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☆ China's Dalian Wanda in talks to avert $4 bln IPO repayment -Bloomberg News
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: 1 min

A person walks past the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. REUTERS/Tingshu Wang Acquire Licensing RightsSept 28 (Reuters) - China's Dalian Wanda Group has started negotiations on a proposal that would allow the conglomerate to avoid repaying about 30 billion yuan ($4.11 billion) to investors in its shopping mall business if the unit fails to complete its initial public offering this year, Bloomberg News reported on Thursday. The Chinese conglomerate recently told investors that an IPO of the mall unit will likely take place next year, Bloomberg reported, people familiar with the matter. (This story has been refiled to fix a typo in the headline)($1 = 7.3067 yuan)Reporting by Urvi Dugar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Urvi, Savio D'Souza Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Bloomberg, Thomson Locations: China, Bengaluru

☆ Hollywood studios, actors on strike to resume talks next week
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 27 (Reuters) - Hollywood studios and negotiators for Hollywood actors on strike will hold talks on Oct. 2, both side said in a joint statement on Wednesday, in the first such meeting in months. The SAG-AFTRA actors union, Hollywood's largest with 160,000 members, walked off the job in July asking for higher pay and for curbs on the use of artificial intelligence (AI) in entertainment, demands similar to Hollywood writers. Other demands from actors include limits on self-taped auditions used in casting, which they argue are more costly than in-person readings. They also want hair and makeup artists who can work with various hair textures and skin tones, to ensure equity for all performers.

Persons: Mike Blake, Walt Disney, AFTRA, Urvi, Himani Sarkar, Miral Organizations: Writers Guild of America, Disney Studios, REUTERS, Hollywood, SAG, Alliance, Television Producers, Walt, Netflix, Thomson Locations: Burbank , California, U.S, Bengaluru

☆ China Evergrande's Chairman Hui is under police surveillance - Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Sept 27 (Reuters) - Hui Ka Yan, the chairman of China Evergrande Group (3333.HK), has been placed under police surveillance, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. Hui was taken away by police earlier this month and is being monitored at a designated location, the report added, citing sources. It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime. Reuters could not immediately verify the Bloomberg report. Earlier this month, police in southern China had detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant's woes.

Persons: Hui Ka Yan, Hui, Evergrande, Urvi, Kim Coghill, Jacqueline Wong 私 Organizations: China Evergrande, HK, Bloomberg, Bloomberg News Locations: China, China's, Bengaluru

☆ SoftBank Corp to raise $800 mln from bond-type shares in Japan first
▼ + stars: | 2023-09-25 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. SoftBank Corp, the Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T), first proposed the issuance in May, but board approval only came on Monday. The shares will be listed on the Tokyo Stock Exchange on Nov. 1, with pricing expected between Oct. 13 and 17. Although classed as equity in accounting terms, the shares offer a set dividend and can be redeemed by SoftBank after a period of five years. As the shares will be publicly listed, they can be purchased through the tax-efficient Nippon Individual Savings Account (NISA), unlike corporate bonds.

Persons: Issei Kato, SoftBank, Urvi, Anton Bridge, Mariko Katsumura, Kim Coghill, Mark Potter Organizations: SoftBank, REUTERS, SoftBank Corp, Tokyo Stock Exchange, Bankers, Savings, Thomson Locations: Tokyo, Japan, Japan's, Bengaluru, Anton

☆ SoftBank Corp to raise $800 mln via bond-type class shares - filing
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 25 (Reuters) - SoftBank Corp (9434.T) plans to raise 120 billion yen ($808.79 million) via Japan's first public offering of bond-type class shares, it said in a regulatory filing on Monday. The Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T) first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends on March 31, 2024. The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May. The proceeds will be used for growth investments in telecommunications, IT technologies and "next-generation social infrastructure", it said.

Persons: Issei Kato, SoftBank, Urvi, Anton Bridge, Mariko Katsumura, Rashmi Aich, Muralikumar Anantharaman, Kim Coghill Organizations: SoftBank, REUTERS, SoftBank Corp, Thomson Locations: Tokyo, Japan, Bengaluru, Anton

☆ SoftBank Corp to raise over $800 mln via bond-type class shares - Bloomberg News
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 25 (Reuters) - SoftBank Corp (9434.T) will likely decide as early as Monday to raise up to 120 billion yen ($808.79 million) via Japan's first public offering of bond-type class shares, Bloomberg News reported, citing people familiar with the matter. The Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T) first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends March 31, 2024. The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May. The proceeds will be used for growth investments in telecommunications, IT technologies and "next-generation social infrastructure", it said.

Persons: Issei Kato, SoftBank, Urvi, Rashmi Aich Organizations: SoftBank, REUTERS, SoftBank Corp, Bloomberg News, Thomson Locations: Tokyo, Japan, Bengaluru, Anton

☆ Striking writers, Hollywood studios to meet on Sunday as talks stretch on
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +1 min

The iconic Hollywood sign is shown in early morning light in Los Angeles, California, U.S., July 13, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 23 (Reuters) - Negotiators for the striking Writers Guild of America (WGA) and Hollywood studios will meet again on Sunday after a fourth day of talks failed to reach a deal. Writers walked off the job in early May after negotiations failed to agree on compensation, minimum staffing of writers' rooms, the use of artificial intelligence and residuals that reward writers for popular streaming shows. The SAG-AFTRA union, comprising 160,000 members from actors to stunt performers, joined the writers in July, calling for a work stoppage and putting Hollywood into two simultaneous strikes for the first time in 63 years. Reporting by Urvi Dugar in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Walt Disney, Urvi, William Mallard Organizations: REUTERS, Guild of America, Hollywood, WGA, Alliance, Television Producers, Netflix, SAG, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ FTC to file antitrust case against Amazon as soon as Tuesday - Politico
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Amazon is seen, November 15, 2022. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsCompanies Amazon.com Inc FollowSept 22 (Reuters) - The Federal Trade Commission (FTC) will file a long-awaited antitrust lawsuit against Amazon (AMZN.O) in federal court as soon as Tuesday, news site Politico reported on Friday, citing three people with knowledge of the matter. One of the final hurdles before the FTC sues Amazon is to get as many states as possible to sign on to the complaint, according to the report. FTC chairperson Lina Khan authored a Yale Law Journal article in 2017, in which she said Amazon's structure and practices posed anticompetitive concerns and has escaped antitrust scrutiny. Reporting by Urvi Dugar and Yuvraj Malik in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Lina Khan, Urvi Dugar, Yuvraj Malik, Shilpi Majumdar Organizations: REUTERS, Federal Trade Commission, Amazon, Politico, FTC, Reuters, Yale, Thomson Locations: Bengaluru

☆ Russia plans huge defence spending hike in 2024, Bloomberg reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

Russian President Vladimir Putin, accompanied by Deputy Prime Minister Denis Manturov, Deputy Defence Minister Alexei Krivoruchko and other officials, attends the Gunsmith Forum in the city of Izhevsk, Russia September 19, 2023. Sputnik/Mikhail Metzel/Pool via REUTERS Acquire Licensing RightsSept 22 (Reuters) - Russia plans a huge hike in defence spending next year, swelling to 6% of gross domestic product (GDP), up from 3.9% in 2023 and 2.7% in 2021, Bloomberg News reported on Friday. Moscow doubled its target for defence spending in 2023 to more than $100 billion, Reuters reported exclusively in August, as the costs of the war in Ukraine spiral and place growing strain on Moscow's finances. Rising war costs are supporting Russia's modest economic recovery this year with higher industrial production, but have already pushed budget finances to a deficit of around $24 billion - a figure compounded by falling export revenues. Reporting by Urvi Dugar in Bengaluru; Writing by Alexander Marrow; Editing by Andrew Cawthorne and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Denis Manturov, Alexei Krivoruchko, Mikhail Metzel, Urvi, Alexander Marrow, Andrew Cawthorne, Gareth Jones Organizations: Sputnik, REUTERS Acquire, Bloomberg, Reuters, Thomson Locations: Izhevsk, Russia, Moscow, Ukraine, Bengaluru

☆ FTC to file antitrust case against Amazon as soon as Tuesday, Politico reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsSept 22 (Reuters) - The Federal Trade Commission will file a long-awaited antitrust lawsuit against Amazon (AMZN.O) in federal court as soon as Tuesday, Politico reported on Friday, kicking off the latest leg in the US effort to rein in the market power of Big Tech companies. The legal action, which would follow federal lawsuits filed against Alphabet's (GOOGL.O) Google and Meta's (META.O) Facebook, has been expected after years of complaints that the big tech companies abused their dominance. Amazon.com, for example, has been accused of buying competitors to thwart competition and abusing third-party sellers on its platform, among other allegations. The American tech giant has been criticized for allegedly favoring its own products and disfavoring outside sellers on its platform. FTC chairperson Lina Khan authored a Yale Law Journal article in 2017, in which she said Amazon's structure and practices posed anticompetitive concerns and has escaped antitrust scrutiny.

Persons: Pascal, Lina Khan, Urvi Dugar, Yuvraj Malik, Shilpi Majumdar, Chizu Organizations: REUTERS, Federal Trade Commission, Amazon, Politico, Big Tech, Alphabet's, Google, Facebook, FTC, Reuters, Yale, Thomson Locations: Bengaluru

View shows the site where the gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE will be built in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 12 (Reuters) - The Canadian government will take 20 years to recoup the combined C$28.2 billion ($21 billion) subsidies it is offering Volkswagen and Stellantis-LG Electric Solutions (STLAM.MI), to build two electric vehicle (EV) battery plants, the country's budgetary watchdog said on Tuesday. Parliamentary Budget Officer Yves Giroux projected that the combined revenue generated from the two plants would only match the production subsidies by 2043, if production starts in 2024. In May, Stellantis stopped constructing its EV battery plant in Windsor, Ontario, saying the Canadian government did not deliver on the committed subsidies. The dispute was resolved after two months of bargaining when the government agreed to provide subsidies similar to the one it gave Volkswagen.

Persons: Carlos Osorio, Yves Giroux, Justin Trudeau, Stellantis, Francois, Philippe Champagne, Urvi, Divya Rajagopal, Josie Kao Organizations: Volkswagen Group's, REUTERS, Canadian, Volkswagen, LG Electric Solutions, EV, LG Energy, Thomson Locations: St, Thomas , Ontario, Canada, Windsor , Ontario, Ontario, Bengaluru, Toronto

☆ Airline SAS extends deadline for equity fundraising
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

TT News Agency/Johan Nilsson via REUTERS/File Photo Acquire Licensing RightsSept 11 (Reuters) - Scandinavian airline SAS (SAS.ST), battling to emerge from bankruptcy protection, said on Monday it was extending the deadline for final bids for its equity fundraising by a week to Sept. 25 at the request of bidders. SAS said in May the U.S. court had approved a revised plan to raise equity. Denmark has said it is willing to increase its stake in SAS to around 30% from around 22%, if others investors were to take a majority stake. Reuters reported in May that U.S. asset manager Apollo Global Management Inc (APO.N) planned to apply for approval from Swedish and Danish regulators to take a majority stake in SAS as part its rescue plan. Earlier this month, SAS, which has been under bankruptcy protection since July 2022, posted its first quarterly pretax profit since late 2019.

Persons: Johan Nilsson, Jacob Pedersen, Pedersen, Urvi Dugar, Gokul, David Evans, Mark Potter, Susan Fenton Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Scandinavian, SAS, Reuters, Apollo Global Management Inc, Marie Mannes, Thomson Locations: Kastrup, Denmark, Sweden, Bengaluru, Stockholm

The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. The sign of change from Covestro's previous stance comes after two top-15 investors of the plastics and chemicals maker told Reuters last month that it should engage in formal takeover talks in the interest of its shareholders. The German group's shares were up 8.6% at 51.96 euros at 1445 GMT, their highest level in about 18 months. In August, ADNOC indicated to Covestro, which has not commented on the takeover approach, that it could raise its informal offer to 60 euros conditional on the German company entering formal talks, Reuters reported at the time. That non-binding offer would value Covestro, a maker of chemicals used in insulation, upholstery foams, coatings and transparent engineering plastics, at about 11.6 billion euros ($12.4 billion).

Persons: Wolfgang Rattay, Abu, ADNOC, Ludwig Burger, Urvi, Elisa Martinuzzi, Jason Neely Organizations: REUTERS, Abu Dhabi National Oil Company, Reuters, Covestro, BASF, Bloomberg News, Thomson Locations: Leverkusen, Germany, Abu Dhabi, Frankfurt, Bengaluru

☆ US plans vast AI fleet to counter China - WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

Sept 6 (Reuters) - The U.S department of Defense is considering the development of a vast network of Artificial Intelligence-powered technology, drones and autonomous systems within the next two years to counter threats from China, the Wall Street Journal reported on Wednesday. In a speech on Wednesday the deputy secretary of defense, Kathleen Hicks will sketch out some of the air, land and sea capabilities that the Pentagon is looking to develop, the report added. The Pentagon plans to use artificial intelligence for autonomous systems to detect and engage enemy targets, and can include self-piloting air- and sea-based drones, according to the Journal. The department for defense did not immediately respond to a Reuters' request for comment. Reporting by Urvi Dugar in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Kathleen Hicks, Urvi, Louise Heavens Organizations: Defense, Artificial Intelligence, Wall Street, Pentagon, Thomson Locations: U.S, China, Bengaluru

☆ Pentagon plans vast AI fleet to counter China - WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

The Pentagon is seen from the air in Washington, U.S., March 3, 2022, more than a week after Russia invaded Ukraine. REUTERS/Joshua Roberts/File Photo Acquire Licensing RightsSept 6 (Reuters) - The Pentagon is considering the development of a vast network of Artificial Intelligence-powered technology, drones and autonomous systems within the next two years to counter threats from China, the Wall Street Journal reported on Wednesday. Reporting by Urvi Dugar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Joshua Roberts, Urvi Organizations: Pentagon, REUTERS, Artificial Intelligence, Wall Street, Thomson Locations: Washington , U.S, Russia, Ukraine, China, Bengaluru

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Saudi Aramco did not immediately respond to a Reuters' request for comment. The company completed the world’s largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion. Saudi Arabia had planned in addition to sell Aramco shares worth up to $50 billion last year, but decided market conditions were unfavourable, the Journal said. It reported a 38% decline in second quarter profit to 112.81 billion riyals from the year earlier period.

Persons: Dado Ruvic, Saudi Arabia’s Crown Prince Mohammed bin Salman, Prince Mohammed, Urvi, Louise Heavens, Barbara Lewis Organizations: Saudi Aramco, REUTERS, Wall Street, Aramco, Saudi, Saudi Arabia’s Crown, Public Investment Fund, Investment Initiative, Thomson Locations: Saudi, Riyadh bourse, Riyadh, Saudi Arabia, Bengaluru

☆ Biden administration pledges $95 million for Hawaii's electric grid post Maui fire
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

Aug 30 (Reuters) - The Biden administration will provide $95 million through the Bipartisan Infrastructure Law to improve Hawaii's electric grid, the White House said on Wednesday. The island of Maui was devastated earlier this month after the deadliest U.S. wildfire in more than a century swept through the resort town of Lahaina, leaving 115 people dead and 338 missing. Reporting by Urvi Dugar in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, Urvi, Alison Williams Organizations: Law, Thomson Locations: Maui, Lahaina, Bengaluru

☆ Baidu among first to win China approval for AI models- Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

Baidu sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song Acquire Licensing RightsAug 30 (Reuters) - China will approve the first batch of generative artificial intelligence services for public rollout as soon as this week, with tech giant Baidu (9888.HK) expected to be among the first to win consent, Bloomberg News reported on Wednesday. Reporting by Urvi Dugar in Bengaluru Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Urvi, Tomasz Janowski Organizations: Baidu, Artificial Intelligence, REUTERS, HK, Bloomberg, Thomson Locations: Shanghai, China, Bengaluru

☆ FTC suspends challenge to block Amgen's $27.8 billion deal for Horizon Therapeutics
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California October 21, 2013. REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsAug 26 (Reuters) - The U.S. Federal Trade Commission (FTC) has suspended its challenge of Amgen's (AMGN.O) $27.8 billion purchase of Horizon Therapeutics (HZNP.O), allowing the FTC to consider whether the agency should settle the case, a filing late on Friday showed. The FTC filed a lawsuit on May 16 aimed at stopping the transaction in a rare move to block a large pharmaceutical deal. Amgen and Horizon Therapeutics did not immediately respond to a Reuters' request for comment. Reporting by Urvi Dugar in Bengaluru; editing by Jason Neely and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Urvi, Jason Neely, Diane Craft Organizations: REUTERS, U.S . Federal Trade Commission, Horizon Therapeutics, FTC, Horizon, Thomson Locations: South San Francisco , California, Oaks , California, Bengaluru

☆ Tropical Storm Franklin strengthens into a hurricane - US NHC
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: 1 min

Aug 26 (Reuters) - Tropical Storm Franklin has become a hurricane and could become a major hurricane early next week, the U.S. National Hurricane Center (NHC) said on Saturday. The hurricane is located about 620 miles (998 km) south of Bermuda, packing maximum sustained winds of 75 miles per hour, the NHC said. The strengthening trend should end in about three to four days with shear expected to increase, the Miami-based forecaster said. The forecaster will issue the next advisory at 17:00 ET. Reporting by Urvi Dugar in Bengaluru; Editing by Diane Craft and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Storm Franklin, Urvi, Diane Craft, Daniel Wallis Organizations: U.S, National Hurricane Center, NHC, Thomson Locations: Bermuda, Miami, U.S, Bengaluru

☆ Canada to challenge extension of US softwood lumber duties
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Finished lumber is seen at West Fraser Pacific Inland Resources sawmill in Smithers, British Columbia, Canada February 4, 2020. REUTERS/Jesse Winter/File Photo Acquire Licensing RightsOTTAWA, Aug 22 (Reuters) - Canada will challenge what Ottawa described as an "unfair, unjust and illegal" extension of U.S. import duties on Canadian softwood lumber products, the trade ministry said on Tuesday. The softwood lumber tariffs are the legacy of a decades-long trade dispute over the structure of Canada's timber sector that could not be resolved when a quota agreement expired in 2015. "For years, the United States has imposed unfair, unjust and illegal duties on Canadian softwood lumber, hurting Canadian industry and increasing housing costs in both countries," Trade Minister Mary Ng said in the statement. "We are prepared to discuss another softwood lumber agreement when Canada is ready to address the underlying issues related to subsidization and fair competition so that Canadian lumber imports do not injure the U.S. industry," a USTR spokesperson said in an emailed statement.

Persons: Jesse Winter, Mary Ng, Ismail Shakil, Susan Heavey, Devika Syamnath, Andy Sullivan Organizations: West Fraser Pacific Inland Resources, REUTERS, Rights OTTAWA, Ottawa, U.S . Commerce Department, Canada, Washington, Trade, United, U.S . Trade, Thomson Locations: West, Smithers , British Columbia, Canada, U.S, Mexico, United States, Ottawa, Bengaluru

☆ UK reports first case of new COVID virus variant
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: 1 min

The word "COVID-19" is reflected in a drop on a syringe needle in this illustration taken November 9, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 18 (Reuters) - The UK Health Security Agency (UKHSA) said on Friday the first case of COVID-19 variant BA.2.86 had been detected in the country in an individual with no recent travel history. On Thursday, the U.S. Centers for Disease Control and Prevention said it was tracking the new, highly mutated variant of the virus that causes COVID. The variant has also been identified in Israel, Denmark and the United States. Reporting by Urvi Dugar in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Urvi, Mark Potter Organizations: REUTERS, UK Health Security Agency, U.S . Centers for Disease Control, Prevention, Thomson Locations: Israel, Denmark, United States, Bengaluru

☆ Fitch downgrades Fannie Mae, Freddie Mac after US rating cut
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A man walks through a plaza at the new Fannie Mae headquarters in Washington, U.S., October 4, 2022. REUTERS/Kevin LamarqueAug 2 (Reuters) - Ratings agency Fitch on Wednesday downgraded U.S. mortgage finance giants Fannie Mae and Freddie Mac Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings to 'AA+' from 'AAA' after the U.S. rating downgrade on Tuesday. The agency said the cut was a result of Tuesday's downgrade and was "not being driven by fundamental credit, capital or liquidity deterioration at firms". "The downgrade to the ratings of Fannie and Freddie was a certainty after Fitch's downgrade of the US rating since the two ratings are linked," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities. The move to cut U.S ratings on Tuesday drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.

Persons: Fannie Mae, Kevin Lamarque, Fitch, Freddie Mac Long, Fannie, Freddie, Gennadiy Goldberg, Urvi, Megan Davies, Chris Reese, Sandra Maler Organizations: REUTERS, AAA, U.S, TD Securities, White, Thomson Locations: Washington , U.S, Bengaluru, New York

☆ Telecom Italia's quarterly core profit rises as domestic revenues edge up
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

which was above a company-provided analyst consensus of 1.3 billion euros. TIM's net financial debt rose to 26.1 billion euros ($28.57 billion) as of June 30 from 24.6 billion euros in the same period last year. The company confirmed its financial targets for 2023, including a stabilisation of service revenue and core earnings at the domestic level. The government has special vetting powers on any deal involving TIM's grid and wants to join KKR's bid to keep a strategic oversight on Italy's main telecommunications infrastructure. The grid sale has faced heavy reservations from TIM's top investor, Vivendi (VIV.PA), which is demanding a higher valuation to back a deal.

Persons: Yara, Pietro Labriola, Giorgia, Elvira Pollina, Urvi, Chris Reese, Leslie Adler Organizations: REUTERS, Telecom Italia, KKR, TIM, U.S, TIM's, Vivendi, Thomson Locations: Rome, Italy, Milan, Bengaluru

☆ US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. The Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Monday, another 128 union members at YRC Freight Canada, a unit of Yellow, were told not to report for work.

Persons: Sean M O'Brien, Donald Trump, Yana Gaur, Urvi, Bharat Govind Gautam, Chris Reese, Stephen Coates, Nivedita Organizations: Yellow Corp, Teamsters Union, YRC, Teamsters, Walmart, Uber, Street Journal, YRC Freight, Thomson Locations: Nashville , Tennessee, YRC Freight Canada, Bengaluru

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