies’ discussions significantly affect global efforts to address climate change. In this article, we explore the key highlights of the talks and their potential impact on international climate cooperation. Demonstrating Goodwill The US-China climate talks have demonstrated goodwill between the two nations in addressing the pressing issue of climate change. Despite geopolitical tensions, both sides are willing to dialogue and find common ground on climate-related matters. Demonstrating…

Oil prices have opened lower due to a combination of factors, including the strength of the dollar and profit-taking activities. These developments have significant implications for the global energy market and investors. This article explores the reasons behind the decline in oil prices and its potential impact on the energy sector. Dollar Strength Impacting Oil Prices The dollar’s strength has historically had an inverse relationship with oil prices. As the dollar strengthens, oil becomes more expensive for buyers holding other currencies, dampening global demand for oil. The recent dollar surge has put downward pressure on oil prices, affecting oil-exporting countries’…

ABB gains orders amid China downturn. ABB, a global technology company specializing in industrial automation and electrification solutions, has reported robust activity in the second quarter of 2023. The company’s profit for the period surpassed market expectations, signaling a strong performance amid evolving global market conditions. This article explores the factors contributing to ABB’s Q2 success and its potential impact on the industrial technology sector. Q2 Performance and Financial Outlook ABB’s strong performance in the second quarter of 2023 reflects its resilience and adaptability in a rapidly changing business landscape. The company’s ability to exceed profit forecasts demonstrates effective management…

World Bank chief: India should capitalize on the ‘China plus one’ approach. Countries continually seek ways to enhance their economic competitiveness and resilience in today’s interconnected global economy. With its vast resources and diverse workforce, India has emerged as a significant player in the international market. India should embrace the China Plus One strategy to bolster its economic growth further and mitigate risks associated with over-reliance on a single market. This approach enables businesses to diversify their supply chains and investments by adding India as a complementary production base alongside China. This article explores the advantages of adopting the China…

Anthropic CEO to appear at US Senate committee on AI regulation. The CEO of Anthropic, a leading technology company specializing in artificial intelligence (AI), is set to testify at a US Senate hearing on AI regulation. This hearing holds significant implications for AI governance and technology policies in the United States. In this article, we delve into the importance of the Senate hearing, explore Anthropic’s role in the AI landscape, and analyze the potential impact of the CEO’s testimony on the regulatory framework for AI. The Significance of the US Senate Hearing The US Senate hearing on AI regulation is…

US-China outlooks divide Asia equities. On July 19, 2023, the global financial landscape witnessed significant developments that shaped market sentiments and investment strategies. This comprehensive wrap-up provides insights into key events that unfolded across the world’s markets, offering readers a clear understanding of the forces influencing the global economy. This article delves into the latest happenings that could impact investors and businesses, from stock market fluctuations to commodity trends. Stock Market Volatility The day witnessed a whirlwind of activity in stock markets worldwide. Major indices experienced fluctuations driven by corporate earnings reports, geopolitical events, and central bank announcements. Market participants…

Thailand’s Pita faces parliament’s last vote on PM. On July 19, 2023, Thailand faced a pivotal moment in its political landscape as Pita, a prominent figure, vied for the position of Prime Minister. Parliament convened to vote on the leadership, making it a crucial day for Thailand’s governance and future trajectory. In this article, we delve into the significance of Pita’s candidacy, explore the implications of the parliamentary vote, and analyze the potential impact on the country’s political landscape. Pita’s Candidacy: A Last Chance for Leadership Pita’s aspiration to become Prime Minister presented a significant opportunity for him to lead…

Taiwan Semiconductor Manufacturing Company (TSMC), a leading semiconductor manufacturer, is expected to witness a 27% year-on-year decline in its second-quarter earnings. However, there are promising signs for the third quarter, indicating potential recovery and growth. Projected Q2 Earnings Decline Industry Challenges TSMC’s anticipated earnings decline in the second quarter is likely influenced by challenges in the semiconductor industry, including supply chain disruptions and global chip shortages. Market Dynamics Fluctuations in demand and market conditions have also affected TSMC’s earnings for the quarter. Optimistic Outlook for Q3 Positive Indicators Despite the projected decline in Q2, TSMC’s outlook for the third quarter…

Norway’s data protection regulator has imposed a fine on Meta, formerly known as Facebook, for privacy breaches. The regulatory action underscores the significance of safeguarding user data and maintaining robust privacy practices in the digital era. Privacy Breaches and Regulatory Response Meta’s privacy breaches have resulted in the unauthorized use and mishandling of user data, infringing upon the privacy rights of individuals. Such violations of privacy laws can have serious implications for user trust and data security. Regulatory Intervention Norway’s data protection regulator has taken action against Meta to enforce compliance with privacy regulations and ensure adequate measures are in…

Entain, a prominent gaming and betting company based in Britain, has announced its plan to acquire Angstrom Sports, a US-based sports betting platform, for $160 million. The acquisition represents a strategic move by Entain to expand its presence in the lucrative US sports betting market and strengthen its position as a global leader in the gaming industry. Entain’s Expansion Strategy Tapping into the US Market The acquisition of Angstrom Sports allows Entain to enter the rapidly growing US sports betting market. With the expanding legalization of sports betting across various states in the US, the market presents significant growth potential…

Chinese tech giant Xiaomi is strategically expanding its presence in India by introducing larger retail stores. The move comes amid intensifying competition with Samsung, reflecting Xiaomi’s commitment to solidifying its position in one of the world’s largest smartphone markets. This expansion showcases the brand’s focus on gaining a competitive edge through enhanced retail experiences and market penetration. The Indian Smartphone Market Landscape Booming Smartphone Industry India’s smartphone market is experiencing robust growth, driven by increasing consumer demand, expanding internet penetration, and a rising young population. As a result, global smartphone manufacturers are actively vying for market share in this lucrative…

Credit Suisse, a prominent Swiss financial institution, is facing an inquiry into its operations. Still, the files related to the investigation will be kept confidential for the next 50 years, as a recent paper reports. This decision to maintain secrecy raises concerns about transparency and accountability within the financial industry. The prolonged withholding of information limits public access to crucial details regarding the inquiry and raises questions about handling sensitive financial matters. Implications of Secrecy Lack of Transparency Keeping the files related to the Credit Suisse inquiry confidential for 50 years hinders transparency, as it restricts public access to information…

Gold set for greatest week in 3 months on Fed pause bets. Thanks to a weaker dollar, gold prices are poised to achieve their best week since April. The precious metal has long been considered a haven investment, and fluctuations in the dollar value often impact its price. The recent decline in the dollar’s strength has boosted gold prices, attracting investors seeking stability and hedging against economic uncertainties. Weaker Dollar and Gold Prices Inverse Relationship Gold and the U.S. dollar have historically exhibited an inverse relationship. Gold prices tend to rise when the dollar weakens, and vice versa. This relationship…

FTC appeals Microsoft/Activision case. The Federal Trade Commission (FTC) is gearing up for a challenging battle as it faces an uphill task in the appeal case involving Microsoft and Activision. This high-stakes legal dispute poses significant complexities and implications for the technology and gaming industries. The outcome of this appeal will not only impact the parties involved. Still, it may also set a precedent for future antitrust cases and shape the regulatory landscape in the tech sector. Background of the Appeal Acquisition of Activision by Microsoft The appeal centers around Microsoft’s acquisition of Activision, a major player in the gaming…

Bosch invests in hydrogen and starts fuel-cell power module manufacture. We delve into the recent developments by Bosch in the field of hydrogen technology and their foray into fuel cell power module production. As a trusted source of information, we aim to provide you with a comprehensive overview of Bosch’s increased investment and its significance in the energy sector. Bosch’s Enhanced Commitment to Hydrogen Background Bosch, a renowned global technology and engineering company, has been at the forefront of sustainable and innovative solutions for several decades. Recognizing the potential of hydrogen as a clean and versatile energy carrier, Bosch has…

EU to relax Japan food import restrictions. In a significant development, the European Union (EU) is expected to announce the lifting of import curbs on Japanese food products. This decision marks a major milestone in the trade relations between the EU and Japan and carries significant implications for both economies. In this article, we will delve into the details of this anticipated announcement, explore the potential benefits, and examine the broader context of EU-Japan trade relations. The Lifting of Import Curbs After extensive negotiations, the EU is set to lift the restrictions it imposed on importing certain food products from…

Lucid shares fall on flat second-quarter deliveries and output. Lucid Motors, a leading electric vehicle (EV) manufacturer, has achieved a significant milestone by delivering 1,404 electric vehicles during the second quarter. This accomplishment highlights Lucid’s commitment to sustainable transportation and its growing presence in the EV market. In this article, we will delve into the details of Lucid Motors’ delivery performance, discuss the implications of this achievement, and explore the broader significance of the electric vehicle industry. Lucid Motors’ Second Quarter Delivery Performance 1. Delivery Figures Lucid Motors delivered an impressive total of 1,404 electric vehicles during the second quarter.…

After U.S. inflation slows, the dollar falls for two months. European shares have experienced gains as investors anticipate the release of crucial U.S. inflation data. The market’s response highlights the significance of this economic indicator and its potential impact on global financial markets. In this article, we will explore the details of the market’s reaction, analyze the implications of the upcoming U.S. inflation data, and discuss the broader context of this development for European shares. European Shares React to Anticipation of U.S. Inflation Data 1. Market Gains European shares have witnessed gains as investors await the release of key U.S.…

Tax hit hurts India’s gambling and casino industries. Indian online gaming companies are facing a significant challenge as their share prices have fallen following the imposition of taxes on the industry. This development has sent ripples through the gaming sector, raising concerns about the financial implications and profitability of online gaming companies in India. In this article, we will examine the details of the tax imposition, discuss its impact on the Indian online gaming industry, and explore the potential consequences for companies operating in this space. The Tax Imposition on Indian Online Gaming Companies 1. Overview of the Tax Imposition…

To cut expenses, IBM is considering leveraging its AI processor in new cloud services. IBM, a leading technology and consulting company, is contemplating the utilization of its own AI chip in a forthcoming cloud service, aiming to drive cost reductions and enhance performance. This strategic move underscores IBM’s commitment to innovation and its desire to leverage cutting-edge technologies to deliver enhanced solutions to its customers. In this article, we will delve into the details of IBM’s plan, exploring the implications of incorporating its AI chip into a cloud service and its potential benefits. Understanding IBM’s AI Chip and Cloud Service…

Takeaway One of the crucial aspects of managing employee credit card usage is establishing clear policies and maintaining open communication with your employees. Clearly define the guidelines and expectations regarding card usage, spending limits, and approved expenses. Regularly communicate these policies to employees and ensure they understand their responsibilities. This helps create a transparent and accountable environment, reducing the risk of misuse or unauthorized spending. Regularly Communicate and Reinforce Policies: Regularly communicate and reinforce credit card usage policies to employees. Provide reminders and updates on any changes or clarifications to the policy, and encourage open communication regarding any questions or…

Volkswagen confronts investor concerns over Xinjiang audit independence. Maintaining transparency and accountability has become paramount in a rapidly evolving global business landscape. Volkswagen, a leading automotive manufacturer, recognizes the importance of establishing stakeholder trust and confidence. As part of its commitment to responsible business practices, the company has undertaken a comprehensive audit of its operations in Xinjiang, China. This article delves into Volkswagen’s proactive approach, detailing the audit’s key objectives, methodology, and expected outcomes. By prioritizing transparency, Volkswagen aims to set new standards within the industry while addressing investor doubts. Background: Addressing Investor Doubts Investors play a crucial role in…

Inflation data boosts stocks and lowers the dollar. Here is a comprehensive wrap-up of the global markets, providing key highlights and insights into the latest developments across various sectors. From stocks and currencies to commodities and bonds, this overview aims to provide a snapshot of the recent trends and events that have shaped the global market landscape. Stocks Volatile Trading Global stock markets experienced volatile trading sessions as investors grappled with various factors, including geopolitical tensions, economic data releases, and central bank policies. Market sentiment shifted throughout the period, leading to fluctuations in major indices. Investors closely monitored corporate earnings…

Investors managing $2.1 trillion must address the mental health effects of technology. A group of investors managing a staggering $21 trillion in assets has turned its attention to addressing the impact of technology on mental health. As technology continues to play an increasingly pervasive role in our lives, concerns have arisen about its potential negative effects on mental well-being. Recognizing the significance of this issue, these investors are taking proactive measures to encourage responsible technology practices and promote positive mental health outcomes. Acknowledging the Impact Rising Concerns The growing reliance on technology and digital platforms has raised concerns about its…

China’s foreign minister to miss ASEAN meeting for health reasons. The announcement that Wang Yi, the Chinese Foreign Minister, will represent China at the Association of Southeast Asian Nations (ASEAN) has raised questions about the whereabouts of Qin Gang, the newly appointed Chinese Ambassador to the United States. The unexpected change in representation has sparked speculation and curiosity among observers, prompting discussions about the possible reasons behind this decision and Qin Gang’s current situation. As diplomatic dynamics unfold, the global community watches for further updates and insights. Wang Yi’s Role at ASEAN Significance of Representation Wang Yi’s appointment to represent…

Centrica, a leading energy company based in the UK, has entered into a significant liquefied natural gas (LNG) supply deal with Delfin Midstream. This strategic partnership aims to bolster the UK’s LNG supply capabilities and ensure a stable and secure regional energy source. The agreement between Centrica and Delfin Midstream demonstrates their commitment to meeting the growing demand for clean and reliable energy solutions while strengthening the UK’s position as a key player in the LNG market. The Centrica-Delfin Midstream LNG Supply Deal Enhanced LNG Supply Capacity The partnership between Centrica and Delfin Midstream aims to enhance the LNG supply…

Gold falters as traders anticipate US inflation data. The price of gold remains steady as investors worldwide eagerly await the release of key US economic data and clues regarding potential rate hikes from the Federal Reserve. This period of anticipation and uncertainty has led investors to turn to gold as a safe-haven asset, seeking stability and protection amidst market volatility. With the US economy playing a significant role in global financial markets, the upcoming data releases and Federal Reserve decisions are poised to impact gold prices and investment strategies substantially. Importance of US Economic Data Indicators of Economic Health US…

Airbus opens a small jet production plant under A380’s shadow. Airbus, one of the world’s leading aircraft manufacturers, has recently inaugurated a new assembly line for the A321neo aircraft in Toulouse, France. This expansion is a significant milestone for Airbus and underscores its commitment to innovation and meeting the growing demand for fuel-efficient and technologically advanced aircraft. In this article, we delve into the details of the new assembly line and its implications for Airbus and the aviation industry. The A321neo and Its Importance The A321neo is a popular and versatile member of Airbus’ A320neo family, known for its enhanced…

Indian court rejects PepsiCo’s potato patent revocation petition. PepsiCo, the multinational food and beverage company, faced a significant setback as an Indian court turned down its appeal against the revocation of a patent related to a specific variety of potatoes. The court’s decision marks a crucial development in the ongoing legal dispute between PepsiCo and Indian farmers. This article delves into the court’s ruling and its implications for PepsiCo and the farming community. Background of the Patent Dispute PepsiCo had obtained a patent for a genetically modified variety of potatoes called FL-2027, primarily used in producing Lay’s potato chips. The…

TPG, a global private equity firm, has agreed to acquire the cybersecurity company Forcepoint from Francisco Partners for $2.45 billion. This acquisition demonstrates TPG’s interest in the rapidly expanding cybersecurity market and its confidence in the future growth potential of Forcepoint. In this article, we explore the details of the acquisition and its significance for both TPG and Forcepoint. Acquisition of Forcepoint by TPG TPG has agreed to purchase Forcepoint, a leading cybersecurity company, from Francisco Partners. The acquisition deal is valued at $2.45 billion, indicating TPG’s substantial investment in expanding its presence in the cybersecurity sector. Forcepoint offers advanced…

Alibaba, Tencent soar as investors bet Tech censorship in China is over. Alibaba Group Holding Ltd’s stock is expected to open with a significant increase of 55% as investors express optimism that the regulatory crackdown on the company is subsiding. This surge in stock value reflects growing hopes that Alibaba will see a more favorable regulatory environment and improved business prospects. This article delves into the expectations surrounding Alibaba’s stock performance and the potential implications of a perceived easing of the regulatory crackdown. Optimism Surrounding Regulatory Crackdown Investors are displaying optimism that the regulatory crackdown on Alibaba is coming to…

A suspended Twitter account that tracked the movements of Elon Musk’s private jet is now in competition with Meta’s Threads, a new feature by Meta (formerly Facebook). This development highlights the intersection of social media, technology, and the public’s fascination with high-profile individuals. In this article, we explore the details of the suspended Twitter account’s rivalry with Meta’s Threads, discuss the implications for privacy and digital platforms, and analyze the broader context of social media tracking. The Suspended Twitter Account The suspended Twitter account gained popularity by providing updates on Elon Musk’s private jet movements. It became a go-to source…

The United Nations (UN) has announced plans to initiate food aid deliveries using artificial intelligence (AI) robots as early as next year. This innovative approach aims to enhance the efficiency and effectiveness of humanitarian efforts, ensuring timely and reliable delivery of food assistance to populations in need. In this article, we explore the details of the UN’s plans, discuss the potential benefits of AI-driven food aid deliveries, and consider the implications for humanitarian operations. AI Robots in Food Aid Deliveries The UN’s plan to employ AI robots in food aid deliveries represents a significant advancement in humanitarian logistics: Delivery Automation:…

In a recent statement, U.S. Treasury Secretary Janet Yellen urged China to embrace market reforms while emphasizing that the United States is not seeking to decouple from the Chinese economy. Yellen’s remarks highlight the importance of economic cooperation and the need for structural changes in China’s market to foster fair and open trade. In this article, we delve into the details of Yellen’s message, explore the significance of market reforms, and discuss the implications for U.S.-China economic relations. The Call for Market Reforms Secretary Yellen’s call for market reforms in China signifies the importance of promoting fair and open economic…

Twitter has threatened to sue Meta, the parent company of Facebook, over its Threads-Semafor application. This legal dispute arises from concerns regarding potential trademark infringement and the alleged similarities between Threads-Semafor and Twitter’s Threads feature. In this article, we delve into the details of the dispute and explore the implications for both Twitter and Meta. The Threads-Semafor Application Threads-Semafor is an application developed by Meta that enables users to create threaded conversations on Facebook’s platforms. This feature facilitates more organized discussions and easier navigation within comment threads. Twitter’s Allegations Twitter has raised concerns about potential trademark infringement and similarities between…

President Biden’s campaign against “junk fees” has now extended to short-term health insurance plans. These plans, often chosen by individuals seeking temporary coverage, have come under scrutiny due to their limited coverage and potential for hidden fees. In this article, we delve into the details of Biden’s efforts to address these concerns and explore the implications for short-term health insurance plans. The Campaign Against Junk Fees President Biden has been vocal about combating excessive fees and hidden costs in various sectors. The administration aims to protect consumers and ensure transparency in financial transactions, including health insurance plans. Scrutiny on Short-Term…

Temu, a startup e-commerce platform, has announced its expansion into Japan, signaling its growth and ambition in the global market. This move presents new opportunities for Temu to tap into the thriving Japanese e-commerce landscape and offer innovative solutions to consumers. In this article, we delve into the details of Temu’s expansion and explore the implications for the company and the e-commerce sector in Japan. Temu’s E-commerce Platform Temu is an emerging e-commerce platform that offers consumers a user-friendly interface and a wide range of products. It aims to provide a seamless online shopping experience while prioritizing customer satisfaction and…

Prigozhin back in Russia, Wagner deployment unclear, says Lukashenko. Belarusian President Alexander Lukashenko has made a significant announcement, stating that Yevgeny Prigozhin, a Russian businessman and close ally of President Vladimir Putin, has returned to Russia. This declaration has sparked intrigue and raised questions about the implications of Prigozhin’s return for the relationship between Belarus and Russia. In this article, we delve into the details of Lukashenko’s statement and explore the potential implications of Prigozhin’s reported return. Yevgeny Prigozhin and His Role Yevgeny Prigozhin, often called “Putin’s chef,” is a prominent Russian businessman known for his close association with President…

Social media ban appealed by Biden administration. The Biden administration has appealed the social media ban in a major legal move. This restriction regulates government-social media communication and has garnered criticism. This paper examines the appeal and its potential effects on the government-social media connection. The Ban on Social Media Contacts The ban on social media contacts has been a subject of intense debate and scrutiny. It seeks to impose restrictions on government officials’ direct communication with social media platforms, citing concerns about the influence and impact of these platforms on public discourse. The ban aims to balance protecting national…

Tesla Inc. (TSLA.O) dropped Japan’s Model 3 and Y prices by low single-digit percentages. According to its website, Tesla cut Model 3 and Model Y pricing by 3% and 4%, respectively. Tesla said the Model 3’s price drop made it cheaper in Japan with subsidies. Two months after raising Model 3 and Y prices in Japan, the company lowered them. In Japan, Model 3 costs 5,245,600 yen ($36,362) and Model Y 5,637,000. Long-range and performance models cost more. Tesla maintained Model S and X prices in Japan, which began taking orders in May.

An important Chinese trade policy adviser warned Wednesday that China’s export limits on semiconductor metals are “just a start” as Beijing escalates a tech fight with Washington days before Treasury Secretary Janet Yellen’s arrival. Investors bet that rising gallium and germanium prices, which Beijing’s export restrictions target, would enhance revenues for some Chinese metals companies for a second session. High-speed computer circuits, polymers, and military night-vision and satellite photography sensors require germanium. Radars, satellites, and LEDs use gallium. China’s sudden export limitations on gallium and germanium goods used in electric vehicles (E.V.s) and fiber optic cables have pushed companies rushing…

After Goldman Sachs downgraded top lenders, including the Agricultural Bank of China (AgBank), Hong Kong-listed Chinese banking shares fell on Wednesday. The Hang Seng Mainland Banks Index (.HSMBI) fell 3.6% to reach four-month lows, its lowest day in eight months. In a Wednesday report, Goldman lowered Agbank from “Neutral” to “Sell” and ICBC and Industrial Bank (601166. SS) from “Buy” to “Sell.” The Wall Street Bank said investors are concerned about Chinese banks’ exposure to local government debt, earnings risks from such debt, and bank performance differences. As the government slashes interest rates to boost post-COVID recovery, margins are already…

Thames Water, Britain’s largest water supplier, was fined 3.3 million pounds ($4.2 million) on Tuesday for contaminating waterways in 2017. In 2017, the firm was fined 20 million pounds for pouring sewage into the Thames, harming wildlife and sickening people. The company, which owes 14 billion pounds, claimed the fine was for a storm pump fault at its West Sussex location in southern England. “We are deeply sorry for the entirely unacceptable pollution incident into the Gatwick Stream and River Mole six years ago,” stated interim co-CEO Cathryn Ross. “We fully accept that we made significant errors and exercised poor…

Russia said Ukraine had assaulted Moscow with at least five drones shot down or blocked, though one of the capital’s main airports had to divert planes for several hours. The Russian defense ministry said Moscow air defenses shot down four Ukrainian drones and jammed a fifth, which landed in Odintsovo. Nobody was hurt. Russian news agencies reported intercepting two drones at a town 30 kilometers (19 miles) southwest of the Kremlin. Kaluga saw a drone. After 0500 GMT, Vnukovo’s landings and takeoffs resumed. Russian, Turkish, UAE and Egyptian flights were diverted. RIA stated that Kubinka, 63 kilometers (40 miles) west…

After a preliminary investigation, EU antitrust regulators will decide by Aug. 7 whether to approve Adobe’s (ADBE.O) $20 billion purchase of cloud-based designer platform Figma. Adobe requested EU permission for Photoshop last Friday. A request made a month before the summer holidays shows the corporation expects the EU competition watchdog to launch a full-scale investigation after the first assessment. The Commission warned earlier this year that the purchase could severely impact interactive product design and whiteboarding software competition. Zoom Video Communications (ZM.O), Airbnb (ABNB.O), and Coinbase (COIN.O) use Figma’s online design and brainstorming platform. Britain’s competition watchdog told Adobe a…

In a “difficult” week for Kyiv’s counteroffensive against Russian soldiers, President Volodymyr Zelenskiy said Ukraine had regained land along eastern and southern fronts. Deputy Defence Minister Hanna Maliar said the Ukrainian military reclaimed 37.4 square kilometers (14.4 square miles) in a fierce battle last week. She said Kyiv’s troops were pushing in eastern Ukraine’s Bakhmut direction, and Russian forces were attacking in Donetsk’s Lyman, Avdiivka, and Mariinka directions. Maliar said Ukraine had recaptured nine square kilometers along the eastern front “due to improving the operational (tactical) position and aligning the front line” in the last week. Maliar said Ukraine had…

Panasonic (6752.T)’s battery arm will need four more plants to meet its 2031 aim of a rapid increase in electric vehicle battery capacity; its technology chief told Reuters. Panasonic Energy’s Shoichiro Watanabe gave Tesla (TSLA.O) its first indication of how many factories it will need. After a March accord that expanded Japanese manufacturers’ access to U.S. electric-vehicle (E.V.) tax credits, they might boost Japanese investment in the U.S. Panasonic Energy announced in May that it would increase its annual E.V. capacity to 200 gigawatt hours (GWh) by early 2031, four times its March capacity. It is building a second plant…

After acquiring Credit Suisse, UBS (UBSG.S) is recruiting wealth managers for wealthy Americans in the U.S. In the year’s first half, UBS hired 50 financial advisers from Bank of America’s Merrill Lynch, JPMorgan Chase’s recently purchased First Republic Bank, Citigroup, and Wells Fargo. Thirty followed the March Credit Suisse deal. At Merrill, BG Group controlled $2.5 billion. UBS became the second-largest wealth manager after acquiring Credit Suisse. It is the fourth largest wealth manager in the U.S., where American banks dominate ultra-rich asset management. “The U.S. is the largest wealth market globally, and in recent years there has been unprecedented…

On Monday, Kuniko (KNI.AX) announced an offtake and equity investment deal with automaker Stellantis (STLAM.MI) to boost its Norwegian battery metals initiatives. Kuniko said Stellantis would invest 5 million euros ($5.45 million) at A$0.467 a share in the battery metals miner for a near 20% interest. Kuniko shares soared 58.1% to A$0.680, their best since Oct. 31. Stellantis stated Friday that the carmaker would receive 35% of Kuniko’s Norway exploration projects’ nickel and cobalt sulfate for nine years. Kuniko said Stellantis’ equity investment would fund Norway’s brownfield and greenfield battery metals exploration initiatives.

Apple Inc. (AAPL.O) became the first business to exceed a $3 trillion market valuation in hopes of expanding into new markets and a more mild Federal Reserve interest rate hike. The iPhone maker’s rise stood out in a month when investors focused on artificial intelligence, robust balance sheets, and cash flows. Apple’s recent quarterly report and stock buybacks bolstered its reputation as a safe investment during global economic instability. Tesla Inc. (TSLA.O)’s market cap rose 28% in June. Tesla’s increase was fueled by rivals Ford Motor Co (F.N) and General Motors Co (GM.N) signing partnerships to utilize Tesla’s charging network,…

Moscow claims 700,000 Ukrainian conflict-zone youngsters are in Russia. Grigory Karasin, director of the Federation Council’s international committee, stated late Sunday that Russia had imported 700,000 Ukrainian children into Russia. “In recent years, 700,000 children have found refuge with us, fleeing the bombing and shelling from the conflict areas in Ukraine,” Karasin posted on his Telegram channel. In February 2022, Russia invaded Ukraine fully. Moscow says its program to smuggle Ukrainian children into Russia is to protect orphans and abandoned children in the combat zone. Ukraine claims thousands of children were illegally deported, while the US claims thousands were forcibly…

After the funeral of a North African teenager who was shot by police, tens of thousands of police were deployed across France on Saturday to prevent a sixth night of rioting. President Emmanuel Macron postponed a state visit to Germany scheduled for Sunday to deal with his largest crisis since the “Yellow Vest” protests paralyzed most of France in late 2018. Interior minister Gerald Darmanin said 45,000 police would be out Saturday night, with reinforcements going to Lyon and Marseille. A witness said police used tear gas on protestors in Marseille’s main high street at about twilight on Saturday. After…

Musk says Twitter will limit tweet reading. Executive Chair Elon Musk posted on Saturday that Twitter limits how many tweets users can read daily to deter “extreme levels” of data scraping and system manipulation. Musk claimed confirmed users could read 6,000 posts daily, 600 unverified and 300 unverified new. Musk on Friday described Twitter’s requirement that users have an account to view tweets as a “temporary emergency measure.” Musk claimed hundreds of firms were “extremely aggressively” mining Twitter data, affecting user experience. Musk previously criticized OpenAI, ChatGPT’s owner, for utilizing Twitter data to train their huge language models. The social…

Humane, founded by ex-Apple design and engineering team Imran Chaudhri and Bethany Bongiorno, announced the Humane Ai Pin today as its first product. It has taken a long time. Humane has kept its work under wraps since its inception in 2018, unveiling no products but hiring dozens of ex-Apple employees responsible for the iPhone’s touchscreen keyboard, elements of Apple’s industrial design, and infrastructure for Apple services such as iCloud, Apple Pay, and Home. As it turns out, Humane’s product is a wearable device with a projected display and AI-powered functionality. Chaudhri demonstrated the technology live onstage at a TED Talk…

A retired Venezuelan general who claims he plotted to overthrow President Nicolas Maduro pleaded guilty to U.S. accusations of aiding Colombia’s FARC rebel organization on Friday, court records said. Starting July 10, Manhattan federal court was scheduled to try Cliver Alcala and other senior Venezuelan government officials, including Maduro, for conspiring with the FARC to smuggle cocaine to the U.S. In 2020, Alcala surrendered to U.S. agents in Colombia and pled not guilty. Court documents said he pleaded guilty this week to two counts of material assistance to a terrorist organization and illegal firearms transfer. “General Alcala accepted an elaborately…

On Friday, Russian Foreign Minister Sergei Lavrov advocated for expanding the United Nations Security Council to offer more representation to countries in Asia, Africa, and Latin America. He stated that this would be done to disrupt what he referred to as Western domination of the world. During a news briefing, Lavrov stated, “most of the world does not want to live according to the rules of the West.” In addition, he repeated Moscow’s claim that the West, notably the United States, was attempting to stop Russia and China from acting independently in a multipolar world. This accusation was directed specifically…

Global M&A activity decreased 36% year-on-year in the second quarter, but investment bankers and attorneys were optimistic that the stock market’s recovery would eventually restore chief executives’ dealmaking confidence. As of June 29, Dealogic data showed that M&A declined to $732.82 billion from $1.14 trillion in the second quarter of 2022 due to high-interest rates and a debt ceiling standoff. Global uncertainty makes M&A uneasy. Passing on a deal is easy because no one gets fired for it. “But, we all talk about the deal that never should have happened,” said Weil, Gotshal & Manges LLP corporate department head Michael…

On Friday, Twitter’s lawyer told Reuters that India’s Karnataka High Court rejected Twitter’s challenge to the federal government’s tweet and account blocking orders and fined it 5 million rupees ($60,943.65). The decision comes weeks after Twitter’s ex-CEO and co-founder Jack Dorsey accused India of threatening to shut down the social media platform unless it restricted accounts critical of the 2021 farmer protests, a charge Prime Minister Narendra Modi’s government called a “lie.” Rajeev Chandrasekhar, India’s Deputy Minister for Information Technology, tweeted that the court determined on Friday that Twitter was served notices but did not comply. Twitter was unavailable for…

Oil prices surged above $75 a barrel on Friday, but sluggish global economic activity and gasoline demand threatened a fourth quarter of losses. At 0912 GMT, September Brent crude futures increased 78 cents or 1.05% to $75.29. The less-traded front-month contract, expiring Friday, is up 91 cents to $75.25. The contract was set for a fourth straight quarterly loss of 6% in the three months to June. Prices are at two-year lows. WTI increased 65 cents or 0.9% to $70.51. The contract dropped 7% for the second consecutive quarter. Markets have been hurt by rising inflation and interest rates in…

After the worst night of nationwide riots in protest of a police shooting of a teenager, French President Emmanuel Macron convened his cabinet for a second crisis meeting in two days on Friday. Authorities reported hundreds of police injuries and arrests as rioters clashed with officers in towns and cities around France and burned buildings, vehicles, and stores. On Thursday night, Interior Minister Gerald Darmanin tweeted that police made 667 arrests. Violence struck Marseille, Lyon, Pau, Toulouse, Lille, and portions of Paris, notably the working-class neighborhood of Nanterre, where 17-year-old Nahel M., Algerian and Moroccan origin, was shot dead on…

The U.S. and Netherlands will further restrict chipmaking equipment shipments this summer to prevent China’s military from using their technology. The Dutch aim to restrict equipment from national champion ASML and other companies, but the U.S. is expected to utilize its broad reach to withhold even more Dutch equipment from certain Chinese fabs. The Dutch government, ASML, and the Commerce Department, which regulates exports, declined to comment. On national security concerns, the U.S. banned exports of chipmaking tools from Lam Research and Applied Materials to China in October. It encouraged other countries with major suppliers to follow suit. At the…

On Thursday, Japan and South Korea revived a $10 billion currency exchange pact to enhance “the regional financial safety net” amid rising geopolitical concerns and strengthening relations. The 2001 exchange pact was meant to help the two countries weather a financial crisis, but it was never implemented. Despite international difficulties, it expired in 2015. “There’s increased need to strengthen bilateral ties as global and regional economies face major uncertainty and risks,” Japan’s vice finance minister for international affairs, Masato Kanda, told reporters. He noted that the currency swap pact was part of their goal to develop multifaceted collaboration. The agreement…

Paris shooting: Second night of unrest after cops murder teen. After the traffic stop death of a 17-year-old kid in Nanterre, protesters launched fireworks at police and burned automobiles on Wednesday. The ethnically varied suburbs of France’s main cities have a deep-rooted view of police violence after police officers killed the North African boy. As fireworks exploded near police lines on Nanterre’s Avenue Pablo Picasso before midnight, overturned vehicles ignited. A police spokeswoman claimed protestors battled with police in Lille, Toulouse, Amiens, Dijon, and the Essonne administrative area south of Paris. French media reported occurrences in many other Paris-area places.…

BlackBerry (BB.TO) reported a surprise first-quarter profit on Wednesday as its cybersecurity division benefited from increasing client spending and its corporate software gained momentum in autos. Extended trading lifted the company’s U.S. shares by 5.79%. The Canadian technology business expects increased cybersecurity risks to boost demand for its cybersecurity products. BlackBerry announced a 6 cents per share profit for the quarter ending May 31, surprising analysts who expected a 5 cent loss. Refinitiv’s IBES statistics show that its $373 million revenue exceeded analysts’ $160.4 million projection. Cybersecurity business unit revenue climbed 5.5% sequentially to $93 million, while licensing and other…

On Wednesday, the Financial Times (FT) reported that Twitter’s new CEO, Linda Yaccarino, is developing a video advertisements service, recruiting more celebrities, and increasing personnel to attract advertisers who departed under Elon Musk. The newspaper stated that three sources said Yaccarino, who became CEO on June 5, will introduce full-screen, sound-on video advertising for Twitter’s new short-video stream. According to a source, she discusses a wider cooperation with Alphabet-owned (GOOGL.O) Google, encompassing advertising and Twitter data. According to the publication, Twitter wants to consolidate its contracts with Amazon.com (AMZN.O), Salesforce (CRM.N), and IBM (IBM.N) into one larger alliance. Reuters requested…

Russia’s elite feared a civil war as one of the most deadly mercenary battalions marched on Moscow. Flight tracking data and one source said some private jets left Moscow as Putin faced his toughest public threat in 23 years. If Yevgeny Prigozhin’s Wagner mercenary gang entered Moscow, they could take over the economy and force another transfer of ownership in Russia, the world’s largest natural resource supplier. When Prigozhin’s forces pulled back just over 200 km (150 miles) from Moscow, a new dread set in that Putin, enraged by his humiliation, would tighten the screws and seek revenge on those…

Two individuals with direct information said India’s antitrust regulator is reviewing Air India’s planned merger with Vistara and has asked the business why it should not be scrutinized further over competition concerns, potentially delaying the process. Last year, Tata Group bought Air India from the government. The Indian airline wants to upgrade its fleet, operations, and revenue management. In November, Tata announced it was merging Air India and Vistara to form a larger airline to compete with IndiGo (INGL.NS) and Middle Eastern carriers that dominate outbound travel from India. One of the two individuals, who declined to be named due…

According to a term sheet reviewed by Reuters, Sichuan Kelun-Biotech Pharmaceutical wants to raise $208.6 million in a Hong Kong IPO. The term sheet stated that the company sells 22.44 million shares at HK$60.60 to HK$72.80 ($7.74-$9.30) each. The corporation did not immediately respond to Reuters’ request for comment. The deal’s five cornerstone investors bought $67.3 million in shares. The term sheet states that the final price will be announced on Tuesday, and the shares will begin trading on the Hong Kong exchange on July 11.

Shop price inflation slows in June, poll reveals. A Tuesday survey revealed that British shop price inflation eased this month, relieving households from rising living costs and borrowing charges. The British Retail Consortium said that supermarket and retail chain prices jumped 8.4% in June compared to the same month last year, down from May’s 9.0% increase, the biggest since 2005. The BRC announced the second drop in retail price inflation this year in April. Food prices climbed less slowly for a second month, but at 14.6%, they continued to pressure many families. “If the current situation continues, food inflation should…

On Tuesday, the Wall Street Journal reported that the U.S. may ban A.I. chip exports to China. Nvidia (NVDA.O) and Advanced Micro Devices (AMD) (AMD.O) declined more than 2% and 1.5%, respectively, in extended trading. The report said the Commerce Department would cease shipping Nvidia and other chip firms’ chips to Chinese consumers in July. Nvidia, Micron, and AMD are U.S. chipmakers ensnared in China-Biden tensions. Nvidia claimed in September that U.S. officials requested the company to cease shipping two key A.I. computing processors to China. To comply with export controls, Jensen Huang’s Nvidia announced it would sell the A800…

Apple’s (AAPL.O) class-action lawsuit accusing CEO Tim Cook of defrauding shareholders by hiding weakening iPhone demand in China was denied by a U.S. judge. Late Monday night, U.S. District Judge Yvonne Gonzalez Rogers allowed shareholders led by a British pension fund to sue over Apple’s $74 billion one-day plummet. On Nov. 1, 2018, analyst call, Cook said, “I would not put China in that category.” On Jan. 2, 2019, Apple unexpectedly cut its quarterly sales projection by much to $9 billion, blaming U.S.-China trade concerns. Apple’s shares plunged 10% the day after its first revenue projection cut since the iPhone’s…

On Tuesday, Russia’s antimonopoly watchdog announced that Google (GOOGL.O) was penalized 4 billion roubles ($47 million) for failing to pay a previous payment for alleged misuse of its dominating video hosting industry. The latest multi-million dollar sanction in Moscow’s increasingly robust assault against international tech businesses. February 2022 penalized Google 2 billion roubles. The Federal Antimonopoly Service (FAS) at the time called YouTube’s “suspending and blocking users’ accounts and content” “non-transparent, biased and unpredictable,” TASS said. Google appealed it. Tuesday’s email to the U.S. firm went unanswered. Google’s FAS fine was quadrupled owing to non-payment. “The company must additionally pay…

Snowflake (SNOW.N), a cloud data analytics business, is teaming with Nvidia (NVDA.O) to let finance, healthcare, and retail customers construct AI models using their data. Snowflake Summit 2023 announced the partnership. “In the old days, in small data computing, you moved data to the computer,” Nvidia CEO Jensen Huang told Reuters. “But when you have giant amounts of data like Snowflake does, and the pile of proprietary data…data that’s so valuable to a company, then you move the compute to the data.” Huang said incorporating its NeMo platform for training and operating generative AI models inside the Snowflake Data Cloud…

After failing to resolve a Foxconn investment dispute, Lordstown Motors (RIDE.O) filed for bankruptcy and put itself up for sale on Tuesday. Lordstown fell 35.6% pre-market. The automaker, named for its Ohio hometown, filed for bankruptcy in Delaware and sued Foxconn. Lordstown filed a bankruptcy complaint accusing the electronics business of fraud and violating commitments in failing to invest up to $170 million in the electric-vehicle manufacturer. Foxconn spent $52.7 million in Lordstown as part of the arrangement and owned 8.4% of the E.V. maker. Lordstown claims Foxconn is not buying more of its stock as promised and deceived the…

Google wants India’s top court to overturn Android antitrust directives. Two sources said Google (GOOGL.O) had asked India’s Supreme Court to overturn antitrust directives against it for abusing the Android market. In October, the Competition Commission of India (CCI) found that Google had abused its dominant position by powering 97% of India’s 600 million cell phones with Android. It ordered Google to remove limitations on device makers, including app pre-installation and fined the U.S. business $163 million, which it paid. In March, an Indian panel overturned four of the ten instructions in the case, providing partial relief to Alphabet Inc…

UK SFO delays Glencore personnel charging decision until year-end. On Monday, the Serious Fraud Office’s attorneys told a London court that they would determine whether to charge any ex-Glencore (GLEN.L) employees with bribery by 2023. The SFO is investigating former Glencore Energy UK Limited employees for West African operations-related crimes. SFO decisions have been delayed. In October, the agency indicated it would decide on 11 Glencore employees or associates by April, although this was delayed earlier this year. At a Monday hearing at London’s Southwark Crown Court, SFO lawyer Alexandra Healy said the agency intends to decide on criminal charges…

Russia urges unity behind Putin after the failed mutiny. After mercenaries briefly took a critical command center for its Ukraine war and marched on Moscow, Russia’s prime minister declared on Monday that Russia faces “a challenge to its stability” and must unite behind President Vladimir Putin. On Monday, the Wagner Group’s weekend armed revolt ended with no apparent punishment for the culprits or their leader. The unprecedented occurrences left administrations, sympathetic and opposed to Russia, scrambling for answers. In a televised government meeting, Russian Prime Minister Mikhail Mishustin called the situation “a challenge to its stability.” “We need to act…

New York lawyers fined for using bogus ChatGPT cases in briefs. Two New York lawyers who submitted a legal brief using six ChatGPT-generated case citations were sanctioned by a U.S. judge on Thursday. Judge P. Kevin Castel in Manhattan fined lawyers Steven Schwartz, Peter LoDuca, and Levidow, Levidow & Oberman $5,000. The judge determined the lawyers committed “acts of conscious avoidance and false and misleading statements to the court.” On Thursday, Levidow, Levidow & Oberman’s lawyers “respectfully” disagreed with the court’s finding of bad faith. “We made a good faith mistake in failing to believe that a piece of technology…

Oil was marginally higher on Monday after an aborted weekend rebellion by Russian mercenaries increased concerns about petroleum supply, while markets lacked direction as investors awaited further information. Brent crude prices rose 0.4% to $74.14 from $74.80. MSCI’s Asia-Pacific shares outside Japan index (.MIAPJ0000PUS) fell to a three-week low before fluctuating. Japan’s Nikkei (.N225) fluctuated and closed flat. The safe-haven yen climbed slightly on suggestions of government intervention and a summary revealing a central bank board member advocated for a yield curve management policy debate in June. European futures increased 0.3%. On Saturday, Russian mercenaries seized Rostov and marched on…

Pakistan slammed the US and India on Friday after President Joe Biden met Prime Minister Narendra Modi at the White House; both leaders urged Pakistan to prevent extremist assaults from its territory. Pakistan’s foreign ministry called a U.S.-Indian statement “unwarranted, one-sided, and misleading.” “Contrary to diplomatic norms,” it added to the Islamabad reference. The ministry claimed it was shocked by the joint statement and has “close counterterrorism cooperation” with the US. India-Pakistan relations have been tense for years. India and Pakistan have fought three wars since 1947, two over Kashmir, a Muslim-majority Himalayan region they both claim but administer partially.…

The National Highway Traffic Safety Administration (NHTSA) announced Friday that Honda Motor (7267.T) recalls 1.2 million US vehicles due to a rearview camera image issue. 2018–2023 Odyssey, Pilot, and Passport automobiles are recalled. The rearview camera may not display due to a broken communication coaxial cable connector. Honda extended warranties for impacted vehicles in 2021. In a filing with NHTSA, the carmaker reported 273,870 warranty claims relating to the issue between May 2017 and June this year, with no recall-related injuries or deaths. Dealers will install a straightening cover over the car cable connector and an upgraded cable harness between…

Family Minister Eugenia Roccella said in a Friday interview that Italy might issue an “amnesty” to parents who had children through surrogacy after legislation criminalizing those who seek surrogates overseas. Since 2004, surrogacy has been illegal in Italy, but Prime Minister Giorgia Meloni’s right-wing government is proposing a law that would criminalize couples who employ surrogates abroad. “We’ll have to think about some kind of amnesty once we have the new law for the prosecution of, even for those who do it abroad, given that fortunately it is forbidden in Italy,” Roccella told Discovery Italia’s Nove TV program. In the…

Nasdaq (NDAQ.O) announced Thursday that it would sell $5.07 billion in debt to fund the acquisition of Thoma Bravo-owned software startup Adenza. The $10.5 billion agreement announced this month to help the exchange operator become a financial technology company includes $5.75 billion in cash and 85.6 million Nasdaq common stock. According to a release, Nasdaq sells $4.25 billion and 750 million euros ($821.33 million) senior notes. The New York-based business said it has fully committed bridge financing for the cash side of the transaction and aims to issue $5.9 billion of debt between signing and closure. Nasdaq and many of…

Jeffrey Epstein’s victims have urged a U.S. judge to preliminarily accept JPMorgan Chase’s $290 million deal to resolve charges that the largest U.S. bank ignored his sexual crimes. In a Thursday night Manhattan federal court filing, victims’ lawyers called the proposed all-cash deal with the largest U.S. bank “fair, adequate, reasonable,” considering the risks of future litigation and JPMorgan’s denial of involvement in Epstein’s sex trafficking. The payment covers women Epstein sexually abused or exploited from Jan. 1, 1998, until he died in a Manhattan jail cell on Aug. 10, 2019. Manhattan’s Jed Rakoff must approve it. JPMorgan closed Epstein’s…

Punit Goenka told the Economic Times that ZEE Entertainment (ZEE.NS) and Sony’s Indian unit (6758.T) would merge regardless of who is CEO. In 2021, Zee-Sony launched a $10 billion TV company with Goenka as managing director and CEO, but regulatory approvals are still pending. Sony said Wednesday it took the India markets regulator’s ban on Zee Entertainment’s founder and CEO from holding board posts “seriously” and will follow developments that may compromise its arrangement with Zee. The Securities and Exchange Board of India banned Zee Chairman Subhash Chandra and CEO Goenka for deliberately diverting corporate funds to the group’s associated…

The U.S. Senate Majority Chuck Schumer called for “comprehensive legislation” to progress and defend AI and will organize forums later this year. If the government doesn’t act, who will? Schumer claimed individuals and the private sector cannot safeguard the nation. In September, he promised to gather “top minds in artificial intelligence” for a “series of AI Insight Forums that will begin laying down a new foundation for AI policy.” Global governments are examining ways to reduce the risks of developing technology, and U.S. legislators are increasingly advocating swift action. Generative AI, which uses data to create content like ChatGPT’s human-sounding…

According to plant operators, Exxon Mobil Corp.’s (XOM.N) 564,440-bpd Baytown, Texas, refinery’s reformer fire was rapidly doused on Wednesday. Sources say the 65,000-bpd Hydroformer 4 fire was extinguished minutes after it started on Wednesday afternoon. Nobody was hurt. Exxon spokesman Lauren Kight said the corporation does not discuss refinery unit condition. “We’re meeting our contractual commitments,” Kight remarked.

After Secretary of State Antony Blinken met with G7 representatives in London on Wednesday, the U.S. State Department stated the G7 reaffirmed their unity and underscored the necessity for tight coordination in dealing with China. “The G7 noted the importance of close coordination on the PRC (People’s Republic of China) and reaffirmed that the G7 is more united than ever,” the State Department said. The State Department said Blinken addressed members from Canada, France, Germany, Italy, Japan, the U.K., and the E.U. on his recent discussions with Chinese leaders on the margins of a London conference. Blinken’s G7 summit came…

According to Bloomberg News, Telecom Italia (TLIT.MI) may sell a minority stake in its enterprise unit for more than 6 billion euros ($6.6 billion). Bloomberg said that the company’s CEO Pietro Labriola sent invitation letters to potential investors earlier this month to reduce its 30 billion euros ($33 billion) gross debt. Telecom Italia didn’t respond to Reuters’ request for comment. Last year, the business sold a minority stake in its enterprise service subsidiary. The enterprise business section includes the phone group’s cloud, cybersecurity, and IoT businesses. CVC Capital Partners’ nonbinding offer for up to 49% of the telecom company’s enterprise…

Rivian (RIVN.O), an electric car startup, adopted Tesla’s (TSLA.O) charging standard on Tuesday, giving Rivian customers access to the largest U.S. charging network and strengthening Tesla’s industry-standard bid. By spring 2024, Rivian customers can access 12,000 Tesla Superchargers with adapters in the U.S. and Canada. Tesla-style charging outlets will be standard on its cars by 2025. “We prefer the Tesla connector, which is more compact, and we also see it as an opportunity to leverage the charging infrastructure that they built,” Rivian CEO RJ Scaringe told Reuters. Reuters reported Tesla’s latest win. On Tuesday, BTC Power, Texas, and Hyundai Motor…

Yonhap reported that YouTube will launch its first live commerce channel in South Korea on June 30. As the Alphabet-owned (GOOGL.O) company focuses on becoming more “shoppable,” South Korea’s Naver (035420. KS)-led live-streaming commerce business is a perfect test market. The 90-day Korean-language channel will launch. According to Yonhap and other Korean media, it will first offer corporations a live-commerce platform and live-stream shopping content from roughly 30 brands. Yonhap reported it’s YouTube’s first official retail channel in any country. YouTube Korea was silent. In February, Google’s Chief Business Officer Philipp Schindler claimed “lots of potential in making it easier…

China extended a purchase tax exemption on new energy vehicles (NEVs) on Wednesday, a new economic pillar whose lackluster recovery has market analysts screaming for additional stimulus. The Ministry of Finance announced that NEVs purchased from Jan. 1, 2024, through Dec. 31, 2025, will be exempt from purchase tax up to 30,000 yuan ($4,168). The ministry stated NEVs acquired between 2026 and 2027 would have their tax halved, up to 15,000 yuan per car. NEVs—all-battery EVs, plug-in petrol-electric hybrids, and hydrogen fuel-cell vehicles—are exempt from purchase tax until 2023. At a press briefing, Vice Minister of Finance Xu Hongcai said…

Stellantis (STLAM.MI) and Foxconn (2317. TW) will design and sell vehicle electronics from 2026. SiliconAuto will offer Foxconn and other clients Stellantis and its “STLA Brain” electronic and software architecture. “SiliconAuto will provide customers an auto industry-centric source of semiconductors for the growing number of computer-controlled features and modules, particularly those needed for electric vehicles,” they said. In December 2021, Stellantis and Foxconn signed a prospective automotive semiconductor partnership. Stellantis owns Fiat and Peugeot. Semiconductors, important to low-emission and linked mobility, are in short supply worldwide. “Stellantis will benefit from a robust supply of essential components, which is critical to…

On Tuesday, 20-06-2023, Bloomberg News reported that Alphabet Inc.’s (GOOGL.O) Google had begun early talks with domestic suppliers to relocate some Pixel smartphone manufacturers to India. After China’s COVID-19 limitations slowed production, tech companies looked to India as a manufacturing hub. Foxconn (2317. TW), a supplier to Apple (AAPL.O), started making iPhones in India earlier this month. According to Bloomberg, Google has spoken to Lava International Ltd (LAVA.NS), Dixon Technologies India (DIXO.NS), and Foxconn Technology Group’s Indian unit Bharat FIH. Lava, Dixon, Bharat FIH, and Alphabet did not immediately respond to Reuters’ request for comment.

China’s Premier Li Qiang told Germany’s top CEOs that a lack of cooperation was the biggest risk during a visit to urge for deeper ties as Europe strives to minimize its dependence on Asia’s economic giant. I met with Mercedes-Benz (MBGn.DE) and Siemens Energy (ENR1n.DE) CEOs in Berlin on Monday before Chinese-German government meetings on Tuesday. On June 22–23, the premier will travel to Paris and attend a finance conference. “We should not artificially exaggerate ‘dependence’, or even simply equate interdependence with insecurity,” he warned Germany’s top corporate executives, according to Xinhua. “Lack of cooperation is the biggest risk, and…

According to a story from Bloomberg News on Tuesday, citing people familiar with the situation, Grab Holdings (GRAB.O), located in Singapore, is planning its largest round of layoffs since the pandemic. The cuts, which are expected to exceed a 2020 round that reduced personnel by 5%, or approximately 360 employees, the newspaper stated, will be disclosed as soon as this week. When reached for comment, a Grab representative in charge of media relations did not immediately react. The two employees who spoke to us on the condition that they remain anonymous stated they did not know about any upcoming layoffs.…

A senior Ukrainian government source told Reuters ahead of a gathering this week that Ukraine wants $40 billion to fund the first part of a “Green Marshall Plan” to reconstruct its economy. The two-day meeting, co-hosted by Ukraine and Britain, will debate short-term assistance and long-term restoration. Three times Ukraine’s GDP, the World Bank predicts $411 billion for rehabilitation. Ukraine has received $59 billion in foreign aid since Russia invaded in February 2022. Rostyslav Shurma, a deputy director of President Volodymyr Zelenskiy’s administration, stated the iron and steel industry would be the first rehabilitation target, costing $40 billion. In 2021,…

On Monday, a senior Russian official told TASS that Russia’s tactical nuclear weapons deployment in Belarus is permanent. In March, Russia sent tactical nuclear weapons to Belarus, a key ally that supported Moscow’s invasion of Ukraine. President Alexander Lukashenko said the weaponry arrived last month. Moscow’s first deployment of such warheads—shorter-range, less destructive nuclear weapons that could be deployed on the battlefield—outside Russia since the demise of the Soviet Union. “As for the possible time frame for the presence of Russian tactical nuclear weapons on the territory of Belarus, the Russian-Belarusian agreements do not imply any restrictions in this regard,”…

On Monday, JLR announced a partnership with supply chain mapping and risk analytics firm Everstream Analytics to integrate artificial intelligence into its system to prevent global supply concerns. JLR said its new AI technology would enable real-time supply chain monitoring and EV production protection. JLR, a company of Tata Motors (TAMO.NS), said Everstream’s technology had helped it deliver automobiles to clients without hindrance at worldwide freight ports. “Through our collaboration with Everstream Analytics, we are harnessing the power of AI to proactively manage risks before they cause disruption to production,” stated JLR’s executive director for industrial operations, Barbara Bergmeier. The…

Asian equities stall rally, eyeing China stimulus, Powell testimony. After their best weekly run in five months, Asian shares started cautiously on Monday as investors awaited China’s rate decision and U.S. Federal Reserve Chair Jerome Powell’s advice. After Wall Street’s bullish run stalled Friday, S&P 500 and Nasdaq futures were mostly flat. Futures were stable, while cash U.S. Treasuries were untraded on Juneteenth. Japan’s Nikkei (.N225) fell 0.4% after clinching a three-decade top on Friday, bolstered by the BOJ’s ultra-easy policy stance, which sent the yen to a 7-month low against the U.S. dollar. After rising 3% for the week,…

The Mainichi Shimbun reported on Sunday that support for Japanese Prime Minister Fumio Kishida’s cabinet fell 12 percentage points to 33% during a Group of Seven leaders summit in Hiroshima. After a scandal involving Kishida’s eldest son and a series of technical issues with the national identity card system, Mainichi’s weekend poll found 58% dissatisfaction, up from 46% in late May. Mainichi said Kishida government approval rose to its highest level since August 2022, last month ahead of the G7. Kishida may call a snap election before the party leadership competition next year. Sunday’s Kyodo survey revealed that support for…

Mercedes drivers will soon use ChatGPT voice control. ChatGPT is becoming mobile. Mercedes-Benz (MBGn.DE) announced Thursday that ChatGPT might power some of its luxury automobiles in the U.S. starting June 16. After drivers opt-in via a Mercedes app or voice command, ChatGPT will download over the air to around 900,000 vehicles having “MBUX” systems. Mercedes will observe drivers’ technology use for three months. Mercedes said ChatGPT would make its auto system’s responses sound more natural and allow drivers to ask about destinations or dinner. Drivers and passengers may previously speak about demands like seat warmers. Microsoft (MSFT.O) is profiting from…

The China-led Asian Infrastructure Investment Bank (AIIB) said it would assist with a Canadian government examination prompted by a top employee’s resignation over Chinese Communist Party involvement. On Wednesday, Canadian-born AIIB global communications chief Bob Pickard resigned. Ottawa froze relations with the bank hours later while investigating the allegations. The bank said it “welcomes” Ottawa’s review into Pickard’s “baseless” charges and will launch its internal review, overseen by General Counsel Alberto Ninio, into Pickard’s resignation. “We welcome this review and will be cooperating fully,” vice president Ludger Schuknecht said in a Thursday press release. “Transparency is essential to the trust…

US, Iran discuss ‘agreement’ to de-escalate tensions. Iranian and Western officials stated the U.S. is negotiating with Iran to curb its nuclear program, release some detained Americans, and unfreeze certain Iranian assets overseas. These moves would be presented as an “understanding” rather than an agreement requiring congressional review, where many oppose handing Iran benefits due to its military aid to Russia, domestic repression, and support for proxies that have attacked U.S. interests in the region. After failing to resurrect a 2015 Iran nuclear deal, Washington aims to restrain Iran to prevent it from obtaining a nuclear weapon that could threaten…

On Friday, U.S. memory chipmaker Micron (MU.O) announced investing 4.3 billion yuan ($603 million) in its Xian chip packaging factory. China’s cyberspace authority announced last month that the US’s largest memory chipmaker had failed a network security examination and would prevent operators of important infrastructure from buying from the company. Micron’s Friday WeChat statement didn’t mention the review’s decision. “This investment project demonstrates Micron’s unwavering commitment to its China business and team,” CEO Sanjay Mehrotra said. Micron said it will buy packaging equipment from a Xian subsidiary of Taiwan’s Powertech Technology Inc (6239. TW), which it has used in production…

Oil falls as China’s economy falters in May. In May, China’s industrial output and retail sales growth missed predictions, confirming fears about a lackluster economic recovery in the world’s top oil importer. By 0400 GMT, Brent crude futures fell 21 cents to $72.99. WTI slipped 20 cents, or 0.3%, to $68.07 a barrel. After the U.S. Federal Reserve projected further rate hikes this year, both benchmarks sank 1.5% on Wednesday amid concerns that higher interest rates will slow the economy and lower oil consumption. On Thursday, China’s economic comeback slowed, raising demand concerns. As manufacturers struggled with poor domestic and…

On Thursday, Australia announced it would draft legislation to cancel Russia’s lease to build a new embassy in Canberra. The federal court concluded last month that the National Capital Authority’s eviction notice was unlawful, ending a long-running lawsuit over the leased land. “The government has received very clear security advice as to the risk presented by a new Russian presence so close to parliament house,” Prime Minister Anthony Albanese told reporters. “To be clear, today’s decision is one taken in the national security interests of Australia.” Albanese said his government promptly prevented the leased property from becoming an official diplomatic…

Former President Donald Trump’s 2024 White House campaign reported raising $7 million since being indicted on federal charges last week. His message of political persecution continues to connect with die-hard fans. “President Trump Raises Over $6.6 Million and Counting Since Deranged Jack Smith Announced Political Prosecution,” Trump’s team emailed supporters on Wednesday. Digital fundraising raised $4.5 million, and a Tuesday donor luncheon at Trump’s Bedminster Club in New Jersey raised $2.1 million. Since Thursday’s indictment, Trump’s spokeswoman told Reuters that fundraising had exceeded $7 million. After leaving the White House and plotting to hinder a federal investigation, Trump was charged…

Stocks stagnate as U.S. rates rise for longer. After the U.S. Federal Reserve decided not to raise interest rates for the first time in 17 months, Asian markets paused near two-month highs, and the currency fell. Chair Jerome Powell said the Fed needed more economic data to decide what to do next. Short-term U.S. yields rose as committee members forecast two more 25 basis point raises this year, ending bets on 2023 cuts. After the decision, the euro reached a one-month high of $1.0865 and is now at $1.0826, awaiting a European Central Bank meeting later in the day where…

HSBC (HSBA.L) and Standard Chartered (STAN.L) are among lenders under pressure from Hong Kong’s banking regulator to accept crypto exchanges as clients, the Financial Times said on Thursday, citing three sources. According to the newspaper, the Hong Kong Monetary Authority (HKMA) questioned UK-based lenders and the Bank of China last month about why crypto exchanges were not allowed as clients. HSBC, Standard Chartered, and the HKMA did not immediately respond to Reuters requests for comment. The HKMA wrote to lenders on April 27 that diligence on potential customers should not “create undue burden,” especially “for those setting up an office…

Binance CEO Changpeng Zhao stated that the exchange hadn’t sold Bitcoin or Binance Coin. Binance Holdings Ltd., known as Binance, runs the largest cryptocurrency exchange by daily trading volume. Changpeng Zhao, a high-frequency trading developer, started Binance in 2017. The U.S. Securities and Exchange Commission filed 13 allegations against Binance, Zhao, and its ostensibly independent U.S. exchange operator last week. After a spate of meltdowns, including the collapse of Binance’s main competitor FTX last year, the lawsuits against Binance and Coinbase Global (COIN.O) have raised concerns that the crypto market’s struggle may continue. After the SEC’s action, Binance Coin lost…

BYD’s sole agent announced on Wednesday that two showrooms and a service center in Hong Kong have reopened after being vandalized earlier this week. BYD’s Hong Kong sole agent JC Motor Ltd said restoration work on another showroom in Yuen Long, New Territories, would be finished by the end of the week. “The incidents have been reported to the police, and we will cooperate with the investigation and await the police conclusion,” JC Motor warned. It noted that its showrooms in Wan Chai on Hong Kong Island, Tsim Sha Tsui in Kowloon, and its service center in Tin Shui Wai…

On Tuesday, Tyson Foods (TSN.N) announced it would lay off 228 corporate employees in Illinois who refused to move to its Arkansas headquarters to decrease expenses. According to the state, Tyson will lay off 177 downtown Chicago workers and 51 suburban Downers Grove workers on July 31. Last October, Tyson announced a corporate office consolidation with 500 employees. As Tyson faces high cattle prices and declining meat demand from cash-strapped consumers, employees have rebelled and departed for other work. Tyson said the 228 laid off are individuals who stayed until the Chicago and Downers Grove locations closed. The company said…

An AWS executive told Reuters that Amazon Web Services (AMZN.O), the world’s largest cloud computing company, may use AMD’s new artificial intelligence chips. AMD announced its AI plan at an event where Nvidia Corp (NVDA.O) dominates. After AMD did not reveal a headline customer for their AI processor due later this year, shares fell. In interviews with Reuters, AMD CEO Lisa Su described a strategy to win over major cloud computing customers by offering a menu of all the pieces needed to build systems to power services like ChatGPT, letting customers pick and choose using industry standard connections. “We’re betting…

Following U.S. inflation figures, the Indian rupee is projected to open higher on Wednesday. Non-deliverable forwards suggest the rupee will open at 82.22–82.24 to the U.S. dollar, down from 82.3675. The CPI rose 4% in May, down from 4.9% in April. Some Fed officials have requested a pause after mixed job market data this month. After the CPI report, June Fed rate rise probabilities dropped to 8% from 25% on Tuesday. The dollar index held a three-week low on Tuesday, while the two-year U.S. yield dipped marginally in Asia after surging to its highest since March 10. We expect a…

Co-founder Jack Dorsey said India threatened to shut down Twitter unless it restricted accounts critical of the government’s handling of farmer demonstrations, which Prime Minister Narendra Modi’s ministry labeled an “outright lie.” On Monday, Dorsey, who resigned as Twitter CEO in 2021, said India threatened the business with employee raids if it would not comply with government requests to remove tweets. “It manifested in ways such as: ‘We will shut Twitter down in India,’ which is a very large market for us; ‘we will raid the homes of your employees,’ which they did; And this is India, a democratic country,”…

Kishida unveils new child care plan amid election rumors. On Tuesday, Japanese Prime Minister Fumio Kishida will announce steps to boost the birthrate by raising payouts to families with children. The introduction of his flagship initiative comes amid market speculation that Kishida may dissolve parliament this week and hold a snap election, which might increase the ruling party’s calls for massive spending. Analysts think Kishida, who came to office in October 2021, wants to strengthen his party’s grip on power ahead of a leadership vote in September. Kishida’s press conference may help his party win over voters with promises of…

Toyota announces battery and EV innovations. Toyota Motor (7203.T) will use high-performance, solid-state batteries, and other technologies to increase electric car range, performance, and cost. The Japanese carmaker plans to launch next-generation batteries in 2026 to attract customers with longer driving ranges and faster charging periods. 2027–2028, it plans to commercialize a mass-production process for solid-state batteries. The revelation, which came a day before Toyota’s annual shareholder’s meeting when strategy and governance will be scrutinized, was the automaker’s biggest exposure of its strategy to compete in the fast-growing EV market, where it has lagged rivals. Toyota stock rose 4.45% to…

Bargain hunting lifted oil prices on Tuesday, but investors remained cautious ahead of crucial Fed and central bank policy meetings. By 0340 GMT, Brent crude futures rose 52 cents, or 0.7%, to $72.34. WTI crude rose 35 cents to $67.47. Both benchmarks dipped roughly $3 a barrel on Monday after experts noted expanding global supplies, concerns about demand growth ahead of critical inflation data, and a two-day Fed monetary policy meeting ending on Wednesday. “Some investors looked for bargains after the previous day’s heavy selling while others held back their positions with speculation that Saudi Arabia may cut production further,”…

According to sources, the $61 billion acquisition of VMware (VMW.N) by U.S. chipmaker Broadcom (AVGO.O) is expected to receive conditional EU antitrust approval. People said Broadcom’s interoperability remedies to rivals to satisfy competition issues are connected to the European Commission’s clearance. Broadcom and the EU antitrust watchdog, which will rule on the merger by July 17, declined to comment. One of the solutions targets Marvell Technology’s Fibre Channel Host-Bus Adapters (FC HBAs). Marvell Technology did not respond to a request for comment. FC HBAs connect servers to storage on a storage-area network via a switch using the fiber channel protocol.…

On Monday, BioNTech (22UAy.DE) will defend itself against a German woman’s complaint alleging side effects from its COVID-19 vaccination, the first of potentially hundreds. The woman, who is not revealing her name under German privacy law, is suing the German vaccine maker for at least 150,000 euro ($161,500) in damages for bodily harm and unspecified material damage, according to the Hamburg regional court and law firm Rogert & Ulbrich, which is representing her. She alleges the immunization caused upper-body pain, swelling extremities, exhaustion, and sleeping disorders. Monday’s hearing begins. Tobias Ulbrich, a lawyer at Rogert & Ulbrich, told Reuters he…

On Monday, UBS (UBSG.S) completed its emergency takeover of Credit Suisse (CSGN.S), establishing a $1.6 trillion Swiss bank with stronger wealth management. In a Swiss newspaper open letter, UBS CEO Sergio Ermotti and Chairman Colm Kelleher stated, “this is the start of a new chapter” on the biggest banking merger since the 2008 global financial crisis. UBS, the world’s largest wealth manager, will lead important markets with $5 trillion under management. Credit Suisse’s 167-year history of scandals and losses ends with the merger. UBS will slash employment to take advantage of synergies and save expenses, although the two banks employ…

A letter seen by Reuters from an Indian organization representing Netflix, Amazon, and Disney informed the government its new cigarette warning requirements are impractical to apply for streaming giants and will restrict content creators’ freedom of speech. The Indian health ministry ordered streaming companies to embed static health warnings during smoking scenes within three months last month as part of its anti-tobacco campaign. At the opening and middle of each program, India requires at least 50 seconds of anti-tobacco disclaimers, including an audio-visual. The three companies and Indian billionaire Mukesh Ambani’s streaming platform JioCinema was recently in a private discussion…

Canada extends Ukraine’s tariff-free order and restricts access to protected farm sectors. On Friday, Canada renewed Ukraine’s tariff-free access for most commodities but tightened access for eggs, poultry, and dairy, supply-managed industries. Finance Minister Chrystia Freeland said tariff assistance for Ukrainian goods like steel, which began a year ago, would continue to help Kyiv fight Russia for another year. That measure applied to non-free trade agreement items. The government’s decision to extend trade access on Friday tested Canada’s support for Ukraine. Canadian poultry and egg growers and processors complained that Ukraine’s access made import control tougher, raising concerns about Ukrainian…

Meta showed its new generative AI capabilities for Instagram, WhatsApp, Messenger, and internal use this week. At an all-hands meeting, Meta CEO Mark Zuckerberg announced several AI technologies in development, including AI chatbots for Messenger and WhatsApp, AI stickers, and other tools for photo editing in Instagram Stories, as well as internal-only products like an AI productivity assistant and an experimental interface for interacting with AI agents powered by Meta’s large language model LLaMA. Axios originally reported on consumer-facing AI assistants and photo editing tools. The bigger talk covered several areas where Meta is developing AI technologies and its predictions…

On Friday, the U.S. and five allies condemned economic coercion in trade practices in a joint proclamation that appeared to target China. Australia, Britain, Canada, Japan, and New Zealand issued the declaration with the U.S., stating that “trade-related economic coercion and non-market-oriented policies and practices” undermined the multilateral trading system and “harms relations between countries.” Last month, the Group of Seven leaders committed to a new campaign to oppose economic coercion and pledged to ensure that any players attempting to weaponize economic dependence would fail and suffer consequences. America, Britain, Japan, and Canada are G7 members. The countries were concerned…

On Friday, Russia claimed significant fighting in southern and eastern Ukraine, while Kyiv remained silent about its long-awaited offensive. No impartial reporting from the front lines made it impossible to assess Ukraine’s operation or whether it was penetrating Russian defenses to expel occupying forces. Ukraine’s counter-offensive may entail thousands of Western-trained and equipped troops. Russia, which had months to build its defenses, has survived strikes since the week began. Kyiv has yet to start its primary effort. On Friday, pro-war Russian bloggers reported violent skirmishes on the Zaporizhzhia front at Orikhiv, near the midpoint of the “land bridge” linking Russia…

Toyota (7203.T) announced Thursday that it would invest $328 million in a plant in Guanajuato, Mexico, to adjust its production processes for a new hybrid Tacoma pickup truck. “The new version of the ‘Mexican pickup’ will be hybrid electric, which means Guanajuato will now form part of the company’s electrification production strategy,” Toyota said. It said that the cash would assist in adapting new Tacoma manufacturing for North America. It said that since announcing the facility, Toyota had invested nearly $1.2 billion in Guanajuato and created over 2,500 jobs. Guanajuato governor Diego Sinhue visited Japan before the announcement. As pollution…

Ex-minister asks Beijing to set global EV battery standards. On Friday former industry minister said China should standardize electric vehicle (E.V.) battery regulations to stay ahead of the U.S. and Europe in the fast-growing industry. “Europe and the United States are ramping up efforts to develop local battery makers, while protectionism has resurfaced,” Miao Wei told the World Power Battery Conference in Yibin, China’s southwestern metropolis, where policymakers and industry executives were present. He said it was necessary and important to standardize electric vehicle battery specs and sizes to maintain China’s market leadership. Miao is the deputy director of an…

Congress will debate two new AI measures. U.S. senators presented two bipartisan artificial intelligence legislU.S.n on Thursday amid growing concern over the technology. One would force the U.S. govU.S.ent to be transparent when using AI to enA.I.ge with people, and another would establish an office to examine if the US is coU.S.itive in new technologies. AI is prA.I.pting lawmakers to consider new laws. ChatGPT, a writing-based AI tool, A.I.rabbed news earlier this year. Senators Gary Peters, a Democrat who chairs the Homeland Security committee, Mike Braun, and James Lankford, Republicans, presented a bill requiring U.S. govU.S.ent entities to notify citizens…

Dollar falls after jobless claims rise; Fed in spotlight. After a jump in weekly unemployment claims raised hopes that U.S. interest rates were nearing a peak, the dollar fell on Friday, pulled down by lower U.S. Treasury yields. The focus switched to the forthcoming week of central bank meetings. Last week, the number of Americans filing new claims for unemployment benefits rose to the highest in more than 1-1/2 years. However, the data spanned the Memorial Day vacation, which could have injected some volatility. However, investors interpreted the data as a sign of a slowing U.S. labor market, sending the…

Yandex (YNDX.O), a Russian internet company, announced Thursday that it would retain its Nasdaq Stock Exchange listing if it restructures and sells its Russian division by 2023. Yandex, known as “Russia’s Google,” is making headway on a corporate reorganization plan to divest ownership and management of core, Russia-based businesses in one of Russia’s biggest corporate deals this year. Last month, three sources told Reuters that Russian billionaires Vladimir Potanin, CEO and largest shareholder of metals giant Nornickel (GMKN.MM), and Vagit Alekperov, co-founder and major shareholder of oil giant Lukoil (LKOH.MM), are among the bidders for assets valued at $14 billion.…

The U.K. government said Prime Minister Rishi Sunak and U.S. President Joe Biden would discuss artificial intelligence safety at their Thursday meeting ahead of a global summit later this year. The British government stated that the summit would explore A.I. concerns, especially frontier systems, and how to minimize them internationally. The event date was unknown. British and U.S. sources said Biden and Sunak would meet for a fourth time in as many months on Thursday to coordinate their approaches on important and emerging technologies to bolster their economic security. The British government said Palantir Technologies, which employs over 800 people…

Asian stocks fall as Fed rates worry traders. On Thursday, a surprise Bank of Canada interest rate hike raised concerns that U.S. rates could stay higher longer and the Federal Reserve could remain hawkish next week. MSCI’s broadest Asia-Pacific index outside Japan (.MIAPJ0000PUS) declined 0.48%, while Japan’s Nikkei (.N225) fell 1%. S&P/ASX 200 (.AXJO) fell 0.29%. Eurostoxx 50 futures were down 0.30%, DAX futures fell 0.31%, and FTSE futures fell 0.06%. On Wednesday, Canada raised its overnight rate to a 22-year high of 4.75% to temper an overheating economy and soaring inflation. Since January, the BoC has been on hold…

Citigroup CEO promises Beijing China expansion. During her first visit to China as Citigroup (C.N.) CEO this week, Jane Fraser, said the bank would continue to develop in China amid Beijing’s effort to recruit more foreign capital. The National Financial Regulatory Administration (NFRA) said on Wednesday that Fraser met with the head of China’s new financial regulator on Monday. According to the NFRA release, Fraser and accompanying executives are “fully confident in China’s economic and financial growth,” Citi “will play to its strength and continue to expand its business in China.” Her first visit to China since becoming CEO in…

The EU may ban Huawei’s 5G use. On Tuesday, the Financial Times reported that the EU may restrict member states from adopting Huawei Technologies Co Ltd. in their 5G networks. The officials told the newspaper that Brussels is concerned about certain national governments postponing action. EU and Huawei did not immediately answer Reuter’s inquiries. In 2020, the EU indicated member states might restrict or exclude high-risk 5G providers like Huawei from core telecoms networks, resisting Washington’s call for a ban on Chinese telcos. According to the article, EU internal market commissioner Thierry Breton told telecoms ministers last Friday that barely…

On Wednesday, two sources told Reuters that Goldman Sachs Group (GS.N) will open a Tokyo power derivatives desk. Generators, customers, and distributors are trading more in the Japanese power market, which was opened in 2016 after the 2011 Fukushima nuclear disaster. More global energy businesses and banks are seeking entrance. After Russia invaded Ukraine, electricity prices became more volatile, increasing trading interest in Japan’s power futures markets, according to insiders, electricity suppliers and buyers needed to hedge more during the power crisis. According to anonymous reports, Goldman Sachs has hired Tokyo traders. Goldman Sachs’ representative rejected the comment. The European…

Zara owner Inditex (ITX.MC) reported a 54% increase in first-quarter profit on Wednesday as sales kept pace after a successful 2022 beating other stores during a cost of living crisis. The world’s largest fast fashion firm announced a net profit of 1.16 billion euros ($1.24 billion) for the April quarter, topping Refinitiv analysts’ average projections of 980 million euros. Last week, Inditex’s market value reached 100 billion euros ($107 billion), yet cost pressures like a 20% increase in Spanish store workers’ average earnings make it difficult to maintain prices low. In the first quarter, in-store and online sales grew 13%…

Due to the “strange” company structure, OpenAI CEO has no IPO plans. At an Abu Dhabi conference, OpenAI CEO Sam Altman stated the Microsoft-backed startup behind ChatGPT has no intentions of going public. “When we develop super intelligence, we are likely to make some decisions that most investors would look at very strangely,” Altman remarked. “I don’t want to be sued by… public market, Wall Street etc, so no, not that interested,” he answered when asked if he would take OpenAI public. OpenAI has secured $10 billion from Microsoft (MSFT.O) at a valuation of over $30 billion to create processing…

Ford Motor Co. (F.N) appointed Liz Door as its chief supply chain officer on Tuesday amid parts shortages and escalating prices. Starting June 12, the hiring comes as the business forecasts a challenging 2023 due to chip shortages, supply chain difficulties, and production instabilities. Since September, CFO John Lawler has been temporary. The door was Whirlpool’s worldwide strategic sourcing executive VP until recently. She was GMN’s worldwide purchasing and supply chain executive. “Door comes to Ford at a time when improving quality and reducing costs, including through the supply chain, are high priorities and vital to realizing the full potential…

On Tuesday, financial network Calastone reported that U.K. investors bought money market funds at the fastest rate since last year’s failed “mini-budget.” Calstone’s fund flow index indicated net inflows to money market funds of 419 million pounds ($521 million), the highest since October 2022, when then-prime minister Liz Truss announced short-lived economic plans. Environmental, social, and corporate governance equity funds lost 304 million pounds, the lowest month on record. Calastone said May was the second month with net selling in over five years. After several banks collapses, money market funds worldwide have witnessed enormous inflows, particularly in the U.S. “Money…

Associated British Foods (ABF.L), which owns Primark and other sugar, food, and ingredients companies, will buy dairy technology startup National Milk Records for 48 million pounds ($59.7 million) to boost its agri-food segment. Primark generates half of AB Foods’ 17 billion pounds in revenue. On Tuesday, AB Foods said NMR’s dairy expertise would help build its agriculture business by integrating data and technological platforms to help British farmers make more money. “NMR is a high-quality business which is extremely complementary and additive to our dairy strategy and offering to the dairy industry,” said the head of Jose Nobre, AB Foods’…

Oil falls as the global economy outweighs Saudi output decrease. Oil prices fell early on Tuesday as global economic fears overcame supply worries after Saudi Arabia announced its biggest output cut. Brent crude futures fell 51 cents to $76.20 by 0506 GMT. West Texas Intermediate dropped 54 cents to $71.61. At the weekend, Saudi Arabia, the world’s largest exporter, said that its output would decline by 1 million barrels per day (bpd) to 9 million bpd in July, sending Brent and U.S. crude prices up. However, the benchmarks ended the day with smaller gains. “Oil prices are still in a…

Analysts and media, including Reuters, tried Apple Inc.’s $3,499 Vision Pro headset on Monday. The device is not yet ready for mass production: a test drive requires a setup session with Apple employees and a short visit with a vision specialist to check the headset fits and works properly. In addition, the price may deter Apple fans and corporate customers. Instead of starting with a consumer version and working up to a “Pro” model, Apple is starting with the premium tier and hopes to lower pricing as the technology matures, said Carolina Milanesi, an analyst at Creative Strategies. Apple announced…

Five sources told Reuters that Elon Musk’s brain implant business Neuralink, estimated at close to $2 billion in a private fundraising round two years ago, is now worth around $5 billion based on secretly completed stock trades. The sources claimed enthusiastic investors bought shares in recent months before Neuralink’s May 25 statement that U.S. regulators had approved a brain chip human study. Experts say Neuralink may need years to get commercial use approval. However, former NIH neural engineering program director Kip Ludwig “optimistically” projected Neuralink to commercialize its brain implant in at least ten years. The corporation also faces federal…

United Airlines CEO worries about rivals crossing Russia. On the sidelines of an aviation conference in Istanbul, United Airlines (UAL.O) CEO Scott Kirby told reporters that competing airlines flying over Russia is a huge issue. Kirby is concerned about American Airlines flying over Russia and diverting to a Russian airport due to medical or technical issues. What happens if a plane with famous Americans lands in Russia? That might cause trouble. He suggested solving it before the crisis. In retaliation for Washington prohibiting Russian aircraft from the U.S. in March 2022 after Russia invaded Ukraine, Russia has prevented the U.S.…

U.K.’s FTSE 100 starts week up on energy boost; ASOS surges. Energy industries lifted the U.K.’s FTSE 100 on Monday after Saudi Arabia threatened to restrict supplies. In addition, ASOS had its best day in over two weeks after an Alibaba-backed rival reportedly bid for the store. Following Saudi Arabia’s vow to decrease output by 1 million barrels per day from July, oil prices rose, and the resource-heavy FTSE 100 (.FTSE) gained 0.4%. Energy businesses (.FTNMX601010) rose 1.1%. ASOS PLC (ASOS.L) rose 5.9% after a Turkish retailer backed by Alibaba Group Holding Ltd (9988. H.K.) reportedly bid for the U.K.…

Volvo automobiles (VOLCARb.ST) sold 60,398 automobiles in May, up 31% year-over-year. The 31% increase follows a difficult 2022, when COVID-19 lockdowns in China, chip shortages, and other supply bottlenecks impeded output. Sales have been rising for Volvo, majority-owned by China’s Geely [RIC:RIC: GEELY.UL], since 2022’s failures. Still, high prices worry automakers. The corporation had to lay off 1,300 workers to cut costs. It also delayed its completely electric SUV until May 2024. Volvo Cars reported 40% growth in Europe, 49% in China, and 14% in the US.

In a May speech, an RBI deputy governor recommended that Indian bank boards address governance issues, including risk management and customer and market conduct. At a May conference of state-run and private bank directors, M Rajeshwar Rao advised boards to create management goals and require risk management reports. The speech was posted on the Central Bank website Monday. RBI Governor Shaktikanta Das and Deputy Governor M.K. Jain urged banks to comply and rule in the same conference. Following the US bank crises, the RBI has urged banks to tighten governance to avoid financial instability. “Boards should ensure that management is…

Chinese media downplays U.S. diplomat’s Beijing visit. A Chinese state-backed tabloid criticized a top U.S. State Department official’s travel to China as Washington’s attempt to portray itself as the side seeking communication. The Global Times reported late Sunday that Chinese experts believe the U.S. has been sending a “goodwill message” to the world that it is seeking communication with China and blaming China for the lack of communication. The harsh comments coincided with the arrival of Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink in Beijing, who the State Department said will discuss “key issues in…

On Monday, a private-sector survey revealed that China’s services activity increased in May as new orders supported a consumption-led economic recovery in the second quarter. May’s Caixin/S&P Global services PMI rose to 57.1 from 56.4 in April. Activity expands or declines at 50. The official PMI showed slower services sector growth last week. Some economists predict that slower income growth and rising unemployment may reduce pent-up demand for in-person services, causing policymakers to struggle with weak overseas demand and an uneven post-COVID rebound. Last month’s first May Day holiday after China’s COVID reopening boosted hotel, restaurant, and travel agency orders,…

Saudi Arabia will cut output deeply in July as part of an OPEC+ plan to curb supplies into 2024 to support oil prices. Saudi Arabia’s oil ministry said July output would decline to 9 million barrels per day (bpd) from 10 million in May, the greatest drop in years. “This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz told a news conference. “Ice the cake.” Always build suspense. We don’t want people to predict us… Stabilize this market”. OPEC+, which includes the Organization of the Petroleum Exporting Countries and Russia, pumps 40% of the world’s crude. Therefore its policies…

Asian markets extend global gain; Saudi cuts boost oil prices. After mixed U.S. jobs data, Asian markets extended a global surge on Monday as Saudi Arabia pledged major output cutbacks in July. Brent oil rose $1.82, or 2.4%, to $77.95, while U.S. crude rose $1.77, or 2.4%, to $73.51. China’s faltering economic recovery has weighed on oil prices. Saudi Arabia dropped its output to 9 million barrels per day in July from 10 million bpd in May, the greatest decrease in years, and a broader OPEC+ accord to curb supplies beyond 2024 also supported markets. “With Saudi Arabia protecting oil…

OPEC+ meetings may agree to more output curbs. As oil prices fall and a supply glut looms, OPEC and its allies begin two days of negotiations on Saturday that may result in production cuts of up to 1 million barrels per day, OPEC+ sources told Reuters. OPEC+, the Organization of the Petroleum Exporting Countries and allies led by Russia, produces 40% of the world’s crude. Therefore its policies can affect oil prices. On Friday, three OPEC+ sources told Reuters that cuts were being considered for Sunday’s Vienna meeting at 2 p.m. (1200 GMT). Saturday’s 11 a.m. OPEC ministerial meeting precedes…

On Friday, U.S. President Joe Biden called a “crisis averted” after a plan to postpone the debt ceiling passed. Biden urged Americans to unite, citing his deal with senior Congress Republican Kevin McCarthy. “No matter how tough our politics gets, we need to see each other not as adversaries but as fellow Americans,” he added. “Stop shouting, lower the temperature and work together to pursue progress.” Biden, a Democrat, said he would sign the package into law on Saturday, ending months of uncertainty and preventing a first-ever U.S. default on June 5. It was crucial to strike an agreement, and…

Exclusive: Barclays CEO to stop US talent flight. According to sources, Barclays CEO C.S. Venkatakrishnan hosted a virtual town hall this week to address managerial changes that have caused approximately two dozen U.S. investment bankers to leave recently. According to Reuters, the bankers joined rivals Citigroup Inc (C.N.), UBS Group AG (UBSG.S), and Jefferies Financial Group Inc (JEF.N). Venkatakrishnan’s participation shows the British bank’s pressure to maintain its U.S. investment banking brand. In the first quarter of 2023, Barclays fell to 14th from sixth in Refinitiv’s Americas mergers and acquisitions league table, even as it rose from ninth to fifth…

Investors are suing Tesla Inc (TSLA.O) CEO Elon Musk for insider trading and manipulating Dogecoin, costing them billions. In a Wednesday night Manhattan federal court filing, investors said Musk utilized Twitter tweets, paid internet influencers, his 2021 “Saturday Night Live” visit, and other “publicity stunts” to trade advantageously at their cost through numerous Dogecoin wallets he or Tesla controlled. After replacing Twitter’s blue bird emblem with Dogecoin’s Shiba Inu dog design, Musk sold $124 million of Dogecoin in April, raising its price by 30%, investors say. The suit alleged Musk’s “deliberate course of carnival barking, market manipulation and insider trading”…

RBA should keep rates at 3.85% in June but may hike soon. Despite inflation well above the target range, a Reuters poll of economists found that Australia’s central bank will retain its key interest rate at 3.85% on Tuesday. Financial markets and most analysts were surprised last month when the Reserve Bank of Australia (RBA) hiked rates after pausing in April. RBA Governor Philip Lowe told legislators, “We’ve got work to do there” since inflation has yet to fall to the RBA’s goal range of 2% to 3%. 21 of 32 analysts predicted the RBA would keep its official cash…

California, New York pensions reject Toyota chairman. Shareholder voting records showed that two top U.S. public pension systems voted against Akio Toyoda’s re-election, focusing on the automaker’s annual meeting later this month. According to fund postings, CalPERS and the New York City Comptroller voted for a resolution demanding Toyota disclose its climate change lobbying. Last week, two big proxy advice companies expressed governance concerns at the automaker, prompting the voting. Glass Lewis advised shareholders against re-electing Toyoda, citing his role in the lack of an independent board. Toyota did not comment on Toyoda’s defeat on Friday. Climate groups and green…

Ukraine claimed it downed over 30 missiles and drones. On Friday, Ukrainian soldiers in Kyiv said they shot down more than 30 Russian missiles and drones overnight and injured two people with falling debris before lifting air raid alerts over much of the nation. Since May, Russia has fired 20 missiles and drones toward Ukrainian cities. On Telegram, Kyiv military authorities claimed Russia launched drones and cruise missiles simultaneously. “According to preliminary information, more than 30 air targets of various types were detected and destroyed in the airspace over and around Kyiv by air defence forces,” they said in a…

Dollar gains as House adopts U.S. debt bill, euro dives ahead of inflation. After the U.S. House voted to postpone the debt ceiling, the dollar fell from a two-month high as investors reduced wagers the Federal Reserve would hike interest rates this month. Before euro zone inflation statistics at 0900 GMT, the euro dipped. On Wednesday, a divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling, and attention now turns to how it will fare in the Democratic-led Senate just days before the federal government runs out of money. “Our view is that… the…

Shares rise on U.S. debt bill passage; Fed delays chatter. Global shares jumped Thursday as predictions for a U.S. rate hike. However, this month fell, and the House passed a debt ceiling suspension bill. A divided House passed a package to suspend the $31.4 trillion debt ceiling and avoid a catastrophic default with majority backing from Democrats and Republicans, raising hopes that it can clear the Senate before the weekend. After ending at a two-month low, the Euro STOXX 600 index (.STOXX) rebounded 0.8%. S&P 500 e-Mini futures rose 0.2%. The U.S. law lifts the federal borrowing limit until January…

After Russia invaded Ukraine, BRICS foreign ministers are convening in South Africa from Thursday to provide a counterweight to Western geopolitical domination. The negotiations precede an August conference in Johannesburg that may include Russian President Vladimir Putin, who the ICC wants. It accused him of war crimes in March by forcibly deporting children from Russian-occupied Ukraine. Moscow rejects them. South Africa invited Putin in January. According to South African officials, Brazil, Russia, India, and South Africa’s foreign ministers will attend Thursday’s Cape Town meeting. China’s deputy minister. Analysts suggested negotiations will enhance links among existing members and examine group enlargement.…

NATO watches Moldova’s sky while European leaders meet. As Kyiv prepares a counteroffensive against Russia’s invasion, NATO will monitor Moldova’s skies. The EU’s 27 member states and 20 other European countries meeting at a castle in Moldovan wine country 20 kilometers (12 miles) from Ukrainian territory provides a security and organizational dilemma for a 2.5 million-person country squeezed between Ukraine and NATO member Romania. According to NATO, AWACS surveillance planes will monitor the summit site through Friday. Since Russia invaded 15 months ago, Moldova has repeatedly uncovered Ukrainian missile debris. “NATO AWACS can detect aircraft, missiles, and drones hundreds of…

On Wednesday, Ryanair (RYA.I) delivered a petition signed by 1.1 million EU passengers to the European Commission urging that overflights be protected against air traffic control (ATC) strikes, notably in France. CEO Michael O’Leary told reporters that local strikes disrupted and polluted flights traveling through French airspace. Our flights are full for the June 6-7 French strike. Therefore we’re canceling. This is easily fixed. “Other member states have overflight laws,” O’Leary added. Ryanair asked the Commission to preserve 100% of overflights, impose a 21-day strike notice and 72-hour notification of employee participation in ATC strikes, and more. Europe’s largest airline…

JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said the U.S. and China need “real engagement” to tackle their complex security and trade issues. “Yelling at each other across the Pacific won’t fix these things.” “So I’m hoping we have real engagement,” Dimon said at the three-day JPMorgan Global China Summit in Shanghai when asked about Sino-U.S. decoupling. Dimon is on his first visit to China since the COVID-19 outbreak began and since he quipped in 2021 that JPMorgan would outlast China’s Communist Party, triggering fury in China and regret. The CEO of the largest U.S. bank said security and…

On Wednesday, the central bank president advocated a minimum wage to tackle social inequality, saying Italian wages have seen some of the weakest real growth in Europe over the past 25 years. In a high-profile lecture, Bank of Italy Governor Ignazio Visco, who leaves this year, emphasized how well-managed migration could offset the economic effects of Italy’s low birth rate over the next two decades. At the weekend, Prime Minister Giorgia Meloni’s right-wing cabinet said a minimum wage was great but could backfire. Visco opposed. Visco criticized Italy’s short-term contract system, which has increased employment but decreased salaries. 20% of…

A British consortium that includes Glencore (GLEN.L) will spend $9 billion in Indonesia’s mining and electric vehicle (EV) battery sectors, a minister said on Wednesday, as the resource-rich nation seeks to attract multinational corporations. Indonesia, which possesses the world’s largest nickel reserves, wants to create downstream businesses to make batteries and automobiles for the major electric car manufacturers. Investment Minister Bahlil Lahadalia said the $9 billion would be used to build a wind-powered industrial park in Bantaeng, Sulawesi, by September. The ministry said the British collaboration includes Glencore (GLEN.L), Aneka Tambang, Umicore, and Envision Group. Umicore, Envision, and Aneka Tambang…

U.K.’s FTSE 100 fell to a two-month low on Wednesday, pulled down by energy sectors as investors were concerned about China’s economic revival. At the same time, power giant Drax had its worst day in over a year on a regulatory probe. After disappointing China economic data clouded raw material outlooks, heavyweight energy businesses (.FTNMX601010) slumped 1%, dragging down the globally oriented FTSE 100 (.FTSE) by 0.2%. “We’re seeing pressure come from numerous parts of the world today on U.K. equity markets,” said City Index market analyst Joshua Warner. “The economic data (from China) showed that the post-pandemic recovery may…

Faraday Future Intelligent Electric (FFIE.O) unveiled its $309,000 limited edition FF 91 2.0 Futurist Alliance EV. The 300-unit model was available for US and Chinese bookings. The company also preordered the standard FF 91 2.0 Futurist without cost. “FF aiHypercar+” is a subscription-based mobile environment that integrates software, the internet, and customized AI algorithms. FF 91 Futurist, their flagship electric car, was released after delays. In March, Faraday began manufacture at its California facilities after questioning its “going concern” status and FF 91’s delivery deadline late last year.

EU parliament to challenge Hungary’s EU presidential abilities. A draft parliamentary resolution indicates that on Thursday, the European Parliament will question Hungary’s eligibility to hold the rotating presidency of the 27-nation EU next year due to the country’s rule of law issues. The EU presidency organizes and chairs EU government minister and preparatory body meetings and represents EU governments to other EU institutions and international organizations. The parliament will claim that Hungary’s many disagreements with the EU will make it impossible for the presidency to drive EU legislation as an honest and unbiased broker. “The Parliament questions how Hungary is…

PwC Australia may lose government audit contract, Treasury boss says. An official told a senate inquiry that Australia’s Treasury department may not renew a A$1 million audit contract with PricewaterhouseCoopers (PwC) when it expires this year due to the firm’s misuse of confidential government tax plans. The multinational professional services firm is reeling after a former Australian tax partner consulting with the government on corporate tax avoidance legislation shared sensitive drafts with colleagues to drum up business. On Tuesday, Treasury Secretary Steven Kennedy told lawmakers the breach was “clearly disturbing,” and the department would reconsider a PwC audit contract worth…

Oil dipped on Tuesday as concerns about the U.S. debt ceiling pact dampened the risk-on attitude, and inconsistent statements from major producers muddied the supply outlook ahead of their weekend conference. Brent crude futures slipped 50 cents, or 0.7%, to $76.57 a barrel by 0453 GMT after increasing 0.5% on Tuesday. WTI crude fell 35 cents to $72.32, down 0.5% from Friday’s finish. U.S. holidays prevented settlement on Monday. On Monday, some hard-right Republican lawmakers suggested they could oppose a deal to raise the U.S. debt ceiling, the world’s top oil importer. But, at the same time, Democratic President Joe…

The Ultimate Guide to Identifying Your Target Audience Understand the importance of identifying your target audience, conducting market research, and using customer segmentation to tailor your products or services to meet their needs. KEY TAKEAWAYS Identifying your target audience is crucial for effective communication and marketing strategies. Market research, including demographic, psychographic, and behavioral analysis, helps in audience identification. Creating buyer personas is an effective way to understand your target audience more deeply. Real-world scenarios and case studies provide practical examples of how businesses have identified their target audiences. Utilize audience insights to tailor messaging, select appropriate marketing channels,…

On Monday, media reported that China rebuffed a U.S. proposal for a defense chief meeting at an annual security gathering in Singapore this weekend. “Overnight, the PRC informed the U.S. that they have declined our early May invitation for Secretary Austin to meet with PRC Minister of National Defense Li Shangfu in Singapore,” the Pentagon told the Wall Street Journal. The Pentagon advocated open communication “to ensure that competition does not veer into conflict.” Last week, White House spokesman John Kirby said the Defense Department was discussing meetings between Lloyd Austin and the Chinese defense minister appointed in March. Given…

Zelenskiy asks South Korea for defense equipment. President Volodymyr Zelenskiy told a South Korean newspaper that Ukraine “desperately hopes” South Korea will send anti-aircraft systems to defend against Russian assaults. On Tuesday, the Chosun Ilbo reported that Zelenskiy thanked South Korea for sending demining vehicles and $230 million in humanitarian relief but said Ukraine demanded anti-aircraft and early warning systems. “I know there are many limitations regarding weapons support, but those principles should not be applied to defence systems and equipment for protecting our assets,” Zelenskiy told the newspaper through an interpreter. “An anti-aircraft system is solely defensive. I desperately…

Poland’s president said on Monday he would approve a bill authorizing a panel to probe Russian influence despite opposition complaints that it is a witch hunt against government opponents in an election year. The ruling nationalist Law and Justice (PiS) party claims that the liberal opposition Civic Platform (PO) party allowed Poland to become dangerously dependent on Russian fossil resources while in office from 2007 to 2015, raising doubts about whether PO members were under Moscow’s sway. PO denies the accusation, claiming it is meant to remove former prime minister Donald Tusk from politics before October or November elections. Opposition…

Nvidia CEO thinks AI makes everyone a programmer. On Monday, Nvidia Corp (NVDA.O) CEO Jensen Huang declared the “digital divide” over because artificial intelligence allows anyone to program a computer by speaking to it. As a leading AI chip and computing system supplier, Nvidia has become the world’s most valuable listed semiconductor firm. Last week, the business anticipated second-quarter sales more than 50% over Wall Street projections and increased supplies to meet rising demand for its artificial-intelligence chips, which run ChatGPT and other services. Huang, who was born in southern Taiwan and moved to the US as a child, told…

Newcrest’s Cadia mine license in NSW is still under consideration. Newcrest Mining Ltd.’s (NCM.AX) most lucrative gold mine in New South Wales is still evaluating additional licensing restrictions to meet air quality regulations as part of its growth plan. The announcement by New South Wales’ environmental regulator comes a week after a draft pollution prevention notice was issued as part of new investigations into Newcrest’s Cadia mine, which was fined a maximum of A$15,000 for dust pollution last year. Newmont Corp (NEM.N), which bid to buy Newcrest Mining for A$29.4 billion ($19.5 billion) in April, wants Cadia. As it examines further…

SoftBank Group Corp (9984.T)-owned chip designer Arm introduced new mobile device technology on Monday. In addition, Taiwan smartphone chip maker MediaTek Inc (2454. TW) announced it would include it in its next product. MediaTek, a veteran provider of low- and mid-tier smartphone chips, has entered the premium smartphone chip industry, historically dominated by Qualcomm Inc (QCOM.O), which has been in a legal war with Arm since last year over chip licensing arrangements. MediaTek stated in Arm’s blog that the new chips will boost its next-generation devices’ performance. SoftBank’s Tokyo shares rose 8%, the most in almost a year. MediaTek rose…

If more countries joined a Russia-Belarus union, Belarusian President Alexander Lukashenko offered “nuclear weapons for everyone.” This week, Russia deployed tactical nuclear weapons in Belarus for the first time since the 1991 Soviet collapse. Westerners panicked. Lukashenko, Putin’s closest neighbor, told Russia’s national television late Sunday that Minsk and Moscow have a “strategically understood” chance to join. “No one is against Kazakhstan and other countries having the same close relations that we have with the Russian Federation,” Lukashenko said. If you’re worried, join Belarus-Russia’s Union State. Nuclear weapons for all.” His opinion was inserted. Russia-Belarus form a borderless Union State.…

After threatening satellite launch, Japan wants to destroy any N.Korean missile. North Korea informed Japan of a satellite launch between May 31 and June 11; Japan’s defense ministry stated it would destroy any North Korean missile that violated its territory. Nuclear-armed North Korea says it has finished its first military spy satellite, and leader Kim Jong Un has authorized its launch. Analysts say a military satellite would boost North Korea’s monitoring and wartime targeting. “We will take destructive measures against ballistic and other missiles that are confirmed to land in our territory,” Japan’s defense ministry stated. The ministry claimed it…

In a Monday statement, Chinese Commerce Minister Wang Wentao called on Japan to fix its “wrongdoing” of semiconductor export limitations. Wang made the remarks during APEC talks with Japanese Trade Minister Yasutoshi Nishimura on May 26. Wang said Japan “seriously violated” international economic and trade laws by ignoring China’s strong industrial opposition. Wang said, “China is willing to work with Japan to promote practical cooperation in key economic and trade areas.”

U.S. debt ceiling deal may boost Indian stocks. Due to the U.S. debt ceiling resolution, Indian shares were expected to open higher on Monday. Singapore-listed NSE stock futures rose 0.86% to 18,707 at 8:25 a.m. IST. Over the weekend, President Joe Biden and House Speaker Kevin McCarthy agreed to suspend the $31.4 trillion debt ceiling until 2025, avoiding a default on June 1. After that, S. Congress must approve the transaction. Asia rose. Last week, solid earnings and continued foreign inflows into equities lifted the Nifty 50 (.NSEI) 1.63% to a five-month high on Friday. FIIs acquired 3.50 billion rupees…

Indonesian state utility Perusahaan Listrik Negara [RIC:RIC: PLNEG.UL] requested $700 million to erect a 200-megawatt (MW) solar panel to replace diesel power generators. The idea is part of its 2060 goal of net zero carbon emissions. Between 2021 and 2030, PLN plans to deploy 4.68 GW of solar panels. Evy Haryadi, the company’s director, said the 200 MW solar panel is the first step towards replacing 1 GW of diesel power plants with solar. However, didn’t give a timeline for the first phase. Under the Just Energy Transition Partnership (JETP), a coalition of countries has given $20 billion in public…

Russia launched the “largest drone attack” on Kyiv before Kyiv Day; 1 killed. As Kyiv prepared to celebrate its establishment on Sunday, local officials reported the largest drone assault since Russia’s war. Ukraine’s air defense shot down scores of drones, killing at least one person. Senior Kyiv military official Serhii Popko said Russia launched the “most massive attack” on the city overnight Saturday with Iranian-made Shahed drones. Air defense shot down 40 drones during the five-hour attack. Kyiv Mayor Vitali Klitschko said debris fell on a seven-story nonresidential structure and ignited a fire, killing a 41-year-old male and hospitalizing a…

On Sunday, Republican U.S. House Speaker Kevin McCarthy predicted that most House Republicans would endorse a new agreement with President Joe Biden to postpone the $31.4 trillion debt cap. However, party hardliners opposed the arrangement. After weeks of tough discussions, McCarthy and Biden achieved a tentative agreement this weekend. Still, they must pass it through the Republican-controlled House and Democratic-led Senate before June 5 to avert a crushing first-ever default. Hardline Republicans and progressive Democrats criticized the agreement, finalized by the president and House speaker on Sunday afternoon. Later Sunday, House Republicans will introduce legislation to pass the pact. The…

Putin demands increased border security. On Sunday, President Vladimir Putin ordered border security to enable “fast” Russian military and civilian movement into Ukrainian districts under Moscow control. Putin congratulated the border service, a part of Russia’s Federal Security Service (FSB), on Border Guard Day, saying they “reliably cover” the lines near the conflict zone. Drone raids on border regions and far into Russia, including an oil pipeline northwest of Moscow on Saturday, have increased recently. “It is necessary to ensure the fast movement of both military and civilian vehicles and cargo, including food, humanitarian aid building materials sent to the…

Institutional Shareholder Services (ISS) advised Toyota Motor Corp (7203.T) shareholders to support a resolution demanding the carmaker to disclose its climate change advocacy. ISS also found three of Toyota’s four outside director nominees unindependent. Toyota stated all candidates were independent. Green investors and climate campaigners have criticized Japan’s largest company by market capitalization for being slower to adopt all-battery electric vehicles (EVs). Danish pension fund AkademikerPension, Norway’s Storebrand Asset Management, and Dutch pension investment APG Asset Management want Toyota to agree to an annual review of climate-related lobbying to avoid losing out on EV sales. A Toyota representative cited a…

After grueling discussions with the White House, House Speaker Kevin McCarthy must pass a tentative borrowing limit deal through the House, where hardline Republicans are already threatening to kill it. McCarthy may have to negotiate with Democratic and Republican negotiators to suspend the federal government’s $31.4 trillion debt cap in the coming days. On Twitter, House Freedom Caucus member Chip Roy declared, “We’re going to try” to stop it. Republicans criticized the deal’s timeline and provisions. Congress must raise its debt ceiling by June 5 to avoid a default that would rock financial markets and plunge the U.S. into recession.…

China deletes 1.4 million self-media posts. After a two-month investigation uncovered “pronounced problems” such as disinformation, unlawful profiteering, and official state impersonation, China’s cyberspace authority erased 1.4 million social media posts. On Friday, the Cyberspace Administration of China (CAC) announced it had terminated 67,000 social media accounts. In addition, it erased hundreds of thousands of messages between March 10 and May 22 as part of a “rectification” effort. Since 2021, China has targeted billions of social media accounts to “clean” its internet and make it simpler to regulate. The current crackdown targeted “self media” accounts on WeChat, Douyin, and Weibo,…

ConocoPhillips (COP.N) bought TotalEnergies’ (TTEF.PA) Canadian subsidiary’s 50% stake in the Surmont oil complex for $3 billion, displacing Suncor Energy. Cash-flush producers want to increase production in Alberta’s oil sands, which have the world’s greatest crude reserves. Suncor (SU.TO) bought TotalEnergies’ Canadian operations last month for C$5.5 billion ($4.11 billion), including Total’s 50% ownership in ConocoPhillips’ Surmont. The other 50% stakeholder, ConocoPhillips, first refused to buy Surmont. Conoco’s decision hampered Suncor’s efforts to increase long-term bitumen supplies to replace its Base Mine. Suncor said its Total contract was contingent on ConocoPhillips renouncing its right of first refusal, and it is…

As the ruling Law and Justice (PiS) party prepares for a legislative election later this year, Family and Social Policy Minister Marlena Malag announced Poland will raise the minimum wage twice in 2024 to combat excessive inflation. In February, inflation reached 18.4%, the highest in over 25 years. April inflation was 14.7%. “The minimum wage next year will be above 4,200 zlotys ($1,015),” Malag told state-controlled PAP. Like in 2023, the minimum wage will rise twice in 2024, on January 1 and July 1. From January 2023, the minimum salary was 3,490 zlotys and will rise to 3,600 in July.…

Iran claims Ukraine’s president criticizes drones to get Western armaments. Tehran accused Ukrainian President Volodymyr Zelenskiy of anti-Iranian propaganda in his appeal for Iran to stop supplying drones to Russia on Saturday. In a Wednesday video, Zelenskiy urged Iranians to supply Moscow with drones to avoid “the dark side of history.” Iran later admitted to delivering a few Shahid drones to Russia before the battle. Ukraine claims Russia’s drone assaults on towns and infrastructure were serious. “The Ukrainian president’s repeat of delusional claims against the Islamic Republic of Iran is in line with the anti-Iranian propaganda and media war aimed…

Treasury Secretary Janet Yellen said Congress must raise the $31.4 trillion debt ceiling by June 5, or the US will default. Yellen had predicted a default on June 1 but now says June 5 is the deadline. “We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” she said. The more accurate assessment gives White House and congressional negotiators more time to reach a compromise to boost the federal borrowing limit. Democratic and Republican negotiators were close to a compromise on Friday but…

Hyundai Motor Group and L.G. Energy Solution Ltd (LGES) (373220. K.S.) said Friday that they would establish a $4.3 billion electric vehicle (E.V.) battery plant in the U.S. to take advantage of tax advantages. Manufacturers must get EV battery components and key minerals from the U.S. to qualify for up to $7,500 in Inflation Reduction Act (IRA) tax credits.S. Hyundai and Kia’s vehicles are ineligible. Hyundai and LGES said the building of the Georgia factory will begin in the second half of 2023, with battery production beginning in late 2025. They said it would produce 300,000 EVs annually with 30…

Canadian privacy regulators are investigating ChatGPT-parent OpenAI’s data collection and use. On Thursday, Canada’s Office of the Privacy Commissioner announced it would investigate OpenAI’s ChatGPT data collection, use, and dissemination. Reuters asked for OpenAI comments. The chatbot craze ChatGPT has ignited AI competition among internet titans like Alphabet Inc. and Meta, prompting governments to examine legislation for the revolutionary technology. ChatGPT answers prompts with essays, humor, and poetry. OpenAI, a Microsoft Corp (MSFT.O)-backed private startup, gave it out in late November. Canada will investigate whether the corporation followed “its obligations with respect to openness and transparency, access, accuracy and accountability.”…

A Singapore court ordered Credit Suisse (CSGN.S) to pay $926 million for failing to protect the assets of a former Georgian prime minister. Former Georgia Prime Minister Bidzina Ivanishvili sued Credit Suisse in Singapore, New Zealand, and Bermuda, alleging fraudulent mismanagement and significant losses. Credit Suisse indicated it would appeal the ruling. “Today’s verdict is erroneous and raises serious legal difficulties. “Credit Suisse Trust Limited will vigorously appeal,” the bank added. “The plaintiffs have established that the defendant breached its duty to the plaintiffs to safeguard the trust assets as at 30 March 2008,” the Singapore International Commercial Court said…

Nvidia’s AI bet nears trillion dollars. After its outstanding revenue projection, Nvidia Corp (NVDA.O) rose 24% on Thursday, one of the biggest one-day rises for a U.S. stock. However, Wall Street has yet to price in A.I.’s game-changing potential. The stock more than doubled this year, raising the chip designer’s market cap by $184 billion to roughly $939 billion. Nvidia is twice as large as TSMC (2330. T.W.), Taiwan’s second-largest chipmaker. It trails only trillion-dollar businesses Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), and Amazon.com Inc (AMZN.O) in the U.S. Stock markets from Japan to Europe rallied on-chip…

On Friday, Ukraine shot down 10 Russian missiles and 20 drones that attacked Kyiv, Dnipro, and eastern areas overnight. Russia has boosted missile and drone attacks on Ukraine this month, targeting logistics and infrastructure before a Ukrainian counteroffensive. Ukrainian jets downed 10 Caspian Sea missiles, 23 Iranian Shahed drones, and two observation drones. Seventeen missiles and 31 drones were launched from 10:00 p.m. (1900 GMT) to 5:00 a.m. on Friday. Officials said drones and missiles hit Kharkiv and Dnipropetrovsk. No deaths were recorded immediately. “It was a tough night.”It was loud—the enemy launched a mass attack with missiles and drones,”…

Switzerland accelerates liquidity backstop following Credit Suisse disaster. On Thursday, the Swiss government accelerated work to extend a public liquidity backstop Credit Suisse obtained in March under emergency rules to other systemically significant banks and make it permanent. Over a year ago, the finance ministry was charged with drafting state-guaranteed funds for distressed banks by mid-2023. In March, Swiss authorities authorized the central bank to give Credit Suisse 200 billion Swiss francs ($225.00 billion) in emergency liquidity. Credit Suisse received up to 100 billion francs in public liquidity backup loans, drawing 10 billion by April. The troubled bank had used…

On Thursday, the Royal Bank of Canada (RY.TO) and CIBC (CM.TO) announced a decline in second-quarter earnings as harsh economic conditions forced the lenders to construct bigger provisions to brace for more borrowers defaulting. On Wednesday, the Bank of Montreal and the Bank of Nova Scotia announced reduced earnings due to greater provisions, weaker top-line growth, and increased expenses. Unlike last year, RBC set aside C$600 million ($449 million) in bad loan provisions. As a result, CIBC’s second-quarter credit loss provision was C$438 million, up C$135 million from last year. For the three months ended April 30, RBC’s net income…

On Thursday, CIBC (CM.TO) announced a drop in second-quarter profit due to greater provisions for failed loans due to the economy. On Wednesday, the Bank of Montreal and Bank of Nova Scotia missed estimates due to greater provisions, weaker top-line growth, and higher expenses. By market capitalization, CIBC, Canada’s fifth-largest bank, put aside C$438 million ($328 million) for bad loan provisions in the second quarter, up C$135 million from a year earlier. For the three months ended April 30, net income, excluding one-time items, was C$1.63 billion, or C$1.70 a share, compared to C$1.65 billion, or $1.77 a year earlier.

Industry sources said Chevron (CVX.N) is selling its Congo oil and gas assets to focus on newer, more profitable output. Two insiders say the Congo assets might sell for $1.5 billion. One source indicated Chevron received asset bids this week. “Chevron does not comment on rumors or speculations about its commercial activity, including potential acquisitions, or divestitures, which is in a constant state of review,” the company said. Chevron’s Congo production dropped 40% to 31,000 beds in 2019. It owns 31.5% of the offshore Haute Mer permission blocks and 31.3% of the Lianzi Unitization Zone, which Angola and Congo share.…

Blockchain.com’s CEO predicted a “push upward” after a U.S. government default on Thursday. If Congress does not lift a $31.4 trillion cap on government borrowing, the U.S. government might default next month, causing economic disaster and financial market panic. A U.S. default or recession would hurt crypto in the short term. “These are risk assets, and you want to take risk off,” Blockchain.com CEO Peter Smith told Bloomberg’s Qatar Economic Forum. “On a long horizon, these are beneficial for crypto…If the U.S. fails, the crypto market will likely pull back and surge. Smith claimed 2022 was “quite painful,” but this…

Treasury Wine Estates (TWE.AX) dropped nearly 8% on Thursday after warning that inflation was restricting demand for its commercial-grade wine and raising packaging costs. The country’s largest winery said it was reviewing its domestic supply chain due to adverse market conditions and consumption prospects for commercial wine, especially in Australia and the UK. Wine is a pleasure, not a need. But, according to eToro market analyst Josh Gilbert, customers will cut back on wine during the cost of living issue. Premium brand sales have boosted revenues for winemakers worldwide. Carl Capolingua, a ThinkMarkets industry analyst, said premium brand consumers would…

Western intelligence agencies and Microsoft (MSFT.O) reported Wednesday that a state-sponsored Chinese hacking gang has been eavesdropping on various U.S. critical infrastructure firms, from telecommunications to transportation hubs. Microsoft reported that “mitigating this attack could be challenging” because the espionage targeted Guam, home to vital American military bases. Analysts claim this is one of the largest Chinese cyber-espionage attacks against American critical infrastructure. Reuters received no response from the Chinese embassy in Washington. The U.S. National Security Agency (NSA) stated it was identifying breaches with Canada, New Zealand, Australia, the U.K., and the FBI. However, it was unclear how many…

On Thursday, the U.K.’s FTSE 100 fell as investors worried about the Bank of England’s monetary tightening, while Cineworld surged as the theater operator announced it hopes to exit bankruptcy soon. After lenders approved its restructuring plan, Cineworld Group Plc (CINE.L) rose 1.0%. After hotter-than-expected inflation figures on Wednesday raised concerns of a hawkish BoE, the blue-chip FTSE 100 (.FTSE) fell 0.4%. As the U.S. debt default date approached without an agreement, markets were downbeat. Due to increased prices, United Utilities Group Plc (UU.L) fell 0.4%. Tate & Lyle Plc (TATE.L) rose 2.5% after reporting a rise in yearly profits…

Top fund manager BlackRock Inc. (BLK.N) gained investor support at its annual meeting on Wednesday as it seeks a middle ground in ESG policy disputes. At the online meeting, BlackRock said each director nomination received “well over a majority” of votes, and 92% backed CEO Larry Fink and other officials’ compensation. BlackRock, based in New York, also said that two shareholder motions on climate issues obtained less than 10% support, and a conservative group’s diversity resolution earned 1%. One climate resolution challenged BlackRock to report how it could boost pension fund client returns by using stewardship and proxy voting to…

The EU lowers financial product prices. On Wednesday, the EU announced proposals to lower retail investor fees for financial goods to boost investment and improve its capital market. The European Commission’s retail investment package prohibits banks and insurers from paying commissions to brokers who sell their products without client assistance. In 2021, only 17% of EU household assets were in equities and bonds, well below the U.S. level. Consumers chose banks. The commission claimed retail investors pay 40% more than institutional investors. The commission noted that most retail investment products are sold on commission, so buyers may not obtain the…

Analog Devices Inc. (ADI.O) announced that a volatile economy will hurt its third-quarter earnings, sending its shares down more than 5% in premarket trade. According to Refinitiv data, the company expected third-quarter revenue of $3.10 billion, plus or minus $100 million. Analog Devices forecasts current-quarter adjusted profit of $2.52 per share, plus or minus 10 cents, behind predictions of $2.65. The semiconductor sector is battling to recover from a recession that has led to inventory buildup, as shown by Texas Instruments Inc (TXN.O) last month. “Looking to the second half, we expect revenue to moderate given the continued economic uncertainty…

Panasonic (6752.T)’s CEO said China remains a top market despite geopolitics highlighting the need for solid supply chains elsewhere. Companies should “de-risk” but not “decouple” from the world’s second-largest economy, according to G7 leaders in Hiroshima. “We will continue to develop our businesses in China as we have done in the past,” Yuki Kusumi told reporters in Tokyo on Wednesday, adding that it was “no doubt” a high-priority market. Panasonic’s end-March sales were 964.7 billion yen ($7.14 billion), 11.5% of which came from China. Kusumi said Japanese automakers were interested in Panasonic’s cylindrical batteries and that the Osaka-based business may…

On Wednesday, the IMF’s managing director indicated she doesn’t expect US dollar holdings to change quickly. Kristalina Georgieva stated, “We don’t expect a rapid shift in reserves because the reason the dollar is a reserve currency is because of the strength of the US economy and the depth of its capital markets.” “Don’t kiss your dollars goodbye just yet,” Georgieva told Bloomberg’s Qatar Economic Forum in Doha.

Lenovo Group Ltd. (0992. HK) reported a 24% drop in revenue for the January-March quarter on Wednesday, meeting market expectations as PC demand continued to decrease. The world’s largest PC maker reported fourth-quarter revenue of $12.63 billion, down 24% from a year earlier and the third straight quarterly loss. Refinitiv’s eight analyst estimates averaged $12.74 billion. Revenue fell 14% in March, the first annual fall since 2019. As corporations and consumers prepared for remote work, COVID-19 boosted electronics sales. Last year, demand dropped, lowering revenue. Lenovo’s previous quarter revenue fell 24%, its largest drop in 14 years. According to IDC,…

Asia stocks fall; Kiwi dollar falls as RBNZ hints hikes. As U.S. debt ceiling negotiations dragged on, Asian stocks extended a global sell-off, while the New Zealand dollar fell as the central bank surprised markets by announcing its tightening cycle was done. Safe-haven demand, which drove Treasuries and lowered rates, kept the U.S. dollar high. However, crude oil prices rose after the Saudi energy minister warned speculators of more OPEC+ supply cuts. Asia’s biggest mover was the New Zealand dollar. After increasing to 5.5%, the Reserve Bank surprised investors by retaining its terminal rate prediction at 5.5%. “It’s an indication…

Crypto watchdog offers first worldwide standards. On Tuesday, IOSCO published the first global approach to regulate crypto assets and digital markets, drawing from last year’s FTX exchange failure, which raised consumer protection concerns. Different jurisdictions have different standards, so the industry, which usually has to comply with anti-money laundering inspections, has advocated worldwide regulation. After a liquidity difficulty, crypto exchange FTX filed for U.S. bankruptcy in November. Regulators worldwide intervened to prevent conflicts of interest in crypto “conglomerates” like FTX, which mix various businesses under one roof with inadequate safeguards for customer assets. Jean-Paul Servais, IOSCO’s chairman, said Tuesday’s initiatives…

EU seeks highest court support in $14 billion Apple tax dispute. On Tuesday, EU competition officials asked the bloc’s highest Court to overturn a lower tribunal and force Apple (AAPL.O) to pay a record 13 billion euros ($14.3 billion) in Irish back taxes. The lawsuit, which might affect company tax bills, is the most prominent of EU antitrust chief Margrethe Vestager’s battle against multinationals’ sweetheart deals with EU governments. “Its outcome will determine whether member states may continue to grant multinational substantial tax breaks in return for jobs and investments,” Commission lawyer Paul-John Loewenthal told the CJEU. In 2016, the…

Adani Enterprises Ltd. led Adani Group gains on Tuesday after a Supreme Court panel found it “impossible to conclude regulatory failure on allegation of price manipulation.” The comeback has allowed Adani Ports and Special Economic Zone Ltd. (APSE.NS) to recover all its market capitalization losses since Hindenburg Research’s Jan. 24 report. “Adani Group fundamentals were never in question.” KRChoksey Holdings Pvt Ltd. managing director Deven Choksey said the regulator’s August report would be watched. After Hindenburg revealed governance issues, the conglomerate’s public companies lost $147 billion earlier this year. Deny guilt. India’s highest court asked SEBI to investigate and report…

Iranian President Ebrahim Raisi visited Indonesia on Tuesday and inked a preferential trade pact to boost economic ties. Joko Widodo, addressing after the signing as webcast online by his cabinet secretariat, believed the pact “would increase trade between Indonesia and Iran” but did not elaborate. Raisi’s visit comes after Iranian security forces violently repressed protests against the clerical class after the September death of a Kurdish woman in morality police detention. Iran faces sweeping sanctions for its nuclear program and human rights abuses from several nations, including the US. After US sanctions, Indonesia-Iran trade plummeted from $715.5 million to $141.6…

Walgreens fights a ‘staggering’ $642 mln arbitration award to Humana. Walgreen Co., a national retail pharmacy chain, has urged a U.S. judge to dismiss an arbitrator’s decision of more than $642 million to Humana Health Plan Inc. in a drug-pricing dispute, calling it a “staggering” “miscarriage of justice.” Walgreens filed a lawsuit against Humana on Friday in Washington, D.C., federal court over prescription drug reimbursement contracts. Humana (HUM.N) separately requested the U.S. court confirm the award. Walgreens overcharged Humana for over a decade due to “millions of falsely-inflated” prescription medicine prices. Walgreens, a Walgreens Boots Alliance (WBA.O) unit, filed that…

On Monday, Chevron Corp (CVX.N) acquired shale producer PDC Energy Inc (PDCE.O) in a $7.6 billion stock-and-debt deal. After Russia invaded Ukraine last year, the deal will boost Chevron’s U.S. production, capital expenditures, and cash flow. Denver-based PDC is valued at $72 per share, 14% above its 10-day average ending Friday. Companies stated it would close by year-end. “It’s a strong investment in our business in the U.S.,” CEO Michael Wirth told Reuters. President Joe Biden blasted the corporation and rivals last year for not raising output as fuel costs rose. After last year’s disappointing performance in the Permian basin…

Paris 2024 organizers have been placing the Olympic flame on the Eiffel Tower; a source told Reuters on Monday. It was unclear if the flame would remain on the iconic monument throughout the July 26-Aug. 11 sports extravaganza. The insider said the flame would not be placed at the Eiffel Tower due to technical issues. The source stated, “It’s been a work in progress for two years.” They stated that the tower’s antennae prevent the flame from reaching the top. “The venue for the lighting of the flame on the Opening Day of the Olympic Games has not yet been…

Oil prices were stable on Monday as U.S. debt ceiling negotiations dampened confidence about demand later in the year and offset support from reduced Canadian and OPEC+ supplies. Brent crude futures increased 13 cents, or 0.2%, to $75.71 a barrel by 0850 GMT, while WTI for July delivery, the more actively traded contract, rose 12 cents, or 0.20%, to $71.81. The June WTI contract, expiring later Monday, slipped 10 cents to $71.45 a barrel. As markets worried about a probable economic slump and fuel demand drop, talks to avoid a U.S. government default resumed in Washington on Monday. In its…

Some regulators use outdated regulations to regulate artificial intelligence services like ChatGPT, which could change society and industry. The rapid improvements in generative A.I.I. technology powering OpenAI’s ChatGPT have raised privacy and safety concerns. ThE.U.E.U. is leading the way in creating A.I.w A.I. guidelines that could set the worldwide standard. The law will take years to enforce. “In the absence of regulations, governments can only apply existing rules,” said Massimiliano Cimnaghi, a European data governance expert at consultancy B.I.P. “If it’s about protecting personal data, they apply data protection laws, if it’s a threat to safety of people, there are…

After Moscow hailed the Wagner private army and Russian troops for seizing Bakhmut, Ukraine stated on Sunday that its forces were still pushing to envelop the destroyed eastern city. Russia claimed to have seized Bakhmut on Saturday, ending the 15-month war’s longest and bloodiest fight. Putin lauded his troops and Wagner. On Sunday, a top Ukrainian general said Kyiv’s forces still controlled an “insignificant” sector of Bakhmut, which would allow them to enter the city should the circumstances altered. General Oleksandr Syrskyi posted on Telegram claimed Kyiv’s troops were moving on Russian forces in the outskirts and approaching a “tactical…

China’s Micron ban revives US trade tensions, boosts Asian chip rally. On Monday, some Chinese and South Korean chipmaker stocks rose after Beijing prohibited U.S. firm Micron Technology (MU.O) from selling memory chips to critical domestic industries over security concerns, sparking Sino-U.S. trade tensions. China’s cyberspace authority announced late Sunday that Micron failed its network security examination and will bar key infrastructure operators from buying from the business. It did not disclose its findings or which products from the largest U.S. memory chipmaker were affected. Washington opposed the move, but Micron’s Chinese and other rivals benefited as mainland corporations sought…

Zelenskiy appeals to the ‘Global South’ during the G7 conference. Ukraine’s Volodymyr Zelenskiy met with India’s Narendra Modi on Saturday and was scheduled to meet other “Global South” leaders at a Group of Seven (G7) conference to gain support for its battle against Russia. Moscow and Beijing have criticized the three-day G7 summit in Hiroshima for imposing more sanctions on Russia and opposing China’s economic pressure. Zelenskiy, wearing his olive green fatigues, was welcomed by G7 leaders and met with Modi as part of a series of engagements with non-aligned countries. Modi tweeted a photo of the two shaking hands…

On Saturday, Russian mercenary head Yevgeny Prigozhin claimed that his Wagner troops had successfully captured Bakhmut. However, the Ukrainian government denied this report and insisted that the battle was still ongoing. Prigozhin made the statement in a video where he wore battle fatigues and stood before a row of soldiers carrying Russian flags and Wagner banners. Prigozhin declared that “Bakhmut was completely taken” around midday today. As one man said, “We completely took the whole city, from house to house.” Ukrainian military spokesman Serhiy Cherevatyi told Reuters, “That is not true. Our troops are engaged in combat in Bakhmut. The…

G7 sanctions Russia and cuts China’s trade dependence. Leaders of the world’s richest countries tightened sanctions against Russia and highlighted the need to decrease trade with China in a draft communiqué released in Hiroshima. This weekend, the Group of Seven (G7) leaders, including Ukrainian President Volodymyr Zelenskiy, agreed to restrict exports to Russia that could aid President Vladimir Putin’s invasion of his neighbor and prohibit sanctions-busting. “Today’s actions will further tighten the vice on Putin’s ability to wage his barbaric invasion and will advance our global efforts to cut off Russian attempts to evade sanctions,” U.S. Treasury Department Secretary Janet…

In reaction to Washington’s latest penalties, Russia’s foreign ministry barred 500 U.S. citizens, including former President Obama, on Friday. The ministry also said Russia had denied the latest U.S. reU.S.t for consular access to Wall Street Journal reporter Evan Gershkovich, imprisoned in March on spying charges. The statement blamed the U.S. for denU.S. media credentials to accompany Foreign Minister Sergei Lavrov to the U.N. last montU.N. “Washington should have learned a long time ago that not a single hostile attack on Russia will go unpunished,” it continued. On Friday, the U.S. announcedU.S.unitive actions against over 300 targets to punish Russia…

After months of negotiations with Russian authorities, Volkswagen (VOWG_p.DE) sold its Kaluga production plant and local companies on Friday. VW said VW sold its Volkswagen Group Rus LLC shares to Art-Finance LLC, financed by auto dealer group Avalon. The statement stated that the purchase comprises the Kaluga production facilities, the importer structure with distribution and after-sales business, and the warehousing and financial services activities with all workers. The group did not disclose pricing. However, a source assessed the sale at 125 million euros ($138 million). Since March 2022, Russia’s invasion of Ukraine has forced Western nations to penalize Moscow, disrupting…

On Friday, Britain sanctioned Russian energy and grain industries. At the G7 summit in Japan this weekend, Britain, the US, and the other major economies will announce penalties and export limits against Russia for its war in Ukraine. Britain sanctioned 86 “shady individuals and entities” for stealing and reselling Ukrainian grain. Russia’s main energy and arms shipping businesses, including Rosatom and Igor Altushkin’s Russian Copper Company, would also be sanctioned. Prime Minister Rishi Sunak banned Russian diamonds, copper, aluminum, and nickel imports.

India and the UK are far apart on a free trade deal. Indian sources stated that disparities in tariff lines and investment protection laws prevent free trade discussions between India and Britain from progressing under Prime Minister Narendra Modi’s second term, which ends next year. A government official with direct information claimed the two nations could not agree on concessions on India’s car and liquor import levies. According to a second government official, Britain wants India to agree to significant investment-protection safeguards in the deal or a parallel investment treaty. “Britain has insisted on investor protection if it were to…

OpenAI announced the ChatGPT iOS app. OpenAI stated ChatGPT is free and syncs history across devices. “ChatGPT Plus subscribers get exclusive access to GPT-4’s capabilities, early access to features and faster response times, all on iOS,” the business said. GPT-4, a sophisticated AI model, succeeds ChatGPT. In February, OpenAI’s popular AI-powered chatbot, ChatGPT Plus, introduced a $20-per-month test subscription package. The company began the iOS rollout in the U.S. and will expand to other nations in the following weeks. Late last year, ChatGPT launched a public war to dominate AI technology, prompting tech giants like Alphabet Inc. and Meta to…

Oil prices rose on Friday after falling more than 1% as investors became cautiously hopeful about the U.S. debt default risk. By 0420 GMT, Brent futures jumped 59 cents, or 0.8%, to $76.45, while WTI advanced 48 cents, or 0.7%, to $72.34. “I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous oversold conditions,” said I.G. market strategist Yeap Jun Rong. President Joe Biden and House Speaker Kevin McCarthy agreed to meet Sunday to discuss raising the $31.4 trillion federal debt…

AMP was fined $16 million for billing deceased customers. AMP Ltd. (AMP.AX) will pay a court-mandated penalty of A$24 million ($16.3 million) for invoicing dead clients for insurance and financial advice, ending a scandal that began in 2018. A public probe revealed pervasive fraud at the company, including billing fees for advice that was never delivered, receiving insurance premiums from dead clients, and collaborating at the board level to deceive authorities. The firm’s chairperson and CEO resigned, clients fled, and its market value plummeted after these discoveries. On Friday, the Australian Securities and Investments Commission (ASIC) announced that the Federal…

G7 leaders face Ukraine’s Hiroshima legacy. At a Group of Seven (G7) conference in Hiroshima, Japan, leaders of the world’s advanced democracies were prepared to unleash new sanctions against Russia. Japanese Prime Minister Fumio Kishida and other leaders from the G7-rich nations—the US, Germany, Britain, France, Italy, and Canada—were scheduled to visit the peace memorial in the city flattened by an atomic bomb in World War Two. Later, the leaders will discuss strategies for a more than year-long conflict. In solidarity with Ukraine, the U.K. will boycott Russian diamonds and metals like copper, aluminum, and nickel. Britain also targets 86…

Ukrainian air raid sirens sounded early Friday, with some locations reporting explosions and officials stating anti-aircraft forces were active in numerous regions. From 2 a.m. (2300GMT), all regions were alerted. As Kyiv and central and southern regions lifted alerts, there were no reports of strikes on infrastructure or civilian targets or deaths. Eastern and western Ukraine had air raid alarms until Friday AM. On Telegram, Ukraine’s military warned of hypersonic Kinzhal missile attacks from Russian planes. An previous military statement indicated some airborne targets were downed but gave no details. Drone assaults threatened key districts, the military claimed. Kriviy Rih,…

Wall Street’s debt ceiling optimism boosts Asian stocks. Asia shares surged on Thursday, following Wall Street, while the dollar hovered just below a two-month high against the yen amid signals Washington may be close to a debt ceiling deal to avoid a first-ever default. President Joe Biden and top Republican Kevin McCarthy pledged to work directly on a compromise on Wednesday amid fears that the Treasury could run out of money by June. Biden will return from Asia to talks on Sunday. That reassurance lifted MSCI’s broadest Asia-Pacific share index (.MIAP00000PUS) by 0.85%. “Markets have chosen to be optimistic,” National…

Boeing unveils data tool for net-zero emissions aim. Boeing Co (BA.N) launched a data modeling tool to help airlines and policymakers find the fastest, most cost-effective way to reduce aviation emissions to zero by 2050. Cascade lets users adjust variables like sustainable fuels or electric propulsion, the replacement of older aircraft, operational improvements, and other advanced technologies to see how they might reduce carbon emissions over time. Boeing presented a test version of Cascade in July 2022. The company stated the algorithm had been refined over the past year to project data to 2050 instead of just a single point…

Indian and Asian shares rose on Thursday after signs that the U.S. was close to raising its debt ceiling. The Nifty 50 (.NSEI) increased 0.33% to 18,242.30 at 9:44 a.m. IST, while the S&P BSE Sensex (.BSESN) advanced 0.37% to 61,791.68. After U.S. President Joe Biden and Republican House Speaker Kevin McCarthy pledged to prevent an economically disastrous default, Asia-Pacific equities rose. After two days of falls, traders booked profits after the Nifty gained nearly 4% since mid-April when results season began. FII purchases and solid earnings have helped domestic shares. “The silver lining from yesterday’s weak stock market was…

Sony Group Corp (6758.T) said Thursday it is considering a partial split off of its financial sector three years after assuming full control as the conglomerate focuses on entertainment and image sensors. Sony said it is considering a two- to three-year timeframe to spin off Sony Financial Group, which operates life insurance and banking, and list it with a slightly under 20% share. “It is a challenge to balance this with our investment in other growth areas such as entertainment and image sensors,” Sony CFO Hiroki Totoki said at a strategy event. The video game, music, and film giant is…

According to sources, Broadcom (AVGO.O) proposed interoperability remedies to meet EU antitrust concerns over its $61 billion deal for VMware (VMW.N). Wednesday’s European Commission filing revealed Broadcom’s Tuesday proposal. The EU competition enforcer, which did not offer details, extended its deadline until July 17. Broadcom CEO Hock Tan was in Brussels earlier this month to convince EU antitrust inspectors that the company’s bid for VMware, one of the biggest tech industry mergers, would boost competition. Last year, additional sources told Reuters that the corporation anticipated regulators would see Amazon (AMZN.O), Microsoft (MSFT.O), and Google (GOOGL.O) in the cloud computing sector…

German economy minister resigns over nepotism. On Wednesday, Economy Minister Robert Habeck announced the resignation of a top economy ministry official following a nepotism issue. Deputy energy minister Patrick Graichen was originally criticized many weeks ago when it was revealed that he had helped hire his best man as head of the German Energy Agency without disclosing their relationship. Habeck backed Graichen and claimed the recruitment decision was wrong, but the ministry launched an internal probe. Opposition parties urged Graichen’s resignation due to his family’s ties to Oeko-Institut, a research organization the ministry commissions for studies and reports. Habeck said…

Musk claims Tesla won’t survive a harsh economy. Tesla Inc. (TSLA.O) CEO Elon Musk cautioned that the global economy will be tough for the next year. However, at Tesla’s annual shareholder meeting in Austin, Texas, Musk downplayed market speculations that he may resign as CEO, discussed two new mass-market models, and confirmed that deliveries of its long-delayed Cybertruck pickup would begin this year. Musk said Tesla would advertise its automobiles for the first time, a sign of tough times even for the electric car market leader. “We’ll try out a little advertising and see how it goes,” said Musk, Twitter’s CEO.…

Former First Republic firm CEO Michael Roffler blamed the firm’s collapse on contagion from other regional bank failures and said authorities did not raise concerns about strategy, liquidity, or management. Roffler indicated in his prepared testimony before the Senate Banking Committee on Wednesday that over $100 billion in deposits were evacuated from the bank over weeks owing to industry-wide concerns about regional banks. “We could not have anticipated that Silicon Valley Bank and Signature Bank would fail, or that the failure of those banks would trigger substantial deposit outflows at our bank,” he said. He said DFPI and FDIC frequently…

After beating second-quarter sales forecasts, Siemens (SIEGn.DE) boosted its full-year revenue and profit guidance on Wednesday. The train and industrial software provider now predicts comparable sales growth of 9% to 11% in the 12 months to September, up from 7% to 10%. Siemens anticipates its underlying basic earnings per share to rise from 9.60 euros to 9.90 euros from 8.90 euros to 9.40 euros in February. A partial charge reversal will likely boost EPS to 11.61 to 11.91 euros. In February, the company upped its full-year projection, citing solid demand and its large order backlog, which rose to 105 billion…

According to Chief Cabinet Secretary Hirokazu Matsuno, Prime Minister Fumio Kishida will meet with global semiconductor firm executives to strengthen multilateral collaboration on Thursday. “The resilience of the semiconductor supply chain cannot be achieved by a single country, and it is extremely important to work together with like-minded countries and regions,” Matsuno said at a routine news conference on Wednesday. The meeting would take place as the US pushes partners to work together to fight China’s electronics and sophisticated technology. According to two people organizing the meeting, Kishida will meet with executives from Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.…

Tesla Inc. (TSLA.O) has sought regulatory approval to expand its Shanghai facility and make pouch-type battery cells in limited quantities. The Shanghai Gigafactory’s capacity would increase to 1.75 million powertrain units per year from 1.25 million, according to an undated public notification. The notification on the factory district’s website did not indicate whether Tesla was committed to expanding or just requesting approval for possible capacity. The notification claimed the automaker is seeking approval to build pouch-type battery cells, which would have an initial yearly capacity of 20,000 amp hours, similar to a Model Y battery pack. Tesla had never employed…

UK’s main stock index rose on Tuesday as weak currency benefited some internationally focused consumer sectors, although Vodafone fell after forecasting a large decline in fresh cash flow. After announcing job layoffs and a 1.5 billion euro ($1.65 billion) free cash flow decline this year, the telecom giant’s stock (VOD.L) slumped 4% to become the FTSE 100’s worst loser. The blue-chip FTSE 100 jumped 0.2%, and the mid-cap FTSE 250 (.FTMC) gained 0.1%. After UK unemployment unexpectedly rose in the first quarter, the pound fell on hopes of a Bank of England rate rise pause. Unilever Plc (ULVR.L) and British…

The U.S. Virgin Islands has subpoenaed Tesla Inc (TSLA.O) CEO Elon Musk for papers in its lawsuit against JPMorgan Chase & Co (JPM.N) for enabling Jeffrey Epstein’s sexual assaults. After failing to locate him, the Virgin Islands requested alternate service for Musk’s April 28 subpoena on Monday. The U.S. territory did not subpoena Musk under oath and did not accuse him of wrongdoing. According to the Monday lawsuit filing in Manhattan’s U.S. District lawsuit, Epstein may have introduced Musk, one of the world’s richest people, to JPMorgan. The Virgin Islands didn’t explain its Musk document request. Musk tweeted late Monday…

Two people with firsthand knowledge of Morgan Stanley’s intentions claimed the Wall Street firm would cut investment bankers’ Asia bonuses by as much as 50% to combat adverse market circumstances that have hurt income. The sources said Morgan Stanley’s U.S. and European units could follow Asia’s reduction, which contrasted with 2021 when its top bankers received up to 20% greater incentives globally. They stated Morgan Stanley is discussing bonus payouts globally. A third source claimed the bank’s Asia incentive cuts would average 30% for all investment banking teams and markets. The first two sources stated the lowered bonuses might lower…

The New Zealand Labour Administration will present a “no frills” 2023-24 budget on Thursday to avert inflation. Prime Minister Chris Hipkins has slashed costly programs and pledged to revert to “bread and butter issues” since taking office. New Zealanders expect us to address their main concerns. Hipkins noted at his monthly Monday press briefing that the budget shows that. Two major weather disasters at the start of the year cost NZ$9 billion and NZ$14.5 billion. The government will likely pay half that bill. More than NZ$1 billion has been set aside for rebuilding after the cyclone, and the government has…

With insolvency looming, Go Airlines of India sought emergency arbitration in a lawsuit against Pratt & Whitney in the U.S. state of Delaware. The insolvency of the Indian airline is blamed on the U.S.-based engine manufacturer Raytheon Technologies (RTX.N), which the airline claims supplied “faulty” engines and did not repair on schedule, forcing the airline to halt half of its fleet. Go Airlines, also known as Go First, has asked a court in Delaware to have Pratt comply with an arbitration award from March in Singapore. The award ordered Pratt to give Go Airlines assistance and usable spare engines. Last…

As she attempted to accelerate Europe’s decarbonization, European Commission President Ursula von der Leyen stated on Monday that a fossil fuel-based energy mix could not maintain economic growth for future generations. Von der Leyen spoke at a European Parliament-hosted Brussels event called “Beyond Growth” about balancing economic growth with environmental aims. “A growth model centred on fossil fuels is simply obsolete,” von der Leyen said. The EU’s Green Deal energy transition aims to create “a different growth model that is sustainable far into the future.” The 27-member EU aims to lower net emissions by 55% by 2030 and reach “net…

Bank of New York Mellon Corp. announced Monday that a top New York Federal Reserve official responsible for domestic markets would join the business next month in a financial markets role. Nathaniel Wuerffel, the New York Fed’s Head of Domestic Markets and senior vice president will become the bank’s Head of Market Structure. In addition, he will serve as government securities chief of staff. Beginning June 12. The government securities business of Bank of New York Mellon provides Treasury bond trading clearing and other services for the huge market where dealers borrow and lend bonds. Wuerffel joined the New York…

Novartis (NOVN.S) announced the new Sandoz board members on Monday. The Basel corporation accepted Sandoz Chairman-designate Gilbert Ghostine’s ten board members, who will begin preparations in June. Francois-Xavier Roger, Nestle’s CFO, Urs Riedener, Emmi’s previous CEO, and Shamiram Feinglass, Danaher’s Chief Medical Officer for Life Sciences, are the new members. Karen Huebscher, Aarti Shah, and Remco Steenburgen will join the board. Unilever (ULVR.L) Chief Legal Officer Maria Varsellona and former Procter & Gamble (PG.N) executive Yannis Skoufalos complete the committee nominations. “The Sandoz Board of Directors will start preparatory work from June onwards and will be effective following the planned…

On Monday, Telangana’s IT minister said that Apple Inc. (AAPL.O) supplier Foxconn (2317. TW) would invest $500 million in manufacturing plants. K. T. Rama Rao tweeted that the initial investment will create 25,000 employees. Reuters reported in March that Foxconn had landed an Apple AirPods contract and planned to build a factory in India. Apple has moved manufacture from China, where COVID-19 limitations delayed iPhone and other gadget production. Beijing-Washington tensions might potentially hurt the tech company. Karnataka approved Foxconn’s $968 million investment in late March.

On Monday, a senior Chinese ambassador will visit Ukraine, Russia, and other European capitals to explore a “political settlement” to the Ukraine conflict. The foreign ministry announced Friday that Li Hui, China’s special envoy for Eurasian issues and former ambassador to Russia, will also visit Poland, France, and Germany. “The visit… is a testament to China’s efforts towards promoting peace talks, and fully demonstrates China’s firm commitment to peace,” foreign ministry spokesperson Wang Wenbin said at a daily briefing. He is the highest-ranking Chinese official to visit Ukraine since Russia invaded in February 2022, and his visit may coincide with…

On Saturday, the Wall Street Journal reported that Amazon.com Inc. (AMZN.O) had revamped its logistics network to minimize shipping distances and increase profits. According to executives, analysts, and Amazon sellers, the online retailer has improved shipping times, inventory management, and search results on its primary e-commerce website. Other online businesses have cut home delivery and return prices during slow consumer demand. Amazon announced this week that U.S. shoppers could pick up purchases for $10. After rapid growth, the company has cut delivery costs across the board. Reuters received no response from Amazon.

Honduras’ senior diplomat announced that discussions for a trade pact with China would begin soon. At a press briefing, Honduran Foreign Minister Eduardo Enrique Reina said the goal is to start discussions “soon” and sign a “free trade” agreement with Asia’s second-largest economy. Reina thought it would be wonderful news and provide China access to our products. After President Xiomara Castro sought investment and jobs from China, Honduras terminated its decades-long diplomatic recognition of Taiwan in late March. Reina said Honduran coffee would be the first export to the enormous Chinese market, and both countries are also considering shrimp and…

Germany committed to continue supporting Kyiv with 2.7 billion euros ($3.0 billion) in military aid on Saturday. A defense ministry said the package would comprise 30 Leopard 1 tanks, 15 Gepard anti-aircraft tanks, over 200 reconnaissance drones, and four Iris-T systems. “We all want this dreadful and illegitimate war to stop quickly… This is unforeseeable. “Germany will help as long as it takes,” said Defence Minister Boris Pistorius. “Thank you to our allies,” said Volodymyr Zelenskiy’s chief of staff, Andriy Yermak, on Telegram. Ukraine has requested long-range weapons, planes, and ammunition from its partners before a counter-offensive. Saturday’s German package…

JioCinema, owned by Indian billionaire Mukesh Ambani, is charging 999 Indian rupees ($12) yearly to compete with Netflix and Disney. The decision comes weeks after Reliance’s Viacom18 secured a content deal with Warner Bros (WBD.O) to bring HBO and Warner properties, including “Succession” and Harry Potter, to JioCinema. On Saturday, JioCinema announced increased premium pricing for Hollywood programming, including the long-awaited Succession series. HBO’s top-rated shows, including Succession, aired in India on Disney Hotstar until March 31, when the partnership terminated. JioCinema is popular for streaming the IPL cricket event free this season. The website states that only premium content…

On Friday, KFC and Pizza Hut operator Sapphire Foods India (SAPI.NS) reported a 57% drop in fourth-quarter profitability due to increasing expenses and competition at a time when consumers cut back on discretionary spending. The U.S.-based Yum Brands (YUM.N) franchisee reported a 122.8 million Indian rupee ($1.50 million) profit before tax in the quarter that ended March 31. In the last several quarters, rising prices of staples have left consumers in the world’s most populated country with little money for apparel and dining out. Sapphire Foods’ Pizza Hut restaurants’ fourth-quarter same-store sales fell 4%. As in other countries, Domino’s Pizza…

As U.S. and Chinese economic worries resurfaced, oil prices fell for a fourth week on Friday. By 0635 GMT, Brent crude futures fell 48 cents, or 0.64%, to $74.50. WTI futures fell 39 cents, or 0.55%, to $70.48. Both benchmarks are expected to lose 1.1% this week, the longest weekly decline since November 2021. The U.S. may face a recession due to stalling debt ceiling talks and renewed concerns over another regional bank. In addition, a drop in Chinese business loans and worse economic statistics earlier in the week raised worries about its rebound from COVID-19 restrictions boosting oil demand…

After rejecting the private equity firm’s most recent purchase offer, British e-commerce platform THG Plc (THG.L) announced on Friday that it had ended talks with Apollo Global Management (APO.N), citing “no merit” in discussions. THG stock jumped by more than 40 percent last month after the company announced it had received a “highly preliminary” takeover proposal from Apollo Global Management. THG stated it did not see any benefit in asking for more time before Apollo had to make a final offer or walk away on May 15th.

After a $10.6 billion merger in the industry fuelled anticipation for greater consolidation among lithium miners, Australian-listed lithium miners rose on Thursday. On Wednesday, Allkem Ltd. (AKE.AX) and Livent (LTHM.N) announced a merger to establish the world’s third-largest lithium producer, whose demand is estimated to rise more than five-fold by 2030. Tesla Inc. (TSLA.O), General Motors (GM.N), and BMW (BMWG.DE), who are ravenous for lithium supplies, may benefit from consolidating lithium manufacturers. Allkem rose 18.6% and Livent 5.2% in New York overnight, driving a sector rally that saw Australia’s largest independent lithium producer Pilbara Minerals (PLS.AX), increase 8%. Livent competitor…

Apple (AAPL.O) was investigated by Italy’s antitrust body AGCM on Thursday for allegedly abusing its dominance in the applications industry. From April 2021, the watchdog said that Apple penalized third-party app developers with “a more restrictive privacy policy” than it applies to itself. “In terms of the quality of the data made available by Apple,” the AGCM concluded, external app developers are disadvantaged. Apple Italy’s spokesman was unavailable. Abuse of market dominance can result in a 10% turnover penalty under EU competition law. The Italian watchdog said non-Apple app users have clearer and stronger data tracking prompts. The AGCM stated…

Bayer (BAYGn.DE), a drug and pesticide company, said cost inflation and the reversal of last year’s glyphosate-based weedkiller price hike would likely weaken its 2023 profits. After Hurricane Ida destroyed rival producers and constricted Chinese suppliers failed to fill the gap, Bayer herbicide sales rose 44% in 2022. However, since competition reappeared this year, prices have dropped. “Overall, we expect target attainment to come in at the lower end of our guidance,” CEO Werner Baumann, who will be followed by former Roche (ROG.S) executive Bill Anderson next month, said Thursday. Baumann noted, “potential risks mainly arising from the significantly reduced…

After reporting first-quarter revenue and profit in line, Deutsche Telekom (DTEGn.DE) upped its full-year operating profit estimate on Thursday. On a more bullish forecast from US subsidiary T-Mobile (TMUS.O), the firm now anticipates adjusted operating profit (EBITDA AL) to reach 40.9 billion euros ($45.02 billion) in 2023. Customer growth boosted first-quarter sales by 0.3% to 27.8 billion euros and operating profit by 0.9% to 10 billion euros. As a result, the company’s consensus revenue prediction was 27.8 billion euros, and its profit was 9.9 billion. Deutsche Telekom’s tower business sale reduced net debt excluding leases by nearly 10 billion euros…

The U.S. agency identified unsatisfactory Chinese firm audits. The federal body announced Wednesday that the U.S. Public Company Accounting Oversight Board (PCAOB) discovered unacceptable weaknesses in audits of U.S.-listed Chinese businesses by KPMG in China and PriceWaterhouseCoopers in Hong Kong. After almost a decade of talks with Chinese officials, the U.S. audit agency disclosed its inspection results. On Wednesday, PCAOB Chair Erica Williams told reporters that auditors couldn’t find enough evidence to support firms’ financial statements due to the shortcomings. She claimed Hong Kong and mainland China businesses audited 40% of U.S.-listed corporations. KPMG and PWC did not reply to…

On Wednesday, contract research business Syneos Health Inc. (SYNH.O) announced that Elliott Investment Management, Patient Square Capital, and Veritas Capital would purchase it for $7.1 billion, including debt. Syneos shares surged 10.4% pre-market. Syneos said the consortium would pay $43 per share in cash, 12% over the company’s previous closing of $38.45. Syneos has trouble acquiring new business since many of its clients, including medium-sized biotechs, have slashed expenditures due to the post-COVID-19 market slowdown. The deal comes days after Warburg Pincus and Advent International bought Baxter International’s (BAX.N) biopharma solutions segment for $4.25 billion. PE companies have been investing…

Alphabet Inc.’s (GOOGL.O) Google will likely showcase more artificial intelligence in its products on Wednesday to counter Microsoft Corp.’s (MSFT.O) threat to its lead in the almost $300-billion search advertising industry. Google’s Magi project aims to add generative artificial intelligence to its eponymous engine, which can answer queries with human-like language and generate new material from primary data. Google officials will present at its annual I/O conference near its headquarters in Mountain View, California. According to MAGNA, the outcome might affect how customers access global information and which business wins the $286 billion search advertising industry. Since rivals started using…

After a rise that brought sterling to its highest in a year, Deutsche Bank stated on Wednesday that the British pound is no longer appealing in the short term. Since falling to $1.0327 in September 2018, sterling has climbed 22%, including 4.4% in 2023. At $1.262, it was near a one-year high. “Having been bullish on the pound since the start of the year, we no longer think the pound presents attractive risk-reward in the short term,” Deutsche analyst Shreyas Gopal wrote on Wednesday. Deutsche stated, “a lot of the domestic good news for the UK is now in the…

Hyundai and Wuling electric car sales rise due to Indonesia tax drop. Auto executives reported that Indonesia’s largest economy’s electric vehicle (EV) adoption increased last month after the government introduced tax incentives. Indonesia reduced the VAT on electric automobiles with at least 40% local content from 11% to 1% in April. On the sidelines of an energy transition seminar in Jakarta, Hyundai Motor ASEAN executive Sanghoon Yoon told Reuters that sales of the tax-cut-eligible sport-utility vehicle IONIQ 5 tripled to over 600 units in April. “EVs are very expensive because of the battery,” Yoon remarked Tuesday. “So I think in…

Mitsubishi Heavy Industries (7011.T) anticipates record defense equipment orders this fiscal year as Japan embarks on its largest military buildup since World War Two. Japan’s fragmented defense sector will be subsidized, and military contracts will be made more profitable under the government’s five-year goal to raise defense expenditure to 2% of GDP. “This is not just helping prime contractors but is also good for the partners that work with us, making it easier for them to plan ahead,” CEO Seiji Izumisawa said at a news conference after the business reported its results for the year ending March 31. His business…

No speedy solution as EU members start negotiations on additional Russia sanctions. On Wednesday, European Union nations began discussing new penalties over Russia’s war in Ukraine that would target Chinese and Iranian enterprises and allow export limitations on third countries for violating trade prohibitions. One diplomat predicts heated EU envoy talks at 0800 GMT, with Russian hawks furious the plan doesn’t go far enough but others fearful of hurting international ties. Diplomats foresee a slow deal due to divergent views. On an extended trip to Kyiv on Tuesday, the EU’s chief executive presented the proposal as a contrast to Moscow’s…

Panasonic Holdings Corp (6752.T), a Japanese E.V. battery producer, anticipated a higher operating profit this year on Wednesday due to strong U.S. auto battery sales. The industrial behemoth, which provides batteries to U.S. E.V. leader Tesla Inc (TSLA.O), is boosting its energy business as rising global inflation dampens consumer mood. Panasonic predicts an operating profit of 430 billion yen ($3.18 billion) for the year ending March 2024, up from 288.6 billion yen. Refinitiv’s 20 analyst projections average 383.96 billion yen. Panasonic earned 54.4 billion yen in the fourth quarter. Compared to 83.4 billion yen last year and 59.49 billion yen…

Virgin Australia completed capital return plans for IPO. In an internal email on Wednesday, Chairman Ryan Cotton said that Virgin Australia’s IPO is “well advanced” and that shareholders and employees will get bonuses following a profit. Cotton claimed Australia’s second-largest airline was days from a capital return. According to an unnamed source, Bain Capital-led investors would split A$730 million ($495.16 million). The source said Bain Capital would take 90%, Virgin Group 5%, and the remainder to the remaining owners. Virgin Australia verified the internal email. A Bain Capital spokeswoman denied comment. Reuters reported that the airline requested A$450 million in…

Rupee may fall more before critical U.S. inflation statistics. After falling below a critical threshold in the previous session, the Indian rupee may fall further on Wednesday ahead of crucial U.S. inflation data. Non-deliverable futures suggest the rupee will start at 82.08–82.10 to the U.S. dollar, down from 82.0375 in the previous session. On Tuesday, the rupee fell past 81.95-82, which dealers considered USD/INR pair barrier. Traders said importer hedging, dollar outflow, and stop-losses caused the currency to drop past 82. “After yesterday’s session, you would have to say the bias (on USD/INR) has shifted slightly to the upside,” a…

Germany says the EU should not be scared by Moscow’s military display and assist Ukraine as long as necessary. On Tuesday, Chancellor Olaf Scholz stated during Russia’s Victory Day parade. “2,200 kilometres northeast from here, (Russian President Vladimir) Putin is parading his soldiers, tanks and missiles today,” Scholz told legislators at the European Parliament in Strasbourg, according to prepared comments. Power plays must not intimidate us! So let’s support Ukraine forever!”

UK evaluates AI models as fast expansion raises safety concerns. Britain’s competition authority announced it would examine the effects of artificial intelligence on consumers, businesses, and the economy and if further limits were required on technology like OpenAI’s ChatGPT. While A.I. research has been going on for years, the recent success of generative A.I. apps like ChatGPT and Midjourney has highlighted a technology that might change business and society. Governments worldwide are seeking to balance A.I.’s potential risks with innovation. Instead of forming a new A.I. regulator, Britain divided A.I. regulation amongst human rights, health and safety, and competition organizations…

A joint statement from Goldman Sachs Group Inc. (GS.N) and the plaintiffs announced a $215 million settlement to end a class-action lawsuit alleging systemic gender prejudice in pay and promotions. The plaintiffs, former Goldman Sachs workers, claimed that the Wall Street firm routinely underpaid women and gave them poor performance assessments that stunted their careers. The lawsuit was one of the most high-profile examples alleging Wall Street’s discriminatory treatment of women in decades-long litigation against multiple institutions. The announcement says the settlement includes 2,800 female colleagues and vice presidents in Goldman Sachs’ investment banking, investment management, and securities businesses. After…

On Tuesday, Thailand’s wealthy former Prime Minister Thaksin Shinawatra announced he would return home in July after 17 years in exile, days before his party will likely win an election. Thaksin, Thailand’s most powerful and unpopular former leader, has often promised to return, but his Twitter comments were the first time he had specified a timeline. I’m requesting again. “I will visit my grandchildren in July before my birthday,” he remarked. “I want permission,” he said, without specifying who. “I haven’t seen my family in 17 years. I’m old. The 73-year-old former police colonel and telecoms magnate has loomed big…

According to a Tuesday World Health Organization study, mother and newborn mortality have stopped decreasing since 2015, and over 60 nations are on track to fulfill 2030 goals. Poverty, COVID-19, and humanitarian crises have stressed healthcare systems, according to the UN. Two hundred ninety thousand maternal deaths, 1.9 million stillbirths, and 2.3 million neonatal deaths have occurred in a month since 2015. “Mostly from preventable or treatable causes if proper care was available,” the WHO said. Anshu Banerjee, WHO chief of maternity, neonatal, child, and adolescent health and aging, said nations must enhance primary care financing to benefit. In 2014,…

Grifols (GRLS.MC) announced that its executive chairman, Thomas Glanzmann, will become its new CEO, terminating the founding family’s executive leadership. After Steven F. Mayer resigned as Grifols’ executive chairman in February owing to health issues, Glanzmann became chairman. Two Grifols founding family co-CEOs will leave the firm. Raimon Grifols will continue on the board and become the chief corporate officer, while Victor Grifols Deu will become the chief operating officer. Plasma shortages struck the Barcelona-based firm that makes pharmaceuticals from blood plasma at the outset of the epidemic. Despite improving supplies, its 2023 projection disappointed analysts earlier this year. In…