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☆ Israel, Hamas Exchange Fire Ahead of Release of Hostages, Pause in Fighting
▼ + stars: | 2023-11-22 | by ( Benoit Faucon | Dov Lieber | ) www.wsj.com time to read: 1 min

Israel carried out targeted raids in the Gaza Strip and Hamas fired rockets at Israel ahead of implementing an agreed pause in fighting and the release of hostages held by the militant group in exchange for Palestinian prisoners. Early Wednesday, Israel and Hamas agreed to free 50 civilian hostages held by militants in Gaza in return for the release of Palestinian prisoners from Israeli jails and a four-day pause in fighting.

Persons: Israel Locations: Gaza, Israel

Cara LombardoCara Lombardo is a senior reporter for The Wall Street Journal in New York. She and her colleagues regularly break market-moving news on the biggest and most interesting deals and activist fights. In 2021, she was part of a team that won a Gerald Loeb Award for the paper’s coverage of Amazon’s business practices. She joined the Journal in 2017 and previously covered breaking news and the beverage industry. She has undergraduate and master’s degrees in accounting and a master’s degree in journalism, all from the University of Wisconsin-Madison.

Persons: Cara Lombardo Cara Lombardo, Gerald Loeb Organizations: Wall Street, University of Wisconsin - Madison, LinkedIn Locations: New York

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to violating anti-money-laundering requirements in the U.S. and agree to pay $4.3 billion in fines. Photo: Benoit Tessier/ReutersThe king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. But on Tuesday, a jittery Changpeng Zhao showed up in a Seattle federal court to plead guilty to violating U.S. money-laundering rules. So this is new to me,” Zhao told a judge.

Persons: Benoit Tessier, Zhao, “ I’ve, I’ve, ” Zhao Locations: U.S, Seattle

☆ How Binance Melted Down in Less Than a Year
▼ + stars: | 2023-11-21 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

How Binance Melted Down in Less Than a YearBinance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Here’s how the same strategy behind the company’s rise brought it crashing down. Photo: Benoit Tessier/Reuters

Persons: Benoit Tessier Locations: U.S

☆ A Descendant of Freed Slaves, Financier Pursues Family’s $900 Million Oil Claim
▼ + stars: | 2023-11-21 | by ( Benoît Morenne | Photographs Zerb Mellish For The Wall Street Journal | ) www.wsj.com time to read: 1 min

DALLAS—At Kneeland Youngblood ’s graduation from Princeton, his grandfather told him that he had once sought to visit the campus in the 1920s but was stopped at the school’s gates because he was Black. After amassing a fortune, Youngblood donated to build a new plaza at his alma mater and had his grandfather’s name chiseled into the steps.

Persons: DALLAS, Kneeland Youngblood ’, Youngblood Organizations: Princeton

Here’s how the strategy behind Binance’s rise under Changpeng Zhao brought it crashing down. Photo: Benoit Tessier/ReutersThe chief executive of Binance , the largest global cryptocurrency exchange, stepped down and pleaded guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that might preserve the company’s ability to continue operating, according to court documents. Changpeng Zhao appeared in Seattle federal court Tuesday and entered his plea, according to court records. Prosecutors accused Binance, which Zhao owns, of facilitating transactions with sanctioned groups. Binance encouraged U.S. users to obscure their location so the firm could avoid complying with U.S. anti-money-laundering laws, prosecutors said.

Persons: Changpeng Zhao, Benoit Tessier, Binance, Zhao Organizations: Binance, Prosecutors Locations: Seattle

The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, according to court records unsealed Tuesday. Prosecutors also unsealed a document charging Binance, which Zhao owns, with anti-money-laundering and sanctions crimes. Binance will also plead guilty and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.

Persons: Benoit Tessier, Zhao, Binance Organizations: Binance, Prosecutors Locations: U.S, Seattle

☆ Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan
▼ + stars: | 2023-11-20 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Citigroup’s layoffs are part of Chief Executive Jane Fraser’s efforts to streamline the global bank. Photo: Lam Yik/Bloomberg NewsCitigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser ’s efforts to streamline the sprawling global bank. The bank on Monday didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.

Persons: Jane Fraser’s, Lam Yik, Jane Fraser ’, Fraser Organizations: Bloomberg News Citigroup

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

RAMALLAH, West Bank—As Western and Arab leaders look beyond Israel’s war in the Gaza Strip, most agree they want some form of Palestinian government running the enclave, but they can’t agree on who it should include. One emerging point of consensus is that the Palestinian Authority—as it now operates and oversees the West Bank—isn’t up to the job. But there is no easy alternative.

Organizations: West Bank, Palestinian Authority, West Bank — Locations: RAMALLAH, West, Gaza

☆ Anheuser-Busch says U.S. marketing head is leaving
▼ + stars: | 2023-11-16 | by ( Marley Jay | ) www.cnbc.com time to read: +1 min

Beer giant Anheuser-Busch says its head of U.S. marketing is leaving, months after its Bud Light brand lost its position as the top beer brand in the country. The company said U.S. Chief Marketing Officer Benoit Garbe will leave at the end of 2023 "in order to embark on a new chapter in his career," with U.S. Chief Commercial Officer Kyle Norrington taking charge of marketing activities. The company said other sales leaders will report directly to Anheuser-Busch CEO Brendan Whitworth. Bud Light lost its U.S. leadership title to Modelo Especial over the summer. Sales of the brand have been falling for years while Modelo's parent, Constellation Brands, gained steam and marketed itself more successfully to younger beer drinkers.

Persons: Bud Light, Benoit Garbe, Kyle Norrington, Brendan Whitworth, Whitworth, influencer Dylan Mulvaney, influencers Organizations: Anheuser, Busch, Bud, ., U.S, Modelo Especial, Constellation Brands, NCAA, women's, Conservative

☆ Bitcoin up more than 5% near one-week high
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 15 (Reuters) - Bitcoin, the world's largest cryptocurrency, rose more than 5.3% on Wednesday to $37,978, near a one-week high. It has risen about 125% so far this year. While bitcoin remains far from the investment fever pitch it hit in late 2021, the crypto sector has enjoyed a rally in recent weeks as the expected end of central bank rate-hiking cycles draws cash back into high-risk assets. Reporting by Hannah Lang in Washington Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Hannah Lang, Chris Reese Organizations: La Maison du, REUTERS, Thomson Locations: La, Paris, France, Washington

☆ Vatican in deal with Volkswagen for all-electric car fleet by 2030
▼ + stars: | 2023-11-15 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowVATICAN CITY, Nov 15 (Reuters) - The Vatican on Wednesday signed an agreement with German carmaker Volkswagen to replace the city-state's entire car fleet with electric vehicles by 2030. The Vatican's fleet of cars includes dozens of vehicles, most of them dark blue. A pool of drivers take senior Vatican officials to events in Rome and beyond. Many lower-ranking Vatican officials and employees own and drive their own cars into the city-state from Rome. The statement said the Vatican would build a network of electric charging stations inside its walls and at its properties in Rome.

Persons: Pope Francis, Benoit Tessier, Mercedes, Francis, Philip Pullella, Cynthia Osterman Organizations: Prado, REUTERS, AG, VATICAN, German, Volkswagen, Skoda, Volkswagen Group, Vatican, Fiat, Thomson Locations: Marseille, France, Rome, St

☆ France issues arrest warrant against Syria's President Assad - source
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 15 (Reuters) - French judges have issued arrest warrants for Syria’s President Bashar al-Assad, his brother Maher al-Assad, and two other senior officials over the use of banned chemical weapons against civilians in Syria, a judicial source said on Wednesday. It is the first international arrest warrant that has been issued for the Syrian head of state, whose forces responded to protests that began in 2011 with a brutal crackdown that U.N. experts have said amount to war crimes. It is the first time international arrest warrants have been issued over the chemical weapons attack in Ghouta in 2013, says Mazen Darwish, lawyer and founder of the Syrian Center for Media and Freedom of Expression (SCM), which filed the case in France. In October, French judges issued warrants for two former defence ministers over a 2017 bomb that killed a French-Syrian man at his home in Daraa. Reporting by Layli Foroudi and Dominique Vidalon; Editing by Benoit Van Overstraeten and Richard LoughOur Standards: The Thomson Reuters Trust Principles.

Persons: Bashar al, Assad, Maher al, Mazen Darwish, Darwish, Layli Foroudi, Dominique Vidalon, Benoit Van Overstraeten, Richard Lough Organizations: Eastern Ghouta, Syrian Center for Media, United Nations, Organisation, Chemical Weapons, Thomson Locations: Syria, Douma, Eastern, Syrian, Ghouta, France, Daraa

☆ NATO to replace AWACS surveillance jets with modified Boeing 737
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A NATO AWACS surveillance plane is parked at the Romanian Air Force 90th Airlift Base, in Otopeni, Ilfov, Romania, January 17, 2023. With their rotating radar, the modified Boeing 737 jets can detect aircraft at a distance of more than 400 kilometres (250 miles). To replace the old AWACS jets, NATO aims to purchase six Boeing E-7 A Wedgetail planes, with the contract to be signed in 2024 and the first jet ready for operational duty by 2031. Based at Geilenkirchen airbase in Germany, the AWACS fleet has been widely used for NATO surveillance missions along the alliance's eastern flank in the wake of Russia's attack on Ukraine. In a conflict, the AWACS planes can not only provide a radar picture for allied fighter jets, ships and control centres, but also direct NATO combat jets to their targets.

Persons: George Calin, Jens Stoltenberg, Sabine Siebold, Benoit Van Overstraeten, Alex Richardson Organizations: NATO, Romanian Air Force 90th Airlift Base, REUTERS, Rights, Boeing, AWACS, Airborne, Thomson Locations: Otopeni, Ilfov, Romania, Rights BRUSSELS, Poland, United States, Britain, Turkey, Germany, Ukraine, Balkans, Afghanistan, Iraq

☆ Salesforce's strong stock price wooed some investors during third quarter-filings
▼ + stars: | 2023-11-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The two hedge funds had each cut their investments in Salesforce during the second quarter. Still Starboard Value the first activist to speak publicly in October 2022 about needed changes at Salesforce cut its stake again, the filings show. On Sept. 30, the hedge fund owned 1.7 million shares, marking a 14% drop from what it owned at the end of the second quarter. Light Street Capital Management cut its stake by 44%, while Polen Capital Management trimmed it by 3.2%, the filings show. While Salesforce's stock price lost some ground during the third quarter, it has continued to move higher and closed trading at $221.18 on Tuesday.

Persons: Porte, Benoit Tessier, Salesforce, Mason Morfit, Svea Herbst, Bayliss, Aurora Ellis Organizations: Viva Technology, Porte de, REUTERS, Capital Management, Farallon Capital Management, Elliott Investment Management, ValueAct, Investment, Securities and Exchange, Street Capital Management, Polen Capital Management, Svea, Thomson Locations: Paris, France, Salesforce, Polen

☆ Anheuser-Busch US CMO is stepping down after Bud Light sales sink
▼ + stars: | 2023-11-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Anheuser-Busch InBev’s US chief marketing officer is stepping down after the company reported a slump in Bud Light sales, as the backlash against the beer continues. The world’s biggest brewer reported a 13.5% decline in third-quarter US revenue per 100 liters, a key measure of beer sales. The brand’s Bud Light customers abandoned the beer after it partnered with transgender influencer Dylan Mulvaney and botched its response to the controversy. Bud Light lost its long-held top-selling American beer title to rival Modelo after its short partnership with Mulvaney. But AB InBev still wants to turn things around — and ditching its CMO may be one of the steps.

Persons: New York CNN —, Busch, Benoit Garbe, “, ” Garbe, Kyle Norrington, Bud, influencer Dylan Mulvaney, reshuffling, ”, Brendan Whitworth, Bud Light, Michel Doukeris, –, Jordan Valinsky Organizations: New, New York CNN, New York CNN — Anheuser, Busch, Bud Light, Anheuser, InBev, Modelo, Mulvaney Locations: New York

☆ No Balconies or Luxury Toilets: How This City Fought Soaring Rents and Lost
▼ + stars: | 2023-11-14 | by ( Bertrand Benoit | ) www.wsj.com time to read: 1 min

Rents in Berlin rose 16% in June from the previous year, and the number of available rentals has dropped by half since 2014. Photo: Krisztian Bocsi/Bloomberg NewsBERLIN—The German capital has long been a lab for daring experiments in tackling the crisis of affordable housing that is plaguing city dwellers from San Francisco to Hong Kong. Anti-gentrification rules are so strict that in some neighborhoods, luxury renovations such as walk-in showers, balconies or cement tiles are turned down. Airbnb is tightly restricted while rental caps have forced thousands of landlords to slash rents.

Persons: Krisztian Bocsi Organizations: Bloomberg, BERLIN Locations: Berlin, San Francisco, Hong Kong

☆ How One Major World Capital’s Bid to Boost Affordable Housing Backfired
▼ + stars: | 2023-11-14 | by ( Bertrand Benoit | ) www.wsj.com time to read: 1 min

Persons: Krisztian Bocsi Organizations: Bloomberg, BERLIN Locations: Berlin, San Francisco, Hong Kong

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 14 (Reuters) - Bitcoin miners are making hay while the sun shines. "You're seeing a lot of urgency to plug rigs in ahead of the halving," said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bitcoin miners. That means miners are having to use more and more power and speed to crack the complex maths puzzles that earn them a bitcoin. "It's too early to say if all bitcoin miners are out of the wood," said Ludovic Thomas, portfolio manager at Swiss-based Criptonite Asset Management that invests in digital assets.

Persons: Benoit Tessier, Gregory Lewis, Bitcoin's, Morgan, William Szamosszegi, Matteo Greco, It's, Ludovic Thomas, Medha Singh, Lisa Mattackal, Vidya Ranganathan Organizations: La Maison du, REUTERS, U.S, Fineqia, Central, Swiss, Management, Thomson, Reuters Locations: La, Paris, France, J.P, Bengaluru

☆ Boeing shares take off on report that China may lift 737 freeze, bumper Dubai orders
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

Nov 13 (Reuters) - Shares of Boeing (BA.N) rose on Monday after a report said China was considering ending its freeze on purchases of the planemaker's best-selling 737 MAX aircraft after more than four years. This, coupled with bumper jet orders from Middle Eastern airlines at the Dubai Airshow, sent Boeing shares up 4%. China is considering resuming purchases of Boeing's 737 MAX aircraft when the U.S. and Chinese presidents meet this week at the APEC summit, Bloomberg News reported on Sunday, citing people familiar with the matter. Deliveries of Boeing's bestselling 737 MAX to Chinese airlines were halted following two deadly crashes. Boeing shares have underperformed S&P 500 in 2023Boeing shares were trading at $205.15, compared with analysts' current median price target of $250, according to LSEG data.

Persons: Thomas Hayes, Benoit Tessier, Hayes, Shivansh Tiwary, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: Boeing, Dubai Airshow, APEC, Bloomberg, Paris, REUTERS, Emirates, Thomson Locations: China, Middle, U.S, Le Bourget, Paris, France, Dubai, Bengaluru

☆ French report flags Azeri-linked disinformation campaign targeting 2024 Olympics
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

According to the report seen by Reuters and other media, the campaign ran from July 26-27 on an account of an Azerbaijani individual on social media X, formerly Twitter, with links to the Azeri presidential party. However, Viginum said it had not been able to link the campaign directly to the Azerbaijani authorities. Ties between Paris and Baku have been strained in recent months and have worsened since Baku took control of the Nagorno-Karabah region. A French diplomatic source said Paris had asked Baku for clarifications on the disinformation campaign. It would also be discussing the matter with X, formerly Twitter, in the coming days, the source said.

Persons: Benoit Tessier, Viginum, Paris, John Irish, Tassilo Hummel, Jonathan Oatis Organizations: IOC, Paris, REUTERS, Rights, Reuters, Vigilance, Protection, Thomson Locations: Paris, France, Azerbaijan, Baku, Karabah, Armenia, Nagorno, Karabakh

☆ Emirates and flyDubai place Dubai Airshow jet orders
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

A Boeing 777-9, a variant of the 777X, performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsDUBAI, Nov 13 (Reuters) - Dubai's Emirates placed an order for 90 more Boeing (BA.N) 777X jets at the opening of the Dubai Airshow on Monday, including both variants of the future long-haul jet. The world's largest international carrier also added five more Boeing 787s to an existing order, saying the total package of new widebody jets was worth over $50 billion at list prices. The 777X order includes 55 of the 400-seat 777-9 variant and 35 of the smaller 777-8, he told a news conference. Sister airline flyDubai also weighed in at the start of the biennial event with an order for 30 Boeing 787-9 in its first order for wide-body jets.

Persons: Benoit Tessier, Sheikh Ahmed bin Saeed Al Maktoum, flyDubai, Alexander Cornwell, Tim Hepher Organizations: Boeing, Paris, REUTERS, Rights, Dubai's Emirates, Emirates, Thomson Locations: Le Bourget, Paris, France, Rights DUBAI, Dubai

Mahmoud Abbas, leader of the Palestinian Authority, attending an emergency meeting in Riyadh. Photo: SAUDI PRESS AGENCY/AFP via Getty ImagesIsrael is diverging from the U.S. and Arab world on a postwar solution for Gaza, after Prime Minister Benjamin Netanyahu ruled out a role for the Palestinian Authority, which Washington and some Arab leaders prefer to take over from Hamas. Netanyahu, under pressure from his right-wing political base, said Saturday Israel wants a solution other than the Palestinian Authority, led by President Mahmoud Abbas . The Israeli leader didn’t put forward an alternative, saying only that Israel wants to avoid governing Gaza and needs to maintain security control over the strip after it defeats Hamas, which Netanyahu has sworn to do.

Persons: Mahmoud Abbas, Benjamin Netanyahu, Netanyahu, Israel, didn’t Organizations: Palestinian Authority, Photo, SAUDI PRESS, Getty Images Israel Locations: Riyadh, U.S, Gaza, Washington

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