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☆ Foreign tourism to Portugal registers best-ever first half
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

LISBON, Aug 14 (Reuters) - The number of foreign tourists visiting Portugal surpassed eight million in January-June, making it the best first half on record, official data showed on Monday. Tourism, a key driver of Portugal's economy, accounted for almost 15% of gross domestic product before the pandemic. Visitors from Britain made up the largest share of total arrivals in the first half, with over one million visitors, closely followed by the Spanish and U.S. markets. In June, the United States, which has significantly grown as a source of tourism to Portugal, represented the second-largest group of foreign visitors. ($1 = 0.9142 euros)Reporting by Patrícia Vicente Rua; Editing by Andrei Khalip and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrícia Vicente Rua, Andrei Khalip, Bernadette Baum Organizations: National Statistics Institute, Spanish, International Air Transport Association, Thomson Locations: LISBON, Portugal, Britain, U.S, United States, Southern Europe

REUTERS/Thomas Peter/File photoBEIJING, Aug 13 (Reuters) - China's State Council issued guidelines on Sunday that it said would further optimize the country's foreign investment environment and attract more foreign investment. The State Council said in a document containing 24 guidelines that authorities should increase protection of the rights and interests of foreign investors, including strengthening enforcement of intellectual property rights. The document also announced guidelines to increase fiscal support and tax incentives for foreign-invested enterprises, such as temporarily exempting withholding income tax for foreign investors' reinvestment of their profits into China. The State Council said it would explore a "convenient and secure management mechanism" for cross-border data flows. Reporting by Andrew Hayley and Ethan Wang; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Andrew Hayley, Ethan Wang, Andrew Heavens, Bernadette Baum Organizations: National People's Congress, REUTERS, State, The State Council, Thomson Locations: Beijing, China, BEIJING

☆ Israel rules out Jerusalem base for Saudi envoy to Palestinians
▼ + stars: | 2023-08-13 | by ( Dan Williams | ) www.reuters.com time to read: +3 min

Flags of Saudi Arabia and Israel stand together in a kitchen staging area at the State Department in Washington, October 14, 2021. REUTERS/Jonathan Ernst/PoolJERUSALEM, Aug 13 (Reuters) - Israel ruled out on Sunday a diplomatic base in Jerusalem for the new Saudi envoy to the Palestinians, whose appointment comes as Washington tries to forge formal Israeli relations with Riyadh. Saudi Ambassador to Jordan Nayef Al-Sudairi on Saturday expanded his credentials to include non-resident envoy to the Palestinians. "We will not allow the opening of any kind of diplomatic mission" in Jerusalem, Cohen added. Israel's hard-right government has played down any prospect of it giving significant ground to the Palestinians as part of a normalisation deal with Saudi Arabia.

Persons: Jonathan Ernst, Pool, Jordan Nayef Al, Sudairi, Donald Trump, Eli Cohen, Cohen, Bassam Al, Agha, Al, Trump, Nidal al, Dan Williams, Bernadette Baum Organizations: State Department, REUTERS, Saudi, Washington, Palestinian Authority, Tel, U.S, Palestine, Israel, Thomson Locations: Saudi Arabia, Israel, Washington, Jerusalem, Riyadh, Saudi, Amman, East Jerusalem, United States, U.S, Tel Aviv, Palestinian

☆ Saudi Arabia's Ma'aden profit sinks 91% on lower prices, higher costs
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Aug 13 (Reuters) - Saudi Arabian Mining Company (1211.SE), known as Ma'aden, said on Sunday its second-quarter profit tumbled more than 90% on lower sales prices and higher expenses as it flagged a mixed outlook for its products. That missed analysts' average estimate of 577.6 million riyals in net profit for the second quarter, according to Refinitiv data. "We are beginning to see an improvement in raw material pricing and, despite the challenging market environment, remain well placed to meet the growing long-term demand for our products," Ma'aden Chief Executive Robert Wilt said in a statement. Ma'aden expected prices of ammonia to remain stable in the third quarter "as supply tightness continues to provide marginal upside." Ma'aden sees gold trading in its current range for the rest of the year and raw material prices continuing to ease, "supporting profitability."

Persons: Ma'aden, Robert Wilt, Yousef Saba, Bernadette Baum Organizations: Saudi Arabian Mining Company, Thomson Locations: DUBAI, Saudi, Americas

☆ Chinese bourses improve trading mechanism to revive stock market
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A man wearing a mask walks by the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China, February 3, 2020. REUTERS/Aly Song/File PhotoHONG KONG, Aug 10 (Reuters) - Shanghai and Shenzhen stock exchanges said late Thursday they would study measures to lower investors' trading costs and improve liquidity to further stimulate the market. They also came after China's securities regulators nudged mutual fund managers to cut fees to reduce trading costs. More specifically, investors trading stocks or listed funds would be allowed to place orders of a minimum of one share, or one unit. Such a change would reduce investors' costs, enable more efficient use of capital, and help improve market liquidity, the bourses said.

Persons: Aly, HONG KONG, bourses, Samuel Shen, Twinnie Siu, Bernadette Baum, Sam Holmes Organizations: Shanghai Stock Exchange, REUTERS, Thomson Locations: Pudong, Shanghai, China, HONG, Shenzhen, Beijing, Hong Kong

REUTERS/Sarah SilbigerAug 10 (Reuters) - Federal Reserve policymakers are unlikely to raise interest rates again in 2023 and will probably start cutting them early next year, traders bet on Thursday, after a U.S. government report showed consumer prices rose only moderately last month. Traders of futures tied to the Fed's policy rate now see less than a 10% chance that the U.S. central bank will increase its benchmark overnight interest rate from its current 5.25%-5.50% range at a Sept. 19-20 policy meeting. The Fed's first rate cut is priced into the futures contracts by March of 2024. The Fed has driven its policy rate up by 5.25 percentage points since March 2022 to bring inflation back down to its 2% goal. "There's always a chance we get reacceleration of inflation prints after October, but I don't think that's going to spur Fed action."

Persons: Sarah Silbiger, Guy Lebas, Janney Montgomery Scott, Ann Saphir, Karen Brettell, Lucia Mutikani, Bernadette Baum, Paul Simao Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal Reserve, Labor Department, Traders, Thomson Locations: Washington ,, U.S

☆ Moody's cuts ratings of Chinese developer Country Garden
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File PhotoAug 10 (Reuters) - Ratings agency Moody's on Thursday downgraded Chinese developer Country Garden's (2007.HK) corporate family rating (CFR) to Caa1 from B1, citing heightened liquidity and refinancing risk after the company missed bond payments. Country Garden expects to record a half-year loss owing to higher impairment provisions on projects, it said on Thursday. Moody's forecast a negative ratings outlook for Country Garden, citing uncertainty over China's biggest privately owned developer's ability to service its debt obligations. Country Garden said on Tuesday that it has missed two dollar bond coupon payments due on Aug. 6 totalling $22.5 million, slipping into repayment troubles.

Persons: Aly, Moody's, Akanksha, Bernadette Baum, David Evans Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Thomson Locations: Shanghai, China, Bengaluru

☆ Exclusive: Intesa closer to gaining Moscow's OK for Russia asset transfer -source
▼ + stars: | 2023-08-10 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. A spokesperson for Intesa Sanpaolo declined to comment. Pressured by European banking supervisors to cut ties with Russia, Intesa has been working on reducing its exposure, which also includes cross-border loans. Local loans totalled 100 million euros, down 66% from a year before. Russian media has previously reported on possible exit options, including the potential transfer to local management led by Intesa Russia Chairman Antonio Fallico.

Persons: Stefano Rellandini, MILAN, Intesa, Intesa Sanpaolo, Vladimir Putin, Antonio Fallico, Fallico, Valentina Za, Bernadette Baum Organizations: REUTERS, Reuters, UniCredit, Raiffeisen Bank, Intesa, European Central Bank, Thomson Locations: Milan, Italy, Moscow, Ukraine, Russia, Intesa, Russian

☆ Ant group quarterly profit rises 17.5% on year to 13.37 bln yuan - Alibaba filing
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A booth of Ant Group is pictured at the Singapore FinTech Festival, Singapore, November 4, 2022. REUTERS/Anshuman DagaSHANGHAI, Aug 10 (Reuters) - China's Ant Group made net profit of 13.37 billion yuan ($1.85 billion) in the three months to March 31, up 17.5% from a year earlier, according to Reuters calculations from Alibaba Group Holding's (9988.HK) earnings report released Thursday. The e-commerce giant reports profit from Ant one quarter in arrears. Chinese authorities in July announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. ($1 = 7.2097 Chinese yuan renminbi)Reporting by Casey Hall Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Ant's, Casey Hall, Bernadette Baum Organizations: Ant, Singapore FinTech Festival, REUTERS, Alibaba, HK, Ant Group, Thomson Locations: Singapore, SHANGHAI

☆ Poland plans to send up to 10,000 soldiers to border with Belarus
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A sign is seen near the Bug River at the Poland-Belarus border, near Kostomloty, Poland July 20, 2023. REUTERS/Kuba Stezycki/File PhotoWARSAW, Aug 10 (Reuters) - Poland is planning to move up to 10,000 additional troops to the border with Belarus to support the Border Guard, Defense Minister Mariusz Blaszczak said on Thursday. "About 10,000 soldiers will be on the border, of which 4,000 will directly support the Border Guard and 6,000 will be in the reserve," the minister said in an interview for public radio. Deputy interior minister Maciej Wasik said on Wednesday that Poland would send 2,000 additional troops to its frontier with Belarus. The head of the Border Guard, Tomasz Praga, said earlier this week that 19,000 people have tried to cross the Polish-Belarusian border illegally this year, up from 16,000 last year.

Persons: Kuba, Mariusz Blaszczak, Blaszczak, Maciej Wasik, Wagner, Alexander Lukashenko, Tomasz Praga, Pawel, Bernadette Baum Organizations: REUTERS, Border Guard, Defense, Thomson Locations: Poland, Belarus, Kostomloty, Belarusian

☆ Uganda president defiant after World Bank funding suspended over LGBT law
▼ + stars: | 2023-08-10 | by ( Elias Biryabarema | ) www.reuters.com time to read: +2 min

Ugandan President Yoweri Museveni attends a session of the Russia-Africa summit in Saint Petersburg, Russia, July 28, 2023. The World Bank has an existing portfolio of $5.2 billion in Uganda, although these projects will not be affected. "It is, therefore, unfortunate that the World Bank and other actors dare to want to coerce us into abandoning our faith, culture, principles and sovereignty, using money. He added he hoped the World Bank would reconsider its decision. In June, the United States imposed visa restrictions on some Ugandan officials in response to the law.

Persons: Yoweri Museveni, Mikhail Tereshchenko, Museveni, Joe Biden, Elias Biryabarema, George Obulutsa, Aaron Ross, Bernadette Baum Organizations: Agency, REUTERS, Bank, World Bank, Thomson Locations: Russia, Africa, Saint Petersburg, KAMPALA, Uganda, Western, United States

☆ Uganda president defiant after World Bank suspends funding over LGBT law
▼ + stars: | 2023-08-10 | by ( Elias Biryabarema | ) www.reuters.com time to read: +2 min

Ugandan President Yoweri Museveni attends a session of the Russia-Africa summit in Saint Petersburg, Russia, July 28, 2023. The World Bank said on Tuesday that the law, which imposes the death penalty for certain same-sex acts, contradicted its values and that it would pause new funding until it could test measures to prevent discrimination in projects it finances. The World Bank has an existing portfolio of $5.2 billion in Uganda, although these projects will not be affected. "It is, therefore, unfortunate that the World Bank and other actors dare to want to coerce us into abandoning our faith, culture, principles and sovereignty, using money. He added he hoped the World Bank would reconsider its decision.

Persons: Yoweri Museveni, Mikhail Tereshchenko, Museveni, Henry Musasizi, Musasizi, Joe Biden, Elias Biryabarema, Hereward Holland, George Obulutsa, Aaron Ross, Bernadette Baum, Tomasz Janowski Organizations: Agency, REUTERS, Bank, World Bank, Thomson Locations: Russia, Africa, Saint Petersburg, KAMPALA, Uganda, Western, United States

☆ U.S. forecaster sees 95% chance of El Nino prevailing through winter
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Earlier in the day, Japan's weather bureau forecast the chances of an El Nino through the northern hemisphere winter at 90%. The World Meterological Organization had in May warned that the weather pattern could contribute to rising global temperatures. "In July, El Niño continued as indicated by above-average sea surface temperatures across the equatorial Pacific Ocean," the CPC said. Given recent developments, forecasters are more confident in a "strong" El Nino event, with roughly two in three odds of temperatures rising by about 1.5 degrees Celsius (2.7 degrees Fahrenheit) or more in November-January, it added. It was also expected to bring drier weather across West Africa, South-East Asia and northern South America, and wetter conditions to southern South America in the second half of the year.

Persons: Feisal Omar, El Niño, El Nino, Brijesh Patel, Anjana Anil, Seher Dareen, Bernadette Baum, Mark Potter Organizations: El Nino, REUTERS, Meterological Organization, CPC, El, India, Thomson Locations: Marodijeex, Hargeysa, Somalia's, Somaliland, U.S, Pacific, El, El Nino, Asia, Africa, West Africa, South, East Asia, South America, Bengaluru

☆ Oil hits new highs as tighter supply offsets China demand concern
▼ + stars: | 2023-08-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude was 54 cents, or 0.6%, higher at $86.71 by 1110 GMT having touched $87.09, the highest since April 13. Crude posted its sixth consecutive weekly gain last week helped by a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in China. "There is no doubt that there is plenty of momentum here," said Naeem Aslam, chief investment officer at Avatrade. On Tuesday, oil also came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January, although they were up 17% from a year earlier.

Persons: Brent, Charalampos Pissouros, Naeem Aslam, Yuka Obayashi, Andrew Hayley, Bernadette Baum, Kirsten Donovan Organizations: Saudi, XM, . West Texas, Organization of, Petroleum, American Petroleum Institute, Official U.S . Energy, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Russian, Saudi Arabia, Russia, U.S, OPEC, Tokyo, Beijing

☆ Two dead after Russian attack on Ukrainian city of Zaporizhzhia -minister
▼ + stars: | 2023-08-09 | by ( Vladyslav Smilianets | ) www.reuters.com time to read: +1 min

[1/4] A view shows the site of a Russian missile strike, amid Russia's attack on Ukraine, in Zaporizhzhia, Ukraine August 9, 2023. National Police/Handout via REUTERSZAPORIZHZHIA, Ukraine, Aug 9 (Reuters) - Two people were killed and seven injured in an apparent missile attack by Russia on the Ukrainian city of Zaporizhzhia on Wednesday, Ukrainian officials said. Zaporizhzhia city council secretary Anatoliy Kurtev earlier said that Russia had hit a residential area of the city. Ukraine suspects that an Iskander missile was used in the attack, Yermak said. Reporting by Vladyslav Smilianets in Zaporizhzhia, editing by Bernadette Baum, Andy Sullivan and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Vyacheslav, Ihor Klymenko, Anatoliy Kurtev, Volodymyr Zelenskiy, Andriy Yermak, Yermak, Vladyslav Smilianets, Bernadette Baum, Andy Sullivan, Grant McCool Organizations: National Police, Handout, REUTERS, Reuters, Thomson Locations: Russian, Ukraine, Zaporizhzhia, REUTERS ZAPORIZHZHIA, Russia, Ukrainian

[1/3] Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. REUTERS/Mohsin Raza//File PhotoISLAMABAD, Aug 9 (Reuters) - A Pakistani high court on Wednesday turned down an appeal by jailed former prime minister Imran Khan that his conviction on corruption charges be suspended, his lawyer said, suggesting it was unlikely he would be released on bail anytime soon. The case was adjourned for an indefinite time, Panjutha said, adding; "Our request to suspend the conviction wasn't accepted." Khan, who has denied any wrongdoing, was arrested at his Lahore house and is currently in a prison near Islamabad. Reporting by Asif Shahzad, Editing by Raju Gopalakrishnan, Nick Macfie and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Imran Khan, Mohsin Raza, Khan, Naeem Panjutha, Panjutha, wasn't, Asif Shahzad, Raju Gopalakrishnan, Nick Macfie, Bernadette Baum Organizations: REUTERS, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Rawalpindi, Islamabad

The parliament's five-year term is due to expire on Aug. 12, but this move would dissolve it three days earlier. "I will tonight advise the president to dissolve the parliament," the premier told parliament. He said he would start discussions with the opposition leader on Thursday to pick a name from candidate lists of both sides to nominate as caretaker prime minister. The vote, however, could be delayed several months with the election commission set to start redrawing hundreds of constituencies based on a fresh census. The last general election in July 2018 was won by the party of cricketer-turned-politician Imran Khan, who was sworn in days later as prime minister for the first time.

Persons: Shehbaz Sharif, Arif Alvi, Imran Khan, Khan, Sharif, Asif Shahzad, Gibran Peshimam, Andrew Heavens, Bernadette Baum Organizations: Pakistan, International Monetary Fund, Thomson Locations: ISLAMABAD, Pakistan, Islamabad, Karachi

☆ Eleven dead in fire at French holiday home for disabled
▼ + stars: | 2023-08-09 | by ( Tilman Blasshofer | ) www.reuters.com time to read: +2 min

WINTZENHEIM, France, Aug 9 (Reuters) - Eleven people died in a fire that tore through a holiday home for disabled people in eastern France in the early hours of Wednesday, officials said. A neighbour, Nathalie, told BFM TV that she heard people scream and saw huge clouds of smoke from her window. "Everything happened very quickly," an unnamed witness told France 3 TV. [1/5]Dark clouds are seen over the remnants of a holiday home in eastern France near Colmar where disabled people were killed as fire broke out during their summer holidays in Wintzenheim, France, August 9, 2023. Kielwasser told reporters it had likely been a low-level fire that had burnt for a while before growing bigger and tearing the house down.

Persons: Nathalie Kielwasser, Elisabeth Borne, Borne, Nathalie, BFM, Tilman Blasshofer, Philippe Hauwiller, Kielwasser, Daniel Leroy, Elizabeth Pineau, Zhifan Liu, Sudip Kar, Gupta, Charlotte Van Campenhout, Blandine, Ingrid Melander, Angus MacSwan, Bernadette Baum, Toby Chopra, Jonathan Oatis Organizations: France, REUTERS, Thomson Locations: WINTZENHEIM, France, Wintzenheim, Strasbourg, Colmar, Paris

☆ 2025 Escalade IQ joins Cadillac’s growing all-electric family
▼ + stars: | 2023-08-09 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The Escalade IQ borrows styling cues from the Celestiq, as well as its 55-inch panoramic display screen. Escalade IQ will overlap with and eventually replace the combustion-engine Escalade. The dimensions of the electric Escalade are close to those of the long-wheelbase Escalade ESV. The Escalade IQ is about three inches shorter, while the wheelbase is two inches longer. Cadillac has not provided a weight estimate for the Escalade IQ, but the current Escalade ESV weighs nearly three tons.

Persons: General Motors, We’ll, ” Cadillac, John Roth, Optiq, Roth, Today's Escalade, Paul Lienert, Bernadette Baum Organizations: General, Cadillac, GM, GMC, Thomson Locations: Detroit

☆ UAW says Chrysler parent Stellantis seeking concessions in talks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - The United Auto Workers (UAW) union said on Tuesday that Chrysler parent Stellantis (STLAM.MI) is seeking numerous concessions in ongoing contract talks, including cuts to existing medical coverage. The UAW also said the company opposes an end to two-tier wages, a practice of newer workers getting paid much less than veteran workers. The UAW is seeking more than 40% pay raises over four years, significant additional time off and a restoration of defined benefit pensions previously eliminated for newer workers. The UAW wants new limits on temporary workers and for them to receive profit sharing.

Persons: Gonzalo Fuentes, Stellantis, Shawn Fain, David Shepardson, Bernadette Baum Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Stellantis, General Motors, Ford, Reuters, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France, Illinois

Tensions have soared between the two neighbours over the South China Sea under Philippine President Ferdinand Marcos Jr, with Manila pivoting back to the United States, which supports the Southeast Asian nation in its maritime disputes with China. China's embassy in Manila criticised Washington for "gathering" its allies to continue "hyping up" the South China Sea issue and the boat incident. "South China Sea is not a 'safari park' for countries outside the region to make mischief and sow discord," the embassy said in a statement on Tuesday. The Second Thomas Shoal, which lies within the Philippines exclusive economic zone, is home to a handful of troops living aboard the former warship Sierra Madre. China claims sovereignty over almost the entire South China Sea, which overlaps with the exclusive economic zones of Malaysia, Vietnam, Brunei, Taiwan and the Philippines.

Persons: Ferdinand Marcos Jr, Thomas, Thomas Shoal, Erik De Castro, Rommel Ong, Ong, Collin Koh, There's, Koh, Jonathan Malaya, Lloyd Austin, Gilbert Teodoro, Bernadette Baum, Alex Richardson, Sharon Singleton Organizations: South China, coastguard, BRP, BRP Sierra Madre, Philippine Navy, REUTERS, Singapore's, Rajaratnam, of International Studies, Philippines National Security Council, China, U.S . Defense, Philippines Defense, Pentagon, Thomson Locations: BEIJING, MANILA, China, Philippines, Manila, South, Philippine, United States, China's, Washington, Sierra Madre, BRP Sierra, Spratly, Beijing, Malaysia, Vietnam, Brunei, Taiwan, U.S, Japan, France

☆ US agency opens probe into 1.1 mln Ram 1500 pickup trucks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Chrysler Group LLC assembly workers put together 2014 Ram 1500 pickup trucks on the assembly line at the Warren Truck Plant during a tour of the plants redesigned work stations in Warren, Michigan, September 25, 2014. REUTERS/Rebecca Cook/File PhotoWASHINGTON, Aug 8 (Reuters) - U.S. auto safety regulators said on Tuesday they were investigating whether 1.1 million older Ram 1500 pickup trucks should be recalled for power steering loss issues. The National Highway Traffic Safety Administration (NHTSA) has received 380 reports alleging intermittent or complete loss of power steering assistance in 2013-2016 model year Ram 1500 pickup trucks, including reports of three crashes. In March 2016, Fiat Chrysler Automotive, now known as Stellantis (STLAM.MI), recalled 440 vehicles to address a possible contamination of the electrical power steering unit. A complaint filed in March by a 2015 Ram 1500 driver said due to a power steering assist failure, "the contact drove into a ditch which caused minor damages to the front end of the vehicle."

Persons: Rebecca Cook, Stellantis, David Shepardson, Jon Boyle, Bernadette Baum Organizations: Chrysler Group, Warren Truck, REUTERS, Traffic Safety Administration, Fiat Chrysler Automotive, NHTSA, Thomson Locations: Warren , Michigan, Florida, California

☆ UAW calls Stellantis contract offer 'trash'
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. Stellantis said the cumulative increase in employee health-care costs over the next four years is expected to be $613 million. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is "not seeking a concessionary agreement." The union also wants new limits on temporary workers.

Persons: Gonzalo Fuentes, Shawn Fain, Fain, Stellantis, David Shepardson, Bernadette Baum, Marguerita Choy, Leslie Adler Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Reuters, Stellantis, General Motors, Ford, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

"It's probably going to be a rough July and a rough summer," she said in a phone interview. Canada's trade deficit with countries other than the United States, its biggest trading partner, widened to an all-time high as month-over-month exports declined 5.5%, while imports were down marginally. The overall trade deficit matched the C$3.73 billion shortfall in October 2020. The Canadian dollar traded slightly higher at C$1.3477 to the U.S. dollar, or 74.20 U.S. cents, up from C$1.3498 to the U.S. dollar, or 74.09 U.S. cents. By volume, imports were up 0.9%.

Persons: Chris Helgren, Statscan, Meena Aier, It's, Olivia Cross, Cross, Ismail Shakil, David Ljunggren, Bernadette Baum, Jonathan Oatis Organizations: Port, REUTERS, OTTAWA, Statistics, Export Development, Capital Economics, Canadian, U.S ., Thomson Locations: Port of Vancouver , British Columbia, Canada, Statistics Canada, United States, of Nova Scotia, Ottawa

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