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☆ Five Cross-Country Skiers Found Dead in Switzerland, AFP Reports
▼ + stars: | 2024-03-11 | by ( March | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Five cross-country skiers were found dead in Switzerland and a search is still on for a sixth skier, AFP reported on Monday, citing police. Police in Switzerland's Valais canton on Sunday were searching for six people who went missing during a ski tour that departed from the Alpine town of Zermatt. The skiers, five of them members of the same family, went missing around Tete Blanche mountain on Saturday on the Zermatt-Arolla path, near the Matterhorn mountain that straddles the border between Switzerland and Italy, police had said earlier. The skiers were between the ages of 21 and 58, according to police. Five belonged to one family from the Valais canton, while a sixth person is from the canton of Fribourg.

Persons: Gursimran Kaur, Himani Sarkar, Jamie Freed Organizations: Reuters, AFP, Police, Sunday Locations: Switzerland, Switzerland's Valais, Alpine, Zermatt, Valais, Tete Blanche, Italy, Fribourg, Bengaluru

☆ US Plans to Send Weapons to Israel Even as Biden Pushes for Ceasefire, WSJ Reports
▼ + stars: | 2024-02-16 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

(Reuters) - The Biden administration is preparing to send bombs and other weapons to Israel that would add to its military arsenal even as the U.S. pushes for a ceasefire in Gaza, the Wall Street Journal reported on Friday, citing current and former U.S. officials. War in Israel and Gaza View All 209 ImagesThe U.S. State Department and Defense Department, Israel Defense Forces and Israel Defense Ministry did not immediately respond to a Reuters request for comment on the report. As of December 2023, the Biden administration had skipped congressional review of weapons sale to Israel twice. The Biden administration has faced criticism for continuing to supply arms to Israel as allegations pile up that American-made weapons have been used in strikes that have killed or injured civilians. Israel's air and ground offensive has since devastated much of Gaza, killing 28,775 people, also mostly civilians according to Palestinian health authorities, and forcing nearly all of its more than 2 million inhabitants from their homes.

Persons: Biden, Gursimran Kaur, Kanjyik Ghosh, Edwina Gibbs Organizations: Reuters, Wall Street, Attack Munitions, U.S, . State Department and Defense Department, Israel Defense Forces, Israel Defense Ministry Locations: Israel, U.S, Gaza, Iran, Bengaluru

☆ Hawaiian Electric Starts Rolling Outages Due to Loss of Generators
▼ + stars: | 2024-02-14 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) -Utility firm Hawaiian Electric said on Tuesday it had begun rolling outages on Hawaii Island due to the unavailability and reduced output from several large generators. The Honolulu-based power company said its largest generator, Hamakua Energy, unexpectedly tripped offline late Tuesday afternoon and Puna Geothermal Venture was operating at a reduced capacity. Hawaiian Electric added one of its combustion turbines had tripped offline on Tuesday evening on the island, which contains the towns of Hilo and Kona. 5, Keahole CT-5, and Puna Steam Plant also are unavailable due to planned annual maintenance or repairs. Hawaiian Electric said the timing and extent of the outages would depend on the amount of demand on the system and the availability of generators.

Persons: Keahole, Gursimran Kaur, Brijesh Patel, Janane Venkatraman, Jamie Freed Organizations: Reuters, Electric, Energy, Geothermal Venture, Puna Steam Locations: Hawaii, Honolulu, Hilo, Kona, Puna, Maui, Bengaluru

☆ US Conducts Strikes in Self-Defense Against Six Houthi Anti-Ship Cruise Missiles
▼ + stars: | 2024-02-03 | by ( Feb. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) - The U.S. Central Command said on Saturday that U.S. forces conducted strikes in self-defense against six Houthi anti-ship cruise missiles prepared to launch against ships in the Red Sea. U.S. forces identified the cruise missiles in Houthi-controlled areas of Yemen and determined they presented an imminent threat to U.S. Navy ships and merchant vessels in the region, the statement added. (Reporting by Gursimran Kaur in Bengaluru; Editing by Diane Craft)Copyright 2024 Thomson Reuters.

Persons: Gursimran Kaur, Diane Craft, Thomson Organizations: Reuters, U.S . Central Command, U.S . Navy, Thomson Reuters Locations: Red Sea . U.S, Yemen, Bengaluru

☆ Commerzbank seeks wealth fund investor in Asia, Mideast- Bloomberg News
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

A logo of the bank is seen next to the headquarters of Commerzbank one day ahead of the bank's rejoinment to Germany's share price index DAX in Frankfurt, Germany, February 26, 2023. The German bank is talking to sovereign wealth funds about becoming an anchor investor to shore up its defenses against any opportunistic takeover bid and preserve its independence, the report added, citing people familiar with the matter. The bank has also discussed internally the prospect and implications of the German government selling down its stake, the report said. Commerzbank did not immediately respond to a Reuters request for comment. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kai Pfaffenbach, Manfred Knof, Commerzbank, Gursimran Kaur, Jane Merriman Organizations: REUTERS, Bloomberg, Thomson Locations: Frankfurt, Germany, Asia, Bengaluru

☆ US Black Friday sales rise 2.5% -Mastercard Spendingpulse
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Vincent Alban Acquire Licensing RightsNov 25 (Reuters) - Mastercard (MA.N) Spendingpulse said on Saturday that U.S. retail sales on Black Friday rose 2.5% year-over-year excluding automotive sales, not adjusted for inflation. In September, Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, said it anticipated U.S. retail sales, excluding automotive, to grow 3.7% during the holiday season, running from Nov. 1 through Dec. 24. Black Friday refers to the day after the U.S. Thanksgiving holiday, when retail sales are traditionally strong. E-commerce sales on Friday increased by 8.5% year-over-year as consumers shopped for deals online, while in-store sales increased by 1.1%, MasterCard Spendingpulse said. Reporting by Gursimran Kaur in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Vincent Alban Acquire, Spendingpulse, MasterCard Spendingpulse, Gursimran Kaur, Matthew Lewis Organizations: Woodbury, REUTERS, Mastercard, Mastercard SpendingPulse, U.S, MasterCard, Adobe Analytics, Adobe, Thomson Locations: Central Valley , New York, U.S, Bengaluru

☆ Britain's Lloyds shake-up puts around 2,500 jobs at risk - source
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Lloyds Bank logo and rising stock graph are seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - Britain's biggest high street bank Lloyds (LLOY.L) is putting around 2,500 jobs at risk as part of a shake-up, a source familiar with the matter told Reuters, amid a renewed push by lenders to slash costs. Staff are expected to be informed of the process as early as next week, the source said, adding it would also involve the creation of 120 roles. The news comes after Reuters reported on Thursday that Lloyds' rival Barclays (BARC.L) is working on plans to save up to 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs. But investor concerns about tougher competition for savers' cash and potential loan defaults amid a cost-of-living crisis are weighing on the sector.

Persons: Dado Ruvic, Iain Withers, Lawrence White, Gursimran Kaur, Devika Syamnath, Hugh Lawson Organizations: Lloyds Bank, REUTERS, Lloyds, Staff, Guardian, Reuters, Barclays, savers, Thomson Locations: London, Bengaluru

OpenAI and Altman did not reply to requests for comment. Kholsa Ventures, an early backer of OpenAI, wants Altman back at OpenAI but "will back him in whatever he does next," the fund's founder Vinod Khosla posted on X on Saturday. Others expressed support for joining Altman in starting a company, a third person familiar with the matter said. Tech website The Verge earlier reported the OpenAI board's discussions with Altman to return as CEO. Forbes reported on Saturday investors were plotting to restore Altman as CEO.

Persons: Sam Altman, Altman, Vinod Khosla, Altman's, Elon Musk, Greg Brockman, OpenAI, Brockman, Szymon Sidor, Sidor, Jony, SoftBank, Masayoshi Son, Brad Lightcap, Forbes, Krystal Hu, Anna Tong, Jeffrey Dastin, Gursimran, Chizu Nomiyama, Kenneth Li, William Mallard Organizations: Microsoft, Kholsa Ventures, Union, U.S, Altman, Reuters . Tech, Thomson Locations: OpenAI, New York, San Francisco, Gursimran Kaur, Bengaluru

☆ Humanitarian team describes Gaza's Al Shifa Hospital as 'death zone', WHO says
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +3 min

A makeshift operating theater area is seen inside Al Shifa hospital during Israel's ground operation around the hospital, in Gaza City November 12, 2023. There were 25 health workers and 291 patients, including 32 babies in critical condition, remaining in Al Shifa, WHO said. "WHO and partners are urgently developing plans for the immediate evacuation of the remaining patients, staff and their families," it said. Israeli forces seized Al Shifa in their offensive across north Gaza last week, saying it concealed an underground Hamas command centre. Al Shifa staff say Israel has proven no such thing.

Persons: Al, Ahmed El Mokhallalati, Al Shifa, Israel, Gursimran Kaur, Cynthia Osterman Organizations: Al Shifa, World Health Organization, WHO, Israeli Defense Forces, Thomson Locations: Al Shifa, Gaza City, Gaza, Al, Bengaluru, Doina, Washington

☆ OpenAI board in discussions with Sam Altman to return as CEO, The Verge reports
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: 1 min

Sam Altman, CEO of ChatGPT maker OpenAI, arrives for a bipartisan Artificial Intelligence (AI) Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer (D-NY) at the U.S. Capitol in Washington, U.S., September 13, 2023. REUTERS/Julia Nikhinson/File Photo Acquire Licensing RightsCompanies Microsoft Corp FollowNov 18 (Reuters) - The OpenAI board is in discussions with Sam Altman to return as the CEO of the company, The Verge reported Saturday, citing multiple people familiar with the matter. Reporting by Gursimran Kaur in Bengaluru; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, OpenAI, Chuck Schumer, Julia Nikhinson, Gursimran Kaur, Cynthia Osterman Organizations: Intelligence, Senate, U.S, Capitol, REUTERS, Microsoft, Thomson Locations: Washington , U.S, Bengaluru

☆ Meta moves members of its Responsible AI team to other groups
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

Meta AI logo is seen in this illustration taken September 28, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 18 (Reuters) - Meta Platforms (META.O) is dispersing the members of its Responsible AI team among other groups in the company where they will continue to work on preventing harms associated with artificial intelligence, the company said on Saturday. Most of the Responsible AI team members will move to generative AI "and will continue to support relevant cross-Meta efforts on responsible AI development and use," the statement said. "We continue to prioritize and invest in safe and responsible AI development and these changes will allow us to better scale to meet our future needs," the spokesperson said. Meta's portfolio of AI products includes its language model "Llama 2" and an AI chatbot called Meta AI that can generate text responses and photo-realistic images.

Persons: Dado Ruvic, Gursimran Kaur, Chizu Nomiyama, Cynthia Osterman Organizations: REUTERS, Meta, Thomson Locations: Bengaluru

Companies Openai LLC FollowApple Inc FollowMicrosoft Corp Follow Show more companiesNov 18 (Reuters) - Sam Altman, the recently ousted CEO of OpenAI, has been working on a new artificial intelligence venture he is planning to launch, sources briefed on the plan said on Saturday. Altman could not be reached for comment and Brockman did not immediately respond to a Reuters request for comment. Some researchers at OpenAI, including Szymon Sidor, have quit the company over the CEO change but it was unclear if Sidor and others will join Altman's new venture. The board of OpenAI, the company behind hit product ChatGPT, on Friday pushed out its high-profile CEO Altman. Co-founder Brockman quit shortly after Altman was fired.

Persons: Sam Altman, Greg Brockman, OpenAI, Altman, Brockman, Szymon Sidor, Sidor, Jony, Masayoshi Son, Altman's, Brad Lightcap, Krystal Hu, Anna Tong, Jeffrey Dastin, Gursimran, Chizu Nomiyama, Kenneth Li Organizations: Microsoft, Reuters, Thomson Locations: New York, San Francisco, Gursimran Kaur, Bengaluru

☆ OpenAI's $86 billion share sale in jeopardy after Altman firing- The Information
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

OpenAI and Thrive Capital did not immediately respond to Reuters' requests for comment. The news comes after the board of the company behind ChatGPT fired Altman on Friday. Greg Brockman, OpenAI president and co-founder, who stepped down from the board as chairman as part of the management shuffle, quit the company. The departures blindsided many employees who discovered the abrupt management change from an internal message and the company's public facing blog. Reporting by Gursimran Kaur in Bengaluru; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sam Altman, ChatGPT, Altman, Greg Brockman, OpenAI, Gursimran Kaur, Daniel Wallis Organizations: REUTERS, Microsoft, Thomson Locations: Bengaluru

☆ Meta breaks up its Responsible AI team, The Information reports
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

Meta AI logo is seen in this illustration taken September 28, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 18 (Reuters) - Meta Platforms (META.O) is breaking up its Responsible AI team that worked on understanding and preventing harms associated with the artificial intelligence technology it is developing, The Information reported on Saturday, citing an internal post. As the company diverts more resources to its generative AI work, most employees on the Responsible AI team will move to Meta's generative AI team that was formed in February, the report added. In October, the social media giant started rolling out generative artificial intelligence (AI) tools that can create content like image backgrounds and variations of written text for all advertisers. Meta's portfolio of AI products includes its language model "Llama 2" and an AI chatbot called Meta AI that can generate text responses and photo-realistic images.

Persons: Dado Ruvic, Meta, Gursimran Kaur, Chizu Organizations: REUTERS, Thomson Locations: Bengaluru

☆ Amazon aggregator Thrasio prepares for bankruptcy - WSJ
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Thrasio Holdings, which acquires third-party sellers on Amazon (AMZN.O), is preparing to file for bankruptcy as it grapples with a post-pandemic slump in online spending, the Wall Street Journal reported on Thursday. The aggregator did not immediately respond to a Reuters' request for comment. In 2021, Thrasio said it had raised $1 billion in a funding round led by private equity firm Silver Lake, taking its total funding to $3.4 billion. The company has been working with law firm Kirkland & Ellis to explore restructuring options, the Journal had reported in September. Reporting by Gursimran Kaur in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Thrasio, Holly Etlin, Kirkland, Ellis, Gursimran Kaur, Subhranshu Sahu Organizations: Thrasio Holdings, Wall Street, Thomson Locations: New York, Silver, Bengaluru

☆ India's Sahara conglomerate chief Subrata Roy dies
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] Sahara Group Chairman Subrata Roy gestures as he speaks during a news conference in Kolkata November 29, 2013. REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing RightsNov 15 (Reuters) - Embattled Sahara conglomerate chief Subrata Roy died on Tuesday due to cardiorespiratory arrest, the company said in a statement. Roy was admitted to a hospital in Mumbai on Sunday and died following complications arising from metastatic malignancy, hypertension and diabetes, according to the company. Roy, the founder and chairman of Sahara, was arrested in March 2014 for failing to attend a contempt of court hearing and was on bail since 2016. Reporting by Gursimran Kaur and Maria Ponnezhath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Subrata Roy, Roy, Gursimran Kaur, Maria Ponnezhath, Shounak Dasgupta Organizations: Sahara, REUTERS, national cricket team, New, Grosvenor, Force India, One, Bad, Netflix, Thomson Locations: Kolkata, Sahara, Mumbai, London, Bengaluru

☆ Germany set to double Ukraine military aid
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

German Chancellor Olaf Scholz delivers a speech on the day of the opening of an electrolysis gigafactory in Berlin, Germany November 8, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsFRANKFURT, Nov 11 (Reuters) - German chancellor Olaf Scholz's governing coalition has agreed in principle to double the country's military aid for Ukraine next year to 8 billion euros ($8.5 billion), a political source in Berlin said on Sunday. Defence minister Boris Pistorius, interviewed by broadcaster ARD, referred to the planned doubling of military aid to Ukraine. "Doubling the military spending is both the right thing to do and important," it quoted member of parliament Andreas Schwarz, who acts as an SPD military budget official, as saying. A European Union plan to spend up to 20 billion euros ($21 billion) on military aid for Ukraine is meeting with resistance from EU countries, diplomats said this week.

Persons: Olaf Scholz, Annegret, Olaf Scholz's, Boris Pistorius, Andreas Schwarz, Gursimran Kaur, Holger Hansen, Vera Eckert, David Gregorio, Kirsten Donovan, Giles Elgood Organizations: REUTERS, Rights, Atlantic Treaty Organization, Scholz's Social Democrats, Free Democrats, Green, Bundestag, Bloomberg News, Germany's Ministry of Defence, ARD, Thomson Locations: Berlin, Germany, Ukraine, Bengaluru, Frankfurt

☆ Germany set to double its Ukraine military aid under Scholz plan, Bloomberg reports
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +1 min

German Chancellor Olaf Scholz delivers a speech on the day of the opening of an electrolysis gigafactory in Berlin, Germany November 8, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsNov 11 (Reuters) - German chancellor Olaf Scholz's governing coalition has agreed to double German military aid for Ukraine next year to 8 billion euros ($8.54 billion), Bloomberg News reported on Saturday, citing people familiar with the matter. Lawmakers of Scholz's Social Democrats, the Free Democrats and the Green party agreed on the increase in negotiations over the proposed 2024 federal budget this week, Bloomberg News reported. A European Union plan to spend up to 20 billion euros ($21.4 billion) on military aid for Ukraine was met with resistance from EU countries. ($1 = 0.9362 euros)Reporting by Gursimran Kaur in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Olaf Scholz, Annegret, Olaf Scholz's, Gursimran Kaur, David Gregorio Our Organizations: REUTERS, Bloomberg, Atlantic Treaty Organization, Scholz's Social Democrats, Free Democrats, Green, Bloomberg News, Germany's Ministry of Defense, Thomson Locations: Berlin, Germany, Ukraine, Germany's, Bengaluru

☆ Germany Set to Double Its Ukraine Military Aid Under Scholz Plan -Bloomberg News
▼ + stars: | 2023-11-11 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - German chancellor Olaf Scholz's governing coalition has agreed to double German military aid for Ukraine next year to 8 billion euros ($8.54 billion), Bloomberg News reported on Saturday, citing people familiar with the matter. Lawmakers of Scholz's Social Democrats, the Free Democrats and the Green party agreed on the increase in negotiations over the proposed 2024 federal budget this week, Bloomberg News reported. Germany's Ministry of Defense could not be immediately reached for comment. A European Union plan to spend up to 20 billion euros ($21.4 billion) on military aid for Ukraine was met with resistance from EU countries. ($1 = 0.9362 euros)(Reporting by Gursimran Kaur in Bengaluru; Editing by David Gregorio)

Persons: Olaf Scholz's, Gursimran Kaur, David Gregorio Organizations: Reuters, Bloomberg, Atlantic Treaty Organization, Scholz's Social Democrats, Free Democrats, Green, Bloomberg News, Germany's Ministry of Defense Locations: Ukraine, Berlin, Germany's, Bengaluru

The newspaper's banner logo is seen during the grand opening of the Washington Post newsroom in Washington January 28, 2016. REUTERS/Gary Cameron/File Photo Acquire Licensing RightsCompanies Amazon.com Inc FollowNov 4 (Reuters) - William Lewis, the former Dow Jones chief executive and publisher of The Wall Street Journal has been named chief executive and publisher of The Washington Post, the Post said on Saturday. The Washington Post said that it is projected to end the year taking a $100 million loss. Lewis is set to take on his duties from Jan. 2, 2024, replacing Patty Stonesifer, who became interim chief executive in June. Stonesifer had replaced Fred Ryan, who stepped down in August after a nine-year stint as publisher and CEO.

Persons: Gary Cameron, William Lewis, Dow Jones, Lewis, Jan, Patty Stonesifer, Jeff Bezos, Stonesifer, Fred Ryan, Ryan, Gursimran Kaur, Helen Coster, Daniel Wallis, Michael Perry Organizations: Washington Post, REUTERS, Dow, The Washington Post, Reuters, Post, Thomson Locations: Washington, Bengaluru, New York

☆ SAS secures $1.2 billion from consortium led by Castlelake, Air France for restructuring
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

The tail fin of a parked Scandinavian Airlines (SAS) airplane is seen on the tarmac at Copenhagen Airport Kastrup in Copenhagen, Denmark, July 3, 2022. The winning bidder consortium which also includes Air France-KLM (AIRF.PA), Lind Invest ApS and the Danish state, increased its proposed investment by $25.26 million. The airline's credit agreement for $505.25 million with Castlelake will be used to refinance its loans, increase liquidity and support its exit from voluntary restructuring proceedings, according to the statement. SAS's chief executive, Anko van der Werff, said: "By entering into this investment agreement, SAS is taking the next step in its Chapter 11 process in the U.S."The company now seeks U.S. Court approval of the investment agreement and the new debtor-in-possession financing as soon as possible in November. Castlelake and Lind Invest did not immediately respond to a request for comment.

Persons: Andrew Kelly, Lind, Castlelake, Anko van der Werff, Gursimran Kaur, Emelia Sithole, Philippa Fletcher, Ira Iosebashvili, Matthew Lewis Organizations: Airlines, SAS, Copenhagen, REUTERS, Scandinavian, Castlelake, Apollo Global Management, Air France, KLM, Lind Invest ApS, Air, U.S, Apollo Global, Lind Invest, Thomson Locations: Copenhagen, Denmark, Danish, Air France, U.S, United States, Bengaluru

☆ Indian diplomat says high-level Canadian official damaged probe into Sikh's murder
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +2 min

Canada has alleged Indian involvement in the murder in a Vancouver suburb of Canadian citizen and Sikh separatist leader Hardeep Singh Nijjar, whom India called a "terrorist." "I would go a step further and say now the investigation has already been tainted," Verma told the newspaper. "A direction has come from someone at a high level to say India or Indian agents are behind it." Canada withdrew 41 diplomats from India after New Delhi in September asked Ottawa to reduce its diplomatic presence following Canada's allegations over Nijjar's killing. Verma said that India has not been shown concrete evidence by Canada or Canada's allies that Indian agents were involved in Nijjar's killing.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, India's, Sanjay Kumar Verma, Verma, Justin Trudeau, Gursimran Kaur, Matthew Lewis Organizations: REUTERS, Globe and, Thomson Locations: Surrey, British Columbia, Canada, Vancouver, India, New Delhi, Ottawa, Bengaluru

☆ Bank of Canada voices concerns about variable rate mortgage products -Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a press conference in Ottawa, Ontario, Canada October 25, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsNov 3 (Reuters) - The Bank of Canada has urged banks to reconsider offering variable rate mortgages with fixed payments, concerned about the number of borrowers faced with negative amortization of their loans. “I think you’ll see the industry reflect on how much they want to offer that product,” she addedMany variable rate mortgages in Canada require borrowers to make regular payments in fixed amounts. You don’t want a big portfolio of negative amortizing mortgages," Rogers said. Money markets see little chance of further tightening by the BoC and have moved to price in a rate cut by June.

Persons: Bank of Canada Carolyn Rogers, Patrick Doyle, ”, Carolyn Rogers, “, Rogers, Fergal Smith, Gursimran Kaur, Chris Reese, Leslie Adler Organizations: Bank of Canada, REUTERS, Bloomberg News, BoC, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

Orsted, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain delays. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. Orsted, which in June announced plans to invest 475 billion crowns by 2030, said it was in the process of reviewing its investments and could introduce cost-saving initiatives. Orsted's share price has tumbled 52% since an August profit warning, cutting its market value to 112 billion crowns from 235 billion.

Persons: Joe Biden, Norway's, Mads Nipper, Nipper, Bernstein, Deepa Venkateswaran, Jacob Gronholt, Pedersen, Louise Rasmussen, Gursimran Kaur, Terje Solsvik, Michael Perry, Mark Potter Organizations: Wednesday, U.S, BP, Thomson Locations: U.S, New Jersey, New York, Danish, Copenhagen, Bengaluru

☆ ‍Orsted records $4 bln in impairments, ceases development of some US offshore wind projects
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. The world's largest offshore wind farm developer has made a final investment decision on Revolution Wind, Orsted said in a statement, adding that it is expected to be completed by 2025. Development of the wind projects had been adversely affected by supply chain issues, increased interest rates and a lack of an OREC (offshore renewable energy certificate) adjustment on it's Sunrise Wind project, the company said. "Significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision," Orsted chief executive officer Mads Nipper said. In August, Orsted said it may see U.S. impariments of $2.3 billion due to supply chain problems, soaring interest rates and a lack of new tax credits.

Persons: Tom Little, Orsted, Mads Nipper, Joe Biden, Gursimran Kaur, Christian Schmollinger, Michael Perry Organizations: REUTERS, U.S, Thomson Locations: Nysted, Denmark, Bengaluru

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