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☆ Protesters block Israel highways over new Supreme Court bill
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Corinna KernJERUSALEM, July 11 (Reuters) - Israeli protesters blocked major highways on Tuesday after a bill that would curb some of the Supreme Court's power won initial approval by parliament, with full support of Prime Minister Benjamin Netanyahu's hard-right ruling coalition. Footage showed crowds of flag-waving Israelis stopping morning traffic in major intersections and on highways in central Israel, business hub Tel Aviv and near the entrance to Jerusalem. Police, who said 24 people have been arrested, used a water cannon to disperse some protesters and dragged others away by force. If passed as is, it would curb Supreme Court's power to void decisions made by the government, ministers and elected officials by ruling them unreasonable. Proponents say the change will facilitate effective governance by curbing court intervention, arguing that judges have other legal means to exercise oversight.

Persons: Benjamin Netanyahu, Corinna Kern JERUSALEM, Benjamin Netanyahu's, Ben, Netanyahu, Washington, Maayan Lubell, Dan Willliams, Steven Scheer, Louise Heavens Organizations: Israeli, REUTERS, Police, Thomson Locations: Tel Aviv, Israel, Jerusalem

☆ Qatar National Bank's Q2 profit falls 4%
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 10 (Reuters) - Qatar National Bank (QNBK.QA), the oil-rich Gulf's biggest lender by assets, reported on Monday a 4% drop in second-quarter net profit to 3.7 billion riyals ($1.02 billion). QNB missed analysts' mean estimate of 3.9 billion riyals net profit in the quarter, Refinitiv data showed. Net profit for the first half of the year was 7.6 billion riyals, up 8% from the first half of 2022. Loans and advances also rose 7% to 819 billion riyals. ($1 = 3.6440 Qatar riyals)Reporting by Yousef Saba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: QNB, Yousef Saba, Louise Heavens Organizations: Qatar National Bank, Group, Thomson Locations: DUBAI, Qatar

☆ Iraq, TotalEnergies sign massive oil, gas, renewables deal
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BAGHDAD, July 10 (Reuters) - Iraq and French oil major TotalEnergies (TTEF.PA) on Monday signed a long-delayed $27 billion energy deal that aims to increase oil production and boost the country's capacity to produce energy with four oil, gas and renewables projects. TotalEnergies Chairman and CEO Patrick Pouyanne signed the agreement with Iraqi oil minister Hayan Abdel-Ghani at a ceremony in Baghdad, with Pouyanne calling it a "historic day". "I hope that this will be a strong signal to other investors to come to Iraq," Pouyanne said. Exxon Mobil, Shell and BP have all scaled back their operations in Iraq in recent years, contributing to a stagnation in oil production. Iraq's oil production capacity has remained at around 5 million barrels per day in recent years.

Persons: TotalEnergies, QatarEnergy, Patrick Pouyanne, Hayan Abdel, Ghani, we'll, Abdel, Pouyanne, Maher Nazeh, Nadine Awadalla, Timour, Louise Heavens, Jason Neely, Christina Fincher Organizations: Monday, Exxon Mobil, Shell, BP, Thomson Locations: BAGHDAD, Iraq, Baghdad, Basra, Saudi, U.S, Saudi Arabia, Dubai

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

A lawyer for Woehrmann said DWS' internal investigations "did not reveal any evidence of misconduct on the part of my client". A spokesperson for prosecutors in Frankfurt, where DWS is headquartered, would only say an individual was targeted but would not name the person. DWS declined to comment on Woehrmann, but has said that it stands by its financial disclosures and fund prospectuses and is cooperating with investigators. At present, we cannot estimate when and how the proceeding of the Frankfurt Public Prosecutor’s Office will be concluded," DWS said. Woehrmann resigned as CEO of DWS last year after German prosecutors raided the offices of DWS and Deutsche Bank in Frankfurt over the allegations.

Persons: DWS's, Asoka Woehrmann, Patrizia, Woehrmann, DWS, BaFin, Matthias Inverardi, Miranda Murray, Sabine Wollrab, Susan Fenton, Louise Heavens Organizations: Deutsche Bank, Frankfurt Public, U.S . Securities, Exchange Commission, Thomson Locations: FRANKFURT, Frankfurt

DUBAI, July 7 (Reuters) - Dubai's Roads and Transport Authority (RTA) has selected Rothschild & Co (ROTH.PA) to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corp and its public parking business, said the sources, who declined to be named as the matter is not public. The authority is expected to appoint Emirates NBD for the potential IPOs, two sources with knowledge of the matter said. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. The authority was also looking at potential options for its public parking assets and the Nol card, which passengers use to pay for public transport across the emirate.

Persons: Rothschild, Emirates NBD, Nol, Hadeel Al Sayegh, Yousef Saba, Jonathan Oatis, Josie Kao, Louise Heavens Organizations: Transport Authority, Co, Dubai Taxi Corp, RTA, Rothschild, Emirates, dnata, Reuters, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

Reliance Retail includes Ambani's core retail businesses, including digital and brick-and-mortar stores. It is fully owned by Reliance Retail Ventures, which also houses other retail operations such as international partnerships and the billionaire's consumer goods business. In 2020, Reliance Retail Ventures raised 472.65 billion Indian rupees ($5.72 billion) by selling a 10.09% stake, valuing it at roughly $57 billion based on current exchange rates. EY valued Reliance Retail at 884.03 rupees per share, while BDO valued it at 849.08 rupees, the source said. Reliance Retail has in recent years partnered with a slew of global brands to launch and expand their presence in India.

Persons: Mukesh Ambani, valuers, Ambani, Tiffany, Aditya Kalra, Sriram, Chris Thomas, Savio D'Souza, Louise Heavens, Mark Potter Organizations: Reliance, Reuters, BDO, EY, Reliance Retail Ventures, KKR, Saudi Public Investment Fund, General Atlantic, Reliance Retail, Burberry, Thomson Locations: DELHI, India, New Delhi, Mumbai, Bengaluru

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

☆ Tesla cuts prices in Japan for Model 3 and Y
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. The company slashed prices for all variants of its lower-priced Model 3 by about 3%, its website showed, while reducing those of all Model Y variants by around 4%. The price reductions come about two months after the company last put a higher price tag on the Model 3 and Y in Japan. Model 3 is now priced at 5,245,600 yen ($36,362) in Japan, while Model Y is priced at 5,637,000 yen. Tesla kept unchanged the prices of Model S and X, higher-priced EVs for which it had started accepting orders in Japan in May.

Persons: Carlos Barria, Tesla, Daniel Leussink, Louise Heavens Organizations: Tesla, REUTERS, Tesla Inc, Thomson Locations: Fremont , California, U.S, TOKYO, Japan

☆ SBI Holdings to help Taiwan's Powerchip build a plant in Japan
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 5 (Reuters) - Financial firm SBI Holdings (8473.T) said on Wednesday it would help Taiwan's Powerchip Semiconductor Manufacturing Corp (6770.TW) establish a factory in Japan as the country looks to revive its chip industry. "This is the best possible time to enter chip manufacturing," Kitao said at a joint press conference with the Taiwanese company's chairman, Frank Huang. Powerchip is currently looking at three or four potential sites and manufacturing could begin two years after construction starts, Kitao added. Japan is also funding a homegrown venture, Rapidus, which says it plans to produce advanced logic chips from the middle of the decade with help from IBM Corp (IBM.N). Powerchip provides contract manufacturing services for logic and memory chips for power management to customers including MediaTek Inc (2454.TW), Taiwan's largest designer of mobile phone chips.

Persons: Yoshitaka Kitao, Kitao, Frank Huang, Powerchip, Miho Uranaka, Tim Kelly, Christopher Cushing, Jamie Freed, Louise Heavens Organizations: Financial, SBI Holdings, Semiconductor Manufacturing Corp, SBI, Taiwan Semiconductor Manufacturing, Sony Group, Denso Corp, Kioxia Corp, Western Digital Corp, chipmaker Micron Technology, IBM Corp, MediaTek Inc, Thomson Locations: TOKYO, Japan, Kumamoto prefecture, Hiroshima

☆ Moderna agrees deal in China with view to developing mRNA medicines
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Companies Moderna Inc FollowSHANGHAI, July 5 (Reuters) - Vaccine maker Moderna Inc (MRNA.O) said on Wednesday it had signed a memorandum of understanding and a land collaboration agreement to work towards opportunities for it to research, develop and manufacture mRNA medicines in China. Moderna said in May it was looking for opportunities in China after registering a legal entity in the world's second-largest economy. The company prior to this had no presence in mainland China. Its expansion into mainland China comes as its revenue growth slows sharply due to waning global demand for its COVID-19 vaccine, the U.S. company's only approved product. Those vaccines, based on the same mRNA platform as its COVID shot, have yet to be filed for regulatory approval decisions.

Persons: Stéphane Bancel, Brenda Goh, Andrew Heavens, Louise Heavens Organizations: Moderna Inc, Reuters, Moderna, Thomson Locations: China, Shanghai, Moderna, Hong Kong, Asia, U.S, Beijing

☆ U.S. Big Tech says it meets EU gatekeeper status, TikTok criticises label
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Samsung and TikTok owner ByteDance also unexpectedly said they would meet the criteria, although TikTok disputed whether it should be included on the list. "Europe is completely reorganising its digital space to both better protect EU citizens and enhance innovation for EU startups and companies," Breton said in a statement. Booking.com (BKNG.O) said it expected to meet the gatekeeper threshold by the end of the year and will then notify the EU executive. It fell short of the quantitative threshold ahead of Monday's notification to the Commission due to the pandemic. ($1 = 0.9173 euros)Reporting by Foo Yun Chee Editing by Louise Heavens and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Thierry Breton, ByteDance, Booking.com, Breton, TikTok, Foo Yun, Louise Heavens, Mark Potter Organizations: Amazon, Apple, Google, Facebook, Meta, Microsoft, Samsung, Union's, EU, European Commission, Thomson Locations: BRUSSELS, Europe, EU

☆ Amazon, Google, Apple, Meta, Microsoft say they meet EU gatekeeper status
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - Alphabet's (GOOGL.O) Google, Amazon (AMZN.O), Apple (AAPL.O), Meta Platforms (META.O) and Microsoft (MSFT.O) have notified the European Commission that they qualify as gatekeepers under new EU tech rules, EU industry chief Thierry Breton said on Tuesday. Samsung and TikTok owner ByteDance also said they meet the EU thresholds, Breton said. "Europe is completely reorganising its digital space to both better protect EU citizens and enhance innovation for EU startups and companies," Breton said in a statement. They will then have six months to comply with the DMA rules. Booking.com (BKNG.O) said it expects to meet the gatekeeper threshold by the end of the year and will then notify the EU executive.

Persons: Thierry Breton, ByteDance, Breton, Foo Yun Chee, Louise Heavens Organizations: Google, Apple, Microsoft, European Commission, Digital Markets, Samsung, EU, Companies, Thomson Locations: BRUSSELS, Europe

☆ German antitrust watchdog can add privacy breaches to Meta probe, EU court says
▼ + stars: | 2023-07-04 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 4 (Reuters) - Antitrust authorities can check whether companies such as Meta Platforms (META.O) comply with EU data protection rules during their investigations, Europe's top court said on Tuesday, a move likely to broaden regulators' scrutiny of Big Tech. At issue is whether the German antitrust agency overstepped its authority by using its antitrust power to address data protection concerns, which are the remit of national data protection authorities. Meta, owner of Facebook, Instagram and WhatsApp, challenged the finding, prompting a German court to seek advice from the CJEU. The CJEU however said antitrust regulators must "take into consideration any decision or investigation by the competent supervisory authority pursuant to that regulation." The case is C-252/21 Meta Platforms and others (User conditions for a social network).

Persons: Foo Yun Chee, Charlotte Van Campenhout, Louise Heavens Organizations: Antitrust, Big Tech, Justice, European Union, Facebook, Thomson Locations: BRUSSELS, Luxembourg, German, Amsterdam

☆ U.S. property catastrophe reinsurance rates rise up to 50% on July 1-report
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

Higher reinsurance rates can affect the premiums which insurers charge to their customers. U.S. reinsurance rates for policies which previously faced claims for natural catastrophes rose 30-50%, Gallagher Re said. Reinsurance rates for similar policies in Florida rose 30-40%, the broker added. State Farm said in May it would stop selling new insurance policies to homeowners in California. Reinsurance rates for some types of aviation war policies rose by up to 100% on the July 1 renewal date, Gallagher Re said.

Persons: Mike Blake, Gallagher Re, James Vickers, Gallagher, Hurricane Ian, Aon, Carolyn Cohn, Noor Zainab Hussain, Louise Heavens Organizations: REUTERS, Farm, Gallagher Re, Reuters, Vickers, Hurricane, U.S, Industry, Boeing, Thomson Locations: Laguna Niguel , California, U.S, California, Florida, In Florida, Russia, Khartoum, London, Bengaluru

☆ Bosnia envoy revokes Bosnian Serb laws defying the state, peace deal
▼ + stars: | 2023-07-01 | by ( Daria Sito-Sucic | ) www.reuters.com time to read: +2 min

SARAJEVO, July 1 (Reuters) - Bosnia's international peace overseer, Christian Schmidt, on Saturday annulled two laws that Bosnian Serb parliament had adopted defying the constitution and the terms of a peace deal that ended the Balkan country's war in the 1990s. Schmidt, who as international High Representative in Bosnia has powers to impose laws and sack obstructive officials, also amended a law so that those seen as attacking the state institutions can be criminally prosecuted. "Recent decisions by the National Assembly of Republika Srpska directly violate the constitutional order of Bosnia-Herzegovina and the Dayton peace agreement," Schmidt told a news conference in Sarajevo. The Serbs say they do not recognise Schmidt, who was appointed in 2021, as the high representative because the U.N. Security Council did not endorse his appointment. The U.S. embassy welcomed Schmidt's decisions, agreeing that he was defending the Dayton peace deal and the constitution upholding the rule of law in Bosnia.

Persons: Christian Schmidt, Schmidt, Milorad Dodik, Dodik, Daria Sito, Louise Heavens Organizations: Bosnian Serb, Representative, National Assembly, Russian, . Security, United States, Thomson Locations: SARAJEVO, Bosnian, Bosnia, Republika Srpska, Herzegovina, Dayton, Sarajevo, Republic, Serb Republic, United States, United Kingdom, U.S

☆ King apologises for Netherlands' historic role in slavery
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/6] Dutch King Willem-Alexander speaks at an event to commemorate the anniversary of the abolition of slavery by the Netherlands, in Amsterdam, Netherlands, Saturday, July 1, 2023. The king apologised for the royal house's role in slavery and asked for forgiveness. Peter Dejong/Pool via REUTERSAMSTERDAM, July 1 (Reuters) - Dutch King Willem-Alexander on Saturday apologised for the Netherlands' historic involvement in slavery and the effects that it still has today. The apology comes amid a wider reconsideration of the Netherlands' colonial past, including involvement in both the Atlantic slave trade and slavery in its former Asian colonies. Willem-Alexander apologised in Indonesia in 2020 for "excessive violence" during Dutch colonial rule.

Persons: King Willem, Alexander, Peter Dejong, Keti, Willem, Mark Rutte, Rutte, Orange, Toby Sterling, Jason Neely, Louise Heavens Organizations: REUTERS, Dutch State, Royal House, Royal, Thomson Locations: Netherlands, Amsterdam, REUTERS AMSTERDAM, Caribbean, Amsterdam's, Indonesia, Dutch, East India

☆ Sierra Leone ruling party wins 60% of parliamentary seats in contested vote
▼ + stars: | 2023-07-01 | by ( Umaru Fofana | ) www.reuters.com time to read: +1 min

FREETOWN, July 1 (Reuters) - The ruling Sierra Leone People’s Party has won 60% of the seats in a parliamentary election, the election commission said on Saturday, as the main opposition party demanded a rerun of the vote that also saw President Julius Maada Bio win a second term. The SLPP won 81 seats while the opposition All People’s Congress won 54, according to the results read by the commission's chairman Mohamed Kenewui Konneh. The results showed the ruling party made significant gains in the bellwether diamond-rich district of Kono, winning seven of the 10 seats where they had none previously. They also made gains in the opposition heartland of the north and west, especially in the capital Freetown. The APC also said it would refuse to participate in any form of governance as a result of the alleged election irregularities.

Persons: Julius Maada, SLPP, Mohamed Kenewui Konneh, Alessandra Prentice, Louise Heavens Organizations: Sierra Leone People’s Party, People’s, Thomson Locations: FREETOWN, Sierra, Kono, Freetown

☆ CIA's Burns: U.S. needs to de-risk and diversify away from China
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

July 1 (Reuters) - Central Intelligence Agency Director William Burns said on Saturday that decoupling from China would be foolish given the deep economic interdependence so the United States should try to diversify its supply chains. "China is the only country with both the intent to reshape the international order and increasingly the economic, diplomatic, military and technological power to do so," Burns said in a lecture in Oxfordshire, England. "In today's world, no country wants to find itself at the mercy of a 'cartel of one' for critical minerals and technologies," Burns said. "The answer to that is not to decouple from an economy like China's, which would be foolish, but to sensibly de-risk and diversify by securing resilient supply chains, protecting our technological edge and investing in industrial capacity." Reporting by Guy Faulconbridge, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: William Burns, Burns, Guy Faulconbridge, Louise Heavens Organizations: Central Intelligence Agency, Thomson Locations: China, United States, Oxfordshire, England

☆ Dutch curb chip equipment exports, drawing Chinese ire
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +4 min

"We have taken this step in the interest of our national security" said Dutch Trade Minister Liesje Schreinemacher, adding such equipment may have military applications. Schreinemacher said a "very limited" number of companies and product models would be affected, and China was not named. But the Chinese Embassy in the Netherlands described the move as an "abuse of export control measures" that violate trade rules. ASM International, which makes atomic layer deposition tools, said it did not expect a material change to its forecasts as a result of the Dutch rules, which also discuss that technology. The new Dutch list may later be adopted by other European countries or added to the EU list, though few European firms export high-end chipmaking equipment.

Persons: ASML, Liesje Schreinemacher, Schreinemacher, Toby Sterling, Louise Heavens, Mark Potter Organizations: Dutch Trade, Embassy, U.S, Washington, ASM International, Lam Research, Materials, Reuters, Union, EU, Zeiss, Thomson Locations: China, AMSTERDAM, U.S, Beijing, Netherlands, Dutch, Japan, Taiwan, ASML

☆ Verstappen takes his fourth pole in a row
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - Red Bull's Formula One leader Max Verstappen took pole position for the Austrian Grand Prix on Friday while team mate and closest title rival Sergio Perez qualified only 15th after having a lap deleted. The pole was Verstappen's fourth in a row, while Mexican Perez, 69 points behind Verstappen after eight races all won by Red Bull, failed to make the top 10 for the fourth race in succession. Ferrari's Charles Leclerc qualified second with team mate Carlos Sainz third. Drivers will have another qualifying on Saturday for a standalone 100 km sprint race that no longer determines Sunday's grid under a new format introduced this season and first used in Azerbaijan in April. Reporting by Alan Baldwin in London, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Max Verstappen, Sergio Perez, Perez, Verstappen, Red Bull, Ferrari's Charles Leclerc, Carlos Sainz, Alan Baldwin, Louise Heavens Organizations: Austrian, Drivers, Thomson Locations: Azerbaijan, London

☆ Yandex makes changes to financial team ahead of corporate restructuring
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Internet company Yandex (YNDX.O) on Friday said it was making changes to its financial team in preparation for a potential corporate restructuring that should see it divest ownership and control of core, Russia-based businesses. Sources told Reuters last month that shareholders in Yandex's holding company, many of whom are Western investment funds, could be in line to make $7 billion from a full divestment of its Russian businesses. Svetlana Demyashkevich, CFO of Yandex's Dutch-registered holding company, Yandex NV will transition to the role of Senior Vice President of Finance, Yandex said. "In this capacity (Demyashkevich) will advise the board on financial matters and report directly to the Chairman John Boynton," Yandex said in a statement. Yandex NV hopes to sell the main revenue-generating businesses inside Russia and develop four newer units, self-driving technologies, cloud computing, data labelling and educational technology independently, internationally.

Persons: Svetlana Demyashkevich, Yandex, John Boynton, Alexander Balakhnin, Alexander Marrow, Louise Heavens Organizations: Reuters, Yandex's, Yandex, Finance, Thomson Locations: Russia, Yandex's

☆ Turkish food delivery startup Getir to leave Spain, union says
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

MADRID, June 30 (Reuters) - Turkish delivery startup Getir will cease its business in Spain and lay off its entire workforce there of 1,560 after failing to raise enough capital in a recent funding round, Spain's biggest trade union CCOO said on Friday. "We condemn the disastrous business management of Getir, which has not known how to grow or have a market strategy in Spain," the union said in a statement. Spain's food delivery market is dominated by Delivery Hero (DHER.DE)-owned Glovo, the Netherlands' Just Eat Takeaway (TKWY.AS) and Uber Eats (UBER.N), all three of which gained market share after Britain's Deliveroo (ROO.L) exited the country in late 2021. Getir Spain did not immediately reply to a request for comment. However, in an April deal, Getir reportedly only raised about $500 million, cutting its valuation almost in half to $6.5 billion.

Persons: CCOO, Britain's Deliveroo, Getir, Le Monde, Flink, David Latona, Sudip Kar, Gupta, Louise Heavens Organizations: Getir, Financial Times, Thomson Locations: MADRID, Spain, Netherlands, Getir Spain, France, Getir France, Istanbul, Getir, Paris

The shares are priced between S$7.202 and S$7.283 per share, the sheet shows, representing a 2.89% and 3.97% discount to the last close of S$7.50 on Wednesday. Temasek will continue to be a major shareholder in SIA with a 53.5% stake, according to Reuters' calculations. Citi is the sole bookrunner on the share sale, the term sheet showed. "We are committed to the long-term success of SIA and continue to maintain a majority stake in it," she added. ($1 = 1.3517 Singapore dollars)Reporting by Selena Li in Hong Kong and Yantoultra Ngui in Singapore, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Juliet Teo, Temasek's, Selena Li, Yantoultra, Louise Heavens Organizations: Temasek, Singapore Airlines, SIA, Reuters, Citi, Transportation & Logistics, Thomson Locations: HONG KONG, SINGAPORE, China, Japan, South Korea, Singapore, Hong Kong

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