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NEW YORK, Dec 3 (Reuters) - Bill Hwang is seeking the dismissal of his U.S. fraud indictment over the collapse of his once-$36 billion Archegos Capital Management LP, saying prosecutors committed misconduct by sandbagging him when building their case. In a separate filing, Hwang and co-defendant Patrick Halligan, Archegos' former chief financial officer, said their indictment should be dismissed because Archegos' trading activity was "entirely lawful," using methods that are "clearly permitted by the existing regulatory structure." These discussions, the last occurring two days before Hwang's April 27 arrest, "revealed what has now become (as prosecutors doubtless knew it would) his defense strategy," Hwang's lawyers said. Hwang also wants U.S. District Judge Alvin Hellerstein, who oversees the case, to hold a hearing to determine the extent of any taint. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.
Dec 3 (Reuters) - Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd said on Saturday it ins cutting 600 jobs in its corporate and technology departments. India's IPO-bound Oyo will cut 10% of its 3,700-employee base, while at the same time hiring 250 people, it said in a statement. Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions. The company reported a net loss of 3.33 billion Indian rupees ($40.90 million) in the second quarter of the financial year compared with a loss of 4.14 billion rupees in the first quarter. ($1 = 81.4100 Indian rupees)Reporting by Rhea Binoy in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
"The board examined Orcel's pay package in light of the important performance reached in 2021 under his leadership," the report said. "Orcel separately indicated ... he prefers to keep his fixed pay unchanged and have his variable pay closely linked to performance goals," it added. "The board agrees ... and will reassess Orcel's pay ahead of the 2023 general shareholder meeting in light of results and progress made in 2021 and 2022," it concluded. Annual pay of up to 7.5 million euros makes Orcel one of Europe's best paid bank executives, analysts say. The Financial Times first reported UniCredit sought a pay hike for Orcel citing people familiar with the matter.
Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. "We are committed to following all applicable laws and pleased to have resolution with the SEC. With this settlement, the company and its employees neither admitted nor denied the SEC’s allegations," AT&T told Reuters in an emailed statement. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. Reporting by Akanksha Khushi; Additional reporting by Sneha Bhowmik in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Dec 3 (Reuters) - Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday. Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, the newspaper said, citing people familiar with the matter. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders last month. Gemini, which runs a crypto lending product in partnership with Genesis, has now formed a creditors' committee to recoup the funds from Genesis and its parent DCG, the report added. Genesis Global Capital suspended customer redemptions in its lending business last month, citing the sudden failure of crypto exchange FTX.
UniCredit to reassess CEO pay ahead of general meeting
  + stars: | 2022-12-03 | by ( Valentina Za | ) www.reuters.com   time to read: +3 min
MILAN, Dec 3 (Reuters) - UniCredit (CRDI.MI) will reassess the remuneration of CEO Andrea Orcel ahead of its 2023 general meeting to see if the results achieved by Italy's second-biggest bank in 2021-2022 warrant an increase, a document on its website showed. "The board examined Orcel's pay package in light of the important performance reached in 2021 under his leadership," the report said. "Orcel separately indicated ... he prefers to keep his fixed pay unchanged and have his variable pay closely linked to performance goals," it added. "The board agrees ... and will reassess Orcel's pay ahead of the 2023 general shareholder meeting in light of results and progress made in 2021 and 2022," it concluded. The Financial Times first reported UniCredit sought a pay hike for Orcel citing people familiar with the matter.
Dec 3 (Reuters) - Crypto exchange Gemini is trying to recover $900 million from crypto lender Genesis and its parent company Digital Currency Group after the collapse of Sam Bankman-Fried's crypto exchange FTX, Financial Times reported citing people familiar with the matter. Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
TOKYO, Dec 3 (Reuters) - Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, three people familiar with the matter said. The French and Japanese carmakers remained apart on how to share intellectual property, the people, who declined to be named, said. Renault and Nissan declined to comment. The companies have been aiming to announce the new alliance structure as early as this month, Reuters reported this week. The question of how to share technology and intellectual property has proved to be a sticking point in the talks.
TOKYO, Dec 3 (Reuters) - Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, Japanese television network JNN reported. The French and Japanese carmakers remained apart on how to share intellectual property, JNN said late on Friday. There are no plans on when to make an announcement, the network said. The companies have been aiming to announce the new alliance structure as early as this month, Reuters reported this week. The question of how to share technology and intellectual property has proved to be a sticking point in the talks.
Companies AT&T Inc FollowDec 3 (Reuters) - AT&T Inc. (T.N) has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. AT&T did not immediately respond to a Reuters' request for comment outside business hours. In a March 2021 lawsuit, the SEC accused Dallas-based AT&T and three investor relations executives of leaking details about its smartphone business to 20 firms. read moreThe SEC said it violated fair disclosure which it adopted in 2000 to bar companies from disclosing material non-public information privately, helping level the playing field for investors. Reporting by Akanksha Khushi in Bengaluru; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
If the deal is approved by Delta pilots, it is widely expected to act as a benchmark for contract negotiations at rivals United Airlines (UAL.O) and American Airlines (AAL.O). The Atlanta-based carrier's pilots have been working without a new contract for nearly three years after their old contract became amendable in December 2019, fueling frustration. In the draft agreement, Delta promises that pay rates of its pilots will exceed those at United and American by at least 1%. In a year of protests for the industry, pilots at all major U.S. carriers have been demanding higher wages and a better work-life balance. In its memo, Delta's pilot union said more than 25% of the value of the contract agreement is dedicated to quality-of-life related items.
Dec 3 (Reuters) - With the World Cup knockout phase having begun, here is an overview of the teams advancing to the last 16 at the tournament in Qatar:HOW DOES THE KNOCKOUT STAGE AT WORLD CUP 2022 WORK? * In the knockout stage the teams will play each other once, with the winning team going to the next round. There are total of four rounds: Round of 16, quarter-finals, semi-finals and final, which will take place on Dec. 18. * Australia claimed a spot in the last 16 as Group D runners-up with 6 points from wins over Tunisia and Denmark. * Croatia joined the last 16 after two goalless draws with Morocco and Belgium and a 4-1 victory over Canada.
Renault and Nissan forgo Dec. 7 announcement of new deal -JNN
  + stars: | 2022-12-03 | by ( ) www.reuters.com   time to read: +1 min
TOKYO, Dec 3 (Reuters) - Automakers Renault and Nissan are set to forgo an announcement on Dec. 7 of a new deal on their restructured alliance as they struggle to bridge their differences, Japanese TV network JNN reported on Friday. Renault is looking to Nissan to invest in its EV business, while Nissan is seeking the sale of part of Renault's 43% stake in Nissan to put the two partners on a more equal footing. The two parties decided to forgo an announcement on Dec. 7 as they had not reached an agreement as of Friday on how to share intellectual property, JNN said. Neither Renault nor Nissan immediately responded to a request for comment. Reuters previously reported that both parties had raised Dec. 7 as a possible date for an announcement of the new alliance structure.
[1/2] Delta Air Lines pilots, represented by the Air Line Pilots Association, protest outside Terminal 4 at JFK International airport in New York City, U.S., June 30, 2022. REUTERS/Shannon StapletonCHICAGO, Dec 2 (Reuters) - Delta Air Lines (DAL.N) has offered a 34% pay increase to its pilots over three years in a new contract, according to a draft agreement seen by Reuters. The pilots will get a raise of at least 18% raise on the date the contract is signed, another 5% after one year, 4% after two years and 4% after three years, it says. Delta pilots have been working without a new contract for nearly three years after their old contract became amendable in December 2019, fueling frustration. They voted overwhelmingly in October voted to authorize a strike if negotiators could not reach an agreement on the new contract.
On Friday, Musk vowed "significant reinforcement of content moderation and protection of freedom of speech" in a meeting with France President Emmanuel Macron. She said layoffs did not significantly impact full-time employees or contractors working on what the company referred to as its "Health" divisions, including in "critical areas" like child safety and content moderation. She added that the number of people working on child safety had not changed since the acquisition, and that the product manager for the team was still there. On child safety, for instance, Irwin said Twitter had shifted toward automatically taking down tweets reported by trusted figures with a track record of accurately flagging harmful posts. In the interview on Thursday, Irwin said Twitter took down about 44,000 accounts involved in child safety violations, in collaboration with cybersecurity group Ghost Data.
Dec 2 (Reuters) - FTX's digital currency futures and clearinghouse LedgerX is up for sale and has attracted interest from crypto firms including Blockchain.com, Gemini, Bitpanda and Kalshi, Bloomberg reported on Friday, citing people familiar with the matter. There could be over half a dozen other potential buyers for the crypto derivatives exchange, the people told Bloomberg, adding that some of the interested parties have signed non-disclosure agreements. Blockchain.com, Gemini and Bitpanda did not immediately respond to Reuters' request for comment, while Kalshi could not be reached for comment. FTX US acquired it last year to expand into crypto futures and options trading. Reporting by Jyoti Narayan in Bengaluru; Editing by Sandra Maler and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.
Mexico, U.S. plan pitch by early 2023 to lure firms from abroad
  + stars: | 2022-12-03 | by ( ) www.reuters.com   time to read: +1 min
[1/2] Mexico's economy Minister Raquel Buenrostro smiles during an event with business association representatives to discuss targets for "Black Friday" shopping season, in Mexico City, Mexico, October 19, 2022. REUTERS/Edgard GarridoMEXICO CITY, Dec 2 (Reuters) - Mexican Economy Minister Raquel Buenrostro and U.S. Secretary of Commerce Gina Raimondo on Friday agreed to set out a plan by early 2023 for the relocation of companies from Asia to North America, Mexico's government said. On Thursday, Buenrostro discussed efforts to resolve a bilateral spat over Mexico's energy policies with U.S. Trade Representative Katherine Tai. Tai also stressed the importance of avoiding disruptions in U.S. corn exports to Mexico. Reporting by Mexico City Newsroom Editing by Dave Graham and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.
Dec 2 (Reuters) - Emmanuel Macron met with Elon Musk on Friday afternoon and discussed efforts that have to be made by Twitter to comply with European regulations, the French president said in a tweet. "Transparent user policies, significant reinforcement of content moderation and protection of freedom of speech: efforts have to be made by Twitter to comply with European regulations," Macron said in a tweet on Saturday. loadingReporting Akriti Sharma; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
In a filing on Friday afternoon in Manhattan federal court, Unilever said Ben & Jerry's board "is no ordinary board." Ben & Jerry's could not immediately be reached for comment. In August, a judge rejected Ben & Jerry's bid to immediately halt such sales. Last month, Ben & Jerry's board renounced the sale of its ice cream by Zinger, saying his products "should not be confused with the products" made by Ben & Jerry's. "The sale of products bearing any Ben & Jerry's insignia in the Occupied Palestinian Territory is against our values," the board said.
Dec 3 (Reuters) - Russian Defence Minister Sergei Shoigu held talks with his Belarusian counterpart Viktor Khrenin, the state-run Belta news agency said on Saturday. The two sides discussed bilateral military cooperation and amended an agreement on the "joint provision of regional security", it said, without providing further detail. Russia and Belarus are formally part of a "union state" and are closely allied economically and militarily, with Moscow using Belarus as a staging post for its Feb. 24 invasion of Ukraine. Belarus has said it will not enter the war in Ukraine, but President Alexander Lukashenko has in the past ordered troops to deploy with Russian forces near the Ukrainian border, citing threats to Belarus from Kyiv and the West. Reporting by ReutersOur Standards: The Thomson Reuters Trust Principles.
MADRID, Dec 3 (Reuters) - Spanish police said six letter bombs sent to high profile targets in recent days appeared to have been posted from the northern city of Valladolid, a source close to the investigation told Reuters on Saturday. The devices were sent to targets including Prime Minister Pedro Sanchez, the Ukrainian Embassy in Madrid, government offices, a European Union satellite company and the U.S. Embassy between Nov. 24 and Dec. 2. Most were defused, although an employee at the Ukrainian embassy was slightly injured when one of the devices ignited. No person has been identified as the sender of the packets, said the source, who asked not to be named in order to discuss the investigation. Reporting by Graham Keeley, additional rpeorting by Belen Carreno; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.
The letter, seen by Reuters, is signed by the head of the Office of Foreign Assets Control (OFAC) at the U.S. Treasury, and mentions a loan provided by some Italian banks and state lender Cassa Depositi e Prestiti (CDP). The Italian government adopted on Thursday a scheme allowing ISAB to be placed under trusteeship, while Lukoil continues talks on selling the asset. A similar move was taken by Germany when in September it took control of a refinery owned by Rosneft (ROSN.MM). The government could call on "an oil company that operates in the sector, and it is obvious to everyone that this (company) could be Eni, and this will ensure continuity of production," he said. Reporting by Giuseppe Fonte and Alvise Armellini, Editing by Christina Fincher and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
[1/2] Australian Prime Minister Anthony Albanese attends the APEC Leader's Dialogue with APEC Business Advisory Council during the Asia-Pacific Economic Cooperation (APEC) summit, Friday, Nov. 18, 2022, in Bangkok, Thailand. The group, which includes Australia's governing Labor Party and opposition Liberal-National coalition MPs, will fly to Taiwan on Sunday and is the first delegation of its type to visit there since 2019, The Australian newspaper reported on Saturday. Albanese on Saturday described the trip as a "backbench" visit to Taiwan, not a government-led one. "There remains a bipartisan position when it comes to China and when it comes to support for the status quo on Taiwan," Albanese told reporters in the town of Renmark, in South Australia state. The group will reportedly meet with Taiwan President Tsai Ing-wen and Foreign Minister Joseph Wu, with the visit having support from Taiwan's foreign ministry.
ISLAMABAD, Dec 2 (Reuters) - Pakistan repaid a $1 billion international bond, the central bank spokesman said on Friday, amidst growing uncertainty about the country's ability to meet external financing obligations. "The payment (was) made to Citibank New York," State Bank of Pakistan (SBP) spokesman Abid Qamar told Reuters in a message. The bond repayment, which matures on Dec. 5, totals $1.08 billion, the central bank chief said last week. During the week ended Nov. 25, SBP reserves stood at $7,498.7 million. Saudi Arabia on Friday also extended the term of a $3 billion deposit it has in Pakistan's foreign reserves.
[1/3] Police officers stand guard near the barricades during a protest rally by the supporters of the proposed Vizhinjam port project in the southern state of Kerala, India, November 30, 2022. The local fishing community, led by Catholic priests, has blocked construction of Vizhinjam port by Adani Group for almost four months, erecting a makeshift shelter at the port's entrance. The protesters say the huge project causes coastal erosion that has undermined their livelihoods, calling for a complete halt on the construction. "We want to complete the port project no matter what. "The possibilities being opened up by Vizhinjam port are unmatched by any other in India," Devarkovil said.
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