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☆ Europe must avoid ‘disaster’ of trade decoupling as it eyes China tariffs, EU's economics chief says
▼ + stars: | 2024-05-15 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The European Union must avoid a harmful decoupling of global trade as it mulls tariffs on Chinese electric vehicles and other goods, the bloc's economic chief said Wednesday. "But this is not bringing us to a theory of decoupling of global trade, which would be a disaster for both parts of the decoupling," he said. "The characteristic of the EU economy is to be more open, more influenced by trade, and less by only internal consumption. This is the reason, the economic reason, why it is in the interest of the European Union to keep the doors of trade open." Meanwhile, several EU nations are nervous about potential Chinese retaliatory trade measures hitting important domestic industries, from German automotives to French cognac.

Persons: Paolo Gentiloni, CNBC's Silvia Amaro, Gentiloni Organizations: European, European Union, CNBC Locations: European Union, Europe, China, EVs, U.S, Russia, Ukraine

☆ Prosecution seeks to land Trump hush money case as Cohen cross-examination looms
▼ + stars: | 2024-05-14 | by ( Stephen Collinson | ) edition.cnn.com time to read: +9 min

“This case is going to turn in large part on the cross-examination of Mr. Cohen. Cohen said that Trump told him: “Women are going to hate me. “This was all about the campaign.” Cohen also testified that Trump said he would not be on the market for long, implying he could get another wife quickly. Throughout his testimony, Cohen said he always kept Trump up to speed with his activities. “Everything required Mr. Trump’s sign-off,” he said, noting the Daniels payment was no exception.

Persons: CNN — “, Michael Cohen, Donald Trump’s, Cohen, Trump, ” Ryan Goodman, CNN’s Erin Burnett, ” Trump, Bernarda Villalona, “, Donald Trump, ”, “ Michael Cohen, David Schoen, ” Schoen, CNN’s Wolf, quagmire, Joe Biden, Judge Juan Merchan, Cohen –, –, Ohio Sen, J.D, Vance, Alabama Sen, Tommy Tuberville, mulls, “ What’s, Stormy Daniels, Susan Hoffinger, Hoffinger, Daniels, Daniels ’, —, ” Cohen, smirked, Trump’s, ’, ‘, reimbursements Cohen, Allen Weisselberg Organizations: CNN, Prosecutors, Republican, NYU Law, Trump, New, New York Times, Judge, Alabama, GOP, Ohio Republican, Trump Organization, White House Locations: New York, Siena, York, Ohio

Here's what will likely be topics of discussion during Upfronts week, whether it's on stage, in the audience or in private. That dependsMedia companies just finished reporting quarterly earnings, which showed traditional TV is still lagging behind streaming and digital when it comes to ad revenue. Streaming advertising was up 22% across media companies, and now makes up 18% of total advertising. Tech companies including Snap , Roku , Google and Microsoft each saw digital advertising revenue make a comeback this past quarter. Streaming advertising revenue jumped 70%, but the overall number is much lower — just $175 million.

Persons: Kevin Mazur, David Zaslav, Tim Nollen, Mike Kemp, Bob Iger, YouTube's, Tom Hiddleston, Loki, Peacock, Hugh Johnston, Hulu —, NBCUniversal, LeBron James, Jevone Moore Organizations: Getty, Getty Images Media, Hollywood, Warner Bros, Discovery, Media, Upfronts, Macquarie, Tech, Google, Microsoft, Netflix, Disney, Amazon Prime, Amazon, National Football, YouTube, Nielsen, Comcast, Radio City Music Hall, ESPN, Madison, Warner Bros . Discovery, Max, Fox, Sports, NBA, Los Angeles Lakers, Los Angeles Clippers, Crypto.com Arena Locations: Waterloo, London, United Kingdom, U.S, New York City, Hulu, Los Angeles

☆ A wargame simulated a 2nd Trump presidency. It concluded NATO would collapse.
▼ + stars: | 2024-05-12 | by ( Michael Peck | ) www.businessinsider.com time to read: +9 min

If Donald Trump wins a second term in the White House in November, NATO may fall apart, a recent wargame found. "What Donald Trump can do is just really hollow out what NATO does," Grimble told Business Insider. The UK has traditionally backed a transatlantic, America-Europe alliance rather than a purely European defense bloc. Yet in the game, it could neither persuade Trump to ease his demands, nor the European NATO members to spend more on defense. "Many NATO members — except for France mainly — thought post-Trump it could be salvageable," Grimble said.

Persons: Donald Trump, Trump, Finley Grimble, Grimble, John Bolton, —, SACEUR, Jens Stoltenberg, NICHOLAS KAMM, hadn't, I'm, Florian Gaertner, Russia doesn't, God's, Michael Peck Organizations: Service, House, NATO, EU, US, Business, US National Security, Allied, Europe, Washington, Nato, Getty, European Union, Joint Expeditionary Force, Northern, —, European NATO, Trump, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Europe, Russia, NATO, Ukraine, China, American, United States, Finland, Romania, Poland, Baltic, France, Germany, French, America, Italy, Estonia, British, Turkey, Baltic States, Ukraine stalemated, Moscow, Russian, Kyiv . Europe, Beijing, Taiwan, Japan, Australia, South Korea, Iran, Saudi Arabia, European, Forbes

In this article BRK.A Follow your favorite stocks CREATE FREE ACCOUNTWarren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. The death of Munger last year brought the question of succession to the forefront of many investors' minds at this year's shareholders meeting. Warren Buffett and Greg Abel during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. At the 2015 meeting, for example, he observed, "Warren, if people weren't so often wrong we wouldn't be so rich." Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.

Persons: Warren Buffett, David A, CNBC Warren Buffett, Charlie Munger, Munger, Buffett, Greg Abel, Ajit Jain, Berkshire Hathaway, he'd, Abel, Greg, CNBC Abel, that's, Munger's, Warren Organizations: Berkshire, Grogen, CNBC, Berkshire Hathaway, Berkshire Hathaway Energy, Oracle Locations: Omaha , Nebraska, mull, Berkshire, Omaha

Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and Wall Street Journal. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale.

Persons: Skydance, hasn't, David Ellison's Skydance, Shari Redstone, It's, Redstone's, Bob Bakish Organizations: Paramount, Sony, Apollo, Skydance, RedBird Capital, KKR, Sony Pictures, Apollo Global Management, Paramount Global, The New York Times, Wall Street Journal, Hollywood, Matrix Asset Advisors, Aspen Sky Trust, Redstone Locations: Apollo

☆ Far-right Israeli ministers urge Netanyahu not to accept ceasefire proposal
▼ + stars: | 2024-05-01 | by ( Benjamin Brown | Christian Edwards | ) edition.cnn.com time to read: +5 min

CNN —Israeli Prime Minister Benjamin Netanyahu is coming under fierce pressure from far-right members of his government not to agree to the ceasefire proposal currently on the table, which could prevent an Israeli military offensive in Rafah from moving forward. Relatives and supporters of Israeli hostages protest in Tel Aviv, Israel, April 27, 2024. Jack Guez/AFP/Getty ImagesFormer Israeli Prime Minister and opposition leader Yair Lapid hit back at Strook’s remarks. In the first phase, between 22 and 33 hostages are to be released over several weeks in exchange for the pause and the release of Palestinian prisoners. A woman looks at a wall of photos of hostages captured by Hamas on October 7, displayed in Tel Aviv.

Persons: Benjamin Netanyahu, Antony Blinken, Biden, Benjamin Netanyahu’s, Orit Strook, Strook’s, Netanyahu mulls, Bezalel Smotrich, ”, Netanyahu, Jack Guez, Yair Lapid, “, Benny Gantz, Gantz, ” Strook, Amir Levy, Blinken, Jordan, “ We’re, ” Blinken, Isaac Herzog, wouldn’t, Herzog, Joe Biden Organizations: CNN, Israeli, Israel’s Army, Hamas, Getty Locations: Rafah, Egypt, Gaza, Israel, Tel Aviv, AFP, “, Saudi Arabia

☆ New York Stock Exchange mulls 24-hour trading — a move Steve Cohen may welcome
▼ + stars: | 2024-04-22 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

The New York Stock Exchange is considering going 24/7, the FT reported. The exchange polled market participants about the merits of round-the-clock trading, per the outlet. Meanwhile, a Steve Cohen-backed startup is seeking SEC approval for a 24-hour exchange. AdvertisementIn a move that may be appropriate for the city that doesn't sleep, as the song goes, the New York Stock Exchange is mulling whether trading should take place around the clock. The Financial Times reported on Monday that the NYSE's data analytics team had polled market participants about the merits of being open 24 hours a day.

Persons: Steve Cohen, — Organizations: New York Stock Exchange, SEC, Service, Financial Times, Treasury, Business

☆ Red Lobster, home of the endless shrimp, mulls bankruptcy after spoiling its customers with all-you-can-eat lobster: report
▼ + stars: | 2024-04-18 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

It may be the end of the line for the seafood chain Red Lobster, per Bloomberg. AdvertisementSeafood chain Red Lobster is considering filing for bankruptcy, Bloomberg reported Wednesday. According to the outlet, Red Lobster is being advised by the law firm King & Spalding. Red Lobster and King & Spalding did not respond to Bloomberg's requests for comment. Representatives for Red Lobster and King & Spalding did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Persons: —, Spalding, Red Lobster's, Ludovic Garnier, servings, Ian Borden, Borden Organizations: Bloomberg, Service, King, Spalding, Thai Union Group —, Golden Corral, Business Insider Locations: Maine

☆ Iran's unprecedented attack on Israel has pushed the region to the edge — but not past the point of no return yet, analyst says
▼ + stars: | 2024-04-14 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +5 min

Read previewIsraeli Prime Minister Benjamin Netanyahu must weigh up the implications of escalating the conflict in the Middle East as he mulls Israel's response to Iran's attack, experts say. And depending on how Israel and Iran move forward, the countries may risk taking their yearslong shadow war into an open, regional conflict. AdvertisementAn anti-missile system operates after Iran launched drones and missiles toward Israel, as seen from Ashkelon, Israel April 14, 2024. "At no point previously had Iran directly struck Israel in a way that violated its sovereignty, meaning directly on Israeli soil. Iran has since warned Israel and its allies against a counterstrike, saying it would launch an even larger attack if they retaliated.

Persons: —, Benjamin Netanyahu, Ali Khamenei, Michael Horowitz, Zonszein, Israel, Amir Cohen, Reuters Shashank Joshi, Netanyahu, Yoav Gallant, Benny Gantz, Gantz, Joe Biden, Arbit, Jordan Organizations: Service, Business, Islamic Revolutionary Guard Corps, Iran's, International Crisis, Reuters, LBC, Atlantic Council, CNN Locations: Jordanian, Iran, Iranian, Damascus, Israel, Ashkelon, Republic

☆ Israel mulls response to unprecedented Iranian attack as West urges Netanyahu to avert all-out war
▼ + stars: | 2024-04-14 | by ( Rob Picheta | ) edition.cnn.com time to read: +6 min

Together we shall win.”Israel will respond to Iran’s attack, but the scope of that attack has yet to be decided, an Israeli official told CNN on Sunday. The official said Israel is yet to determine whether to try and “break all the dishes” or do something more measured. Israel and Iran have long been rivals, but tensions escalated in the wake of Hamas’ attacks on Israel, which left about 1,200 people dead. Iranian ballistic missiles that reached Israel fell on the airbase located in southern Israel, and caused only light structural damage, Israel Defense Forces (IDF) spokesperson Daniel Hagari said. Iran had vowed to retaliate after accusing Israel of bombing its diplomatic complex in Syria earlier this month.

Persons: CNN —, Yoav Gallant –, ” Gallant, Benjamin Netanyahu, “, ”, Netanyahu, Hossein, Bagheri, Daniel Hagari, Israel “, Joe Biden, Biden, Yoav Gallant, Getty Images Biden, Israel, Mohammed Reza Zahedi, Mohammad Hadi Haji Rahimi, Donald Trump, IRGC, Qassem Soleimani Organizations: CNN, –, Sunday, Hamas, Islamic, Islamic Revolutionary Guard Corps, TV, of Iran’s Armed Forces, Israel Defense Forces, Israel, White, Israeli, Ministry of Defense, Getty Images, United, Emirates, Revolutionary Guards Locations: Iran, ” Israel, Israel, Gaza, Syria, France, Islamic Republic, Damascus, Iranian, Western, Anadolu, East, Saudi Arabia, Qatar, Baghdad

The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

Persons: Rishi Sunak, Jeremy Hunt, ”, Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain

☆ Americans are feeling the most optimistic about the mortgage market since the Fed started hiking rates
▼ + stars: | 2024-02-07 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

A Fannie Mae survey released Wednesday found that optimism around mortgage rates has hit a two-year high. "Mortgage rate optimism increased markedly again in January, with a survey-high percentage of consumers anticipating mortgage rate declines over the next year," Doug Duncan, Fannie Mae's chief economist, said. The slide arrives as the Fed mulls cutting interest rates in 2024 as inflation continues to decline. A previous report showed that Fannie Mae now expects mortgage rates to dip below 6% this year, a revision of their earlier forecast. According to Fannie Mae, 82% of consumers indicated in January that they are not concerned about losing their job in the next year, up from 75% last month.

Persons: —, Fannie Mae, Doug Duncan, Fannie Mae's, Freddie Mac, it's, Duncan, Fannie Organizations: Service, Federal Reserve, Business Locations: Fannie Mae's

☆ Iran-backed militia in Iraq vows to continue attacks on US forces as White House mulls military action
▼ + stars: | 2024-02-02 | by ( Mostafa Salem In Abu Dhabi | Aqeel Najim | ) edition.cnn.com time to read: +3 min

Al-Kaabi said that attacks against the US won’t stop until American troops withdraw from Iraq, and Israeli military operations cease in Gaza, according to a statement on Friday. The US believes an umbrella group of Iran-backed militants called Islamic Resistance in Iraq was behind the strike on the Jordan base and is now preparing to respond. On Friday, Iranian President Ebrahim Raisi said his country will not initiateany war but will “respond strongly” to bullies. The US has meanwhile carried out a series of strikes in Iraq, Syria and Yemen. Yemen’s Houthis have also continued to attack US interests despite multiple airstrikes by US and UK forces.

Persons: Biden, Akram Al, Kaabi, ”, Ebrahim Raisi, “, Yemen’s Houthis Organizations: CNN, US, Al, American Locations: An Iran, Iraq, States, Jordan, Gaza, Iran, Israel, Syria, Yemen, Islamic Republic of Iran, Iranian Hormozgan

☆ Biden has to deal with a second war he didn’t want. His task is to contain it
▼ + stars: | 2024-01-30 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

— Hezbollah, a pro-Iranian group based in Lebanon, has been waging a low-grade war against Israel. — Iran has blamed Israel for an attack that killed a number of Revolutionary Guard officers in Damascus, Syria. Hawkish Republicans like South Carolina Sen. Lindsey Graham are demanding he attack Iran on Iranian soil. “The only answer to these attacks must be devastating military retaliation against Iran’s terrorist forces, both in Iran and across the Middle East. And on a purely strategic level, risking a major Middle East war that could cause massive US casualties to avenge the deaths of three soldiers, as terrible as their deaths are, would not represent a sound equation.

Persons: they're, Joe Biden —, Jordan Sunday –, Biden, haven’t, —, Israel, it’s, Antony Blinken, ” Aaron David Miller, CNN’s Jim Acosta, “, ”, William Rivers, Kennedy Sanders, Breonna Moffett, South Carolina Sen, Lindsey Graham, Nikki Haley, Biden’s, Donald Trump, Jim Himes, what’s, CNN’s Oren Liebermann, Natasha Bertrand, Katie Bo Lillis, Blinken, CNN’s Alex Marquardt, Joe Biden, Arkansas Sen, Tom Cotton, Haley, Qasem Soleimani, Trump, John Kirby, It’s Biden Organizations: Republicans, White House CNN, Jordan Sunday, Hezbollah, Israel, Israel Defense Forces, Britain, Islamic Revolutionary Guard Corps, Revolutionary Guard, ”, GOP, Rep, Intelligence, Islamic, United Nations, –, Iran Locations: Washington, Tehran, Iran, Israel, Gaza, Jordan, United States, Iraq, Yemen, Lebanon, —, Syria, Baghdad, Beirut, Lebanon –, Damascus, East, South Carolina, Connecticut, Hamas, Qatar, Egypt, Islamic Republic, Arkansas, There’s

Big-name free agents appear in no hurry to strike deals at the winter meetings, biding time until Shohei Ohtani potentially breaks the record for richest contract set 4 1/2 years ago by Mike Trout. “It's probably a little slower from a conversation standpoint at a winter meetings than it normally would,” New York Mets president of baseball operations David Stearns said Monday. Behind Ohtani in the hitters free-agent pecking order are Cody Bellinger and Matt Chapman, both represented by the sport's biggest agent, Scott Boras. Among starting pitchers, the market includes Blake Snell and Jordan Montgomery, also represented by Boras. “He’s going to make other pitchers better.”___AP Sports Writer Teresa M. Walker contributed to this report.

Persons: ., Shohei, Mike Trout, Yoshinobu Yamamoto, “ It's, ”, David Stearns, hasn't, ” Ohtani, Nez, Cody Bellinger, Matt Chapman, Scott Boras, Blake Snell, Jordan Montgomery, Farhan Zaidi, “, Ross Atkins, Atkins, San Diego, Juan Soto, Jarred Kelenic, Marco Gonzales, Evan White, Cole Phillips, Jackson Kowar, Gonzales, White, Eugenio Suárez, Carlos Vargas, Seby Zavala, Scott Servais, “ That’s, Jackson Chourio, “ There’s, I’m, ” Chourio, Milwaukee, Wade Miley, Pat Murphy, “ He’s, Teresa M, Walker, ___ Organizations: ” New York Mets, Los Angeles Angels, Creative Artists Agency, Gaylord, Convention, Boras, San Francisco Giants, CBA, Blue Jays, San, Atlanta Braves, Seattle Mariners, Atlanta, Seattle, ” Mariners, Brewers Locations: Tenn, Nez Balelo, ” Toronto, Nashville, Seattle, Arizona, Milwaukee

Warnock said some of the “salacious” allegations in Hall's declaration have nothing to do with what was being discussed in court Thursday. The lawsuit contends that Hall opened an arbitration process on Nov. 9 against Oates and the other defendants in the lawsuit, Oates’ wife, Aimee Oates, as well as Richard Flynn, in their roles as co-trustees of Oates’ trust. Hall was seeking an order preventing them from selling their part in Whole Oats Enterprises to Primary Wave Music. Primary Wave has already owned “significant interest” in Hall and Oates’ song catalog for more than 15 years. Additionally, Hall said in his declaration he would not approve such a sale and doesn’t agree with Primary Wave’s business model.

Persons: Daryl Hall, John Oates, Oates, Chancellor Russell Perkins, Hall, ″ Christine Lepera, hasn't, that’s, ” Lepera, Tim Warnock, Hall's, Mr, ” Warnock, —, Oates blindsided, Warnock, “, Aimee Oates, Richard Flynn, Oates ’ Organizations: Oats Enterprises, Investment Management LLC, Oates, Hall Locations: Tenn, Nashville, U.S, Japan, Hall

☆ OPEC+ Mulls New Oil Production Cuts Amid Middle East Conflict
▼ + stars: | 2023-11-29 | by ( Benoit Faucon | Summer Said | ) www.wsj.com time to read: 1 min

Any extra cuts, if approved, would likely draw a rebuke from the U.S. Photo: henry chirinos/ShutterstockOPEC and its Russia-led allies are considering new oil production cuts of as much as 1 million barrels a day, delegates said Wednesday, despite tensions in oil markets amid the conflict in the Middle East. The move, which would likely send oil prices higher, could be announced Thursday at a virtual meeting of the cartel. The meeting, originally scheduled for last week, was postponed over disagreements about production.

Persons: henry chirinos Organizations: U.S, OPEC Locations: Russia

The logo of Atos is seen on a company building in Nantes, France, March 11, 2022. It is also in advanced negotiations with Kretinsky's EP Equity Investment (EPEI) vehicle to "modify and simplify" some terms of its proposed 2 billion euro ($2.11 billion) sale of Tech Foundations, the group said. AlphaValue analyst Helene Coumes attributed the drop to "the endless uncertainty on the deal on Tech Foundations, the financing issues and how the change of some terms of the agreement will be favorable for the minority shareholders". The Tech Foundations deal would also see Kretinsky take a 7.5% stake in the group's cybersecurity unit Eviden, which is what would be left of Atos. Reporting by Diana Mandiá; Editing by Kirsten Donovan, Robert Birsel and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Daniel Kretinsky, Helene Coumes, Atos, Diana Mandiá, Kirsten Donovan, Robert Birsel, Jan Harvey Organizations: REUTERS, Tech Foundations, Kretinsky's, Equity Investment, Tech, Thomson Locations: Nantes, France, Czech, Atos

☆ Take Five: Warming up this winter
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +6 min

1\BUCK UP, IT'S DECEMBERThe dollar is heading for its weakest monthly performance for a year, with a loss so far of 2.7%. On Thursday, China releases official manufacturing PMI data, which last month showed an unexpected contraction, killing momentum for an economic recovery. COP28 gets underway in Dubai and securing an agreement on how to tackle global warming and, crucially, how to pay for it looks as difficult as ever for the near 200 countries and institutions attending. Reuters Graphics5\THE ECB'S BALANCING ACTEuro zone inflation data on Nov. 30 may well confirm a trend of price rises moderating. Policymakers remain wary of any hopes for rate cuts spilling over into increased bank lending and household spending, renewing inflationary pressures.

Persons: Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Marc Jones, Amanda Cooper, it's, Joshua Roberts, Sultan Ahmed Al Jaber, Christine Lagarde, Pasit Kongkunakornkul, Sumanta Sen, Kripa Jayaram, Vineet Sachdev, Prinz, Toby Chopra Organizations: BUCK, IT'S, Federal Reserve, Reuters, REUTERS, COP28, World Bank, European Central Bank, Thomson Locations: China, Dubai, Lewis, New York, Tokyo, London, Washington , U.S, UAE

The latest proposal from EU cybersecurity agency ENISA concerns an EU certification scheme (EUCS) which vouches for the cybersecurity of cloud services and determines how governments and companies in the bloc select a vendor for their business. The document retains key provisions contained in earlier drafts such as a requirement that U.S. tech giants set up a joint venture with an EU-based company to qualify for the EU cybersecurity label. Another provision states that cloud service must be operated and maintained from the EU, while all cloud service customer data must be stored and processed in the EU, with EU laws taking precedence over non-EU laws regarding the cloud service provider. The latest draft sets out the possibility for these tough requirements to be extended to the third highest security level. EU countries are now reviewing the latest draft after which the European Commission will adopt a final scheme.

Persons: OpenAI's, CCIA, ENISA, Alexandre Roure, Foo Yun Chee, Jonathan Oatis Organizations: European, Google, Microsoft, Big Tech, EU, Tech, European Banking Federation, European Savings Banks Group, Association for Financial Markets, Federation, Insurance, Thomson Locations: BRUSSELS, European Union, EU, Europe

☆ Australia's AI firm Appen mulls selling part or whole of business
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Australia's AI firm Appen (APX.AX) said Tuesday it is mulling the sale of a part or whole of its business. Appen, which was one of the world's largest AI training providers, has implemented a raft of cost-saving initiatives and has seen its executive team being entirely replaced over the last two years. The company on Tuesday announced an equity raise of A$30-million ($19.52 million), aimed at boosting its working capital. It also announced an additional $14 million of cost reduction, boosting its cost-saving initiatives this year to $60 million. ($1 = 1.5366 Australian dollars)Reporting by Nausheen Thusoo in Bengaluru; Editing by Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.

Persons: Nausheen, Mrigank Organizations: Thomson Locations: Bengaluru

☆ Finland mulls more border restrictions as asylum seekers 'impossible' to return
▼ + stars: | 2023-11-20 | by ( Essi Lehto | ) www.reuters.com time to read: +3 min

Finland's President Sauli Niinisto addresses the 78th United Nations General Assembly at U.N. headquarters in New York, U.S., September 20, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsHELSINKI, Nov 20 (Reuters) - Finland said on Monday it had become impossible to return asylum seekers who did not meet the criteria for protection and said that it might further restrict migrant entries from Russia following a jump in the number of applicants. Over 500 asylum seekers, mostly from Yemen, Somalia, Syria and Iraq, arrived in Finland - an eastern outpost of the European Union - via Russia in the past two weeks, prompting Helsinki to shut half its border crossings and accuse Moscow of funnelling migrants to its border. Migrants entering Finland from Russia can now only request asylum at two of the remaining four crossing points on their shared 1,340-km (830-mile) border. The Kremlin said on Monday it had lodged a formal protest over the partial border closure, saying the decision reflected an anti-Russian stance.

Persons: Sauli Niinisto, Caitlin Ochs, Niinisto, Petteri Orpo, Orpo, Tomi Kivenjuuri, Kivenjuuri, Moscow's, Essi Lehto, Terje Solsvik, Anna Ringstrom, Jonathan Oatis, Gareth Jones Organizations: United Nations General Assembly, REUTERS, Rights, European, Migrants, Finnish Border Guard, Reuters, Thomson Locations: U.N, New York, U.S, Finland, Russia, Yemen, Somalia, Syria, Iraq, Helsinki, Moscow, Poland, EU, Finnish, Lithuania, Latvia, Belarus, East, Africa, Oslo, Stockholm

OpenAI and Altman did not reply to requests for comment. Kholsa Ventures, an early backer of OpenAI, wants Altman back at OpenAI but "will back him in whatever he does next," the fund's founder Vinod Khosla posted on X on Saturday. Others expressed support for joining Altman in starting a company, a third person familiar with the matter said. Tech website The Verge earlier reported the OpenAI board's discussions with Altman to return as CEO. Forbes reported on Saturday investors were plotting to restore Altman as CEO.

Persons: Sam Altman, Altman, Vinod Khosla, Altman's, Elon Musk, Greg Brockman, OpenAI, Brockman, Szymon Sidor, Sidor, Jony, SoftBank, Masayoshi Son, Brad Lightcap, Forbes, Krystal Hu, Anna Tong, Jeffrey Dastin, Gursimran, Chizu Nomiyama, Kenneth Li, William Mallard Organizations: Microsoft, Kholsa Ventures, Union, U.S, Altman, Reuters . Tech, Thomson Locations: OpenAI, New York, San Francisco, Gursimran Kaur, Bengaluru

"This super pre-emptive right will work only in specific cases, with specific companies," Chebeskov said on the sidelines of a financial forum in Moscow on Nov. 14. "The idea was that this concerns only those strategic companies in which the state already has a share," Chebeskov said. The lack of clarity and uncertain timeline highlights the unpredictable nature of regulatory changes facing investors and businesses seeking to adjust their exposure to Russia. This compares with net outflows of around $48 million in March 2022 and $69 million in February this year. Western investors have already struggled to get assets out of Russia.

Persons: Vladimir Putin, Ivan Chebeskov, Chebeskov, Rybalkin, Tskhakaya, Thomas J Brock, Carlsberg's, Putin, JP Morgan, JPM, Vijay Marolia, Brock, Sinead Cruise, Alexander Marrow, Elena Fabrichnaya, Darya Korsunskaya, Jane Merriman Organizations: Ukraine LONDON, Reuters, Nato, Dyakin, Partners, Kaiser Consulting, Investors, Morningstar Direct, Federal Property Agency, Assets, Deutsche Bank, Regal Point Capital, HSBC, Expobank, Thomson Locations: Russia, Ukraine, MOSCOW, Moscow, Russian, Magnit, London

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