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The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

"After these results, it looks like there is no stopping Modi," said Yashwant Deshmukh, poll expert with C-Voter agency, adding that stopping Modi would be a "herculean task". The BJP won the regional votes in three of four major states, including central Rajasthan and Chhattisgarh which were ruled by Congress. One of the challenges facing the opposition are the factious ties within the INDIA alliance. Congress refused to share seats in state polls with key regional ally the Samajwadi Party. "The future of the alliance is good if the Congress party works on it with full commitment," he said.

Persons: India's, Narendra Modi, of Home Affairs Amit Shah, Narendra Modi's, Modi, Yashwant Deshmukh, Rahul Gandhi, Manish Tewari, Manoj Kaka, Gandhi, Baijayant Panda, Saurabh Sharma, Miral Organizations: Bharatiya Janata Party, BJP, Indian, Union, of Home Affairs, Narendra Modi's Bharatiya Janata Party, Voter, Congress, Reuters, Samajwadi Party, Thomson Locations: Ahmedabad, India, DELHI, Britain, Rajasthan, Chhattisgarh, Karnataka, INDIA, Lucknow

☆ South Korea to consult China over urea export delays
▼ + stars: | 2023-12-04 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, Dec 4 (Reuters) - South Korea on Monday said it will consult China to prevent disruption to urea supplies after Korean companies reported the fertiliser and emissions reducing chemical was taking longer to pass through Chinese customs on its way to the peninsula. South Korea imports over 90% of its urea supply from China. In late 2021, a new Chinese export requirement aimed at increasing domestic supplies triggered panic buying among South Korean drivers of diesel cars and trucks who are required to use urea solutions to cut emissions. South Korea resorted to government rations while trying to secure alternative suppliers. Diesel cars account for about 40% of registered vehicles in South Korea.

Persons: Choi Nam, Ahn Duk, geun, Hyonhee Shin, Joyce Lee, Ed Davies, Christopher Cushing, Miral Organizations: Ministry of Trade, Industry, Energy, South, Diesel, Thomson Locations: SEOUL, South Korea, China, Korea, Vietnam, Japan, Beijing, Australia

On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.

Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu

☆ China's LandSpace readies satellite launch with methane rocket
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 4 (Reuters) - Beijing-based LandSpace Technology, one of China's private space companies, is preparing to launch a satellite payload to orbit in the first commercial test of its rocket powered by liquid fuel using methane and oxygen. The company did not specify a launch window for the rocket, which will blast off from Jiuquan Satellite Launch Center in Inner Mongolia. The company had fundraising rounds of undisclosed sizes since, Chinese company record tracking database Tianyancha showed. LandSpace rival OrienSpace, founded in 2020, said it plans to launch its first rocket, Gravity-1, based on solid fuel, in December. ($1 = 7.1368 Chinese yuan renminbi)Reporting by Ella Cao, Roxanne Liu and Bernard Orr; Editing by Kevin Krolicki and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: LandSpace's, LandSpace, Elon Musk's, Jeff Bezos, Zhang Changwu, OrienSpace, Ella Cao, Roxanne Liu, Bernard Orr, Kevin Krolicki Organizations: Technology, Weibo, Jiuquan, Elon, Elon Musk's SpaceX, SpaceX, Sequoia Capital, China SME Development Fund, LandSpace's, Thomson Locations: BEIJING, Beijing, Inner Mongolia, China, U.S, HongShan, Sequoia Capital China

The deal was expected to fail after Origin's largest shareholder, A$300 billion ($198 billion) pension fund AustralianSuper, said it would reject the A$9.39 per share offer. AustralianSuper owns about 17% of Origin, which was enough to block the bid. Origin already has plans to develop 4 gigawatts by 2030, and Chairman Scott Perkins reaffirmed that strategy, adding that the company was open to working with other investors. "The way we've seen the energy transition is there's been plenty of scope for third party capital to invest alongside Origin," Perkins told reporters after the vote. In its statement, AustralianSuper said it would be a willing capital partner for Origin as it "prepares to transition over the coming decades".

Persons: Dado Ruvic, AustralianSuper, Brookfield, Scott Perkins, Perkins, Scott Murdoch, Lewis Jackson, Alasdair Pal, Miral Organizations: Brookfield, REUTERS, SYDNEY, Origin Energy, EIG Partners, Thomson Locations: Brookfield, Australia's, Sydney

☆ Britain's Sunak tries to reclaim climate narrative with $2 bln pledge
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Britain's Prime Minister Rishi Sunak delivers a speech during a press conference on the net zero target, at the Downing Street Briefing Room, in central London, on September 20, 2023. Running way behind the opposition Labour Party in the polls before a national election expected next year, Sunak's team believes voters will only support measures to tackle climate change when, or if, they are affordable. But the time for pledges is now over – this is the era for action," Sunak said in a statement. "The transition to net zero should make us all safer and better off. ($1 = 0.7911 pounds)For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Rishi Sunak, Sunak's, Sunak, King Charles, Elizabeth Piper, Miral Organizations: Britain's, Downing, Labour Party, Reuters, Thomson Locations: London, DUBAI, Dubai, Africa, Asia

☆ Malaysia invites China's Xi to visit, ramps up tourism target
▼ + stars: | 2023-12-01 | by ( Liz Lee | ) www.reuters.com time to read: +2 min

Journalists watch a giant screen broadcasting footage of Chinese President Xi Jinping speaking at the opening ceremony of the Third Belt and Road Forum (BRF), at the media centre in Beijing, China October 18, 2023. Government data showed Malaysia welcomed 498,540 Chinese tourists in the six months to June this year, a figure almost a third of pre-pandemic levels. Malaysia's economic growth is expected to meet the government's target of 4% this year, driven in part by stronger tourism. Malaysia's Prime Minister Anwar Ibrahim has also invited China's President Xi Jinping to visit the country, Norman said. "We are hoping that President Xi will consent to visiting Malaysia," he added.

Persons: Xi Jinping, Tingshu Wang, China's, Xi Jingping, Norman Muhamad, Anwar Ibrahim, Norman, Xi, Wang Yi, Zambry Abdul Kadir, Liz Lee, Bernard Orr, Ethan Wang, Jacqueline Wong Organizations: REUTERS, Rights, Malaysian, Malaysia's, Thomson Locations: Beijing, China, Rights BEIJING, Malaysia, Thailand, Government, New York

President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan attends the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan, whose country is hosting the COP28 climate summit, announced on Friday the establishment of a $30 billion climate fund that aims to attract $250 billion of investment by the end of the decade. Dubbed ALTÉRRA, the fund will allocate $25 billion towards climate strategies and $5 billion specifically to incentivise investment flows into the Global South, according to a statement by the COP28 Presidency. ALTÉRRA has also committed to invest $2 billion into its second Brookfield Global Transition Fund. ALTÉRRA was established by Lunate, a newly set up Abu Dhabi-based alternative investment manager with over $50 billion in assets.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Amr Alfiky, Sheikh Mohammed Bin Zayed Al Nahyan, ALTÉRRA, BlackRock, Abu, Sheikh Tahnoon bin Zayed Al Nahyan, William James, Nadine Awadalla, Al Sayegh, Tommy Reggiori Wilkes, Susan Fenton, Sharon Singleton, Miral Organizations: United, United Nations, Change, United Arab Emirates, REUTERS, Rights, BlackRock, TPG, Brookfield Asset Management, Transition, Lunate, Chimera Investment, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, COP28, Brookfield, Abu Dhabi, UAE

☆ Europe's clean energy boom cuts forward prices to pre-Ukraine invasion levels
▼ + stars: | 2023-12-01 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +4 min

... Acquire Licensing Rights Read moreLITTLETON, Colorado, Dec 1 (Reuters) - A boom in clean power electricity generation has helped push Europe's forward power prices to their lowest levels since before Russia's invasion of Ukraine in 2022 severed natural gas pipeline flows and sent the region's power prices surging. CLEAN POWER CONVICTIONA major driver behind the subdued power price outlook has been the sharp rise in clean power capacity development across Europe in recent years, and widespread confidence that much further clean power development will emerge in the years ahead. EXTENDED LEADEurope's clean power share ranks second behind Latin America (65%) among major regions, and sharply exceeds the clean power share in North America (47%), Asia (33%) and Africa (25%). Clean power supply expansions are planned throughout every region, but strong government and societal support for an accelerated energy transition means Europe will likely be the largest clean power developer outside China for the remainder of this decade, according to the International Energy Agency (IEA). If those expected clean power expansions materialise, Europe's power prices may decline further and could help the region fulfil its ambitions of becoming a major clean energy hub to rival China.

Persons: Gavin Maguire, Miral Organizations: America, International Energy Agency, European Union, South East, Reuters, Thomson Locations: Cestas, France, Europe, LITTLETON , Colorado, Ukraine, Germany, North America, Asia, Africa, China, United States, Saharan Africa, South, South East Asia

☆ What do we know about China’s respiratory illness surge?
▼ + stars: | 2023-12-01 | by ( Andrew Silver | ) www.reuters.com time to read: +4 min

SHANGHAI, Dec 1 (Reuters) - A request by the World Health Organization for more information on a surge in respiratory illnesses and clusters of pneumonia in children in China has attracted global attention. The following is what we know about the surge in illness in the world's second most populous country so far, and why experts think there is no need to panic. The National Health Commission told a news conference on Nov. 13 that there was an increase in incidence of respiratory disease without providing further details. IS MYCOPLASMA PNEUMONIAE A BIG WORRY? One concern about the surge in respiratory illness is mycoplasma pneumoniae, which has also spiked in other countries.

Persons: Maria Van Kerkhove, Rajib Dasgupta, mycoplasma pneumoniae, it's, Cecille Brion, Van Kerkhove, We're, Andrew Silver, Miyoung Kim Organizations: World Health Organization, WHO, Program, National Health Commission, Reuters, Pacific, Jawaharlal Nehru University, Doctors, Raffles Medical Group Beijing, Thomson Locations: SHANGHAI, China, Taiwan, WHO China, COVID, South East Asia, New Delhi

☆ Japan to stop building unabated coal power plants, PM Kishida tells COP28
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Thaier Al Sudani Acquire Licensing RightsTOKYO, Dec 1 (Reuters) - Japan will stop building new coal power plants that do not have emission reduction measures in place, Prime Minister Fumio Kishida told the COP28 climate summit in Dubai on Friday. "In line with its pathway to net-zero, Japan will end new construction of domestic unabated coal power plants, while securing a stable energy supply," Kishida said. Japan will also try to decrease its reliance on currently operational coal plants, he said, without elaborating further. The official, who declined to be named, said Japan may build abated coal power plants should the technology emerge. About 25% of Japan's electricity was generated by nuclear power in 2010, a year before a giant earthquake and tsunami caused a triple-core meltdown at the Fukushima nuclear power plant and initially displaced some 470,000 people.

Persons: Fumio Kishida, Al Sudani, Kishida, Ember, Sakura Murakami, Ekaterina Golubkova Organizations: Japan's, United Nations, Change, United Arab Emirates, REUTERS, Rights, Thomson Locations: Dubai, United Arab, Japan, United States, China, India, Tokyo

[1/2] World leaders and delegates walk at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Away from the main stage, delegations and technical committees set to work on Friday with the mammoth task of assessing their progress in meeting global climate targets, specifically the Paris Agreement goal of limiting global warming to within 2 degrees Celsius above preindustrial temperatures. The United Nations on Friday published its first draft for what could serve as a template for a final agreement from the COP28 summit, which ends Dec. 12. The summit also clinched an early victory by adopting a new fund to help poor nations cope with costly climate disasters. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Thomas Mukoya, Britain's King Charles, Antonio Guterres, William Ruto, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Valerie Volcovici, William James, Katy Daigle, Miral Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, Saudi, United Arab, Reuters, Thomson Locations: Dubai, United Arab, Paris, United Arab Emirates

☆ Euro zone inflation dents euro, dollar rises from three-month low
▼ + stars: | 2023-11-30 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

A New Zealand dollar coin sits atop a United States one dollar bill in this photo illustration taken on March 11, 2016. Consumer price growth in the 20 nations that share the euro currency dropped to 2.4% in November from 2.9% in October, well below expectations for a fall to 2.7%. The euro dropped as much as 0.5% against the dollar to $1.0910. The Japanese currency has firmed almost 3% against the dollar in November and is on course for its strongest month this year. Sterling was last at $1.2646, down 0.39% on the day, while the Australian dollar fell 0.1% to $0.6610.

Persons: David Gray, Matthew Landon, disinflation, Landon, ECB policymaker Fabio Panetta, Mohamad Al, Jerome Powell, Christopher Waller, Christopher Wong, Toyoaki Nakamura, Sterling, It's, Samuel Indyk, Ankur Banerjee, Vidya Ranganathan, Kim Coghill, Miral Fahmy, Susan Fenton Organizations: New Zealand, REUTERS, European Central Bank, Morgan Private Bank, ECB, ECB policymaker, Danske Bank, Bank of Japan, Thomson Locations: States, Europe, U.S, London, Singapore

☆ Emerging world needs climate finance and to burn coal, India says
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mukesh Gupta/File Photo Acquire Licensing RightsNEW DELHI, Nov 30 (Reuters) - Emerging economies need climate finance, help with technology and the right to pursue development, India's Prime Minister Narendra Modi said on Thursday before leaving for the UN climate summit in Dubai. The COP28 summit opened in Dubai on Thursday for two weeks of talks. Emerging powers, including India and China, often blame the developed world for having used more than its share of the available carbon resources. Earlier on Thursday, Foreign Secretary Vinay Mohan Kwatra said coal would remain India's main source of energy for years to come. "Coal is, and would, remain an important part of India's energy needs," he told reporters.

Persons: Mukesh Gupta, Narendra Modi, Vinay Mohan Kwatra, Kwatra, Sarita Chaganti Singh, Jacqueline Wong, Miral Fahmy, Barbara Lewis Organizations: REUTERS, India's, Reuters, Thomson Locations: Jammu, DELHI, Dubai, India, China, France, United States, COP28

The assessment could become politically divisive as it sets the stage for the next few years of global action in cutting planet-warming emissions. Based on the results, countries may be pressed to set more ambitious climate policies or to contribute more financing to help developing countries adopt clean energy. In September, the United Nations offered an early stocktake assessment that revealed countries were far behind in meeting climate goals. HOW WILL THE STOCKTAKE DRIVE CLIMATE ACTION? What then needs to be decided... what do we then do from here," Dan Jorgensen, Denmark's Global Climate Policy Minister, told Reuters.

Persons: Alex Flores, Claudia Morales, Dan Jorgensen, Kate Abnett, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, United Nations, European Union, Policy, Reuters, Thomson Locations: Lake Titicaca, Bolivia, Rights DUBAI, Dubai, Paris

☆ Taiwan urges elderly, young to avoid China visits due to respiratory illnesses
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 30 (Reuters) - Taiwan's health ministry on Thursday urged the elderly, very young and those with poor immunity to avoid travel to China due to the recent increase in respiratory illnesses there. The World Health Organization (WHO) last week requested China provide detailed information on the spike, which a WHO official said was not as high as before the COVID-19 pandemic. China, whose government claims democratically governed Taiwan as its own, initially tried to cover up that outbreak. In a statement released after a weekly Cabinet meeting, Taiwan's health ministry said that due to the rise in respiratory illnesses in China, "the elderly, young children and other people with poor immunity are requested not to travel to China unless necessary". China's Foreign Minister Wang Yi said on Wednesday that the rise in respiratory illnesses in China was a common issue faced by all countries and that Chinese authorities have it under effective control.

Persons: Tingshu Wang, Wang Yi, Ben Blanchard, Miral Organizations: REUTERS, Rights, World Health Organization, WHO, China's, Thomson Locations: Beijing, China, Rights TAIPEI, Taiwan

☆ Taiwan Urges Elderly, Young to Avoid China Visits Due to Respiratory Illnesses
▼ + stars: | 2023-11-29 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

TAIPEI (Reuters) - Taiwan's health ministry on Thursday urged the elderly, very young and those with poor immunity to avoid travel to China due to the recent increase in respiratory illnesses there. The World Health Organization (WHO) last week requested China provide detailed information on the spike, which a WHO official said was not as high as before the COVID-19 pandemic. China, whose government claims democratically governed Taiwan as its own, initially tried to cover up that outbreak. In a statement released after a weekly Cabinet meeting, Taiwan's health ministry said that due to the rise in respiratory illnesses in China, "the elderly, young children and other people with poor immunity are requested not to travel to China unless necessary". China's Foreign Minister Wang Yi said on Wednesday that the rise in respiratory illnesses in China was a common issue faced by all countries and that Chinese authorities have it under effective control.

Persons: Wang Yi, Ben Blanchard, Miral Fahmy Organizations: World Health Organization, WHO, China's Locations: TAIPEI, China, Taiwan

☆ Prosus cuts India's Byju's valuation to under $3 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsMUMBAI, Nov 29 (Reuters) - Tech investor Prosus NV (PRX.AS) said on Wednesday it was valuing Indian education firm Byju's at under $3 billion, 86% less than its peak valuation of $22 billion last year, after the company struggled with governance and cash-flow problems. The disclosure, made by interim CEO Ervin Tu during Prosus earnings call, is the latest cut to Byju's valuation after several executives and board members quit and it delayed filing its 2021/22 financial results by a year. Over the past year, shareholders including Prosus and Blackrock have successively cut Byju's valuation to $11 billion in March, $8 billion in May and $5 billion in June. It has delayed publishing its financial results, prompting auditor Deloitte and three board members quit in June. Byju's filed the delayed but incomplete financial results earlier this month, and is looking to sell off entire business lines to raise cash.

Persons: Dado Ruvic, Ervin Tu, Prosus, Byju's, Sriram, Aditya Kalra, Miral Organizations: REUTERS, Rights, Tech, Prosus NV, Prosus, Blackrock, Atlantic, Deloitte, Thomson Locations: Rights MUMBAI, Silver

☆ 'Like Brothers': Rescued Indian Tunnel Workers Stayed Hopeful Through Ordeal
▼ + stars: | 2023-11-29 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. "For the first day or so, everyone inside was very hopeless and sad," worker Birendra Kishku, 39, told Reuters. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi. "My son was consoling me, telling me not to worry and assuring me that they would soon come out."

Persons: Saurabh Sharma CHINYALISAUR, Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Fahmy Organizations: Reuters, Authorities, YP Locations: India, Rishikesh, Sukanti, Bhubaneswar

☆ Prosus reports $2 bln in core earnings, sees e-commerce profitability earlier
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAMSTERDAM, Nov 29 (Reuters) - Prosus NV (PRX.AS), a large technology investor, said on Wednesday its core headline earnings increased 118% in the first half of 2024, citing improved profitability in its stable of e-commerce investments. Core headline earnings for the half year ended on Sept. 30 were $2.0 billion, from $1.1 billion in the same period a year earlier, in line with a Nov. 20 trading statement. Core headlines earnings is a nonstandard measure the company says best reflects its group operating performance. It includes the massive stake Prosus owns in China's Tencent (0700.HK), which the company said has been sold down from 26.2% to 25% to fund a rolling share buyback program. Prosus says share buybacks benefit shareholders because the Tencent stake, now worth $98 billion, is worth about 30% more than Prosus itself.

Persons: Dado Ruvic, Prosus, Tencent, Toby Sterling, Jacqueline Wong Organizations: REUTERS, Rights, Prosus, HK, Thomson

☆ Activist investor Ubben shutting down Inclusive Capital-sources
▼ + stars: | 2023-11-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. Ubben told investors in a memo he was winding down some funds and returning capital, two people familiar with the matter said on Wednesday. Ubben and Inclusive Capital, known as InCap, did not respond to calls and emails for comment. Last year more hedge funds closed their doors than launched, data from Hedge Fund Research show. More than two decades ago, Ubben, 61, who started his career at mutual fund giant Fidelity, founded ValueAct Capital in San Francisco.

Persons: Jeffrey Ubben, Andrew Kelly, Jeff Ubben, Ubben, InCap, Martha Stewart, John Paulson, Louis Bacon, Svea Herbst, Bayliss, Sabrina Valle, Josie Kao Organizations: ValueAct, Reuters, REUTERS, Capital Partners, Inclusive, Hedge Fund Research, Fidelity, Microsoft, Street Journal, Exxon, Rad Laboratories, Unifi Inc, Bayer, Svea, Thomson Locations: Manhattan , New York, U.S, San Francisco, Houston

Parliament approved the higher tax rate as part of a global tax reform, and said the government would work on specific incentives in 2024. "The National Assembly is not issuing a separate resolution on investment incentives at this time," said Le Quang Manh, head of the assembly's financial commission. Vietnam's corporate income tax is already set at 20%, but it has offered for years much lower effective rates to large foreign investors. The Korean Chamber of Commerce in Vietnam said members were concerned about the new tax rate, but "none have expressed their intention to alter their investment in Vietnam". However, Thang Vu, a tax expert at consultancy Dezan Shira, said Vietnam could see a drop in foreign investment if it did not offer "adequate alternative economic benefits" to those affected by the new tax.

Persons: Le Quang, Thang, Dezan Shira, Khanh Vu, Francesco Guarascio, Miral Organizations: Samsung, Assembly, Korean Chamber of Commerce, Thomson Locations: Vietnam, Hanoi, HANOI, Korean

☆ 'Like brothers': rescued Indian tunnel workers stayed hopeful through ordeal
▼ + stars: | 2023-11-29 | by ( Saurabh Sharma | ) www.reuters.com time to read: +3 min

One of the trapped workers is checked out after he was rescued from the collapsed tunnel site in Uttarkashi in the northern state of Uttarakhand, India, November 28, 2023. They went for daily walks and did yoga in the 2-km (1-mile) stretch of the highway tunnel in which they were trapped. But many said knowing they were not forgotten, and would be soon pulled out, was what really kept them hopeful and strong. A rescue mission is currently underway at the Silkyara tunnel in Uttarakhand to free 41 workers who are stuck inside following a landslide. "We lived like brothers," Saba Ahmed, a worker of the private firm contracted to build the tunnel, told Modi.

Persons: Doctors, Birendra Kishku, Subodh Kumar Verma, Narendra Modi, Saba Ahmed, Modi, Sukanti Nayak, Raju, consoling, Jatindra, YP Rajesh, Miral Organizations: REUTERS, Reuters, Authorities, YP, Thomson Locations: Uttarkashi, Uttarakhand, India, Rishikesh, Sukanti, Bhubaneswar

Toyota, Toyota Industries and Aisin will sell Denso shares worth a total of about 700 billion yen ($4.7 billion) at current market prices, the two sources said. In a statement, Denso said it was considering a share sale, a buyback and other capital measures, but that nothing had yet been decided. At $4.7 billion, it would be the second-biggest such share offering in Japan this year, after the more than $9 billion sale of shares in Japan Post Bank (7182.T) in March, according to LSEG data. Denso shares, which were down almost 4% before the news, extended losses after the Reuters report and fell as much as 6.8% on the day, closing 4.9% lower. Toyota shares finished little changed, as did the benchmark Nikkei 225 (.N225).

Persons: Denso, Miho Uranaka, Daniel Leussink, Maki Shiraki, Nobuhiro Kubo, David Dolan, Jamie Freed, Miral Fahmy, Louise Heavens Organizations: Companies, Toyota, Toyota Industries, Aisin, Japan Post Bank, Tokyo Stock Exchange, Buyers, KDDI Corp, Reuters, Nikkei, Thomson Locations: TOKYO, Denso, Japan

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