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☆ India election 2024: Voters battle extreme temperatures as intense heat wave hits region
▼ + stars: | 2024-04-25 | by ( Helen Regan | ) edition.cnn.com time to read: +7 min

New Delhi CNN —Indian voters are battling sweltering conditions to take part in the world’s biggest election as a severe heat wave hits parts of the country and authorities forecast a hotter-than-normal summer for the South Asian nation. The India Meteorological Department (IMD) said a heat wave will affect parts of south and east India until the end of the week, including four states that are voting on Friday. Climate politicsIndia, the world’s most populous nation with 1.4 billion people, often experiences heat waves during the summer months of May and June. But in recent years, they have arrived earlier and become more prolonged, with scientists linking some of these longer and more intense heat waves to the climate crisis. Last year successive heat waves hit India again, closing schools, damaging crops and putting pressure on energy supplies.

Persons: Gandhi Ray, ”, “, Noemi Cassanelli, Narendra Modi, ” Ray, Commision, Aditya Valiathan Pillai, climatologist Maximiliano Herrera Organizations: New, New Delhi CNN —, South, India Meteorological Department, IMD, CNN, National Disaster Management Authority, Bharatiya Janata Party, BJP, Indian National Congress, World Meteorological Organization Locations: New Delhi, India, West Bengal, Bihar, Uttar Pradesh, Karnataka, Baripada, Khammam, Banka district, Maharashtra, Pakistan, Mumbai, Bangladesh, Asia, Thailand, Philippines, Mekong, Vietnam

☆ Here are the top 10 smartest cities in the world — and none are in the U.S.
▼ + stars: | 2024-04-22 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +4 min

These are the ten smartest cities in the world, according to IMD. This year's index was produced by the IMD World Competitiveness Center's Smart City Observatory in collaboration with the World Smart Sustainable Cities Organization (WeGO) that's based in Seoul, South Korea. Smart cities in Europe and Asia are gaining ground globally while North American cities have fallen down the ranks, according to the 2024 Smart City Index released April. Here are the top 10 smart cities, according to the 2024 Smart City Index. While European cities dominated the list, Asian cities are gaining ground too.

Persons: Bruno Lanvin, Lanvin Organizations: IMD, Smart, Smart Sustainable Cities Organization, United Arab Emirates, Washington DC, San, U.S, Boston, CNBC Locations: Seoul, South Korea, Europe, Smart, Asia, Zurich, Switzerland Oslo, Norway Canberra, Australia Geneva, Switzerland Singapore Copenhagen, Denmark Lausanne, Switzerland London, England Helsinki, Finland Abu Dhabi, Denver, Los Angeles, San Francisco, New York City, Chicago, Singapore, Beijing, Taipei City, Shanghai

☆ Global watchdog reveals tensions at heart of Credit Suisse debacle
▼ + stars: | 2023-10-10 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.

Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S

☆ India's monsoon rains hit five-year low due to El Nino
▼ + stars: | 2023-09-30 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

Nearly half of the farmland in the world's most populous nation lacks irrigation, making the monsoon rains even more vital for agricultural production. The summer rainfall deficit could make staples such as sugar, pulses, rice and vegetables more expensive and lift overall food inflation. The IMD had anticipated a rainfall deficit of 4% for the season, assuming limited impact from El Nino. El Nino is a warming of Pacific waters that is typically accompanied by drier conditions over the Indian subcontinent. The monsoon was uneven, with June rains 9% below average because of the delay in the arrival of rains, but July rains rebounding to 13% above average.

Persons: Adnan Abidi, El Nino, Rajendra, Helen Popper Our Organizations: REUTERS, El, India Meteorological Department, IMD, El Nino, Thomson Locations: New Delhi, India, MUMBAI

☆ India's monsoon starts delayed retreat
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

The monsoon, the lifeblood of India's $3 trillion economy, delivers nearly 70% of the rain needed to water its farms and recharge reservoirs and aquifers. The monsoon generally begins in June and starts to retreat by Sept. 17 but rains continued this year, helping to reduce a precipitation deficit after the driest August in more than a century hit some summer crops. Monsoon rains were 9% below average in June before rebounding to 13% above average in July. The weather office then registered 36% below average rains last month. Monsoon rains so far in September are 17% above average, according to IMD.

Persons: Adnan Abidi, Rajendra Jadhav, Kirsten Donovan Organizations: REUTERS, Rights, India Meteorological Department, IMD, Thomson Locations: New Delhi, India, Rights MUMBAI, Rajasthan

☆ India on track for lowest monsoon rains in 8 years -sources
▼ + stars: | 2023-08-28 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

"El Niño dampened rainfall in August, and it will also have a negative impact on September rainfall," said a senior official at the India Meteorological Department (IMD). The weather department did not immediately respond to requests for comment. India is heading for its driest August in more than a century, weather department officials said earlier this month. The current monsoon has been uneven, with June rains 9% below average but July rains rebounding to 13% above average. The last four Septembers have seen above-average rains due to delayed withdrawal of the monsoon, he said.

Persons: Sivaram, El, El Niño, Rajendra Jadhav, Tony Munroe, Raju Gopalakrishnan, Alex Richardson Organizations: REUTERS, Rights, El, Reuters, India Meteorological Department, IMD, Reuters Graphics, Thomson Locations: Vembanad, Kochi, India, El, New Delhi, Mumbai

☆ Indonesia is moving its capital from Jakarta to Nusantara. Here's why it won't be so easy
▼ + stars: | 2023-08-28 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +9 min

Adek Berry | Afp | Getty ImagesIndonesia has ambitious plans to relocate its capital from Jakarta to Nusantara in East Kalimantan. Nusantara National Capital Authority, a government agency charged with planning and constructing the new capital, did not immediately respond to CNBC's request for comment. The new Presidential Palace under construction at the country's new capital Nusantara. Bloomberg | Bloomberg | Getty ImagesA lack of demand for service-led jobs is another challenge Archer predicted. Bloomberg | Bloomberg | Getty Images

Persons: Adek Berry, Joko Widodo's, Melinda Martinus, Martinus, Ju Ye Lee, Bagus Saragih, Agung Wicaksono, it's, Wicaksono, Bruno Lanvin, Joko Widodo, Diane Archer, Archer, Lanvin, Maybank's Lee Organizations: Nusantara, Afp, Getty, Indonesia, Cultural Affairs, Yusof, CNBC, Nusantara National Capital Authority, country's Ministry, Public, Agung Wicaksono Nusantara National Capital Authority, Maybank Investment Banking Group, Smart, IMD Business School, Bloomberg, Ciputra, Stockholm Environment Institute, Nusantara . Bloomberg Locations: Jakarta, Nusantara, East Kalimantan, Indonesian, Indonesia, Singapore, Agung Wicaksono, Asia, Pacific, Nusantara ., Stockholm, Diane Archer Stockholm, Kalimantan

☆ Exclusive: India faces record low August rains, threatening summer crops
▼ + stars: | 2023-08-18 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

August rainfall, expected to be the lowest since records began in 1901, could dent yields of summer-sown crops, from rice to soybeans, boosting prices and overall food inflation, which jumped in July to the highest since January 2020. India received just 90.7 mm (3.6 inches) in the first 17 days of August, nearly 40% lower than the normal. "Normally, we experience a dry spell of five to seven days in August," said the official, who also spoke on condition of anonymity. "However, this year the dry spell has been unusually prolonged in southern India. This monsoon has been uneven, with June rains 10% below average but July rains rebounding to 13% above average.

Persons: Amit Dave, El, Harish Galipelli, Rajendra Jadhav, Tony Munroe, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, India Meteorological Department, IMD, El Nino, Commodities India, Ltd, Thomson Locations: Ahmedabad, India, El, Pacific, Kerala

☆ Why Indian farmers worry despite 'average' monsoon rains
▼ + stars: | 2023-07-18 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +5 min

While average monsoon rains are ordinarily good for Indian farmers, uneven distribution this year has created new worries. ERRATIC DISTRIBUTIONSome northern and north-western states have received excessive rains, while southern and eastern regions have been unusually dry. Only a third of the country has received average rainfall so far this season, according to India Meteorological Department (IMD) data. Meanwhile, about 34% of India has received deficient rains and 32% excessive rainfall, the data shows. Heavy rainfall has damaged newly planted rice crops in northern states such as Punjab, Haryana, Himachal Pradesh and Uttar Pradesh, and many farmers may have to replant.

Persons: El, Rajendra Jadhav, Tony Munroe, Tom Hogue Organizations: India Meteorological Department, Reuters, Farmers, El Nino, Thomson Locations: MUMBAI, India, El Nino, Haryana, Punjab, Gujarat, Himachal Pradesh, Rajasthan, Jharkhand, Bihar, Telangana, Chhattisgarh, Kerala, Uttar Pradesh, Maharashtra, Andhra Pradesh, West Bengal, Karnataka, New Delhi, rapeseed

☆ New Delhi evacuates hundreds over risk of flooding after record rainfall
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/4] Residents wait to climb on a flyover under construction, after being displaced by the rising water level of river Yamuna after heavy monsoon rains in New Delhi, India, July 12, 2023. REUTERS/Adnan AbidiNEW DELHI, July 12 (Reuters) - India's capital New Delhi on Wednesday began evacuating hundreds of residents over the risk of flooding as record rainfall has swelled water levels in a river that runs through the city, its chief minister said. States near Delhi have received record rainfall so far this monsoon season that started June 1, with Punjab and Himachal Pradesh recording 100% and 70% more rainfall than average respectively, the India Meteorological Department (IMD) said. Delhi too has recorded 112% above-average rainfall so far, according to the IMD. Reporting by Shivam Patel in New Delhi; editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Adnan Abidi, Arvind Kejriwal, Kejriwal, Shivam Patel, Mark Heinrich Our Organizations: REUTERS, Wednesday, India Meteorological Department, IMD, Thomson Locations: New Delhi, India, DELHI, Delhi, Punjab, Himachal Pradesh

☆ Why Japan is lagging behind in generative A.I. — and how it can create its own large language models
▼ + stars: | 2023-07-07 | by ( Audrey Wan | ) www.cnbc.com time to read: +7 min

But the nation is lagging behind in the generative AI race and is trying to create its own large language models. Generative AI has been the trendiest topic in tech since OpenAI made waves with its chatbot ChatGPT. Key to generative AI development are large language models which underpin the likes of ChatGPT and Baidu's Ernie Bot, capable of processing vast data sets to generate text and other content. Japanese companies pursuing generative AIBig Tech players have also joined the fray to boost Japan's standing in generative AI. While it has yet to catch up in the generative AI space, Japan is making its first stride with these private sector efforts.

Persons: Goldman Sachs, Ernie Bot, Noriyuki Kojima, Kojima, Fumio Kishida, Sam Altman, Masayoshi, Son, Amir Anvarzadeh, Anvarzadeh, CyberAgent, Bloom Organizations: Getty, Japan, Technology, Reuters, Microsoft, Google, Ministry of Economy Trade, Industry, IMD, Nikkei, Tokyo Institute of Technology, Tohoku University, Fujitsu, Riken, Japanese, Big Tech, SoftBank Group, SB Energy, Toyota Tsusho, Fortress Investment, Vision Fund, Asymmetric Advisors, NTT, Local Locations: Japan, China, Europe, Nikkei Asia, Government, Tohoku, Hokkaido, SoftBank

☆ India's monsoon rains cover entire country, still lower than average
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 2 (Reuters) - India's annual monsoon covered the entire country on Sunday, six days earlier than usual, the state-run weather office said, but rain totals are 10% below average so far this season. The monsoon, the lifeblood of India's $3 trillion economy, delivers much needed water to farms and restocks reservoirs and aquifers. In a typical year, rains usually lash Kerala state, on India's southwest coast, from around June 1 and move northwards to cover the entire country by July 8. However, the monsoon made quick progress this week and has now covered the entire country, the India Meteorological Department (IMD) said. Bountiful monsoon rains in July would ease concerns about the output of summer crops, promising higher incomes in the countryside where most Indians live.

Persons: Rajendra Jadhav, Elaine Hardcastle Organizations: India Meteorological Department, El, IMD, Thomson Locations: MUMBAI, Kerala, India's, India

☆ Monsoon rains to cover all of India earlier than usual, accelerate crop sowing
▼ + stars: | 2023-06-27 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, June 27 (Reuters) - India's monsoon season rains were set to cover the whole country by the weekend, according to meteorological department officials, allowing farmers in northern states to begin planting of summer-sown crops a week earlier than normal. The monsoon, the lifeblood of India's $3 trillion economy, delivers nearly 70% of the rain needed to water its farms and recharge reservoirs and aquifers. This year, the formation of severe cyclone Biparjoy in the Arabian Sea delayed the onset of monsoon rains and stalled their progress, with just a third of the country covered until last week. "By this weekend, the monsoon will cover the remaining parts as well," he said. Many north-eastern, central and northern states are likely to receive heavy rainfall this week, which would bring the deficit below 20%, a second IMD official said.

Persons: El, Rajendra Jadhav, Simon Cameron, Moore Organizations: India Meteorological Department, IMD, Reuters, El Nino, Thomson Locations: MUMBAI, Kerala, India's, Rajasthan, Punjab, Haryana, El Nino, Southeast Asia, India, Australia, Nino

☆ India heatwave: Humans approaching limits of 'survivability' as sweltering heatwaves engulf parts of Asia
▼ + stars: | 2023-06-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +7 min

Sunil Ghosh/Hindustan Times/ShutterstockThe rain in Uttar Pradesh is likely to continue this week, bringing cooler temperatures to the region. In Pakistan’s capital Islamabad, temperatures soared to 39 degrees Celsius (102 Fahrenheit) last week before weekend rain brought some relief to the region. Last April, India experienced a heatwave which saw temperatures in capital New Delhi go beyond 40 degrees Celsius (104 Fahrenheit) for seven consecutive days. Last week, Beijing’s temperature soared above 41 degrees Celsius (105.8 degrees Fahrenheit), setting a new record for the capital’s hottest day in June. According to the country’s meteorological observatory, Beijing, Tianjin, Heibei, Shandong will “continue to be baked by high temperatures.”

Persons: Sunil Ghosh, ”, Chandni Singh, “, ” Singh, Kevin Frayer Organizations: Hong Kong CNN, Hindustan Times, CNN, Indian Meteorological Department, IMD, Indian Institute for Human, University of Cambridge, Beijing Locations: Hong Kong, India, Uttar Pradesh, Lucknow, Noida, Bihar, heatstroke, China, Pakistan’s, Islamabad, New Delhi, heatwaves, Assam, Pakistan, Beijing, Tianjin, Heibei, Shandong

☆ UK economy in growth 'doom loop' as business investment slumps versus G7 peers, think tank says
▼ + stars: | 2023-06-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Decades of underinvestment by government and business have left Britain's economy in a growth "doom loop," according to center-left think tank IPPR. Decades of underinvestment by the government and businesses have left Britain's economy in a growth "doom loop," according to the U.K.'s Institute for Public Policy Research. New research from center-left think tank estimates that the U.K. has contributed $500 billion ($638 billion) less to business investments than did other comparable wealthy countries. The IPPR said that U.K. underinvestment in infrastructure, research and development, skills and training had spanned several decades and successive governments, dating back to 2005. "The U.K. is in an investment and growth doom loop.

Persons: Luke Murphy, —, IPPR, George Dibb, pare Organizations: for Public Policy Research, OECD, IMD, CNBC, Conservative Party, International Monetary, Biden, Labour Party —, Tories Locations: Poland, Luxembourg, Greece, IPPR

☆ Scores die in northern India as heat wave scorches region
▼ + stars: | 2023-06-19 | by ( Saurabh Sharma | ) www.reuters.com time to read: +2 min

The Indian Meteorological Department (IMD) issued a red alert warning last week for extreme heat in some regions of the country, including Uttar Pradesh and Bihar. There is no concrete evidence of heat wave behind these deaths." The government fired Diwakar Singh, the chief medical official at the main state hospital in Ballia, for saying that the deaths were due to heat. While the heat wave was expected to continue in some regions on Monday, parts of India's northeastern Assam state reeled under floods triggered by heavy rains. Many pockets are expected to receive heavy to extremely heavy rainfall this week, which could lead to flooding," said a senior official with the IMD.

Persons: Ravindra Kumar, Diwakar Singh, Brajesh Pathak, Singh, Rajendra Jadhav, Sudipto Ganguly, Raju Gopalakrishnan Organizations: Indian Meteorological Department, IMD, Reuters, Hindustan Times, Thomson Locations: LUCKNOW, India, Uttar Pradesh, Bihar, Uttar Pradesh's Ballia, New Delhi, Ballia, Patna, India's, Assam, Mumbai

☆ Fast approaching cyclone forces evacuation of 75,000 people on India's west coast
▼ + stars: | 2023-06-15 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

[1/4] A man carries a child from a truck during an evacuation before the arrival of cyclone Biparjoy in Jakhau in the western state of Gujarat, India, June 14, 2023. REUTERS/Francis MascarenhasAHMEDABAD, India, June 15 (Reuters) - Authorities in India's western state of Gujarat evacuated more than 75,000 people from vulnerable coastal communities as cyclone Biparjoy was expected whirl in from the Arabian Sea to make landfall by Thursday evening. Early on Thursday, the cyclone was centred 180 km (112 miles) off Jakhau port in Gujarat and 270 km (168 miles) off Karachi in Pakistan, the India Meteorological Department said. "We have evacuated more than 75,000 persons from the eight coastal districts in Gujarat that are expected to be impacted by the cyclone," Kamal Dayani, additional chief secretary in Gujarat’s revenue department said. (This story has been refiled to fix a typographical error in the headline)Reporting by Sumit Khanna; Writing by Shilpa Jamkhandikar; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Kamal Dayani, Sherry Rehman, Sumit Khanna, Shilpa Jamkhandikar, Simon Cameron, Moore Organizations: REUTERS, India Meteorological Department, IMD, Thomson Locations: Jakhau, Gujarat, India, Francis Mascarenhas AHMEDABAD, India's, Karachi, Pakistan

[1/3] A man with a mobile phone takes a picture of rising waves before the arrival of the cyclonic storm Biparjoy over the Arabian Sea, in Karachi, Pakistan, June 14, 2023. The cyclone is likely to cross Saurashtra, Kutch, and neighboring Pakistan coasts on Thursday noon with winds of 125-135 kmph gusting to 150 kmph. "As of now, our forecast is it will cross as a very severe cyclonic storm. After crossing, its intensity will fall and become a cyclonic storm and depression." In neighbouring Pakistan 62,000 people were evacuated from high risk areas, according to the country's National Disaster Management Authority.

Persons: Akhtar Soomro, gusting, Sherry Rehman, Manorama Mohanty, Mrutyunjay Mohapatra, Mohapatra, Alok Kumar Pandey, Sumit Khanna, Rajendra Jadhav, Gibran Naiyyar Peshimam, Sudipto Ganguly, Raju Gopalakrishnan, Barbara Lewis Organizations: REUTERS, India Meteorological Department, IMD, Gujarat's, Disaster Management Authority, Ships, Rajendra, Thomson Locations: Karachi, Pakistan, Akhtar Soomro AHMEDABAD, MUMBAI, Jakhau Port, Indian, Gujarat, Pakistan's, Saurashtra, Kutch, Mandvi, Jakhau, India, Ahmedabad, Mumbai

[1/3] A police officer patrols Mandvi beach after it was shut because of cyclone Biparjoy in the western state of Gujarat, India, June 14, 2023. Classified as a very severe cyclonic storm, Biparjoy was situated about 280 km (174 miles) from Jakhau Port in Gujarat and was expected to make landfall around Thursday evening. "As of now, our forecast is it will cross as a very severe cyclonic storm. Eight districts in coastal Gujarat are expected to be affected, the state government said. The evacuation operations will continue till today (Wednesday) evening, mainly in Kutch," said Kamal Dayani, a senior official in the Gujarat state government.

Persons: Francis Mascarenhas, Manorama Mohanty, Kamal Dayani, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, IMD, Ships, Wednesday, Disaster Management Authority, Thomson Locations: Gujarat, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Pakistan, Jakhau Port, Kutch, Saurashtra, Mandvi, Karachi, Jakhau, Pakistan's

[1/2] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. Eight districts in coastal Gujarat are expected to be affected, the state government said. Gujarat is home to many offshore oil installations and major ports in the country and most have been forced to suspend operations. Two of India's largest ports - Kandla and Mundra - located in Gujarat, have suspended operations, the state government said. Other ports including Bedi, Navlakhi, Porbandar, Okha, Pipavav and Bhavnagar have also closed due to the cyclone, according to shipping sources.

Persons: Francis Mascarenhas, Kamal Dayani, Bedi, Navlakhi, Jamnagar, Sumit Khanna, Rajendra Jadhav, Mohi Narayan, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, Force, Reliance Industries, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, National Disaster Management Authority, Rajendra, Thomson Locations: Mumbai, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Gujarat, Pakistan, Mandvi, India's Gujarat, Karachi, Kutch, Rajkot, Pipavav, Bhavnagar, Mundra, Tuna, Kandla, Key, Dubai, Ahmedabad

☆ UBS completes Credit Suisse takeover to become wealth management behemoth
▼ + stars: | 2023-06-12 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

ZURICH, June 12 (Reuters) - UBS (UBSG.S) on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses. Credit Suisse shares were up 0.9% on their last day of trading, while UBS were up around 0.8% in early trade. UBS is set to book a massive profit in second-quarter results on Aug. 31 after buying Credit Suisse for a fraction of its so-called fair value. Ermotti has, however, warned the coming months will be "bumpy" as UBS gets on with absorbing Credit Suisse, a process UBS has said will take three to five years.

Persons: Sergio Ermotti, Colm Kelleher, Jean Dermine, Arturo Bris, Ermotti, Noele Illien, John O'Donnell, Miranda Murray, Tomasz Janowski, Edwina Gibbs Organizations: UBS, Credit Suisse, Swiss, Banking, Finance, INSEAD, IMD, Competitiveness, U.S, NEXT, Credit, Thomson Locations: ZURICH, Swiss, Switzerland

☆ Severe cyclone likely to hit India's west coast, south Pakistan on Thursday
▼ + stars: | 2023-06-12 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, June 12 (Reuters) - A storm off India's west coast has strengthened to become a powerful cyclone and could hit India's western state of Gujarat and southern parts of Pakistan this week, the weather department said. India's weather office has advised fishing communities to halt operations and the evacuation of people from the coastal areas of Saurashtra and Kutch regions of Gujarat. Officials from the Sindh provincial government also said they are preparing to evacuate people from three districts likely to be affected. A 1998 cyclone killed at least 4,000 people and caused hundreds of millions of dollars in damage in Gujarat. Reporting by Rajendra Jadhav, writing by Sakshi Dayal; Editing by Raju Gopalakrishnan and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Bhupendra Patel, Biparjoy, Rajendra Jadhav, Sakshi Dayal, Raju Gopalakrishnan, Philippa Fletcher Organizations: India Meteorological Department, Reliance Industries, Gujarat Pipavav Port Limited, Force, State, National Disaster Management Authority, Thomson Locations: MUMBAI, Gujarat, Pakistan, Mandvi, Karachi, Saurashtra, Kutch, India, Gulf, Saurashtra ., Gujarat Pipavav Port, Sindh, Kerala, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu

THE SWISS BANKPossibly the first hurdle is a politically fraught decision on Credit Suisse's "crown jewel", its domestic business. But UBS will have to weigh that against public pressure to keep the Credit Suisse business separate with its own brand, identity and, critically, workforce. However, insiders talk of rivals aggressively wooing Credit Suisse clients and employees. Clients who would typically bank both with UBS and Credit Suisse to spread their risk, might now take some of that business elsewhere. One potential risk stems from legal challenges to the decision by Swiss authorities to write off special AT1 bonds issued by Credit Suisse.

Persons: Sergio Ermotti, Ermotti, Colm Kelleher, Alan Mudie, Arturo Bris, Kelleher, Lars Schweizer, John Revill, Oliver Hirt, Noele Illien, Tomasz Janowski, Elisa Martinuzzi, Alexander Smith Organizations: Credit Suisse, UBS, Suisse, Woodman Asset Management, Finance, International Institute for Management Development, Reuters Graphics, Credit, Frankfurt University, Barclays, Thomson Locations: ZURICH, Switzerland, Swiss, Lausanne

☆ Cyclone likely to hit India's west coast, south Pakistan on Thursday
▼ + stars: | 2023-06-12 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

[1/7] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. REUTERS/Francis MascarenhasMUMBAI, June 12 (Reuters) - A storm off India's west coast has strengthened to become a powerful cyclone and could hit India's western state of Gujarat and southern parts of Pakistan this week, the Indian weather department said on Monday. "Rescue and relief teams of the Coast Guard, Army and Navy along with ships and aircraft have been kept ready on standby," it said. In neighbouring Pakistan, the National Disaster Management Authority said instructions were being given to take precautionary measures in southern and southeastern parts that may be affected. A 1998 cyclone killed at least 4,000 people and caused hundreds of millions of dollars in damage in Gujarat.

Persons: Francis Mascarenhas MUMBAI, Biparjoy, Rajendra Jadhav, Asif Shahzad, Sumit Khanna, Sakshi Dayal, Shivam Patel, Raju Gopalakrishnan, Philippa Fletcher, Jonathan Oatis, Mark Heinrich Our Organizations: REUTERS, India Meteorological Department, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, Response Force, Coast Guard, Army, Navy, National Disaster Management Authority, Thomson Locations: Mumbai, India, Gujarat, Pakistan, Mandvi, Karachi, Fishermen, Mundra, Tuna, Kandla, Key, Dubai, Gujarat Pipavav, Kerala, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu

☆ India puts coastal states on alert amid warning of strengthening cyclonic storm
▼ + stars: | 2023-06-10 | by ( Sumit Khanna And Manoj Kumar | ) www.reuters.com time to read: +1 min

AHMEDABAD,India/NEW DELHI June 10 (Reuters) - India's western states of Gujarat, Maharashtra, Goa and other coastal regions are on alert after meteorologists warned that a cyclonic storm over the Arabian sea would intensify over the next 24 hours. It warned of heavy rainfall at isolated places in the state of Kerala and coastal Karnataka region in next three days. In Gujarat, the 13 coastal districts of South Gujarat, Saurashtra peninsula and Kutch have been put on alert. "We are fully prepared to deal with any situation," Kamal Dayani, additional chief secretary in the state revenue department, told Reuters. Teams from the National Disaster Response Force and State Disaster Response Force have been deployed in the districts likely to be affected by the storm.

Persons: Biparjoy, Kamal Dayani, Manoj Kumar, Mike Harrison Organizations: Authorities, Cyclone, Indian Meteorological Department, IMD, Reuters, Force, Thomson Locations: AHMEDABAD, India, DELHI, Gujarat, Maharashtra, Goa, Kutch, Mumbai, Kerala, Karnataka, South Gujarat, Saurashtra

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