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(Adds detail)OSLO, Sept 22 (Reuters) - Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, said on Wednesday it will support FedEx CEO Fred Smith’s $54 million pay package at a meeting of the logistics company’s shareholders next week. Proxy advisers have given a split verdict here on Smith's pay, with Institutional Shareholder Services (ISS) giving "cautionary support" while Glass Lewis recommended that owners vote it down because of the reversal of the initial arrangement. The shareholder vote on Sept. 27 is advisory and not binding on FedEx. The Norwegian sovereign fund held a 0.73% stake in FedEx worth $505 million at the start of 2021, the fund’s last available record. (Reporting by Terje Solsvik, editing by Gwladys Fouche)
Persons: Fred Smith’s, Glass Lewis, Terje Solsvik, Gwladys Fouche Organizations: FedEx, Institutional, Services Locations: OSLO, Norwegian
FILE PHOTO: A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia February 6, 2018. REUTERS/Faisal Al Nasser/File PhotoDUBAI (Reuters) -Saudi Telecom Company has completed the retail and institutional subscription to the initial public offering of Arabian Internet and Communications Services Co, raising 3.624 billion Saudi riyals ($966.35 million), STC said on Wednesday. The telecoms company last week priced the IPO at the top of an indicative range for its technology business, also known as Solutions by STC. HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company acted as joint financial advisers. The IPO is among a string of deals on Saudi Arabia’s Tadawul exchange this year, such as ACWA Power’s deal for more than $1 billion and Saudi Tadawul Group’s IPO, which is likely in the fourth quarter.
Persons: Faisal Al Nasser, Morgan Stanley Organizations: Saudi Telecom STC, REUTERS, DUBAI, Reuters, Saudi Telecom Company, Arabian Internet, Communications Services Co, Saudi, STC, HSBC, SNB Capital, Saudi Tadawul Locations: Riyadh, Saudi Arabia, HSBC Saudi Arabia, Morgan Stanley Saudi Arabia
FILE PHOTO: Facebook logo and Australian flag are displayed in this illustration taken, February 18, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoWhile Facebook has announced deals with most of the country’s largest news outlets, some media companies including TV broadcaster SBS have been left out in the cold, raising questions about the scope and effectiveness of the law. The U.S. social media giant has inked deals with a range of Australian big media companies including News Corp to the Australian Broadcasting Corp and has a collective bargaining arrangement with rural publishers. As previously reported by Reuters, Facebook declined to negotiate a deal with the Conversation, which publishes public affairs commentary by academics, prompting a rebuke from the regulator which drafted the law. The Australian Communications and Media Authority, which will help enforce the law, declined to comment on the grounds that no technology firm had been designated so the law did not technically apply.
Persons: Dado Ruvic, , Andrew Hunter, Hunter, Hunter didn’t, we’ve, newsfeeds Organizations: SYDNEY, Facebook Inc, Reuters, REUTERS, Facebook, SBS, Special Broadcasting Service, Google, News Corp, Australian Broadcasting Corp, Australian Competition, Consumer Commission, Australian Communications, Media Authority Locations: U.S
FILE PHOTO: Facebook logo and Australian flag are displayed in this illustration taken, February 18, 2021. Facebook’s regional head of news partnerships, Andrew Hunter, said in an August email to publishers it had “now concluded” deals where it would pay Australian companies for content on its just-launched “Facebook News” channel. Facebook did not respond directly to questions about the statements from Broadsheet Media and SBS. The U.S. social media giant has inked deals with a range of large Australian big media companies including News Corp and the Australian Broadcasting Corp and has a collective bargaining arrangement with rural publishers. “The treasurer has no alternative but to revisit designating Facebook to ensure that it meets its commitments to public interest journalism in Australia.”
Persons: Dado Ruvic, Andrew Hunter, Nick Shelton, , Hunter, we’ve, newsfeeds, Josh Frydenberg, Peter Lewis Organizations: SYDNEY, Facebook Inc, Reuters, REUTERS, Facebook, SBS, Media, Special Broadcasting Service, Google, News Corp, Australian Broadcasting Corp, Australian Competition, Consumer Commission, Centre for Responsible Technology Locations: Australia, U.S
Donald Trump is suing his niece and The New York Times over coverage of his taxes, the Daily Beast reported. The lawsuit, filed on Tuesday, said his niece and the Times had an "insidious plot" to get his records. The Trump Organization is also the center of a tax fraud investigation by the Manhattan District Attorney's office. A New York Times spokesperson told Insider: "The Times's coverage of Donald Trump's taxes helped inform citizens through meticulous reporting on a subject of overriding public interest. The Trump Organization did not respond to Insider's request for comment at the time of publication.
Persons: Donald Trump, Trump, Mary Trump, David Barstow, Susanne Craig, Russ Buettner, Allen Weisselberg, Insider's Joshua Zitser, Donald Trump's Organizations: New York Times, Daily, Times, Service, The New York Times, The Times, Trump Organization, Manhattan District Locations: Dutchess County , New York
The Taliban's foreign minister has asked for the regime's envoy to speak at the UN General Assembly. He's contesting Afghanistan's seat, which has been given to the ambassador representing the former government. When the Taliban previously ruled Afghanistan, they were not given a seat by the UN. Both parties are jockeying to speak during Afghanistan's slated spot as the final speech of September 27, the last day of this year's General Assembly. Officials will now have to decide whether to accept the Taliban's request, or let Isaczai continue as Afghanistan's ambassador under UN protocol.
Persons: He's, Amir Khan Muttaqi, Antonio Guterres, Ghulam Isaczai, Afghanistan's, Ashraf Ghani Organizations: UN, Assembly, Service, United Nations General Assembly, Taliban, General, Reuters, Officials, Sierra, AP Locations: Afghanistan, New York, Russia, China, Sweden, Bahamas, Bhutan, Chile, Namibia, Sierra Leone
Richard Blumenthal and Ted Cruz are planning to hold a hearing on "toxic conservatorships." The hearing is set for Sep. 28, a day before Britney Spears' hearing in Los Angeles. Ted Cruz and Richard Blumenthal announced on Tuesday that they plan to hold a subcommittee hearing on 'toxic conservatorships,' inspired by Britney Spears' conservatorship. "Britney Spears is one of hundreds of thousands of Americans in conservatorships that too often restrict their basic human rights," Sen. Blumenthal wrote. "That's why Sen. Ted Cruz & I are holding a hearing on September 28th on toxic conservatorships & the need for reforms."
Persons: Richard Blumenthal, Ted Cruz, Britney Spears, conservatorship, Blumenthal, Jamie Spears, Sen Organizations: Service, Judiciary Locations: Sens, Los Angeles, conservatorships
The House passed a measure to keep the government funded for another two months and prevent a debt default. But it does little to resolve the standoff between Democrats and Republicans as the US veers into a potential government shutdown. But the measure is poised to tank in the Senate, as Minority Leader Mitch McConnell has warned many times. The measure stands no chance in the Senate as Republicans are lining up behind McConnell's pledge to torpedo the measure. "Democrats have the authority and the votes to raise the debt limit themselves," Brian Riedl, a budget expert at the right-leaning Manhattan Institute, said in an interview.
Persons: McConnell, Mitch McConnell, Brian Riedl, Sen, Shelley Moore Capito, Trump, Donald Trump, Bernie Sanders, leadership's, Mark Warner of, Warner Organizations: Republicans, Service, Senate, Republican, US, Democrats, Moody's, Manhattan Institute, Vermont, Mark Warner of Virginia Locations: West Virginia
The Harris County District Attorney charged Gokal with theft but a grand jury acquitted him in June. Last December, Dr. Hasan Gokal was working with Harris County Public Health at their first vaccination site. Harris County Public Health also reached out to the Texas Medical Board to initiate an investigation for unethical behavior which was dismissed in March. While grand jury witnesses are also prohibited in Texas from revealing what occurred in the grand jury, they are free to tell you about what they witnessed in an incident." Gokal told Insider the case caused him a lot of stress and he wasn't able to dedicate his attention to patients full time.
Persons: Hasan Gokal, Gokal, Kim Ogg, he's, it's, , Anderson, Smith, Jones, Joe Ahmad, Ahmad, It's Organizations: Attorney, Service, Harris County Public Health, Moderna, Texas Medical Board, CBS News, Defendant, Harris County Health, Gokal Locations: Harris County, Houston, Texas
Texas Governor Greg Abbott lauded state troopers for erecting a "steel barrier" of vehicles to stop people from crossing into the US. He said Texas is sending a message to those thinking about crossing the border that they may be jailed. Thousands of refugees seeking to enter the US are camped underneath a bridge in Del Rio, Texas. Thousands of Haitian refugees are camped underneath a bridge in Del Rio, Texas — a border town of around 35,000 on the about 150 miles west of San Antonio. It's unclear why so many migrants have amassed at Del Rio so quickly, but misinformation that the border would be easier to cross there may have played a part, reported The New York Times.
Persons: Greg Abbott, Abbott, Jovenel Moïse, Joe Biden, Jozef, Biden Organizations: Texas, Service, Policy, Texas Department of Public Safety, DPS, Migrants, White, Department of Homeland Security, CNN, Del, New York Times, Haitian Bridge Alliance, Times Locations: Texas, Del Rio , Texas, San Antonio, Haiti, Del Rio
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMotilal Oswal remains positive on India's metal markets despite Evergrande crisisHemang Jani of Motilal Oswal Financial Services says the overall demand outlook for India's metal markets remains steady and the recent correction in metal prices is a buying opportunity.
Persons: Motilal Oswal, Hemang Jani Organizations: Motilal, Motilal Oswal Financial Services
REUTERS/Mike Blake/File PhotoSept 21 (Reuters) - U.S. delivery firm FedEx Corp (FDX.N) posted a 7% drop in quarterly profit and cut its full-year forecast on Tuesday, after labor shortages crimped earnings, slowed packages and drove up costs ahead of the all-important holiday peak season. On the heels of the report, FedEx lowered its full-year forecast for earnings, excluding items, to $19.75 to $21.00 per share. FedEx previously forecast 2022 earnings per share, excluding items, of $20.50 to $21.50. Up-and-coming rival Amazon.com Inc (AMZN.O) is touting average pay of $18 per hour as it races to expand its own delivery network. At the market close on Tuesday, shares in FedEx were down 10% over the past six months, while UPS shares gained 19%.
Persons: Mike Blake, Raj Subramaniam, Subramaniam, Lisa Baertlein, Peter Cooney, Sonya Hepinstall Organizations: FedEx, REUTERS, FedEx Corp, Revenue, United Parcel Service Inc, Amazon.com Inc, UPS, Thomson Locations: Los Angeles , California, U.S, Memphis , Tennessee, Portland , Oregon, Los Angeles
Some House Democrats objected to a provision in a stopgap spending bill to provide the additional funding so Israel can replenish its “Iron Dome” missile-defense system. The U.S. company Raytheon produces many Iron Dome components. That could set the stage for another dispute over military aid for Israel. The United States has already provided more than $1.6 billion for Israel to develop and build the Iron Dome system, according to a U.S. Congressional Research Service report last year. Israel said most of the 4,350 rockets fired from Gaza during the conflict were blown out of the sky by Iron Dome interceptors.
Persons: adjourn, Jamaal Bowman, ” Bowman, Yair Lapid, Israel Organizations: Democratic, Israel, U.S ., Raytheon, United, U.S, Congressional Research Service, Republicans, Israeli, Iron, Iron Dome Locations: WASHINGTON, Israel, U.S, United States, Gaza
In his first meeting with the cohort of State Department staffers affected in Cuba and China, Blinken spent more than an hour offering reassurances and fielding questions, with most affected staffers joining remotely by phone. “It's confounding and puzzling to everyone who works on this that we have not been able to determine the cause or attribution,” the senior State Department official said. Diplomats have bristled at the fact the FBI did not directly interview the diplomats affected. On the Sept. 10 call, when Blinken asked how the department could reduce the skepticism, at least one diplomat encouraged the State Department to publicly refute that report. “The FBI study is one I have actually read,” she told the diplomats, according to notes from the call.
Persons: Antony Blinken, Blinken, “ It's, they’re, , , Trump, Biden, “ That's, , Kamala Harris, William Burns, Pamela Spratlen, Spratlen Organizations: WASHINGTON –, State Department, NBC, Havana Syndrome, State Department’s Bureau of Medical Services, Pentagon, National Intelligence, NBC News, CIA, U.S, White House National Security Council, FBI, Diplomats Locations: WASHINGTON, WASHINGTON – U.S, Havana, Cuba, China, U.S, Vietnam, India,
FILE PHOTO: Small toy figures are seen in front of diplayed Zoom logo in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File PhotoWASHINGTON (Reuters) - A U.S. Justice Department-led committee is reviewing Zoom Video Communications Inc’s proposed $15 billion all-stock deal to buy cloud-based call center operator Five9 Inc, according to a letter filed with U.S. regulators. The Aug. 27 letter filed with the Federal Communications Commission said the Committee for the Assessment of Foreign Participation in the United States Telecommunications Services Sector -- known as “Team Telecom” -- is reviewing to see if the deal “poses a risk to the national security or law enforcement interests.”
Persons: Dado Ruvic, Communications Inc’s, Organizations: REUTERS, WASHINGTON, U.S . Justice Department, Communications, Five9, U.S, Federal Communications Commission, United States Telecommunications Services, “ Team Telecom ”
But while the homeless are eager to grab up backpacks, some are less enthusiastic about getting a vaccine. With so few homeless people fully vaccinated, Newman fears the worst. As of the end of February, the New York City Department of Homeless Services documented 113 deaths of homeless people from Covid, 101 of whom died in shelters. To incentivize them, the group offers $25 McDonald’s gift cards, and volunteers share their own stories about getting the vaccine. The city is also working on getting more homeless vaccinated.
Persons: Sara D, , Jeffrey Newman, Jayson Conner, Newman, Conner, ” Newman, Adam Shrier Organizations: Roosevelt, ., , Department of Social Services, Corps, New, New York City Department of Homeless Services, NYC, Trace Corp, NBC, Twitter, Facebook Locations: New York, New York City, York City, Covid
The company blames a nationwide worker shortage during the coronavirus pandemic for the lack of sanitation workers, specifically drivers. The issue, it says, is further compounded by Hurricane Ida’s scattering New Orleans workers outside the city. New Orleans has also encouraged residents to deliver their trash to a trash transfer station in the eastern part of the city. The city couldn’t confirm whether it had inspected Metro’s fleet or the age of the sanitation trucks. In the summer of 2020, the hoppers who worked for Woods' company went on strike, alleging poor working conditions and low wages.
Persons: Ida pummeled, Hurricane Ida, LaToya Cantrell, , , Cantrell, Ramsey Green, Louis Armstrong, Green, ” Green, “ Rebidding, Jimmie Woods, Woods, Greg Beuerman, Thomas Adams, Adams, ” Adams, Beuerman, “ We’ve, “ We’re, It’s, hadn’t, “ They’re, Joseph Giarrusso, Jimmie, doesn't, Jonathan Edwards, Ida, Edward, Edwards, “ I’d Organizations: New, Hurricane, Metro Service Group, Mardi, Department of Public Works, Water Board, Regional Transit Authority, Louis Armstrong New, International Airport, New Orleans City Council, Woods, Metro, Tulane University’s New Orleans Center, UPS, City, Waste Union, Bureau of Labor Statistics Locations: New Orleans, Orleans, , Hurricane, New, Metro, Metro’s, Woods
SHANGHAI, Sept 21 (Reuters) - Lured by the promise of yields approaching 12%, gifts such as Dyson air purifiers and Gucci bags, and the guarantee of China’s top-selling developer, tens of thousands of investors bought wealth management products through China Evergrande Group. “It’s immoral of Evergrande not to pay my hard-earned money back,” said the investor, who had put 650,000 yuan ($100,533) into Evergrande wealth management products (WMPs) last year at an interest rate of more than 7%. Evergrande also usually offers additional yield up to 1.8% to certain investors, which can push returns to above 11% for a 12-month investment, said the sales manager. The sales manager said the Qingdao company was working on Evergrande projects and would use the payment from Evergrande upon completion to repay investors. “The investors trusted Evergrande and bought Evergrande’s WMPs out of our love for and faith in the Party and government,” they wrote.
Persons: Dyson, Gucci, , , Du, China Evergrande, Evergrande, , Hui, Evergrande’s, Zhang Yan, Tony Munroe, Samuel Shen, Jason Xue, Clare Jim, Shri Navaratnam Organizations: China Evergrande, Fortune Global, Evergrande, Reuters, Qingdao Lvye, Internet Information Service, Co, HNA, Party Locations: SHANGHAI, China, Guangdong, Beijing, Qingdao, Shenzhen, People’s Republic of China
TOKYO (Reuters) -Mitsubishi UFJ Financial Group (MUFG) is pulling back from U.S. retail banking with the $8 billion sale of MUFG Union Bank (MUB) to U.S. Bancorp as digital technology and industry consolidation squeeze out smaller lenders. Signboards of MUFG Bank are seen in Tokyo, Japan April 3, 2018. STRATEGYFor U.S. Bancorp, the MUB deal boosts its presence in California to become the fifth-largest deposit holder in the most populous American state, according to a statement. The deal with U.S. Bancorp comes as MUFG shifts its focus more to other parts of Asia. With assets of $132 billion, it provides corporate, commercial and retail banking as well as wealth management.
Persons: Toru Hanai, Morgan Stanley, ” Morito Emi, , , Emi Organizations: Mitsubishi UFJ Financial, MUFG Union Bank, U.S . Bancorp, MUFG Bank, REUTERS, . Bancorp, PNC Financial Services, Citizens Financial, U.S, Bancorp, Spain’s BBVA, PNC, HSBC, Mitsubishi, Mitsubishi Union Bank Locations: TOKYO, U.S, Tokyo, Japan, Minneapolis, United States, West Coast, California, American, MUB, Asia, MUFG’s U.S
Jesse Benton worked as a campaign staffer for former Rep. Ron Paul, as well as Sens. In 2016, he was convicted of campaign finance crimes related to his role on the Ron Paul campaign. In an unsealed indictment, dated September 9, prosecutors allege Jesse Benton "conspired to illegally funnel thousands of dollars of foreign money from a Russian foreign national" into the campaign. In October 2016, Benton received a $100,000 wire transfer from the unnamed Russian national, the indictment states, promising him that he would get to "meet a celebrity" at a fundraiser in Philadelphia on September 22, 2016. The Russian national attended the fundraiser, according to the indictment, his travel to the United States facilitated by an alleged co-conspirator, Roy Douglas Wead, a conservative author.
Persons: Jesse Benton, Ron Paul, Rand Paul, Mitch McConnell, Trump, US Sen, Benton, Donald Trump, Roy Douglas Wead, Benton —, Sen, Mitch McConnell —, Wead Organizations: Business, Service, US, US Department of Justice, Russian, Prosecutors, Ritz, Carlton, Republican Locations: Sens, Russia, Philadelphia, Center City, United States
The chairman of beleaguered Chinese real estate giant Evergrande Xu Jiayin sent a letter to 125,000 employees this week. The real-estate giant is estimated to be $300 billion in debt. The real-estate company was once China's top property developer but is now lurching on the brink of collapse. In response to the Evergrande crisis, the Dow has tanked more than 700 points as of September 20.Insider obtained a copy of the letter Xu sent to his 123,276 employees via email on September 21. I firmly believe that Evergrande employees never yield, are never defeated, and only grow stronger in adversity.
Persons: Xu Jiayin, Evergrande, China's, Lehman, Xu, Read, we'll, let's Organizations: Service, Central Government, Dow, Representatives Locations: Shenzhen, Beijing
Canadian PM Justin Trudeau is projected to form a minority government in the current snap election. Trudeau's minority win means he will need to continue working with opposition parties to get enough support to pass laws. The projected minority win means he will need to continue working with the opposition on future national decisions. His Liberal Party was leading with 157 seats out of 338, per Elections Canada at around 12:40 a.m. Ottawa time. Back then, the Liberal party took 184 seats and won a majority government, but subsequently lost their majority in the 2019 election with 157 seats.
Persons: Justin Trudeau, it's, Trudeau, He's Organizations: Service, Privacy, Canadian, CTV, CBC, Trudeau's Liberal Party, Liberal, Conservative, New Democratic Party, NDP, Liberal Party Locations: Canada, Ottawa
Senate Minority Leader Mitch McConnell bashed Democrats' $3.5 trillion social spending bill. He called it "an effort to exploit this terrible but temporary pandemic as a Trojan Horse for permanent socialism." Insider's Kimberly Leonard did an in-depth breakdown of what is likely in the social spending bill. Democrats are attempting to pass this bill with slim margins in both the House and the Senate. The Senate Minority Leader has also stated that the GOP will vote against raising the debt limit.
Persons: Mitch McConnell bashed, Sen, Mitch McConnell, Insider's Kimberly Leonard Organizations: Service, GOP, Democrats, Senate
Mark Zuckerberg said he would avoid fact-checking political posts if Trump didn't impose heavy regulations, a new book says. Peter Thiel told an associate that Zuckerberg cut the deal during a meeting at the White House in 2019, the book claims. Zuckerberg denied that such a deal had been made, according to the book, saying the notion was "pretty ridiculous." During the meeting, Zuckerberg pledged to Kushner that he wouldn't fact-check political posts on Facebook as long as the Trump administration steered clear of regulating the platform, Thiel told a confidant, according to the excerpt. Last year, Facebook also confirmed to The Washington Post that though the fact-checking policy was officially announced in September 2019, Facebook formally put it in place in September 2018, prior to the conversation that Zuckerberg had with Thiel, Kushner, and Trump.
Persons: Mark Zuckerberg, Trump, Peter Thiel, Zuckerberg, Donald Trump, Jared Kushner, Max Chafkin, Kushner, Thiel, Chafkin, Twitter, Nick Clegg Organizations: White House, Facebook, Service, Zuckerberg, Trump, White, Silicon, The Intelligencer, PayPal, Capitol, Global Affairs, Communications, The Washington Post
Mr. Schiff introduced a version of the bill in October 2020 to send a political message heading into the election. Democrats this time intend to pass the legislation and have spent months negotiating with the White House over elements that administration officials were concerned would intrude on traditional executive branch prerogatives. The House dropped a proposal to require the White House to give Congress its internal communications with the president about pardons, which raised executive privilege concerns. Lawmakers also narrowed a proposal to make executive branch officials pay any court fines for defying subpoenas out of their own pockets. The administration is also said to have expressed concerns about a proposal to speed up court review of congressional lawsuits over subpoenas.
Persons: Biden, Schiff, Mr Organizations: Trump, General Services Administration, White, Democrats, Justice Department, Lawmakers
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