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REUTERS/Athit PerawongmethaA series of coronavirus outbreaks in Thai factories is raising concerns that the export sector could be hit hard, threatening to further undermine an economy as it struggles to recover from the pandemic's crippling blow to the crucial tourism industry. “If it continues the damage will increase so factories have to be fully vaccinated,” he said. Instant noodle maker, Thai President Foods Pcl (TFMAMA.BK) closed a factory that produces rice vermicelli and rice noodle. BUBBLE-AND-SEAL IMPACTThe government has been trying to contain the outbreak with a "bubble and seal" policy, which takes effect in when 10% of factory workers are infected. A government official defended the bubble and seal policy, saying it allows businesses to continue operations and limits the outbreak.
Persons: Kriengkrai Thiennukul, , , Suthasinee Kaewleklai, Suthasinee, Taweesap Siraprapasiri Organizations: REUTERS, Electronics, of Thai Industries, Reuters, Thai President Foods Pcl, Workers, Migrant Workers Rights Network, Industry Ministry, Thomson Locations: Bangkok, Thailand
"G7 leaders have utterly failed to face up to the challenges facing the world," said Nick Dearden, director of campaign group Global Justice Now. This summit proves beyond all doubt that the G7 is not fit for purpose," Dearden said. In a note Monday, Paul Donovan, chief economist at UBS Global Wealth Management, referred to the G-7 as a "selfie summit." "The main focus of the G7 meeting (the photo opportunity) seemed to go well. Extinction Rebellion (XR) activists take part in the "Sound The Alarm" march during the G7 summit in Cornwall on June 11, 2021 in St Ives, Cornwall, England.
Persons: Charles Michel, Joe Biden, Yoshihide Suga, Boris Johnson, Mario Draghi, Leon Neal, Nick Dearden, Dearden, Paul Donovan, Donovan, Jeff J Mitchell Organizations: European, Japanese, Italian, Getty, Hong, Sino, U.S, of British Industry, Global, EU, European Commission, European Council, UBS Global Wealth Management, WHO, World Trade Organization Locations: U.S, British, Carbis, Carbis Bay, Cornwall, China, England, Xinjiang, Hong Kong, Canada, France, Germany, Italy, Japan, Australia, India, South Korea, United States, St Ives, South Africa, Switzerland, Norway, Brazil
Europe carbon prices expected to rise to 2030-industry survey
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Wolfgang Rattay/File PhotoCarbon prices in the European Union's emissions trading system are expected to rise significantly in the next decade due to tougher climate goals, market participants said in an industry survey published on Monday. The EU's emissions trading system (ETS) is the largest carbon market in the world, covering around 45% of the bloc's output of greenhouse gases and charging emitters for every tonne of carbon dioxide they emit. The survey by the International Emissions Trading Association (IETA) found members expect carbon prices in the EU ETS to average 47.25 euros ($57) a tonne between 2021 and 2025 and 58.62 euros a tonne between 2026 and 2030. Benchmark prices in the ETS currently trade around 53 euros a tonne. Britain's domestic emissions trading scheme started trading in May this year.
Persons: Wolfgang Rattay Organizations: REUTERS, International Emissions Trading Association, ETS, Thomson Locations: Niederaussem, Germany
"I predict we'll see more and more organizations embrace asynchronous work structures to facilitate healthier communication habits and encourage focused, deep work," Collin said. Asana is also embracing asynchronous video tools through a recently announced partnership with Vimeo . But deep integrations between various tools can decrease that need and help enable asynchronous work, said Asana's chief product officer Alex Hood. "There's a massive opportunity for us to continue to create seamless collaboration experiences and integrations like this that make remote work easier and more viable," he said. Dropbox, too, has created a toolkit for managers as it allows permanent remote work.
Persons: Slack, Gurbuz, Mathilde Collin, Collin, Asana, it's, Stewart Butterfield Craig Barritt, Christina Janzer, Janzer, Alex Hood, we're, Hood, Rich Wong, That's, Shruti Gandhi, Jake Saper, Saper, Integrations, Array's Gandhi, Dropbox, Alastair Simpson, Skye Gould, VCs, Maze, Atlassian's JIRA, Dropbox's Simpson, Atlassian, Scott Farquhar, It's, Farquhar, Mathilde Collin Front, Front's Collin Organizations: Software, Microsoft, Communication, Cisco Webex, Vimeo, Ventures, Company, Front Locations: Slack, Asana, Dropbox
Its tech could help hotels to automate more tasks and keep operations lean. It can help hotels automate tasks like booking, financial reporting and pricing, and staff training. Since the start of the pandemic, Life House has grown booking revenues by 189% and the number of hotel rooms under management by 271%. That could lead to financial pressure that would make a Life House operation more appealing to hotels. Courtesy of Life House Hotels"Of course, the staff positions that are experiencing a shortage are generally not automatable — housekeepers, for example," he said.
Persons: Rami Zeidan, Zeidan Organizations: Thayer Ventures, Tiger Global, Global Founders Capital, Comcast Ventures, House, Booking Holdings, US Chamber of Commerce, US Labor Department, Life Locations: Miami , Nantucket, Denver, Brooklyn, Bali, Chattanooga, Salida , Colorado, Wamego , Kansas, Miami Beach
Four at Toshiba Resign Over Campaign to Thwart Foreign Shareholders
  + stars: | 2021-06-13 | by ( Peter Landers | Megumi Fujikawa | ) www.wsj.com sentiment -0.85   time to read: +1 min
TOKYO— Toshiba Corp. said two executives and two outside directors would resign after they were accused of working with the government against foreign shareholders, the first fallout in a scandal that has highlighted Japan’s business-government ties. Sunday’s announcement came three days after a report by outside lawyers depicted wide-ranging cooperation between Toshiba management, the head of the Toshiba board’s audit committee and officials at the Ministry of Economy, Trade and Industry to block foreign shareholders from gaining board influence. It was the latest blow to the reputation of a company once known world-wide for its laptop computers, television sets and medical equipment. Shareholders based outside Japan now control more than half the company after injecting capital in late 2017 to repair Toshiba’s finances. The outside lawyers’ report, commissioned by shareholders after a push by the foreign activists, suggested that Toshiba executives and government officials shared concern over the activists’ power.
Persons: , Organizations: TOKYO — Toshiba Corp, Toshiba, Ministry, Economy, Trade, Industry, Harvard Locations: Japan, U.S
Chip Shortage Brings Frustration but More Business to Industry’s Middlemen
  + stars: | 2021-06-13 | by ( Stephanie Yang | ) www.wsj.com sentiment -1.00   time to read: +1 min
TAIPEI—When buyers need chips in a pinch, they turn to Erik Drown, a middleman who is able to source scarce parts. Asked recently by a client to help find 1,200 chips in a matter of days, Mr. Drown scoured his industry contacts. He couldn’t find all the needed chips but was able to get preliminary price quotes on about half. It is a painful truth for businesses world-wide: They need chips but can’t find them. Making matters worse is that the typical problem solvers—chip brokers and middlemen such as Mr. Drown—find themselves in some cases just as perplexed and empty-handed.
Persons: Erik, , they’re, Organizations: Technology Inc Locations: TAIPEI, Rowley ,
Hard seltzer sales are at an all-time high and set to peak over the fourth of July. Hard seltzer brands are gearing up for a big summer, and their success has already changed the alcohol industry. Alcohol sales were up in 2020 as Americans stayed home during the pandemic, and hard seltzers led the growth. First, hard seltzer consumers typically want "an experience through flavor or trying something new," she said. A canned seltzer has the convenience for an event like a music festival, she says.
Persons: Hard seltzer, seltzer, seltzers, Read, Danelle Kosmal, Kosmal, They're Organizations: Nielsen
New York (CNN) E3 2021 rolled into its second day Sunday when Microsoft (MSFT) and Bethesda made their highly anticipated joint showcase debut, nine months after their $7.5 billion acquisition deal was announced. Bethesda, maker of the critically acclaimed "Elder Scrolls," "Fallout" and "Doom" gaming franchises, was one of the largest privately held video game developers on the planet before it merged with Microsoft's Xbox Gaming Studios earlier this year. The combined entities finally revealed a date for the long-awaited release of Bethesda's " Starfield " space odyssey, which the developer announced almost three years ago. The game is set to debut in April 2022. Next came "Back 4 Blood," a zombie apocalypse-themed, online co-op game, which will hit stores October 12.
Persons: Gamers, Read Organizations: CNN, Microsoft, Bethesda, Xbox Gaming Studios, Xbox Locations: York, Bethesda
Advisory firm ISS recommends vote against Toshiba chairman
  + stars: | 2021-06-12 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoTOKYO (Reuters) - Toshiba Corp shareholders should vote against the re-appointment of board chairman Osamu Nagayama and four other directors, shareholder advisory firm ISS recommended on Saturday. The recommendation by Institutional Shareholder Services Inc (ISS) follows an explosive, shareholder-commissioned investigation that accused Toshiba of colluding with the Japanese government to pressure foreign investors. ISS advised shareholders to oppose the re-appointment of current members of the nomination and audit committees at a June 25 annual shareholders’ meeting. Glass Lewis, another U.S. advisory firm, has also urged shareholders at this year’s AGM to vote against the re-appointment of the same five directors.
Persons: Issei Kato TOKYO, Osamu Nagayama, , Glass Lewis Organizations: Toshiba Corp, REUTERS, Institutional, Services Inc, Toshiba, Ministry, Economy, Trade, Industry, ISS, Reuters Locations: Tokyo, Japan
Toshiba board to hold emergency meeting on Sunday, sources say
  + stars: | 2021-06-12 | by ( Makiko Yamazaki | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO (Reuters) -Toshiba Corp directors will hold an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting, two people with direct knowledge of the matter told Reuters. FILE PHOTO: The logo of Toshiba Corp. is seen next to a traffic signal atop of a building in Tokyo, Japan June 11, 2021. REUTERS/Issei KatoThe Japanese conglomerate’s board will consider reassigning the candidates for the audit, nominating and compensation committees, after major shareholder advisory firms recommended against some of the candidates, the people said. The emergency meeting comes as Toshiba has been thrown into crisis by revelations this week that management and board members colluded with the Japanese government to pressure foreign investors. Toshiba said in a statement it does not disclose the schedule or topics of board meetings.
Persons: Issei Kato, Toshiba’s, , Osamu Nagayama, Glass Lewis Organizations: Toshiba Corp, REUTERS, Toshiba, Ministry, Economy, Trade, Industry, Services Inc, ISS, Reuters Locations: TOKYO, Tokyo, Japan
Private Inequity: How a Powerful Industry Conquered the Tax System
  + stars: | 2021-06-12 | by ( Jesse Drucker | Danny Hakim | ) www.nytimes.com sentiment -0.71   time to read: +1 min
Private equity’s ability to vanquish the I.R.S., Treasury and Congress goes a long way toward explaining the deep inequities in the U.S. tax system. When it comes to bankrolling the federal government, the richest of America’s rich — many of them hailing from the private equity industry — play by an entirely different set of rules than everyone else. The result is that men like Blackstone Group’s chief executive, Stephen A. Schwarzman, who earned more than $610 million last year, can pay federal taxes at rates similar to the average American. Lawmakers have periodically tried to force private equity to pay more, and the Biden administration has proposed a series of reforms, including enlarging the I.R.S.’s enforcement budget and closing loopholes. The push for reform gained new momentum after ProPublica’s recent revelation that some of America’s richest men paid little or no federal taxes.
Persons: Blackstone, Stephen A, Biden Organizations: Treasury, Congress, Lawmakers Locations: United, U.S
As law firms and their clients seek to digitize and streamline work, VCs have been opening their wallets to the growing legal-tech space. Launched in 2017, Athennian is used by nearly 200 legal departments and law firms, including Dentons, Fastkind, and Paul Hastings, to automate documents like board minutes, stock certificates, and shareholder consents. Founded in Copenhagen in 2017, Contractbook uses data to automate documents, offering an end-to-end contracts platform for small- and medium-sized businesses (SMBs). As attorneys have been propelled to work remotely amid the pandemic, data security and streamlined work processes are top-of-mind for law firms, leading them to adopt cloud technology. BlackBoilerBlackBoiler is an automated contract markup software that's used by Am Law 25 firms and several Fortune 1000 companies.
Persons: VCs, Adrian Camara, Athennian, Paul Hastings, Jack Newton, Jerry Ting, Fried Frank, Niels Brøchner, Jarek Owczarek, Viktor Heide, Contractbook, inbox, Kiwi Camara, Dan Broderick, Broderick Organizations: Arthur Ventures, Touchdown Ventures, Clio's, Round13 Capital, Atlantic, Amity Ventures, Vertex Ventures, Harvard Law School, Venture Partners, Kiwi, Georgian Partners, VC titans, Bessemer Venture Partners, LiveOak Venture Partners, Am Law, Law Locations: PitchBook, manila, inbox, Denmark, Copenhagen, Houston
A new era of vacations will soon enter the world's $9.2 trillion tourism economy: space voyages. These are some of the top companies planning to kick off their space tourism within the decade. This move got companies like Axiom Space interested in the prospect of space tourism, but other companies like Space Perspective, Zero2Infinity, and The Gateway Foundation have been interested for much longer. Space tourism will likely continue to make up a small subsector of the travel and tourism industry over the next few years, but it will only continue to grow. But there are still a few significant issues to address before space tourism can become something more than an exotic activity exclusively for the wealthy.
Persons: that's Organizations: NASA, Gateway Foundation, Space, SpaceX, Voyager, Orion Locations: Houston, US, California, Hawaii
But some people who are still said to be in the running include: Dr. Joshua Sharfstein, a former high-ranking F.D.A. official and a vice dean for public health at Johns Hopkins University and Dr. Florence Houn, a former F.D.A. employees and industry executives cited several pressing priorities as the country emerges from the coronavirus pandemic that gripped the nation. First Up: CovidThe agency will soon decide whether to grant permanent approval to the three Covid vaccines already in wide distribution under emergency use authorizations, Pfizer-BioNTech, Moderna and Johnson & Johnson. has promised a new system, known as BEST, for tracking adverse reactions to the Covid vaccines, but it is still not up and running as promised.
Persons: Biden, . Woodcock, Joshua Sharfstein, Florence Houn, Michelle McMurry, Obama, McMurry, , Trump Organizations: Johns Hopkins University, Dr, Biotechnology Industry Association, Pfizer, BioNTech, Moderna, Johnson, AstraZeneca, Novavax, Sanofi, Centers for Disease Control Locations: Celgene
The artificial intelligence industry is booming, and talent is in demand as companies fill jobs. Here are salaries for jobs at AI companies including Snowflake, Samsara, OpenAI, Bytedance. ZipRecruiter shows annual salaries as high as $304,500 for AI engineers, with an average of $164,769. PitchBook notes that "the size of this market can support both large private companies as well as meaningful growth opportunities for large enterprises." Here's how much these top AI companies paid employees this year:
Persons: OpenAI Organizations: US Department of, IBM, Microsoft, Oracle, Business, of Foreign Labor Locations: UiPath
German Green leader wants new policy to aid industry in CO2 reduction
  + stars: | 2021-06-12 | by ( ) www.reuters.com sentiment -0.90   time to read: +2 min
Germany's Green Party co-chairwoman Annalena Baerbock smiles after being nominated as the party's chancellor candidate during a party convention in Berlin, Germany, June 12, 2021. Michael Sohn/Pool via REUTERSThe German Green Party will seek to support the country's industry on its road to cutting carbon emissions by ensuring the state helps meet any additional costs companies incur, its leader Annalena Baerbock said on Saturday. On the second day of a party conference to approve the party's election programme, Baerbock said industry in Europe's leading economy would receive binding assurances on the support on offer. "We are proposing a new deal to German industry. The conference supported Baerbock and co-leader Robert Habeck's leadership with 98.5% approval, in a 473 to six vote and four exemptions.
Persons: Annalena Baerbock, Michael Sohn, Baerbock, Robert Habeck's, Chancellor Angela Merkel's Organizations: Germany's Green Party, German Green Party, Greens, Friday, Thomson Locations: Berlin, Germany, Europe's
More Chinese provinces issue bans on cryptomining
  + stars: | 2021-06-11 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, 2019. China accounts for a over half of global bitcoin production, but some miners have been considering moving elsewhere after the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading last month. Cryptomining projects in Xinjiang's national Zhundong Economic-Technological Development Park were ordered to close. Xinjiang is China's biggest bitcoin mining centre, accounting for about a third of total computing power. China is stepping up a clampdown on cryptocurrencies after a global bull run in bitcoin prices rekindled local speculation.
Persons: Dado Ruvic, Lei Tong, Cryptominers, Tong Organizations: REUTERS, State Council, Financial, Babel Finance, China's Ministry of Industry, Information Technology, Wednesday, Reuters, & Reform, Technological, University of Cambridge, Scouting, Thomson Locations: China's, Qinghai, Xinjiang, China, Asia, Hong Kong, Changji Hui Prefecture, Mongolia, Sichuan, North America, Europe, Central Asia, Babel
Microsoft Has the Right Pieces for Game Streaming
  + stars: | 2021-06-11 | by ( Dan Gallagher | ) www.wsj.com + 0.00   time to read: +4 min
Just as only Nixon could go to China, it might be that only an established videogame company can upend the industry enough to finally make cloud gaming a reality. Microsoft announced Thursday that it is working on new devices to enable game streaming, and with TV manufacturers on sets that would enable games without any other hardware save for a controller. As such, only Microsoft seems to have all the necessary pieces to the puzzle. Streaming has also proven to be a growth driver for the music business as total industry revenue has surged 74% during that time. If Microsoft can help lead such a shift in games, its investors will be singing a very happy tune.
Persons: Nixon, Satya Nadella, Phil Spencer, ” Colin Sebastian, Baird, Dan Gallagher, dan.gallagher Organizations: Microsoft, Xbox, Google, , Bethesda Softworks, Electronic Arts, Recording Industry Association of America Locations: China, U.S
House Bills Seek to Break Up Amazon and Other Big Tech Companies
  + stars: | 2021-06-11 | by ( Dana Mattioli | Ryan Tracy | ) www.wsj.com + 0.00   time to read: +10 min
One of the proposed measures, titled the Ending Platform Monopolies Act, seeks to require structural separation of Amazon and other big technology companies to break up their businesses. I do wonder if these bills can get to 60 [votes] in the Senate.”Friday’s announcement covered five bills designed to curb Big Tech’s dominance. Four of the five bills narrowly focus on big technology companies. While the bills don’t name any companies, only Amazon, Apple, Facebook and Google currently meet the parameters laid out in those bills, according to the person familiar with the matter. They are the same companies that the House panel investigated as part of its probe into Big Tech.
Persons: , , David Cicilline, Ken Buck, Matt Schruers, Paul Gallant, Jeff Wilke, Amazon’s, Jeff Bezos, Hepburn, Dana Mattioli, Ryan Tracy Organizations: Amazon.com Inc, Inc, Apple Inc, Facebook Inc, Democratic, Senate, Democrats, Seven, , Big, Computer & Communications Industry Association, Facebook, Google, Technology Alert, Roku Inc, , Cowen &, Lawmakers, Amazon's, WSJ Tech, Apple, Big Tech, Walmart Inc, Amazon, Street, YouTube, Holding Company, Federal Trade Commission Locations: U.S, Europe, America, Seattle, ryan.tracy
Now is not the time for talk, now is the time for action: CBI president on G-7 summit
  + stars: | 2021-06-11 | by ( ) www.cnbc.com sentiment -0.97   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNow is not the time for talk, now is the time for action: CBI president on G-7 summitLord Karan Bilimoria, president at the Confederation of British Industry, discusses the G-7 meeting, climate change, and global supply chains.
Persons: Karan Bilimoria Organizations: Confederation of British Industry
Google has offered UK officials full oversight of its plans to ditch third-party cookies in Chrome. The tech giant's move to drop third-party cookies sent the ad industry into a tailspin last year. Google has offered UK officials full oversight of its plans to abandon the use of third-party cookies within its Chrome browser, as competition authorities around the world consider antitrust action against the move. Third-party cookies allow advertisers to follow users around the internet, and target them with personalized ads. Most significantly, Google offered the CMA a 60-day "standstill period" before it introduces any changes, during which the watchdog retains the option of reopening its investigation, should any issues arise.
Persons: , Andrea Coscelli, James Rosewell, Oliver Bethell, Bethell Organizations: Google, CMA, YouTube, Markets Authority
DraftKings CEO on outlook for online gambling industry post-pandemic
  + stars: | 2021-06-11 | by ( ) www.cnbc.com sentiment -0.97   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDraftKings CEO on outlook for online gambling industry post-pandemicOnline gambling took off during the pandemic. In 2020, shares of DraftKings soared 335% and Penn National gaming is up more than 200%. But as the economy reopens and people move from the digital world to the physical, those stocks have underperformed casino names like MGM and Caesars Entertainment over the past three months. DraftKings CEO Jason Robins joined "Squawk Box" on Friday to discuss the outlook on the online gaming industry.
Persons: Jason Robins Organizations: Penn National, MGM, Caesars Entertainment Locations: DraftKings
Pandemic driving even faster transition of the industry, says Northvolt CEO
  + stars: | 2021-06-11 | by ( ) www.cnbc.com + 0.92   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPandemic driving even faster transition of the industry, says Northvolt CEOPeter Carlsson discusses the company's latest fundraising round and the outlook for EV cars and battery technology.
Persons: Peter Carlsson
How hedge funds took over America's struggling newspaper industry
  + stars: | 2021-06-11 | by ( Sunny Kim | ) www.cnbc.com sentiment -1.00   time to read: +1 min
As Covid-19 ran rampant across the United States in 2020, local newsrooms across the country cut back—even as they covered the biggest story in decades. "As far as readers, we saw that skyrocket during the pandemic," Emma Way, editor at Axios Charlotte, told CNBC. During the pandemic, more than 70 local newsrooms closed across the country. In fact, hedge funds and other financial firms control half of the daily newspapers in the United States, according to a recent analysis by the Financial Times. Watch the video above to find out what that means for the newspaper industry, and the steps some newsrooms have taken to survive.
Persons: Emma Way, Charlotte Organizations: CNBC, Newspapers, Google, Facebook, Tribune, McClatchy, Media, Financial Times Locations: United States
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