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☆ Opinion: A Sydney ‘copshop’ with a dark history. And the gay community reclaiming it
▼ + stars: | 2024-02-22 | by ( Opinion Gary Nunn | ) edition.cnn.com time to read: +8 min

Police arrest a protester during a gay rights demonstration, which would become known as the first Sydney Gay and Lesbian Mardi Gras, June 1978. A permanent place to learn and healThere’s never been a more crucial time to record and display the stories and history of my LGBTQI community. LGBTQ+ activists demonstrate in what would evolve into the Sydney Gay and Lesbian Mardi Gras, 1978. Many arrested gay men were sent to Cooma — the world’s only known jail for gay men — also in New South Wales. My gay community finally gets to tell their own history in a venue that imprisoned and beat us for simply being ourselves.

Persons: Gary Nunn, Read, Gary Nunn Qtopia, Sydney’s, Anthony Albanese, “ ‘, ”, Darlo copshop, Steve Warren, Peter Murphy, Murphy, Qtopia, They’ve, videographers, There’s, —, David Polson, wasn’t, “, Cooma, David hasn’t, He’s Organizations: Sydney CNN, Darlinghurst Police, “ ‘ 78ers, ‘ 78ers, 78ers, Police, Sydney Gay, Mardi Gras, Sydney Morning Herald, Fairfax Media, Getty, Warren, Mardi, South Wales, Gay, NSW police, Goliath Locations: Sydney, Australia, Darlinghurst, San Francisco, London, South, Qtopia, New South Wales, Uganda, Malaysia, Guyana, Dominica, Nigeria, Pakistan

☆ Explainer-Why Does Russia Want to Capture Ukraine's Avdiivka?
▼ + stars: | 2024-02-06 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +4 min

By Dan Peleschuk and Andrew OsbornKYIV/LONDON (Reuters) - Russian forces are intensifying efforts to seize the eastern Ukrainian city of Avdiivka as Moscow's war in Ukraine grinds on. Russian war bloggers, whom the Kremlin has brought under tight control, have acknowledged heavy Russian losses but alleged significant Ukrainian losses too. They say Kyiv's forces can be encircled if Russian forces can cut their last main supply line to the west. Avdiivka is seen as a gateway to Donetsk city, whose residential areas Russian officials say have been shelled by Ukrainian forces, sometimes from Avdiivka. Seizing it could boost Russian morale and demoralise Ukrainian forces, which have made only incremental gains in a broad counteroffensive since June.

Persons: Dan Peleschuk, Andrew Osborn, Avdiivka, Vladimir Putin, Volodymyr Zelenskiy, Sergei Markov, Mykola Bielieskov, Bielieskov, Mike Collett, White, Timothy Heritage Organizations: LONDON, Mechanized Brigade, Radio Liberty, Kremlin, National Institute for Strategic Studies, Kyiv Locations: Ukrainian, Avdiivka, Ukraine, Bakhmut, Russia, Moscow, Russian, Donetsk, Luhansk, Avdeyevka, Kyiv, Kremlin

The fighting is reminiscent of a battle for another eastern city, Bakhmut, which fell to Russian forces last May after months of brutal urban combat. Since Moscow launched its renewed offensive around Avdiivka in October, Ukraine's top general and Western military experts have made downbeat assessments of Ukraine's ability to break Russian lines. Located just north of the Russian-occupied city of Donetsk in the industrial Donbas region, Avdiivka hosts deeply entrenched Ukrainian defences. Pushing Ukrainian forces out of Avdiivka would be seen as enlarging the amount of territory Russia controls and making Donetsk city safer. Seizing Avdiivka could boost Russian morale and deal a psychological blow to Ukrainian forces, which have made only incremental gains in a counteroffensive launched in June.

Persons: Nuzhnenko, Ukraine's, Russia's, Andrei Gurulyov, Semyon Pegov, Vladimir Putin, Wagner, Yevgeny Prigozhin, Mykola Bielieskov, Bielieskov, Dan Peleschuk, Andrew Osborn, Mike Collett, White Organizations: Ukraine's National Guard Omega, Radio Free, Radio Liberty, REUTERS Acquire, Mechanized Brigade, Avdiivka, National Institute for Strategic Studies, Kyiv, Timothy Heritage, Thomson Locations: Avdiivka, Ukraine, Donetsk region, Radio Free Europe, Ukrainian, Bakhmut, Russian, Moscow, Kyiv, Soviet, Donetsk, Luhansk, Russia

☆ Exclusive: European fund giant Amundi dips toe back into Turkey's lira
▼ + stars: | 2023-11-28 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. "We have started to cover our underweight in Turkish lira a few weeks ago," Strigo told Reuters, referring to the process of taking a more positive view on the currency. Amundi, while the first major fund to formally declare its shift, is not alone in testing the waters, according to other foreign investors and bankers. "It is probably the easiest way for now," Strigo said about the use of FX forwards to express that balance. With the bank having lifted rates to 40% from 8.5% since June, Amundi thinks another hike next month could finish the job.

Persons: Sarah Meyssonnier, Sergei Strigo, Amundi's, Strigo, Tayyip Erdogan, Amundi, Goldman Sachs, Erdogan, sceptics, Central Bank Governor Hafize Gaye Erkan, Marc Jones, Karin Strohecker, Jonathan Spicer, Susan Fenton Organizations: REUTERS, Reuters, Investment, JPMorgan, FX, Graphics, Central Bank Governor, Reuters Graphics Reuters, Thomson Locations: Paris, France, Turkey, Turkish, New York, London, Istanbul

Drumnadrochit, Scotland CNN —It’s not the volume of water in Loch Ness that impresses, although that’s substantial. The "surgeon's photographs" of 1934 are the most famous images of the Loch Ness Monster -- although they were later exposed as a hoax. “It’s a really bizarre extended family of Loch Ness enthusiasts,” says McKenna, his love for the project glowing in every word. But, says McKenna, “Loch Ness is so fascinating that it can cause these mirages. Until then, the Loch Ness Exploration group meets monthly on the loch and is free and open to everyone — believers, sceptics and agnostics alike: details are on the public Facebook page.

Persons: Scotland CNN — It’s, ”, Alan McKenna, Jeff J Mitchell, you’ve, you’ll, Loch, it’ll, Hugh Gray, Aldie McKay, Saint Columba, Aleister Crowley’s, Jimmy Page, Adrian Shine, Rasputin, Santa, He’s, McKenna, Steve Feltham, who’s, “, Alistair Matheson, Aldie, We’re, Loch Ness, Russell Cheyne, Matheson, we’ve, Andy Buchanan Organizations: CNN, Scotland CNN, Edinburgh, Getty, Loch, Keystone, “, Reuters, Pacific . Locations: Drumnadrochit, Scotland, Loch Ness, guesthouses, Isle, Skye, Boleskine, Santa Claus, Edinburgh, Loch, ”, Pacific, AFP

AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. Britain's technology minister Michelle Donelan said "the right people with the right expertise" would be around the table to discuss how to mitigate the risks of AI. China will be a key participant, given the country's role in developing AI technology, although questions have been raised by some lawmakers in Britain about its presence. The U.S. ambassador to Britain, Jane Hartley, said the AI conversation should be global, but added that the invitation to China had come from London. Reporting by Paul Sandle and Martin Coulter Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rishi Sunak, Sam Altman, Sceptics, Kamala Harris, Ursula von der Leyen, Antonio Guterres, Michelle Donelan, Jane Hartley, Francois, Philippe Champagne, Paul Sandle, Martin Coulter, Mark Potter Organizations: REUTERS, Safety, European Union, Elon, Bletchley, European, U.S, United Nations, Reuters, Thomson Locations: Britain, United States, China, European Union, U.S, London

☆ Man Utd show signs of life, but City offer real test
▼ + stars: | 2023-10-26 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

Another not-too-convincing victory at bottom club Sheffield United last weekend was admirable in its own way following the news of club great Bobby Charlton's death before kickoff. City suffered consecutive league defeats before the international break but have answered any doubts with wins over Brighton & Hove Albion and then at Young Boys on Wednesday in the Champions League. Guardiola will need no reminding that City lost at Old Trafford last year, having crushed United 6-3 at home. City also won the FA Cup final against United on their way to matching the Reds' treble of 1999. Sixth-placed Newcastle United will have to shrug off the disappointment of their Champions League loss to Borussia Dortmund as they face Wolverhampton Wanderers on Saturday.

Persons: Erik Ten, Bobby Charlton's, Harry Maguire's, Andre Onana, Guardiola, Sergio Aguero, They've, they've, Rasmus Hojlund, Erling Haaland, Ange Postecoglou, Monday's, Postecoglou, Martyn Herman, Christian Radnedge Organizations: Manchester, Manchester City, Brentford, Sheffield United, FC Copenhagen, Champions League, Pep, City, Brighton & Hove Albion, Young Boys, Old, FA, United, Reds, Manchester Evening, Premier League, Tottenham Hotspur, Tottenham, Fulham, Arsenal, Nottingham Forest, Newcastle United, Borussia Dortmund, Wolverhampton Wanderers, Saturday, Aston Villa, Luton Town, Thomson Locations: Old Trafford, City, Celtic, Liverpool

☆ Chiamaka Nnadozie: Her father didn’t want her to play soccer. Nigerian star defied him and rewrote the record books
▼ + stars: | 2023-10-20 | by ( Michael Johnston | Amanda Davies | ) edition.cnn.com time to read: +7 min

It’s been a long, winding road from a small semi-urban town in Nigeria to the World Cup knockout stages. Cathrin Mueller/Getty Images Europe/Getty Images‘I was crying’The Nigerian goalkeeper rose to stardom after becoming the youngest-ever goalkeeper to keep a clean sheet at a Women’s World Cup back in the 2019. Only 19 years old at the time, Nnadozie played three games in France, showcasing confidence and authority on a level more commonly associated with seasoned professionals. Nnadozie saves a penalty against Christine Sinclair of Canada at the FIFA Women's World Cup. “When I saw the post, for me, I think she made a good point.”Nnadozie catches a cross while being challenged by France's Kadidiatou Diani at the 2019 Women's World Cup.

Persons: Chiamaka, –, CNN’s Amanda Davies, Nnadozie, It’s, Cathrin Mueller, ” Nnadozie, ’, Randy Waldrum’s, Christine Sinclair, Sinclair, parrying, Morgan Hancock, Alessia Russo, Frida Manuum, Wolfsburg’s Dominique Janssen, ”, ‘, Mary Earps, Chile’s Christiane Endler, France's Kadidiatou Diani, Stephane Mahe, “ Organizations: CNN, Paris FC, Nigeria, World, UEFA Women's, League, VfL Wolfsburg, Getty, ’ ” Nigeria, FIFA, England, Canada, Super Falcons, Women’s Champions League, Arsenal, Paris, Wolfsburg, Women’s, Reuters Locations: Nigeria, Wolfsburg, Germany, Europe, France, Australia, Canada, Randy Waldrum’s Nigeria, Jordan, Nnadozie, England

☆ Next EU chief will need cash more than trade wars
▼ + stars: | 2023-10-10 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

What she sidestepped was how to find more cash and convince member states to pay up. Von der Leyen, or her successor, will have to figure out how to pay for enlargement. Von der Leyen tapped into trade frustrations with her pledge to investigate and possibly punish Chinese subsidies for car and battery makers. During her first term, von der Leyen succeeded in connecting the EU with bond investors via the 800 billion euro NextGenerationEU borrowing programme. A second term will require even more finesse to convince EU member states to raise money not just from markets, but from themselves.

Persons: Ursula von der, European Union won’t, der, von der Leyen’s, Greens –, der Leyen, Emmanuel Macron, Thierry Breton, Norway’s Jens Stoltenberg, Von der, Carlo Bastasin, Von der Leyen, von der Leyen, sceptics, Ursula von der Leyen, Charles Michel’s, Jens Stoltenberg’s, Francesco Guerrera, Streisand Neto, Thomas Shum Organizations: Reuters, European Union, Bank, EU, European Commission, Socialists, Greens, NATO, Reuters Graphics Reuters, Brookings, handouts, Organisation for Economic Co, Transport, Environment, Thomson Locations: BRUSSELS, Ukraine, Moldova, Western, Brussels, Germany, Bosnia, Herzegovina, Montenegro, Serbia, Albania, North Macedonia, Kosovo, Turkey, Georgia, Spain, Poland, United States, China, Ireland, Netherlands, EU, EU’s, Hungary

☆ Stellantis sees long road ahead for internal combustion engine cars
▼ + stars: | 2023-09-07 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

A Stellantis sign at the entrance of the carmaker's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsMILAN, Sept 7 (Reuters) - Carmaker Stellantis (STLAM.MI) believes internal combustion engine (ICE) vehicles could be on the road until 2050, making it necessary to contain their carbon emissions until they're finally replaced by fully electric ones. Stellantis has reaffirmed its commitment to all new car sales in Europe being battery-electric by 2030, although the European Union has excluded cars that run on e-fuels from its 2035 deadline to phase out new carbon dioxide-emitting cars. Many sceptics however point out e-fuels are not a viable alternative in the short time, due to their low availability and high costs. Stellantis and Aramco executives said e-fuel availability was expected to increase and their prices to go down, also thanks to favourable taxation in the European Union, "in the future", but without providing more specific predictions.

Persons: Pascal, Stellantis, Christian Mueller, Amer Amer, Giulio Piovaccari, Keith Weir Organizations: REUTERS, they're, Fiat, Peugeot, Saudi, European Union, ICE, Propulsion Systems, Aramco, Thomson Locations: Hordain, France, Aramco, Europe, Saudi Arabia, Spain, Stellantis

☆ Ava DuVernay makes history with Venice premiere of 'Origin'
▼ + stars: | 2023-09-06 | by ( Crispian Balmer | ) www.reuters.com time to read: +3 min

VENICE, Sept 6 (Reuters) - Award-winning director Ava DuVernay on Wednesday became the first African American woman to present a movie in competition at the Venice Film Festival, overcoming sceptics who had tried to talk her out of applying. "I can't tell you how many times I have been told: 'Don't apply for Venice, you won't get in'. Something happened that hadn't happened in eight decades before, an African American women in competition." DuVernay said it would have been impossible to put together such a cast with a studio in charge. "Origin" is one of 23 movie competing for the coveted Golden Lion award at the Venice Film Festival, which ends on Sept. 9.

Persons: Ava DuVernay, sceptics, DuVernay, Isabel Wilkerson, Jim Crow, Wilkerson, Suraj Yengde, Selma, Martin Luther King's, Aunjanue Ellis, Taylor, Jon Bernthal, Crispian Balmer, Nick Macfie Organizations: Venice Film, Blacks, Golden, Thomson Locations: VENICE, American, Venice, African American, Nazi Germany, United States, India, Indian

Fed Chair Jerome Powell was almost brusque in his re-statement of the central bank's anti-inflation commitment at the annual Jackson Hole symposium on Friday. Tracking that rather than more-skittish policy rate futures would have proved a better guide to how subsequent months panned out and to the summer doldrums in bonds and stocks. And yet the September meeting could still be the 'big reveal' as it sees publication of the Fed's updated 'dot plot' that will likely show just where they then see the cycle crest. San Francisco Fed chart on dispersion of Fed rate projections by horizonSan Francisco Fed index of Fed uncertaintyACCIDENT OR DESIGN? As to whether the Fed is guiding everyone to safe and happy place, there continues to be sceptics about the 'soft landing'.

Persons: Jerome Powell, Jackson, that's, it's, Andrew Foerster, Zinnia Martinez, Bruce Kasman, Joseph Lupton Organizations: Federal, Reuters Graphics Reuters, Atlanta, San Francisco Fed, San, Fed, San Francisco, JPMorgan, Reuters, Thomson Locations: U.S, synch, San Francisco Fed

LONDON, Aug 25 (Reuters) - In an investment world trumpeting new-found ethical and sustainability guidelines, the seeming indifference of markets to democratic credentials still remains stark. There's little doubt that emerging market risks are many and rising for Western investors. What's more, there were as many emerging economies in its sample with relatively low bond spreads in the group with very low V&A scores as the group with very high V&A scores. If you removed those two wipeouts, screening just for V&A democratic values made much less difference to the bottom line. "Taking heed of these geopolitical risks could be the crucial difference between securing your returns or ending up with nothing."

Persons: Morgan's, Eamon Aghdasi, Mina Tomovska, Saker Nusseibeh, Nick Macfie Organizations: U.S ., Hermes, Financial, Reuters, Thomson Locations: Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, UAE, Egypt, Argentina, Ukraine, Taiwan, Boston, Belarus, Washington

☆ UK net-zero ‘pragmatism’ is an odd way to get real
▼ + stars: | 2023-08-04 | by ( George Hay | ) www.reuters.com time to read: +7 min

Yet official UK figures do not suggest the way to get real on climate change is to go any slower. Sunak himself has defended Britain’s record on climate and says he cares about reaching its 2050 net-zero target. As such the net cost of net zero may be more like 344 billion pounds over three decades, or perhaps only 0.4% of GDP per year. Policy certainty will meanwhile encourage foreign investors to help pay for Britain’s transition, reducing its exposure to gas price shocks. UK energy secretary Grant Shapps said on Aug. 2 that the government remained “absolutely committed” to hitting its net-zero carbon targets by 2050.

Persons: Rishi Sunak, Sunak, dawdling, Andrew Forrest, ”, ” Sunak, Michael Gove, Grant Shapps, “, Neil Unmack, Streisand Neto, Oliver Taslic Organizations: Reuters, Sunak’s Conservative Party, Budget, Reuters Graphics Reuters, ’, McKinsey reckons, Britain, Conservatives, Thomson Locations: Britain, London, China, United States, North

☆ UK is in danger of becoming the Nigeria of wind
▼ + stars: | 2023-07-20 | by ( George Hay | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters Breakingviews) - Britain is supposed to be the Saudi Arabia of wind power. Vattenfall’s decision on Thursday to halt the 1.4 gigawatt (GW) Norfolk Boreas project is just the latest sign that Britain’s most appropriate fossil-fuel comparator may not be the biggest and most efficient producer. Vattenfall, a state-held Swedish power company, has gone cool for reasons that are well-discussed in the wind sector. The obvious move for UK Prime Minister Rishi Sunak would be to allow developers to charge more for power, to make up for higher costs. Follow @gfhay on TwitterCONTEXT NEWSVattenfall is stopping the development of its 1.4 gigawatt (GW) Norfolk Boreas offshore wind project off the coast of Britain, the state-owned Swedish utility said on July 20.

Persons: Boris Johnson’s, Vattenfall, Rishi Sunak, Liam Proud, Oliver Taslic Organizations: Reuters, Siemens, UK, FTI, Norfolk, Thomson Locations: Britain, Saudi Arabia, United Kingdom, Riyadh, Norfolk Boreas, Swedish, Norfolk, Orsted, Nigeria

☆ Women's World Cup will win over the sceptics, says Infantino
▼ + stars: | 2023-07-19 | by ( Amy Tennery | ) www.reuters.com time to read: +2 min

[1/2] Soccer Football - The Best FIFA Football Awards - Salle Pleyel, Paris, France - February 27, 2023 FC Barcelona's Alexia Putellas winner of The Best FIFA Women’s Player award 2022 receives the trophy from FIFA president Gianni Infantino REUTERS/Sarah Meyssonnier/File PhotoAUCKLAND, July 19 (Reuters) - FIFA President Gianni Infantino said women's football has experienced incredible growth over the last 10 years and is confident that the World Cup will win over anyone who remains sceptical about the merits of the women's game. Infantino said if there was one sport where the women's game could compete with the men's it would be football. "I mean, it’s 50% of the population, women around the world, more or less, right?" FIFA Secretary General Fatma Samoura said a total of 1.375 million tickets had been sold across the tournament so far. The ninth edition of the Women's World Cup runs from July 20 through Aug. 20.

Persons: FC Barcelona's Alexia Putellas, Gianni Infantino, Sarah Meyssonnier, Infantino, It's, General Fatma Samoura, Amy Tennery, Peter Rutherford Organizations: Soccer Football, FIFA, Salle Pleyel, FC Barcelona's, Gianni Infantino REUTERS, Thomson Locations: Paris, France, AUCKLAND, Australia, New Zealand, Auckland, Norway, Zealand

LONDON, July 14 (Reuters) - An accelerating dollar slide could be a U.S. gift to its allies by helping them catch up with its impressive disinflation. A dollar slide of this size and speed has typically elicited yelps of pain from U.S. trading partners. Euro zone headline inflation - which peaked about one percentage point above and three months later than the U.S. equivalent last year - was still 2.5 points above it last month. The ECB will likely stay shy of peak Fed rates, but an expected move to 4.0% policy rates by year-end will involve two quarter point hikes after the Fed has stopped. A time-limited dollar drop now may be more benign than a simple reversion to a new 'currency war'.

Persons: Goldman Sachs, Mike Dolan, Josie Kao Organizations: Reserve, Monetary, Sterling, Bank of England, European Central Bank, ECB, Fed, Transatlantic, Reuters, Twitter, Thomson Locations: U.S, Europe, Britain, Swiss

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

☆ Satellite stray’s lonely orbit has a cash booster
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 22 (Reuters Breakingviews) - SES and Intelsat are orbiting away from each other. After being locked in merger talks since March, the two satellite operators have decided instead to pursue their own turnaround plans independently. Both companies operate in the stagnant satellite-video market and so would have been doubling down on an old technology. And the combined company would have been burdened with a heavy initial net debt load of around 4 times combined EBITDA, according to Deutsche Bank analysts. It wants to broaden its business to new areas, like the medium earth orbit constellations, which provide quick internet connections in hard-to-reach places.

Persons: Steve Collar, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Reuters, SES, Intelsat, Deutsche Bank, Elon, SpaceX, U.S, Twitter, Intel, Thomson Locations: Luxembourg

☆ ‘Intel Outside’ is more like it these days
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

The cash will come in handy for the company whose “Intel Inside” campaign is part of marketing lore, but the benefits of putting the subsidiary on a path to a standalone future are bigger. IMS dominates a specialized niche of semiconductor manufacturing, making laser-based tools that construct masks used to etch complex patterns on silicon-wafer circuitry. With Intel, Taiwan Semiconductor Manufacturing Corp (2330.TW), and others rushing to build plants, there’s plenty of business. Intel’s own ambitious plans, including a recently unveiled $33 billion expansion in Germany, have opened it up to talking with outside investors. IMS might benefit similarly from being outside Intel.

Persons: Robert Cyran, Jeffrey Goldfarb, Katrina Hamlin Organizations: YORK, Reuters, IMS, Bain Capital, Intel, Taiwan Semiconductor Manufacturing Corp, Twitter, Thomson Locations: Germany, Cava

☆ India’s $1 bln education buyout is a studied bet
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 21 (Reuters Breakingviews) - The biggest merger in Indian corporate history has opened the door for private equity giant EQT (EQTAB.ST) to enter the country’s education finance market. The deal is touted as the largest ever PE buyout in the country’s financial sector and values Credila at roughly 101 billion rupees ($1.2 billion), or roughly 37 times earnings in the last financial year. The target specalises in education financing for those looking to universities in the United States, the UK and Canada for higher education. The buyers will also inject 20 billion rupees into Credila, which should help give the company, already a market major, an edge over rivals including state-controlled banks and the Warburg Pincus-backed Avanse Financial Services. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: HDFC, Credila, BPEA EQT, Warburg Pincus, Shritama Bose, Robyn Mak, Thomas Shum Organizations: Reuters, Chrys Capital, Bajaj Finance, Financial, Twitter, Virgin, Thomson Locations: MUMBAI, Swedish, United States, Canada, India, Credila, Cava

☆ Amazon's subscription spat is anything but prime
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 22 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) Prime service is a club that’s hard to quit - literally. Competition cop Lina Khan filed a complaint on Wednesday alleging that the e-commerce giant enrolled U.S. customers in its subscription product unwittingly and made cancellation unlawfully difficult. When it comes to sharp sales practices, other companies have done worse, but the Amazon case could still hurt. Citigroup analysts estimate that Prime subscribers spend up to 2.5 times more than non-subscribers on Amazon’s marketplace. That extra spending matters: Amazon’s North America segment recorded a razor-thin operating profit margin of 1.2% last quarter.

Persons: Lina Khan, Khan, Wells, isn’t, shouldn’t, Jonathan Guilford, John Foley, Katrina Hamlin Organizations: YORK, Reuters, Federal Trade Commission, FTC, Citigroup, Twitter, Intel, Thomson Locations: U.S, America, Cava

☆ Virgin Galactic defies gravity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 16 (Reuters Breakingviews) - The Virgin Galactic (SPCE.N) countdown has begun. Richard Branson’s space tourism company said on Thursday it plans to launch its first commercial flight within days. Virgin Galactic also depends on there being enough people willing to pay $450,000 for a few minutes in weightlessness. If Virgin Galactic could carry six passengers a week, and earn a 20% EBITDA margin, it would someday generate about $30 million of such earnings. For a company that has so badly missed previous projections, it’s Virgin Galactic’s valuation that is out of this world.

Persons: Richard, Jeff Bezos, Elon Musk, Robert Cyran, Jeffrey Goldfarb, Streisand Neto Organizations: YORK, Reuters, Virgin, Galactic, Origin, SpaceX, Southwest Airlines, Twitter, Thomson Locations: Cava

☆ Generali’s pounce may win over in-house sceptics
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The 29 billion euro Italian insurer on Thursday agreed to purchase Liberty Seguros, a group of European businesses, from U.S. insurer Liberty Mutual for 2.3 billion euros in cash. The Italian insurer’s largest acquisition since 2013 nearly exhausts its M&A firepower, which the group had assessed at between 2.5 billion euros and 3 billion euros. At 2.3 billion euros, or nearly two times its 1.2 billion euros of annual revenue, Liberty Seguros’ price tag does not look cheap. But the real price falls to 1.8 billion euros after factoring in around 500 million euros of cash expected from a sale of Brazilian assets announced earlier this year. Assuming three-quarters of these are cost cuts, they may be worth around 800 million euros once taxed at 25% and capitalised.

Persons: Francesco Gaetano Caltagirone, Philippe Donnet, Generali, Lisa Jucca, Pierre Briancon, Oliver Taslic Organizations: MILAN, Reuters, Liberty, Liberty Mutual, Axa, Allianz, Twitter, Thomson Locations: U.S, Italian, Iberia, Spain, Portugal, Europe, Cava

☆ Sky News Australia quits TikTok citing security risks posed by Chinese-owned app
▼ + stars: | 2023-04-10 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +4 min

Brisbane, Australia CNN —Australian broadcaster Sky News has left TikTok because of security concerns that have led several Western governments to ban the video app on devices used by officials. “We urge [media organizations] to consider this dilemma and stop trading security and integrity for a few worthless views,” he added. There is still no public evidence the Chinese government has actually spied on people through TikTok. Sky News Australia is owned by Rupert Murdoch’s News Corp (NWSA)oration, and is a separate entity to UK broadcaster Sky News, which is owned by Sky Group, a division of US conglomerate Comcast (CCZ). ByteDance said the relevant staff were investigating potential information leaks, and they were fired for misusing their authority to access TikTok user data.

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