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SoftBank plans to hold off giving details on the fee structure until one to four days prior the pricing of Arm's IPO, expected in September, the sources added. Arm, SoftBank, Goldman, Barclays and Mizuho declined to comment. To be sure, the banks on Arm's IPO view their assignment as part of a wider investment banking relationship that pays on many fronts. Many of them also arranged an $8.5 billion margin loan for SoftBank secured against a 75% stake in Arm. Banks have generated about $3.4 billion in IPO fees globally year-to-date, down 21.3% from the same period last year, according to data provider Dealogic.

Persons: Dado Ruvic, Arm, SoftBank Group's, SoftBank, Goldman Sachs, JPMorgan Chase, JP Morgan, Banks, Echo Wang, Anirban Sen, Greg Roumeliotis, Matthew Lewis Organizations: REUTERS, clamoring, JPMorgan, Barclays, Mizuho Financial Group, Rivian, underwriters, Goldman, Mizuho, U.S, Thomson Locations: Ukraine, New York

☆ Investors look to AI-darling Nvidia's earnings as US stocks rally wobbles
▼ + stars: | 2023-08-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsNEW YORK, Aug 23 (Reuters) - Bullish investors are hoping Wednesday's earnings report from chip heavyweight Nvidia (NVDA.O) can rejuvenate a U.S. stocks rally that has stumbled in recent weeks. The market's turbulence is intensifying focus on Nvidia's fiscal second quarter report, due after market close on Wednesday. Following that report, the S&P 500 technology sector (.SPLRCT) rallied 8% over the next five days. Signs that the central bank intends to hold rates around current levels for longer than investors had anticipated could further weigh on stocks. In a Monday note, Goldman analysts said an equal-weighted basket of those 11 stocks had returned 69% so far in 2023, outpacing a 7% gain for the overall equal-weight S&P 500.

Persons: Robert Galbraith, Anthony Saglimbene, Chuck Carlson, Jerome Powell, Goldman Sachs, Goldman, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Matthew Lewis Organizations: Nvidia, REUTERS, Apple, Microsoft, Big Tech, Ameriprise, Reuters, Societe Generale, Horizon Investment Services, Nasdaq, Federal, NVDA, Goldman, Thomson Locations: Santa Clara , California, U.S, Jackson Hole , Wyoming, outpacing, New York

Trump was set to turn himself in on Thursday to face his fourth criminal indictment this year. [1/7]Mayor Rudy Giuliani speaks to reporters outside the Fulton County Jail in Atlanta, Georgia, U.S., August 23, 2023. Giuliani and other Trump allies were also accused of making false statements to Georgia lawmakers about the election. Four co-defendants also surrendered at the jail on Wednesday, according to records posted on the Fulton County sheriff's office website. Trump also pleaded not guilty in a Manhattan case involving hush money paid before the 2016 election to a porn star.

Persons: Donald Trump's, Rudolph Giuliani, Giuliani, Fani Willis, Trump, Joe Biden, Rudy Giuliani, Dustin Chambers, Jenna Ellis, Sidney Powell, Kenneth Chesebro, Ray Smith, Trump's, John Eastman, Scott Hall, Cathy Latham, David Shafer, Shafer, Mark Meadows, Jeffrey Clark, Meadows, Jack Smith, Biden, General Merrick Garland, Jack Queen, Susan Heavey, Jacqueline Thomsen, Scott Malone, Will Dunham, Matthew Lewis Organizations: New York City, Democratic, Trump, Jail, REUTERS, Republican, Georgia Republican, White House, Justice, Clark, U.S, Thomson Locations: Fulton County , Ohio, ATLANTA, Atlanta, U.S, Fulton County, Georgia, Fulton, Atlanta , Georgia, Arizona, Pennsylvania, Manhattan, Washington

Virtually all of that revenue comes from Arm China, an independent entity that has the exclusive rights to distribute Arm's technology in the country. That makes Arm China, not better-known names like Apple (AAPL.O) or Qualcomm (QCOM.O), Arm's largest customer. And this customer has a history of late payments and presents "significant risks" to Arm's business, according to its filing. HISTORY OF LATE PAYMENTSArm said in its filings that "in the past, we have received late payments from Arm China and have had to expend company resources to obtain payments from Arm China." In its filing, it said cash from operating activities increased by $281 million in its most recent fiscal year, driven mostly by $713 million in collections from Arm China, though that was partly offset by cash owed to Arm China.

Persons: Dado Ruvic, SoftBank, Allen Wu, Wu, Stewart Randall, Yelin, Max A, Cherney, Stephen Nellis, Matthew Lewis Organizations: REUTERS, Arm Holdings, U.S, Softbank Group Corp, Apple, Qualcomm, SoftBank, Arm Technology, Co, Hopu Investments, Chief, longtime, Hopu Investment, Arm, San, Thomson Locations: China, Arm China, U.S, Shanghai, Yelin Mo, Beijing, San Francisco

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

☆ Australia's Coles annual profit misses estimates; shares slip
▼ + stars: | 2023-08-22 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. Coles flagged modest supermarket sales for early fiscal 2024 alongside early signs of customers shifting from out-of-home dining. Shares of Coles Group Ltd (COL.AX) are down 3.8 % at A$16.63 as at 0002 GMT, making it one of the top losers on the benchmark. Coles' higher profit comes on the back of higher supermarket sales, which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis, Gerry Doyle Organizations: Coles, REUTERS, cps, Australia's Coles, Jefferies, UBS, Coles Group Ltd, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

Arm is hoping for a valuation of up to $70 billion in the IPO, which will launch on the Nasdaq next month. Arm and its owner SoftBank Group (9984.T) have set aside 10% of the shares to be sold in the IPO for its clients, the sources said. Its close relationship with Arm has helped it design chips that curbed its reliance on Intel as a supplier. Many technology companies that seek to make their own chips using Arm's designs turn to TSMC for its low-cost manufacturing. None of these companies' investments in Arm's IPO are certain.

Persons: Dado Ruvic, Jack Gold, SoftBank, Apple spokespeople, Jay Lee, Masayoshi Son, Son, TSMC, Dylan Patel, Milana Vinn, Stephen Nellis, Max Cherney, Greg Roumeliotis, Matthew Lewis Organizations: REUTERS, FRANCISCO, Arm Holdings, Apple, Intel, Nvidia, Microsoft, Samsung Electronics, Reuters, Nasdaq, Gold Associates, SoftBank, Devices Inc, APPLE, SAMSUNG, Samsung, MICROSOFT, Devices, Vision Fund, Thomson Locations: Switzerland, Japan, New York, San Francisco

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried was jailed after sharing the personal writings of his former romantic partner and colleague, Caroline Ellison, with a New York Times reporter. Bankman-Fried has acknowledged risk management failures at FTX but denied stealing funds. Lawyers for Bankman-Fried disclosed that he also may assert an advice-of-counsel defense at trial, prosecutors said in court papers on Friday. Reporting by Luc Cohen in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Ellison, Fenwick, Luc Cohen, Matthew Lewis Organizations: REUTERS, U.S, District, Brooklyn's Metropolitan Detention, New York Times, Alameda Research, Prosecutors, Bankman, West, Fenwick, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Silicon Valley

☆ Australia's Coles flags modest start to fiscal 2024; 2023 profit rises
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. 2 grocer said supermarket volumes have remained modestly positive for fiscal 2024 compared with the prior corresponding period alongside early signs of customers shifting from out-of-home dining. The Melbourne-based company also said it expects cost-of-living pressure to remain for Australian households in fiscal 2024. Coles' higher profit comes on the back of higher supermarket sales which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis Organizations: Coles, REUTERS, cps, Australia's Coles, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ American Airlines pilots approve new contract that boosts compensation by more than 46%
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Allied Pilots Association (APA), which represents 15,000 pilots at the Texas-based carrier, said on Monday that 72.7% of the pilots voted for the deal which will result in an immediate pay raise of more than 21%. Overall, compensation for pilots at the airline will rise by more than 46% during the contract's duration. With no letup in travel demand, airlines are in a rush to staff up, bolstering the bargaining power of pilots. Rival United Airlines (UAL.O) last month announced a preliminary deal for a new four-year contract that would give its pilots a cumulative increase of 34.5%-40.2% in pay. American's contract includes about $1.1 billion in immediate, one-time payments and ratification bonuses.

Persons: Brian Snyder, Ed Sicher, Sicher, Rajesh Kumar Singh, Allison Lampert, Matthew Lewis Organizations: American Airlines, Airport, REUTERS, Rights, Allied Pilots Association, Allied Pilots, Reuters, Jefferies, U.S, Rival United Airlines, Thomson Locations: Boston , Massachusetts, U.S, Texas, Chicago, Montreal

☆ North Korea says Camp David agreements raise possibility of 'thermonuclear war'
▼ + stars: | 2023-08-21 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +2 min

[1/2] A South Korean Air Force F-35A fighter jet takes off during an air drill as part of the annual Ulchi Freedom Shield joint military exercise between South Korea and U.S., in South Korea, August 21, 2023. The Defense Ministry/Handout via REUTERS Acquire Licensing RightsSEOUL, Aug 22 (Reuters) - North Korea on Tuesday denounced the annual military drills between the United States and South Korea, warning of a "thermonuclear war" over recent trilateral agreements to deepen ties between the leaders of the U.S., South Korea and Japan at Camp David. South Korea and the United States began the Ulchi Freedom Shield summer exercises on Monday, designed to enhance their joint responses to North Korea's nuclear and missile threats. In a commentary carried by the KCNA news agency, North Korea said the summit between the United States, South Korea and Japan at the Camp David presidential retreat on Friday was aimed at formulating a "nuclear war provocation." "If the agreements fabricated at the Camp David Resort are additionally put into practice in the war drill ... the possibility of outbreak of a thermonuclear war on the Korean peninsula will become more realistic," the commentary said.

Persons: Camp David, Soo, hyang Choi, Matthew Lewis Organizations: Korean Air Force, The Defense Ministry, REUTERS Acquire, Rights, United States, Camp, Japanese Coast Guard, South, Thomson Locations: South Korea, U.S, Rights SEOUL, North Korea, United States, Japan, Camp David, Pyongyang, Korea, East China, Seoul

Managed money net position in CBOT corn futures and optionsAn increase in gross corn shorts was the dominant theme for a third consecutive week, though funds also cut longs in the latest two weeks. Most-active CBOT corn futures had dropped 4.7% in the week ended Aug. 15. Managed money net position in CBOT soybean futures and optionsOpen interest in CBOT corn and soybean futures and options has not fluctuated much in the last couple of months. But open interest in CBOT wheat futures and options has surged 29% over the last seven weeks, directionally seasonal but more than double the recent average rate during the period. Most-active corn futures on Wednesday had hit their lowest levels since Dec. 31, 2020, though soybeans on Friday traded to their highest levels since July 31.

Persons: Daniel Acker, bearishness, ’ bullish, Wheat, Karen Braun, Matthew Lewis Organizations: REUTERS, Rights, Crop, Reuters, Thomson Locations: Tiskilwa , Illinois, U.S, Rights NAPERVILLE , Illinois

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

A sign at the site of the destroyed Pioneer Hotel and Pioneer Theater is seen after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 10, 2023. The wildfires incinerated the town of Lahaina on Aug. 8, destroying 2,200 homes and businesses and leaving hundreds unaccounted for. Biden has faced criticism from Republicans for not speaking publicly about the tragedy until five days after it occurred. Criswell said she was in communication in the days that followed the wildfires, helping Biden understand the magnitude of the situation and what resources were needed. Some will be too traumatized to attend when their schools in Lahaina reopen while some parents will opt to move rather than rebuild.

Persons: Deanne Criswell, Joe Biden, Criswell, Biden, Jonathan Allen, Brendan O'Brien, David Morgan, Mary Milliken, Matthew Lewis Organizations: Pioneer, Hawai'i Department of Land, Natural Resources, REUTERS Acquire, . Federal Emergency Management Agency, Reuters Graphics Reuters, Reuters, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Kihei, Chicago, Washington

☆ Canada to deploy military in British Columbia to tackle fast-spreading fires
▼ + stars: | 2023-08-20 | by ( Nia Williams | ) www.reuters.com time to read: +6 min

Summary British Columbia declares state of emergency after wildfiresFlames have led to evacuation orders for more than 35,000 peopleAQI of some British Columbia cities at 'hazardous' levelsREVELSTOKE, British Columbia, Aug 20 (Reuters) - Canada is sending the military to tackle fast-spreading wildfires in British Columbia, Prime Minister Justin Trudeau said on Sunday, as the western province deals with flames that have led to evacuation orders for more than 35,000 people. In some cities in British Columbia, the air quality index (AQI), which measures major pollutants including particulate matter produced by fires, was above 350, a "hazardous" level, IQAir, a real-time air quality information platform showed. West Kelowna fire chief Jason Brolund said he saw some hope after battling "epic" fires for the past four days. Since 2009, Canada has been spending more on fighting and suppressing wildfires than on maintaining its firefighting personnel and program. In British Columbia, the TransCanada highway was closed near Chase, about 400 km (250 miles) northeast of Vancouver.

Persons: Justin Trudeau, Jason Brolund, that's, Brolund, Trudeau, Krista Flesjer, Kip Lumquist, Lumquist, Nia Williams, Dan Whitcomb, Nilutpal, Denny Thomas, Mark Porter, Matthew Lewis, Lisa Shumaker, Gerry Doyle, Raju Gopalakrishnan Organizations: Columbia, Flames, British Columbia, Kelowna College, ., Canadian Broadcasting Corp, Reuters, U.S ., Canadian, REUTERS Acquire, Government, Thomson Locations: Columbia, REVELSTOKE, British Columbia, Canada, British, Kelowna, U.S, U.S . Pacific Northwest, Washington, Oregon, Squilax, Kamloops, New York, U.S . East Coast, Yellowknife, Northwest Territories, Chase, Vancouver, Craigellachie, Los Angeles, Bengaluru

[1/8] People walk along the beach in Pacific Beach area as Tropical Storm Hilary approaches San Diego, California, U.S., August 20, 2023. Hilary made landfall on Sunday morning over the northern parts of the Baja California peninsula, the National Hurricane Center (NHC) said in its latest advisory. It has been seven decades since the last tropical storm made landfall in California. MEXICO EVACUATIONSIn Mexico, nearly 1,900 people have been evacuated to shelters in the Baja California peninsula, according to the country's army. Around the coastal town of Mulege, on the eastern side of the Baja California peninsula, one person died after his family was swept away while crossing a stream on Saturday.

Persons: Hilary, Sandy Huffaker, Zack Taylor, Taylor, It's, Los Angeles Mayor Karen Bass, Kristin Crowley, Drazen Jorgic, Lizbeth Diaz, Bharat Govind Gautam, Rich McKay, Brendan O'Brien, Frances Kerry, Matthew Lewis Organizations: REUTERS, MEXICO CITY, U.S, National Weather Service, Center, National Hurricane Center, NHC, Los Angeles Mayor, Los Angeles Fire Department, Schools, Mexico's Navy, San Diego International, Major League Baseball's, Dodgers, Angels, Los Angeles FC, LA Galaxy, Thomson Locations: Pacific Beach, San Diego , California, U.S, MEXICO, Baja California, Mexico, United States, College Park , Maryland, Palm Springs , California, Southern California, Southern Nevada, Miami, Los, California, Tijuana, San Diego, Mulege, Major League Baseball's Los Angeles, Mexico City, Bengaluru, Atlanta, Chicago

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Tech sell-off, rising yields push Cathie Wood's ARK ETF down 20% for month
▼ + stars: | 2023-08-18 | by ( David Randall | ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Aug 18 (Reuters) - A swift sell-off in technology stocks and surge in Treasury yields are punishing Cathie Wood's flagship ARK Innovation ETF (ARKK.P), leaving the closely followed fund down more than 20% for the month of August. Much of the gains for the year came as inflation concerns ebbed and longer-duration Treasury yields subsided. Yet signs of strength in the U.S. economy have helped push 10-year Treasury yields up nearly 30 basis points this month to 10-month highs and within inches of their highest levels since 2007. Higher yields often weigh heavily on technology stocks by decreasing the value of their future profit. August has been particularly challenging for the fund, which has lost ground every trading day but two this month.

Persons: Cathie Wood, Brendan McDermid, Cathie, Wood, David Randall, Matthew Lewis Organizations: Ark Invest, CNBC, New York Stock Exchange, REUTERS, Innovation, Coinbase, Morningstar, Thomson Locations: New York City, U.S, New York

Romulo Lollato, a wheat agronomist for Kansas State University, examines wheat in a field on an annual crop tour, near Washington, Kansas, U.S., May 16, 2023. The U.S. Department of Agriculture predicts 2023 corn yield in Illinois will be similar to that of 2021. USDA pegs Iowa’s corn yield just below 2021’s record, which also came amid dry conditions with well-timed showers. The tour uses a rough corn yield calculation, though it does not estimate soybean yield. Final soybean yield across the whole of Nebraska last year was the lowest since 2012 and 18% below the 2019-2021 average.

Persons: Romulo Lollato, Tom Polansek, Pro Farmer, Karen Braun, Matthew Lewis Organizations: Kansas State University, REUTERS, Rights, Farmer, U.S . Department, Agriculture, Pro, Farm Journal Media, Reuters, Thomson Locations: Washington , Kansas, U.S, Rights NAPERVILLE , Illinois, Illinois, Iowa, Minnesota, Illinois , Iowa , Nebraska , Minnesota , Indiana , Ohio, South Dakota, Nebraska

☆ US FAA issues 30-day inspection mandate for Pratt & Whitney GTF engines
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

Pratt & Whitney logo is pictured on the GTF engine at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. Pratt & Whitney parent RTX Corp RTX.N announced in July that a "rare condition" in powdered metal meant 1,200 of more than 3,000 engines, built for the twin-engined Airbus (AIR.PA) A320neo between 2015 and 2021, have to be taken off and inspected for micro cracks. In an airworthiness directive published on Friday, the FAA requires an ultrasonic inspection of the first- and second-stage high-pressure turbine disks within 30 days. The FAA said the directive, which is effective immediately, affects 20 engines on U.S.-registered aircraft and 202 engines worldwide. Pratt & Whitney issued an instruction to operators on Aug. 4 to expedite inspections of the disks.

Persons: Pratt, Whitney, Benoit Tessier, Pratt & Whitney, RTX, Valerie Insinna, Matthew Lewis Organizations: International Paris Air, Le, REUTERS, Federal Aviation Administration, Pratt, Pratt &, RTX Corp RTX.N, FAA, Thomson Locations: Le Bourget, Paris, France, Washington

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

It's just too early to tell," said George Glassman, president of Glassman Automotive Group, which sells five automotive brands outside Detroit. Since then, VinFast shares have retreated, and were down 17.2% at $24.92 at midday on Thursday. The new hybrid sales plan is just another challenge and the luxury carmaker is already talking to dealers. U.S. dealers said there are too many unanswered questions, including how VinFast will distribute parts needed to make repairs. Several dealers said VinFast may need to offer sweetened profit margins to dealers to account for the added risk.

Persons: It's, George Glassman, VinFast, Le, Thuy, Scott Fink, I'm, Tesla, Andrew DiFeo, Augustine, Warren Browne, Rhett Ricart, Dealers, it's, Ricart, Beau Boeckmann, Boeckmann, Ben Klayman, Phuong Nguyen, Matthew Lewis Organizations: Nasdaq, U.S, Reuters, Glassman Automotive, Ford, General Motors, U.S ., Fink Automotive Group, VW, Subaru, GM, Hyundai, Ricart Automotive, Toyota, Honda, Galpin Motors, Thomson Locations: U.S, North America, Detroit, VinFast, Tampa , Florida, St, Jacksonville , Florida, Columbus , Ohio, Los Angeles, VinFast's, Vietnam, Hanoi

☆ EV battery imports face scrutiny under US law on Chinese forced labor
▼ + stars: | 2023-08-17 | by ( Nichola Groom | ) www.reuters.com time to read: +6 min

More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.

Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo

The UAW president has rattled automakers with combative rhetoric, delivered via Facebook Live videos, including one where he threw contract proposals from Stellantis into a trash can. U.S. President Joe Biden on Monday urged the automakers and the union to come to a "fair agreement." The three automakers have signaled such a move would add billions in liabilities and make their unionized U.S. operations uncompetitive. Fain said the union's analysis concluded that the automakers could fund defined-benefit plans for roughly the same cost as current 401(k) savings plans. Walkouts at the Detroit Three could benefit Tesla (TSLA.O) and other non-union automakers including Toyota Motor (7203.T), Honda Motor (7267.T), Nissan Motor (7201.T) and Hyundai Motor (005380.KS), Anderson said.

Persons: Shawn Fain, Fain, Joe Biden, Biden's, Anderson, Joe White, Matthew Lewis Organizations: DETROIT, United Auto Workers, Reuters, Detroit Three, General Motors, Ford, UAW, Facebook, Detroit, Monday, Anderson Economic Group, Toyota, Honda, Nissan, Hyundai, Thomson Locations: North America, Michigan, U.S, Detroit, East Lansing , Michigan

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 17 (Reuters) - A federal appeals court on Thursday refused to allow Idaho to enforce a first-in-the-nation ban on transgender women and girls from participating in female sports leagues, saying the measure likely was unconstitutional. That argument was pursued by the ACLU's client, Lindsay Hecox, a transgender athlete who sought to join the women’s track team at Boise State University. Wardlaw said the law also discriminates against all Idaho female student athletes on the basis of sex by subjecting only them and not male athletes to the "invasive" sex dispute verification process. The Biden administration's Department of Education in April proposed a rule change that would prohibit schools from enacting outright bans on transgender athletes from teams that are consistent with their gender identities while offering flexibility on exceptions for the highest levels of competition. Reporting by Nate Raymond in Boston Editing by Alexia Garamfalvi and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Chase Strangio, Brad Little, Christiana Kiefer, Circuit Judge Kim McLane Wardlaw, Bill Clinton, Lindsay Hecox, Wardlaw, Nate Raymond, Alexia Garamfalvi, Matthew Lewis Organizations: Trump, City Hall, REUTERS, Circuit, Republican, American Civil Liberties Union, Christian, Alliance Defending, Democratic, U.S, Boise State University, Idaho, Biden administration's Department of Education, Thomson Locations: New York City, U.S, Idaho, North Carolina, Constitution's, Boston

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