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☆ India makes first crude oil payment to UAE in Indian rupees
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

Indian Oil Corp Ltd logo is seen displayed in this illustration taken, April 10, 2023. Indian Oil Corp (IOC.NS) made payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by Indian embassy in UAE. The transaction comes after one involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million). India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions. Bilateral trade between India and UAE was $84.5 billion in 2022/23.

Persons: Dado Ruvic, Narendra Modi, Juby Babu, Nidhi Verma, David Gregorio Our Organizations: Indian Oil Corp, REUTERS, Indian Oil Corporation, United Arab, Abu Dhabi National Oil Company, UAE, Indian, Thomson Locations: India, United Arab Emirates, Abu Dhabi, UAE

☆ Biotech firm Amyris files for bankruptcy in US
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Biotech firm Amyris Inc (AMRS.O) on Wednesday said it has filed for Chapter 11 bankruptcy in a U.S. court and is planning to sell its consumer brands to improve the company's liquidity position. Amyris said it has secured a $190 million financing commitment to support day-to-day operations, adding that its entities outside the U.S. are not included in the bankruptcy proceedings. In a filing with the Delaware bankruptcy court, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billon to $10 billion. "Restructuring is intended to improve the Company's cost structure, capital structure, and liquidity position while streamlining Amyris' business portfolio to focus on its core competencies in R&D...," the company said. Amyris had also initiated a "strategic transformation program" in June and secured a term loan facility of up to $50 million.

Persons: Amyris, Han Kieftenbeld, John Melo, Juby Babu, Rashmi Organizations: Biotech, Amyris Inc, Thomson Locations: U.S, Delaware, Bengaluru

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The downgraded banks include M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank and BOK Financial Corp (BOKF.O). The banks placed on review for downgrade include BNY Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N) and Truist Financial (TFC.N). Moody's changed its outlook to negative from stable for Capital One (COF.N), Citizens Financial (CFG.N) and Fifth Third Bancorp (FITB.O), among others. The ratings agency also affirmed the ratings of PNC Financial Services Group (PNC.N), Citizens, and Huntington Bancshares (HBAN.O) alongside other banks.

Persons: Moody's, BNY Mellon, Huntington, Juby Babu, Muralikumar Anantharaman Organizations: Moody's Corporation, T Bank, Pinnacle Financial Partners, Prosperity Bank, BOK Financial Corp, BNY, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Citizens, Fifth Third Bancorp, PNC Financial Services, Thomson Locations: Manhattan , New York, U.S, Silicon, Bengaluru

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File photoAug 5 (Reuters) - Elon Musk has said his X social media platform will fund the legal bills of people who have been treated unfairly by employers because of posting or liking something on the site formerly known as Twitter. "If you were unfairly treated by your employer due to posting or liking something on this platform, we will fund your legal bill," Musk said in a post on X, adding that there will be no limits to funding the bills. The figures came as the company is going through organizational changes and is looking to boost dropping advertising revenue. An upturn in advertising revenue that had been expected in June failed to materialise.

Persons: Carlos Barria, Elon Musk, Musk, Juby Babu, Tom Hogue, Simon Cameron, Moore Organizations: REUTERS, Meta, Twitter, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ Musk says fight with Zuckerberg will be live-streamed on X
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu Wang/File PhotoAug 6 (Reuters) - Elon Musk said in a social media post that his fight with Meta (META.O) CEO Mark Zuckerberg would be live-streamed on social media platform X, formerly known as Twitter. The social media moguls have been egging each other into a mixed martial arts cage match in Las Vegas since June. "Zuck v Musk fight will be live-streamed on X. All proceeds will go to charity for veterans," Musk said in post on X early on Sunday morning, without giving any further details.

Persons: Elon Musk, Tingshu Wang, Mark Zuckerberg, Musk, Meta, Juby Babu, Alex Richardson Organizations: Tesla, REUTERS, Meta, Twitter, Thomson Locations: Beijing, China, Las Vegas, Bengaluru

☆ Musk says fight with Zuckerberg to be live-streamed on X
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tingshu Wang/File PhotoNEW YORK/BENGALARU Aug 6 (Reuters) - Elon Musk said in a social media post on Sunday that his proposed fight with Meta (META.O) Chief Executive Officer Mark Zuckerberg would be live-streamed on social media platform X, formerly known as Twitter. "Zuck v Musk fight will be live-streamed on X. Zuckerberg, responding on his social media app Threads, said late Sunday: "I'm ready today. When a user on X asked Musk the point of the fight, Musk responded by saying "It's a civilized form of war. Musk then said he would start training if the cage fight took shape.

Persons: Elon Musk, Tingshu Wang, Mark Zuckerberg, Musk, Zuckerberg, hasn't, Juby Babu, Gertrude Chavez, Dreyfuss, Alex Richardson, Diane Craft Organizations: Tesla, REUTERS, Meta, Twitter, Thomson Locations: Beijing, China, Las Vegas, jiujitsu, Bengaluru, New York

☆ Binance did monthly transactions worth $90 bln in banned China market - WSJ
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - Binance users traded cryptocurrency-related assets worth $90 billion in a single month in China, where such trading has been illegal since 2021, the Wall Street Journal reported, citing internal figures, and current and former employees of the exchange. Binance's origins lie in China, though the world's largest crypto exchange withdrew from mainland China in 2017 during a regulatory crackdown. The exchange is also under investigation by the U.S. Justice Department over possible money-laundering and sanctions violations, Reuters had reported in December. Reporting by Juby Babu in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Binance, Changpeng Zhao, Juby Babu, Nivedita Bhattacharjee Organizations: REUTERS, Wall Street Journal, China Binance's, Futures Trading Commission, Securities and Exchange Commission, SEC, CFTC, U.S . Justice Department, Reuters, Thomson Locations: China, Bengaluru

☆ Strathcona buys rival to go public, create Canada's 5th biggest oil company
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

It did not say when the combined company will start trading. Pipestone Energy has a market capitalization of $756.83 million, according to Refinitiv Eikon data. Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest. Including debt, the combined company will have a market capitalization of C$11.5 billion. Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.

Persons: Strathcona, Rob Morgan, Juby Babu, Savio D'Souza, Rashmi Organizations: Strathcona Resources, Pipestone Energy Corp, Strathcona, Pipestone Energy, Energy, Thomson Locations: Strathcona, Calgary , Alberta, Bengaluru

☆ Before suing Coinbase, SEC asked it to trade only in bitcoin -FT
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong. The SEC told FT that its enforcement division did not make formal requests for "companies to delist crypto assets". The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler has labeled the crypto industry a "Wild West" that has undermined investor trust in the U.S. capital markets. The SEC and Coinbase did not immediately respond to a Reuters request for comment on the report.

Persons: Coinbase, Brian Armstrong, Armstrong, let's, Gary Gensler's, Gensler, Juby Babu, Sonia Cheema, Savio D'Souza Organizations: U.S . Securities, Exchange Commission, SEC, Financial Times, Binance, Thomson Locations: Solana, Cardano, U.S, Bengaluru

☆ Binance and its CEO seek dismissal of CFTC complaint
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint filed against the exchange by the U.S. Commodity Futures Trading Commission (FTC), the company said in a court filing on Thursday. The CFTC sued Binance, Zhao and former Chief Compliance Officer Samuel Lim in March alleging that they violated the Commodity Exchange Act and certain related federal regulations, and for operating what the regulator said was an "illegal" exchange and a "sham" compliance program. The Court should dismiss the complaint in its entirety," Binance said. Lim filed a separate motion to dismiss the CFTC claims against him. Reporting by Juby Babu in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Changpeng Zhao, Binance, Zhao, Samuel Lim, Lim, Juby Babu, Tom Hogue Organizations: U.S . Commodity Futures Trading Commission, CFTC, Thomson Locations: Bengaluru

☆ Wells Fargo's firearm policies under Texas AG scrutiny
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Wells Fargo & Co's (WFC.N) policies around the firearm industry are being probed by the Texas Attorney General's office, the company said in an emailed statement on Thursday. "We have been cooperating with the Texas AG's Office and continue to affirm our standing letter that was provided to that office," the company said. The public finance division, which oversees most municipal bond offerings in Texas, will decide by Aug. 25 whether the bank is a "discriminating company," according to Bloomberg News. The Texas Attorney General's office did not respond to a Reuters request for comment on the report. Reporting by Yana Gaur and Juby Babu in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Leslie Brock, Wells, Bill, Brock, Yana Gaur, Juby Babu, Kim Coghill Organizations: Texas Attorney, Bloomberg, Reuters, Texas AG's Office, Bloomberg News, Texas, Citigroup Inc, Thomson Locations: Texas, Wells, Bengaluru

☆ Binance, CEO plan to seek dismissal of CFTC complaint
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Binance and its CEO and founder Changpeng Zhao are planning to seek dismissal of a Commodity Futures Trading Commission (CFTC) complaint accusing the crypto exchange of violating the Commodity Exchange Act and certain related federal regulations. Binance is due to submit its response to the CFTC complaint on July 27 and plans to seek dismissal, according to a court filing on Monday. The CFTC in March sued Binance, the world's biggest crypto exchange, and Zhao for operating what the regulator alleged was an "illegal" exchange and a "sham" compliance program. In its complaint, the CFTC said that from at least July 2019 to the present, Binance "offered and executed commodity derivatives transactions on behalf of U.S. persons" in violation of U.S. laws. The CFTC and Binance did not immediately respond to Reuters' request for comment.

Persons: Changpeng Zhao, Binance, Zhao, Juby Babu, Varun Organizations: Futures Trading Commission, CFTC, Reuters, U.S . Securities, Exchange Commission, SEC, Binance, Justice, Thomson Locations: Bengaluru

☆ S&P lowers Bangladesh's rating outlook to negative on liquidity risks
▼ + stars: | 2023-07-25 | by ( Ruma Paul | ) www.reuters.com time to read: +2 min

DHAKA, July 25 (Reuters) - S&P Global Ratings on Tuesday lowered Bangladesh's long-term rating outlook to negative from stable, citing risks the country's external liquidity position could deteriorate in the next year while foreign exchange reserves remain under pressure. "Lower generation of current account receipts than we expect, a higher overall current account deficit than we forecast, or a failure to materially boost foreign exchange reserves would indicate downward pressure on the rating," S&P said. "This would cause either more uncertainty and more costs to weigh the growing risks of uncertainty in repayment," he said. Moazzem said measures were needed particularly in subsidy management and energy imports, which are the main weaknesses in the foreign exchange reserve situation. "The government needs to take bold actions in these regards including substituting importing energy by exploring gas and substituting energy import for power, agriculture by solar based and other renewable energy measures," he added.

Persons: Khondaker Golam, Moazzem, Ruma Paul, Juby Babu, Jacqueline Wong, Lincoln, Jamie Freed Organizations: International Monetary Fund, Thomson Locations: DHAKA, Ukraine, Bangladesh, Dhaka, Bengaluru

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ Nikola says damaged truck reignites at its headquarters
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 23 (Reuters) - An electric truck which was previously damaged reignited at Nikola's (NKLA.O) Phoenix, Arizona headquarters on Sunday afternoon but there were no injuries, the electric-truck maker said in a statement. "At approximately 2 pm today at Nikola HQ, one of the trucks that was previously damaged reignited. This comes after last month's fire when Nikola reported a fire around its headquarters and said it suspects foul play behind the incident that affected multiple trucks but caused no injuries. The damaged trucks were kept at the company's Phoenix site for "safety monitoring and the ongoing investigations." Reporting by Juby Babu and Akash Sriram in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Nikola, Juby Babu, Akash Sriram, Nivedita Organizations: Nikola, Thomson Locations: Phoenix , Arizona, Bengaluru

July 24 (Reuters) - Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday. Blockchains can store the World IDs in a way that preserves privacy and can't be controlled or shut down by any single entity, co-founder Alex Blania told Reuters. The project says World IDs will be necessary in the age of generative AI chatbots like ChatGPT, which produce remarkably humanlike language. Altman told Reuters Worldcoin also can help address how the economy will be reshaped by generative AI. Since only real people can have World IDs, it could be used to reduce fraud when deploying UBI.

Persons: Sam Altman, Alex Blania, Altman, Reuters Worldcoin, ”, UBI, Anna Tong, Juby Babu, Elizabeth Howcroft, Kenneth Li, Navaratnam, Philippa Fletcher Organizations: Humanity, Reuters, Thomson Locations: San Francisco, Berlin

☆ Adidas swamped with $565 mln in orders for unsold Yeezy shoes- FT
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks.

Persons: Ye, Kanye, Kanye West, Shannon Stapleton, Bharat Govind Gautam, Juby Babu, Savio D'Souza, Nivedita Organizations: Adidas, Financial Times, REUTERS, Thomson Locations: Garden City , New York, U.S, China, Bengaluru

☆ Striking writers and actors accuse NBCUniversal of blocking picket area
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] SAG-AFTRA actors strike against the Hollywood studios as they join the Writers Guild of America (WGA) on the picket like outside of Netflix offices in Los Angeles, California, U.S., July 14, 2023. REUTERS/Mike Blake/File PhotoLOS ANGELES, July 18 (Reuters) - Hollywood's striking Writers Guild of America (WGA) and SAG-AFTRA actors' union filed a grievance with the National Labor Relations Board (NLRB) against Comcast's (CMCSA.O) NBCUniversal on Tuesday, accusing the company of blocking a picket area. The unions said NBCUniversal infringed its freedom to picket and endangered its members by obstructing a public sidewalk next to the company's studio lot in California with an ongoing construction project. Hollywood actors joined film and television writers on picket lines for the first time in 63 years last week as they demanded higher streaming-era pay and curbs on the use of artificial intelligence. "We strongly believe that the company has fulfilled our legal obligations under the National Labor Relations Act (NLRA) and we will cooperate with respect to any inquiries by the National Labor Relations Board on this issue," an NBCUniversal spokesperson said.

Persons: Mike Blake, NBCUniversal, picketers, AFTRA, Mrinmay Dey, Baranjot Kaur, Juby Babu, Lisa Richwine, Shubhendu Deshmukh, Leslie Adler, Jamie Freed Organizations: Hollywood, Writers Guild of America, Netflix, REUTERS, Guild of America, SAG, National Labor Relations Board, Comcast's, National Labor Relations, Thomson Locations: Los Angeles , California, U.S, California, Bengaluru, Los Angeles

☆ UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: EY, PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, Thomson Locations: Bengaluru

☆ UBS to retain EY as auditor after Credit Suisse takeover- FT
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. UBS, EY and PwC did not immediately respond to requests for comment on the FT report. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, EY, Thomson Locations: Bengaluru

☆ M7.2 quake hits Alaska Peninsula, tsunami warning issued for nearby region
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

July 16 (Reuters) - An earthquake of magnitude 7.2 struck the Alaska Peninsula region early on Sunday, the United States Geological Survey (USGS) said, leading to a tsunami warning for nearby regions. USGS revised the magnitude of the earthquake down from an initial reading of 7.4, and it revised the depth of the quake to 32.6 km (20.3 miles) from an initial 9.3 km. The U.S. Tsunami Warning System issued a tsunami warning for South Alaska, the Alaska Peninsula and regions of the Pacific near to the earthquake. Reporting by Juby Babu in Bengaluru; Editing by David Goodman and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Juby Babu, David Goodman, Hugh Lawson Organizations: United States Geological Survey, U.S ., Thomson Locations: Alaska, U.S, South Alaska, Bengaluru

☆ Biden forgives $39 billion in US student debt using program tweak
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

Borrowers will be eligible for forgiveness if they have made either 20 or 25 years of monthly IDR payments, the department said. The IDR program caps payment requirements for lower-income borrowers and forgives their remaining balance after a set number of years. Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt. The Education Department has launched a regulatory "rulemaking" process to pursue his $430 billion loan relief plan. In a statement, Vice President Kamala Harris said the administration "will continue to fight to make sure Americans can access high-quality postsecondary education without taking on the burden of unmanageable student loan debt."

Persons: Joe Biden's, Read, IDR, Education Miguel Cardona, Biden, Kamala Harris, Juby Babu, Rami Ayyub, Christina Fincher, Chizu Nomiyama, Frances Kerry Organizations: Education Department, Education, Thomson Locations: Washington , U.S, WASHINGTON, Bengaluru, Washington

☆ Biden administration forgives $39 bln in student debt- CNBC
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - U.S. President Joe Biden's administration will automatically cancel $39 billion in student debt for more than 800,000 borrowers, CNBC reported on Friday. "For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," CNBC quoted U.S. Secretary of Education Miguel Cardona as saying. Reporting by Juby Babu in Bengaluru, editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden's, Education Miguel Cardona, Juby Babu, Christina Fincher Organizations: CNBC, Education, Thomson Locations: Bengaluru

☆ Musk's Twitter sues four Texas entities for data scraping, seeks damages
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Twitter has filed a lawsuit against four unnamed entities in Texas for data scraping last week, a move that showed why the Elon Musk-owned social network recently placed daily limits on the number of tweets a user could read. The complaint by Musk's X Corp, which owns Twitter, alleged that the entities indulged in "unlawfully scraping data" and sought monetary relief of more than $1 million, the lawsuit said. Musk, meanwhile, reiterated the reason for data limits in a reply to a tweet that referenced the data-scraping lawsuit. The case is X Corp Vs John Does 1-4, in the district court of Dallas County, Texas, no. Reporting by Shubham Kalia and Juby Babu in Bengaluru; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon, Musk, John, Shubham Kalia, Juby Babu, Savio D'Souza, Arun Koyyur Organizations: Twitter, Elon Musk, Musk's X Corp, Meta, X Corp, Thomson Locations: Texas, Dallas County , Texas, Bengaluru

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