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☆ Canada's revenue agency investigates employees over pandemic benefits, 20 let go
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - The Canada Revenue Agency (CRA) on Friday removed 20 of its employees from services and said it was investigating about 1% of its total workforce thereby digging deeper into cases wherein workers may have inappropriately received pandemic benefits payments. The tax agency is investigating a "limited number" representing about 600 of its employees, CRA said in an emailed statement. CRA said the number of people being removed from service is "likely" to increase toward the completion of the review. The Canada Emergency Response Benefit was rolled out in 2020 to offer broad support to millions of Canadians who lost their jobs amid coronavirus shutdowns. It provided financial support to employed and self-employed Canadians who were directly affected by COVID-19.

Persons: Bharat Govind Gautam, Mrinmay Dey, Gokul, William Mallard, Edwina Gibbs, Franklin Paul Organizations: Canada Revenue Agency, Franklin Paul Our, Thomson Locations: Canada, Bengaluru

☆ India's Byju's seeks to raise $1 bln to stave off investor revolt - Bloomberg News
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Indian edtech startup Byju's is in advanced talks with potential new shareholders to raise $1 billion in funding as it attempts to sidestep a revolt by some investors, Bloomberg News reported on Tuesday, citing sources familiar with the matter. Reuters could not immediately verify if existing shareholders in Byju's have that option. It was not clear if founder Byju Raveendran will ultimately secure a capital influx, the sources, who asked not to be named as the information isn't public, told Bloomberg News. Byju's and its lenders are involved in legal cases in the United States over the restructuring of the loan. Reporting by Mrinmay Dey and Varun Vyas in Bengaluru; Editing by Sonia Cheema and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Chan, Byju Raveendran, Byju's, Mrinmay Dey, Varun, Sonia Cheema Organizations: Bloomberg, Prosus NV, Zuckerberg, Deloitte, Reuters, Bloomberg News, Varun Vyas, Thomson Locations: Byju's, United States, Bengaluru

☆ Musk will train if Las Vegas martial arts cage match takes hold
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 24 (Reuters) - Elon Musk said on Saturday he will start training if the mixed martial arts cage fight he has provoked with fellow billionaire media mogul Mark Zuckerberg takes shape. Twitter owner Musk tweeted on Tuesday he was up for a cage match in Las Vegas with Zuckerberg, CEO of Facebook parent Meta (META.O), who has trained in jiu-jitsu. So if this does happen, I will," Musk said in a talk on Twitter with Ashlee Vance, the author of a book on Musk and the space race. The match "might actually happen" said Musk while attending a birthday party in Europe, adding it was possible that it could go badly if Zuckerberg takes the match seriously. Musk said SpaceX was working on improvements to Starship.

Persons: Elon Musk, Mark Zuckerberg, Musk, Zuckerberg, haven't, Ashlee Vance, Timothy Gardner, Mrinmay Dey, Diane Craft Organizations: Facebook, SpaceX, Thomson Locations: Las Vegas, Europe, of Mexico

☆ Italy's Maire Tecnimont wins $2 billion Saudi Arabia petrochemical contracts
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - Italian engineering group Maire Tecnimont (MTCM.MI) said it has won two contracts valued at about $2 billion related to a petrochemical expansion at the SATORP refinery in Saudi Arabia. SATORP refinery, located in Jubail, Saudi Arabia, is a joint venture between Saudi Aramco and French company TotalEnergies. The engineering, procurement and construction lump sum turnkey contracts will drive the Italian oil services group's revenues growth for 2023 and beyond, the company said in a statement on Saturday. The contracts will bring its year-to-date order intake to over 2.6 billion euros ($2.83 billion), it added. Earlier on Saturday, Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia.

Persons: Maire Tecnimont, Alessandro Bernini, Mrinmay Dey, Ros Russell Organizations: Saudi Aramco, Saudi Arabian Oil Company, Aramco, Thomson Locations: Saudi Arabia, Jubail, Saudi, Bengaluru

☆ HSBC to close New Zealand wealth and personal banking business
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

June 13 (Reuters) - HSBC (HSBA.L) has decided to wind-down its wealth and personal banking business in New Zealand, the bank website showed on Tuesday. The move comes after the London-listed bank last year said it was reviewing its retail banking business in New Zealand with a view to selling it. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinmay Dey, Dhanya Ann Thoppil Organizations: HSBC, Thomson Locations: New Zealand, London, Bengaluru

☆ StanChart trimming roles as part of cost cuts - Bloomberg News
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Standard Chartered (STAN.L) is starting to lay off employees across Singapore, London, and Hong Kong hubs as part of an existing plan to cut costs by more than $1 billion through 2024, Bloomberg News reported on Wednesday. The British bank had previously said that it aims savings of $1.3 billion under a cost-efficiency program. "It is part of normal business activity to review our role requirements on an ongoing basis across the bank," a spokesperson for the British lender told Reuters in an emailed statement. Goldman Sachs is expected to reduce just under 250 jobs in the coming weeks, while JPMorgan Chase & Co (JPM.N) is cutting about 500 employees, Reuters reported in May. Reporting by Mrinmay Dey and Jose Joseph in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Mrinmay Dey, Jose Joseph, Subhranshu Sahu, Dhanya Ann Thoppil Organizations: Bloomberg, Reuters, JPMorgan Chase &, Chartered, Jordan Investment Bank, Thomson Locations: Singapore, London, Hong Kong, Africa, Bengaluru

☆ Ford recalls 125,000 vehicles over engine failures that can cause fires
▼ + stars: | 2023-06-06 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowWASHINGTON, June 6 (Reuters) - Ford Motor Co (F.N) said on Tuesday it is expanding and issuing a new recall for 125,000 sport utility vehicles and trucks because engine failures may cause a fire. Ford said isolated engine manufacturing issues can cause the engine to fail prematurely and in that event engine oil or fuel vapor may be released, increasing the risk of fire and injury. Ford said on Tuesday it had reports of at least three vehicles that suffered fires after getting the 2022 recall fix. Ford and NHTSA advised owners to park and shut off the engine if they hear unexpected engine noises, notice a reduction in vehicle power, or see smoke. Ford said last week that dealers will add an in-line fuse to the battery monitor sensor power circuit.

Persons: Ford, David Shepardson, Mrinmay Dey, Nathan Gomes, Shailesh Kuber, Jason Neely Organizations: Ford, Ford Motor, Lincoln Corsair, National, Traffic Safety Administration, NHTSA, Thomson Locations: WASHINGTON, United States, U.S, Washington, Bengaluru

REUTERS/Mike Blake/File PhotoWASHINGTON, June 5 (Reuters) - Illumina (ILMN.O) on Monday filed an appeal against a Federal Trade Commission (FTC) order, demanding that it divest cancer diagnostic test maker Grail (GRAL.O) over competition concerns in the U.S. market for cancer tests. San Diego-based Illumina is arguing that the FTC "violated due process by depriving Illumina and Grail of a fair proceeding before an impartial tribunal," according to the filing in the U.S. Fifth Circuit Court of Appeals. An administrative law judge at the FTC had earlier dismissed the antitrust charges brought against Illumina but FTC staff won an appeal against that decision. In early December, EU antitrust regulators proposed measures for Illumina to unwind its acquisition of Grail, three months after blocking the deal. Billionaire investor Carl Icahn, who owns 1.4% of the company, had also urged Illumina to unwind the Grail deal which he called a risky acquisition.

Persons: Mike Blake, Illumina, Carl Icahn, Francis deSouza, Vincent Intrieri, Diane Bartz, Mrinmay Dey, Jamie Freed, Edwina Gibbs Organizations: REUTERS, WASHINGTON, Federal Trade Commission, Fifth, Appeals, FTC, Illumina, Thomson Locations: San Diego , California, U.S, Diego, Europe, EU

June 5 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said. Bloomberg said that UBS's retention target of more than 100 bankers did not include China. UBS and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Yana Gaur, Jamie Freed, Kirsten Donovan Organizations: UBS Group AG, Credit Suisse Group AG, Suisse's, Reuters, Bloomberg News, Bloomberg, UBS, Credit Suisse, Thomson Locations: Asia, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg News
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday. Bloomberg said that Switzerland's biggest bank's retention target of more than 100 bankers did not include China. It has held talks with a few bankers in China, but the final number being kept will depend on discussions with regulators, the report added. UBS did not immediately respond to a request for comment on the report, while Credit Suisse declined to comment. Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by its larger rival.

Persons: Sergio Ermotti, Mrinmay Dey, Jamie Freed Organizations: UBS Group AG, Credit Suisse Group AG, Bloomberg, Suisse's, UBS, Credit Suisse, Reuters, Thomson Locations: Asia, Swiss, South Korea, Thailand, Vietnam, India, China, Bengaluru

☆ UBS considers delaying results after Credit Suisse rescue, Financial Times
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - UBS (UBSG.S) is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (CSGN.S), the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. "Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. UBS, which agreed in March to take over its smaller rival as part of a rescue orchestrated by Swiss authorities, has said it aims to close the deal quickly. Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Mrinmay Dey, William Mallard, Sonali Paul Organizations: UBS, Credit Suisse, Financial Times, Switzerland's, Credit, Swiss, Thomson Locations: Swiss, Bengaluru

☆ UBS considers delaying results after Credit Suisse rescue - FT
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannJune 4 (Reuters) - UBS (UBSG.S) is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (CSGN.S), the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. "Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sergio Ermotti, Mrinmay Dey, William Mallard, Sonali Paul Organizations: Swiss, UBS, REUTERS, Credit Suisse, Financial Times, Switzerland's, Credit, Thomson Locations: Zurich, Switzerland, Swiss, Bengaluru

☆ JPMorgan's Jamie Dimon to visit Taiwan after China trip - Bloomberg News
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 1 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Officer Jamie Dimon is planning to visit Taiwan after wrapping up his trip to China, Bloomberg News reported on Friday. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Dimon, Mrinmay Dey, Dhanya Ann Thoppil Organizations: JPMorgan Chase &, Bloomberg, Thomson Locations: Taiwan, China, Bengaluru

☆ Meta to test limiting some news access on Facebook, Instagram in Canada
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Meta Platforms Inc (META.O) on Thursday said it will begin tests on its social media websites Facebook and Instagram that will limit some users and publishers from viewing or sharing some news content in Canada. The testing period will run for several weeks, the social media giant said, adding that the minor percentage of Canadian users enrolled in testing will be notified if they attempt to share news content. The test comes in response to Canada's proposed "Online News Act". "When a big tech company... tells us, 'If you don't do this or that, then I’m pulling the plug' – that’s a threat. Google rolled out similar tests earlier this year blocking news content for some Canadian users as a test run for a potential response to the online news bill.

Persons: Canada's, Meta, Pablo Rodriguez, I’ve, Rodriguez, Rahat Sandhu, Mrinmay Dey, Steve Scherer, Janane Organizations: Inc, Facebook, Canadian Heritage, Reuters, Google, Thomson Locations: Canada, Bengaluru

But China, which bristles at visits to Taiwan by foreign government officials, tends to ignore trips by business executives, who usually keep clear of politics. Dimon will meet bank employees and clients in Taiwan on his visit, said the source, who sought anonymity as the plans were not public, while adding that no meetings were planned with Taiwan officials. As part of his Asia tour, Dimon will also visit South Korea after the Taiwan trip, said the source. But there was no plan for President Tsai Ing-wen to meet Dimon, her office said on Friday. Dimon favours East-West "derisking" rather than decoupling, he told the three-day JPMorgan Global China Summit event in the city on Wednesday.

Persons: Jamie Dimon, Andrew Collier, Dimon, Nvidia Corp's, Jensen Huang, Pat Gelsinger, Dimon's, Ma Ying, Tsai Ing, Chen Jining, Selena Li, Kane Wu, Scott Murdoch, Ben Blanchard, Emily Chan, Mrinmay Dey, Sumeet Chatterjee, Clarence Fernandez Organizations: JPMorgan Chase &, JPMorgan, Orient Capital Research, Bloomberg, Wall, U.S, Nvidia, Intel, Financial, Commission, Shanghai's Communist, JPMorgan Global China, Thomson Locations: Taiwan, China, Taipei, Beijing, Hong Kong, Asia, South Korea, East, United States, Sydney, Bengaluru

☆ Crypto exchange Gemini to soon operate in the UAE
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Gemini will "soon" start the process of buying a crypto license to operate in the United Arab Emirates, and the team has met stakeholders throughout the region to learn more about local regulatory requirements, the crypto exchange said late on Wednesday. Gemini, founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, is aiming for the "adoption of crypto globally across 20 countries." "By applying for a license, we will be taking another step towards making Gemini a truly global company," the exchange said in a blog post. Digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States. Gemini, earlier in May, also launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

Persons: Cameron, Tyler Winklevoss, Sam Bankman, Mrinmay Dey, Nivedita Organizations: United Arab, Gemini, UAE . Digital, Thomson Locations: United Arab Emirates, UAE, Gulf, United States, Bengaluru

☆ Russian billionaires bid for stake in Yandex's local assets -Bloomberg News
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Technology company Yandex (YNDX.O) has received bids from Russian billionaires for a stake of about half of the company's local business, valuing it at over $7 billion, Bloomberg News reported on Friday. Billionaires Vladimir Potanin and Vagit Alekperov bid for at least a 51% controlling stake in Yandex's Russian business, which they value at about 560 billion roubles ($7.21 billion) to 600 billion roubles, the report said citing people familiar with the matter. The board of Yandex might discuss the bids next week when it meets in Dubai, the report added. Yandex's primary advertising competitor, Alphabet Inc's Google (GOOGL.O), stopped selling online advertising in Russia last year. The company also sold its news aggregator platform Yandex News and content recommendation service Yandex Zen to its Russian rival VK (VKCOq.L) in 2022.

☆ Krafton says India revoked ban on its battle-royale game
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

The government had in July blocked Krafton's title Battlegrounds Mobile India (BGMI), citing concerns about its data-sharing and mining in China. Following a government directive, the app was removed from Alphabet Inc's (GOOGL.O) Google Play Store and Apple Inc's (AAPL.O) App Store. A Facebook page for the title says the game will be available for download soon. New Delhi had, back in 2020, banned another Krafton title, PlayerUnknown's Battlegrounds (PUBG) following which the company launched BGMI. India had ramped up scrutiny of Chinese businesses since a 2020 border clash between the neighbours that led to a ban of more than 300 Chinese apps, including TikTok.

☆ Amazon's cloud unit to invest $13 billion in India by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

The latest investment will be used to build its cloud infrastructure in India and it will support over 100,000 full-time jobs annually, AWS said. AWS' total planned investment in India adds up to about $16.4 billion by 2030, the company said in a statement. The cloud platform offers more than 200 services, including storage, robotics and artificial intelligence. The country is currently in the process of drafting a cloud and data center policy to oversee the sector. A host of global companies, including Microsoft Corp (MSFT.O) and Alphabet Inc's (GOOGL.O) Google are ramping up cloud investments in India, betting on the rising digital consumption in one of the fastest-growing markets.

☆ Amazon's cloud unit to invest $12.7 billion in India by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Amazon Web Services (AWS), the cloud computing division of Amazon.com Inc (AMZN.O), said on Thursday it plans to invest $12.7 billion in India by 2030 to build its cloud infrastructure. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

May 18 (Reuters) - A Florida judge ruled in favor of Tiger Woods on Wednesday, rejecting his former girlfriend Erica Herman's request to nullify a non-disclosure agreement she signed when they began dating in 2017, U.S. media reported, citing court documents. Herman had asked a judge to void the agreement, citing a recent law that limits enforcing such agreements in sexual harassment and assault cases. Herman had not accused Woods of harassment or assault in court papers. In Wednesday's ruling, Circuit Judge Elizabeth Metzger said that Herman's claims had been “implausibly pled," granting Woods' requests to compel arbitration, the New York Times reported. The judge wrote that Herman could have provided factual specificity for any claim relating to sexual assault or sexual harassment, but "she has not done so,” according to the newspaper.

☆ Musk says Twitter to soon allow calls, encrypted messaging
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Twitter Inc Chief Executive Elon Musk on Tuesday revealed details about new features including adding calls and encrypted messaging coming to the platform. Last year, Musk flagged plans for "Twitter 2.0 The Everything App", which he said would have features such as encrypted direct messages (DMs), longform tweets and payments. The call feature on Twitter will bring the micro-blogging platform into line with the likes of Meta's (META.O) social media applications, Facebook and Instagram, which have similar features. Musk said a version of encrypted direct messages will be available on Twitter starting Wednesday, but did not say if calls will be encrypted. Twitter this week said it will start a cleansing process by removing and archiving accounts that have been inactive for several years.

☆ Software AG supports Silver Lake's improved bid
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Software AG has received multiple offers according to media reports but has chosen to go ahead with the first bidder - Silver Lake. Silver Lake in April offered 30 euros per share for Software AG. Following Silver Lake's increased bid, Software AG said it does not intend to enter into discussions with a "US competitor". Software AG said in a subsequent filing that the competitor's non-binding offer was subject to specific conditions that were "not achievable". Silver Lake previously said in a regulatory disclosure that it had acquired additional 5% stake in Software AG, bringing its total holding in the company to over 30%.

☆ Air France-KLM in talks with Apollo for $550 mln cash injection
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Air France-KLM (AIRF.PA) said on Thursday it engaged with private equity firm Apollo Global Management (APO.N) for a 500 million euro ($550.70 million) capital injection for one of its engineering and maintenance units. The new financing arrangement if complete will help strengthen Air France-KLM’s and Air France’s balance sheet, the group said in a press release. Air France-KLM and Apollo Global Management entered into a similar solution last year where the private equity firm invested 500 million euro in the company to help repay French state aid. Earlier in April, Air France KLM agreed to revolving credit facilities (RCF) worth 2.2 billion euros, adding that these are linked to environmental, social and governance (ESG) targets. Air France KLM is due to report its first quarter results on May 5.

☆ Morgan Stanley to cut 3,000 jobs in second quarter - source
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Morgan Stanley (MS.N) is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months. Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion. Last month, Morgan Stanley finance chief Sharon Yeshaya had said that "expense management" was a priority given the broader market uncertainty and elevated inflation. Morgan Stanley CEO James Gorman had said in December that the bank would make "modest" job cuts worldwide without giving an exact number.

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