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☆ Fujitsu shares drop nearly 4% as its Europe chief says compensating Post Office victims is a 'moral obligation'
▼ + stars: | 2024-01-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

This case received new public attention this year when ITV broadcast a drama series, "Mr Bates vs The Post Office," about the sub-postmasters fight for justice. Horizon was manufactured by Fujitsu in 1999 and rolled out across Post Office branches to manage financial transactions. "We did have bugs and errors in the system and we did help the Post Office in their prosecutions of the sub-postmasters," he told the committee. The government has set aside 1 billion pounds in compensation for victims of the Post Office scandal. And the role of the post office has been well known in these court prosecutions, but Fujitsu for some reason had been rarely mentioned in the press."

Persons: Paul Patterson, Mr Bates, Patterson, Timothy Morse Organizations: Fujitsu Services, Business, Trade, Nikkei, Fujitsu, IT, Post, ITV, of Commons Business, Trade Committee, Government Locations: Europe, London

Read said the Post Office has drastically changed over the past few years and has earmarked around a billion pounds ($1.3 billion) for compensation. He also confirmed it would not pursue any further prosecutions and that it is actively looking to replace the much-altered Horizon system in its branches. The Post Office maintained that Horizon was reliable and accused branch managers of dishonesty. The number of victims is not fully known, and it emerged Tuesday that hundreds more may have been financially affected by the faulty computer system. A group of postal workers took legal action against the Post Office in 2016.

Persons: Paul Patterson, “, ”, Patterson, Nick Read, Read, Rishi Sunak, Mr, Bates, Alan Bates, Toby Jones, “ It’s, Jo Hamilton, Neil Hudgell Organizations: Fujitsu, Fujitsu Ltd, Post, Post Office, Parliament's Business, Trade, Court, ITV Locations: Europe, Japan, London

☆ Vietnam's plan for spending $15.5 billion for its clean energy transition to be announced at COP28
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

A plan for how Vietnam will spend $15.5 billion to transition to cleaner energy has been finalized and will be announced at the COP28 climate conference, which begins in Dubai next week. George gave no details of the plan. The United Kingdom is co-chair of a group of nine, rich industrialized nations that have agreed to provide the $15.5 billion to help Vietnam end its reliance on dirty coal power and more quickly switch to renewable energy as a part of a Just Energy Transition Partnership, or JETP. Earlier this year, Vietnam released a national energy plan that aimed to more than double the maximum power Vietnam can generate to some 150 gigawatts by 2030. It called for a drastic shift away from heavily polluting coal and pledges that no new coal-fired plants will be built after 2030.

Persons: Mark George, George, Tang Organizations: British, Economic, Trade, Britain, Energy, Sustainable Development Locations: Vietnam, Dubai, Hanoi, United Kingdom, Asia, Pacific, Japan

Michel suggested no deal was imminent when he told reporters the two sides needed to find "mutually beneficial" solutions. U.S. Trade Representative Katherine Tai met with European Commission Executive Vice President Valdis Dombrovskis on Thursday, a third source told Reuters. Michel told reporters it was a critical time for the United States and the EU to "stick together" on their shared values and commitment to democracy given the Israel-Hamas conflict. It is still to be seen if this will end the U.S. tariffs threat or just see an extended suspension. Given the EU needs such materials itself for its green transition, the positive impact for the bloc may be limited.

Persons: Ursula von der Leyen, Joe Biden, Charles Michel, Michel, von der Leyen, Katherine Tai, Valdis Dombrovskis, Donald Trump, Bernd Lange, Philip Blenkinsop, Alexandra Hudson, Jonathan Oatis Organizations: WASHINGTON, European Union, Trump, Commission, U.S, European, . Trade, EU, Washington, World Trade Organization, United, Thomson Locations: BRUSSELS, United States, Israel, Gaza, Ukraine, Europe, North America, China, Brussels, U.S, Washington, Friday's

U.S. President Joe Biden will host Michel and European Commission chief Ursula von der Leyen on Friday to show unity toward Ukraine, but with trade irritants souring ties. U.S. Trade Representative Katherine Tai met with European Commission Executive Vice President Valdis Dombrovskis on Thursday, and the two countries' trade negotiators were meeting around the clock. Michel told reporters it was a critical time for the United States and the EU to "stick together" on shared values and commitment to democracy, especially given the escalating crisis in the Middle East, which threatens to overshadow the long-planned summit. It is still to be seen if this will end the U.S. tariffs threat or just see an extended suspension. Given the EU needs such materials itself for its green transition, the positive impact for the bloc may be limited.

Persons: Charles Michel, Joe Biden, Michel, Ursula von der Leyen, von der Leyen, Katherine Tai, Valdis Dombrovskis, Donald Trump, Bernd Lange, Philip Blenkinsop, Alexandra Hudson, Jonathan Oatis Organizations: European Union, EU, European Commission, Trump, . Trade, European, Washington, World Trade Organization, United, U.S, Thomson Locations: BRUSSELS, WASHINGTON, United States, Ukraine, China, Brussels, U.S, Washington, North America

☆ Vodafone, Three execs tell lawmakers their UK merger will benefit 5G, jobs
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Branding is displayed for Vodafone at one of its stores in London, Britain, June 14, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Executives from Vodafone (VOD.L) and CK Hutchison's (0001.HK) Three UK unit said their 15 billion pound ($18 billion) merger would benefit Britain's consumers, infrastructure and jobs, as lawmakers scrutinise the planned tie-up. Vodafone and Three UK have pledged to invest 11 billion pounds to build a 5G network for Britain as part of their bid to secure backing from politicians, unions and competition authorities for the merger announced in June. They warned that without the deal, Britain's 5G network would continue to lag that of other European nations. "Neither us nor Vodafone can invest sufficiently to build the type of 5G network that's needed," Three's Chief Technical Officer David Hennessy said.

Persons: Toby Melville, CK Hutchison's, Nicki Lyons, David Hennessy, Stephen Lerner, Sarah Young, Mark Potter Organizations: Vodafone, REUTERS, HK, Trade, VM O2, Telefonica, Liberty Global, Thomson Locations: London, Britain

☆ What is BRICS, which countries want to join and why?
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

All the BRICS countries are part of the Group of 20 (G20) of major economies. WHICH NATIONS WANT TO JOIN BRICS AND WHY? It has received backing from Russia and Brazil to join the BRICS. Bolivia's President Luis Arce has expressed interest in BRICS membership and is expected to attend the summit. Algeria said in July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.

Persons: Commerce Wang, Competition Ebrahim Patel, Goldman Sachs, Jim O'Neill, Luis Arce, Bhargav Acharya, Olivia Kumwenda, Tomasz Janowski Organizations: Commerce, Africa's, Trade, Industry, Competition, of Trade, Economic, United Nations, World Bank, of, Petroleum, WHO, Democratic, U.S, New Development Bank, BRICS Bank, Thomson Locations: South Africa, China, JOHANNESBURG, Brazil, Russia, India, Johannesburg, United States, United, Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Cape Town

☆ A risk taken, UK's Sunak announces the Windsor Framework
▼ + stars: | 2023-02-27 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

But it was secrecy that fostered suspicion among two big hitters in the years-long Brexit debate - the Democratic Unionist Party (DUP), Northern Ireland's biggest unionist party, and the pro-Brexit Conservative European Research Group (ERG). "I am pleased to report that we have now made a decisive breakthrough, together we have changed the original protocol and are today announcing the new Windsor framework," Sunak told a news conference. Then both former leaders had threatened to rip up the Northern Ireland protocol with legislation in parliament and their administrations had regularly criticised the EU for being overly legalistic and inflexible. Pressing pause on the Northern Ireland Protocol bill which would all but rip up the earlier agreement, he saw solving the Northern Ireland standoff as a concrete "win" for his administration which has struggled to establish itself. But Sunak still has to win over not only some of his lawmakers in the ERG, but more importantly the DUP.

But other potential Chinese investors were less sure. Most investors had decided to head home ahead of Chinese New Year, said Yu. GUNFIRE, PANICNews of the hotel attack spread fast to the investors running China Town - a cluster of 10-storey blocks about 20 minutes drive away, overlooked by snow-topped mountains. After security forces secured the hotel, Yu got through to some of the guests by phone. In all, about 35 Chinese investors were in the hotel, he said - about a third of the number he estimated were in Afghanistan at the time.

☆ EU expects only partial fix from talks on U.S. green subsidy law
▼ + stars: | 2022-12-08 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: +2 min

REUTERS/Kevin Lamarque/File PhotoBRUSSELS, Dec 8 (Reuters) - The European Union should not expect talks with the United States to resolve all the problems it sees in the U.S. Inflation Reduction Act and is not ruling out any potential response, EU trade chief Valdis Dombrovskis said on Thursday. The EU argues that the $430 billion act, which grants consumers tax credits for U.S.-produced electric vehicles (EV) and other green products, could make the United States a world leader in the EV market at Europe's expense. "And then we'll see to which extent our concerns are taken into account," he told lawmakers. At that point, the European Union would have to consider its response, Dombrovskis said, adding that the bloc did not want to enter a subsidy race. Reporting by Philip Blenkinsop Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Lawmaker says EU should complain to WTO over U.S. Inflation Reduction Act
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +1 min

Dec 4 (Reuters) - The European Union should file a complaint with the World Trade Organization (WTO) in the next few months regarding the United States' green energy subsidy package, the head of the European Parliament's trade committee was reported as saying on Sunday. The U.S. and the EU have so far sought to be conciliatory about the bill, saying last week they would seek to tackle the bloc's concerns about the package, known as the U.S. Inflation Reduction Act. EU members worry the $430 billion bill, with generous tax breaks for U.S. companies, may disadvantage European companies from car manufacturers to makers of green technology. read moreOfficials from both sides are due to address the issue at a meeting next week, but Bernd Lange, the chair of EU parliament's trade committee, said he no longer expects a negotiated solution as only small changes could still be agreed through talks. Reporting by Riham Alkousaa; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

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