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☆ U.S. autonomous vehicle group picks ex-Senate aide as director
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director, the group told Reuters. U.S. lawmakers have been divided for years over how to amend current auto safety regulations to encompass self-driving cars, including the scope of consumer and legal protections. In August, U.S. House members launched a bipartisan effort to help revive stalled legislative efforts to boost self-driving vehicles. In July, the National Highway Traffic Safety Administration said GM's Cruise and Ford sought exemptions to deploy up to 2,500 self-driving vehicles annually without human controls. The Transportation Trades Department for the AFL-CIO, told U.S. lawmakers in 2021 that autonomous vehicles place "millions of jobs at risk" and any self-driving legislation should not apply to commercial trucks.

Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.

☆ Scientists reconstruct epic biblical battles in groundbreaking new study
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Using readings of ancient geomagnetic fields which have been preserved over time in mud bricks from sites destroyed by fire and in two collections of ceramic objects, scientists from the Hebrew University and Tel Aviv University have dated these remnants more accurately. The method has been used in the past but never to this extent. [1/5] An aerial view shows visitors at Tel Lachish archaeological site in southern Israel, October 25, 2022. The study's findings indicate, for example, that the army of Hazael, King of Aram-Damascus first mentioned in the Book of Kings, was responsible for the destruction of several cities including Tel Rehov, Tel Zayit and Horvat Tevet. Reporting by Emily Rose Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Malaysia's deportation of Myanmar refugees violates international law - UN
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The deportations, which included former navy officers seeking asylum, expose those sent away to danger and are a violation of the international law on non-refoulement, according to UNHCR, referring to a law that protects refugees or asylum seekers from being deported. "In the last two months alone, hundreds of Myanmar nationals are reported to have been sent back against their will by the authorities," UNHCR spokesperson Shabia Mantoo told a Geneva press briefing. The latest incident involving an asylum seeker being sent back to conflict-torn Myanmar occurred on Oct. 21, Mantoo added, despite intervention by the UNHCR with authorities. Myanmar's embassy in Malaysia previously said in a post on Facebook that 150 Myanmar nationals were deported by plane on Oct. 6 in cooperation with Malaysian immigration authorities. So far, more than 150,000 refugees and asylum seekers, including many ethnic Rohingya Muslims, have fled to neighbouring Malaysia.

☆ Adidas ends Kanye West partnership over antisemitism, hate speech
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

"Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said. Register now for FREE unlimited access to Reuters.com RegisterA lawyer representing Kanye West did not respond to a request for comment. Adidas put the partnership under review earlier in October "after repeated efforts to privately resolve the situation." Ye has courted controversy in recent months by publicly ending major corporate tie-ups and due to outbursts on social media against other celebrities. His Twitter and Instagram accounts were restricted, with the social media platforms removing some of his online posts that users condemned as antisemitic.

☆ Dollar rises amid suspected BOJ intervention; pound choppy as Sunak gets top job
▼ + stars: | 2022-10-24 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Yen overnight volatility surged to its highest since Sept. 21, the day before the BOJ stepped in to prop up the currency for the first time since 1998. At 3:30 p.m. EDT (1930 GMT), the dollar was up 0.089% at 111.93 against a basket of six peer currencies. Sterling was last down 0.16% at $1.12915, off an overnight high above $1.14. The euro was last up 0.18% at $0.98805, while China's offshore yuan plummeted to a new record low against the dollar of 7.3322.

☆ Dollar shrugs off suspected Japan intervention; pound eyes UK politics
▼ + stars: | 2022-10-24 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Yen overnight volatility surged to its highest since Sept. 21, the day before the BOJ stepped in to prop up the currency for the first time since 1998. Sterling see-sawed on news former prime minister Boris Johnson had dropped out of the Tory leadership contest, and was last up 0.1% at $1.1319, off an overnight high above $1.14. Johnson said he had withdrawn from Monday's contest to replace Liz Truss, who was forced to resign as prime minister after launching a fiscal plan that unleashed turmoil in UK markets. Former Chancellor Rishi Sunak has emerged as the clear frontrunner to become Britain's next prime minister.

☆ Half of Britons to spend less this Christmas - Kantar
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Half of Britons plan to spend less on Christmas this year as a cost of living crisis, amid surging food and energy costs, curtails their purchasing power, market researcher Kantar said on Monday. It said one in three shoppers who expects to spend less plans to cut gift budgets for close friends and family by over 25 pounds ($28.30) per person. Register now for FREE unlimited access to Reuters.com RegisterA survey published last week showed consumer confidence remained close to a record low as households responded to the combination of high inflation and Britain's chaotic politics. Kantar said 37% of UK consumers are struggling with their financial situation, while 47% are worried about Christmas. ($1 = 0.8834 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Davey Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Romanian defence minister resigns, pressured after Ukraine comment
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BUCHAREST, Oct 24 (Reuters) - Romanian Defence Minister Vasile Dincu resigned on Monday, saying he could not collaborate with the country's president, amid pressure weeks after he said Ukraine's only chance to end the war was to negotiate with Russia. Some 2.65 million Ukrainians have fled to Europe through Romania in the eight months since the war started. Register now for FREE unlimited access to Reuters.com Register"My gesture (resignation) comes as it is impossible to cooperate with the Romanian president, the army's commander-in-chief," Dincu said in a statement. In early October, Dincu said Ukraine needed international allies to negotiate security guarantees and peace with Russia, sparking criticism from President Klaus Iohannis and leaders of the ruling governing coalition. Register now for FREE unlimited access to Reuters.com RegisterReporting by Luiza Ilie; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Delhi residents defy Diwali firecracker ban, pollution spikes
▼ + stars: | 2022-10-24 | by ( Krishna N. Das | ) www.reuters.com time to read: +2 min

NEW DELHI, Oct 24 (Reuters) - Many residents of New Delhi defied a firecracker ban on Diwali on Monday as political parties traded blame on who was responsible for the Indian capital's foul air. Delhi Chief Minister Arvind Kejriwal's government said last week that people who let off firecrackers during Diwali would face up to six months in jail, under a broader ban introduced to help combat extreme winter pollution. "Kejriwal's minister had threatened to put those burning firecrackers in jail," said Amit Malviya, who runs the BJP's national information and technology department, posting a video of firecrackers lighting up the Delhi night sky. Earlier in the day, Kejriwal posted two graphics on Twitter showing that Delhi's air quality had improved in the last three years. Register now for FREE unlimited access to Reuters.com RegisterEditing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Tel Aviv Stock Exchange to restructure and create crypto platform
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Oct 24 (Reuters) - The Tel Aviv Stock Exchange (TASE) (TASE.TA) said on Monday it would reshape its ownership structure and also create a blockchain platform to allow more trading of crypto currencies in an effort to match international standards. TASE, which went public in 2019, said it would create a new publicly traded holding company that will own 100% of the bourse, which will become a private firm. The exchange said it would create a platform for digital assets using blockchain, or distributed ledger technology. This would allow the trading of digital assets while exporting proprietary technological services to smaller foreign exchanges. Over the first half of 2022, the bourse earned operating profit of 47 million shekels ($13 million) versus 55 million in all of 2021.

☆ Sierra EV joins General Motors' electric truck family in early 2024
▼ + stars: | 2022-10-20 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The first version, due in early 2024, is the fully loaded Sierra EV Denali Edition 1, which will be built in limited numbers and priced from $107,000. Register now for FREE unlimited access to Reuters.com RegisterLike its sister model, the Chevrolet Silverado EV, the four-door Sierra EV shares its Ultium battery pack with the GMC Hummer EV. The high-end Sierra EV Denali Edition 1 boasts 754 horsepower and an estimated range of 400 miles. When the battery pack is depleted, a DC fast charger can add about 100 miles of range in 10 minutes, GM said. The feature-laden Sierra EV Denali comes with an adaptive air suspension, a massive 16.8-inch center display, 14-inch multi-color head-up display, panoramic glass roof and Super Cruise hands-free driving assist.

Oct 20 (Reuters) - American Airlines Group Inc (AAL.O) on Thursday forecast that fourth-quarter profit would exceed analyst estimates after posting better-than-expected earnings in the third quarter, as demand for travel remained resilient despite higher airfare and growing risks of an economic recession. American is the latest airline to provide an upbeat forecast even as a worsening economic outlook has sparked worries about travel spending. Carriers, however, say an unquenched thirst for travel, hybrid work arrangements and limited airline capacity would keep their business humming. American said demand for domestic and short-haul international travel is "very strong", and lifting of travel restrictions and testing requirements around the globe are expected to further drive up long-haul international traffic. Adjusted profit for the third quarter came in at 69 cents per share, topping analysts' expectations of 56 cents a share.

☆ South African financial regulator: crypto platforms must be licensed in 2023
▼ + stars: | 2022-10-20 | by ( Rachel Savage | ) www.reuters.com time to read: +2 min

A declaration on Wednesday that crypto assets are financial products does not mean that they are legal tender, Eugene Du Toit, head of the Financial Sector Conduct Authority's Regulatory Frameworks Department, said at a press conference. "We are not legitimising crypto assets," Du Toit said. "We are not giving credence to crypto assets." The FCSA deliberately referred to crypto assets rather than cryptocurrencies, as regulators do not believe the digital assets qualify as currencies, the regulator's head Unathi Kamlana said. Declaring that crypto assets are financial products will enable authorities to clamp down on scams and protect customers, whereas they previously had no power to do so, he said.

☆ India's economic growth outlook stagnates, stuck in lower gear
▼ + stars: | 2022-10-20 | by ( Vivek Mishra | ) www.reuters.com time to read: +4 min

It was expected to decelerate further to 4.4% in the fourth quarter, according to an Oct. 13-19 Reuters poll. Register now for FREE unlimited access to Reuters.com RegisterThe median expectation was for 6.9% growth in the 2022-23 fiscal year, slightly above International Monetary Fund (IMF) and World Bank projections of 6.8%. While those figures were only trimmed from the previous poll medians, a deteriorating global economic outlook suggests there may be further downgrades in coming months. "This, we believe, will result in the RBI having to shift its focus toward supporting growth and away from anchoring inflation expectations by engineering a growth slowdown." The poll showed the RBI taking a softer approach with rates.

☆ BMW invests $1.7 bln to build electric vehicles in U.S.
▼ + stars: | 2022-10-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

An employee works at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. The luxury automaker plans to build at least six fully electric BMW models in the United States by 2030. BMW Group had already announced that four additional battery cell factories will be built in Europe and China to meet its needs. BMW's 30-year-old South Carolina plant has built more than 6 million vehicles, employs more than 11,000 people, and has an annual production capacity of up to 450,000 vehicles. South Carolina awarded a $65 million grant to Spartanburg County to assist with costs related to the project.

The plan envisages a 14-fold increase in the number of charging stations, climbing to 1 million by 2030 from around 70,000 now. It also aims to have 15 million electric vehicles on German roads by 2030 from around 1.5 million now. Other measures in the government's plan include speeding up state approvals to build charging points. The electric vehicle push comes against a backdrop of surging electricity prices, resulting from an energy crisis fuelled by Russia's invasion of Ukraine. The electric vehicle plan drew a mixed reaction from industry associations, which have long complained that the government has not kept pace with the rapid expansion of electric vehicles.

☆ After UK turmoil, Dutch central bank urges pension funds to review liquidity
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

AMSTERDAM, Oct 19 (Reuters) - The Dutch central bank (DNB) said on Wednesday it had called on pension funds in the Netherlands to review their readiness to weather a sudden spike in interest rates, following turmoil among British funds. A spokesperson for the bank confirmed a Financial Times report that said the funds had been asked to review their holdings of liquid assets. Dutch pension funds make less use of interest rate hedges than their British peers and benefit from the larger and more liquid eurozone government bond market. "When a rise in interest rates happens gradually, there is no liquidity risk" it said, though it noted that a liquidity crisis was still possible. Jan Mark van Mill, head of Treasury and Trading at fund manager APG, says his organization conducts monthly liquidity stress tests.

☆ India to pitch for global biofuels alliance at G20 - oil minister
▼ + stars: | 2022-10-19 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

REUTERS/Gary McWilliamsNEW DELHI, Oct 19 (Reuters) - India plans to pitch for a global alliance on biofuels among members of the group of 20 major economies, oil minister Hardeep Singh Puri said on Wednesday, as the world's third biggest oil consumer bids to boost use of cleaner fuels. India will take over the presidency of the group, also called G20, from Indonesia in December. "We will utilise our G20 presidency to try and set up an international biofuels alliance," Puri said at the International Conference on Biofuels. I think we are on our way to setting up an international alliance," he said. India, also the world's third-biggest oil importer, ships in about 85% of its crude needs, but is gradually building capacity to increase its output of biofuels.

☆ Italian economy faces threat from climate change - central bank
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A person holds an umbrella by the Milan's Duomo cathedral at Duomo square, as temperatures soar during a heatwave in Milan, Italy, July 21, 2022. REUTERS/Massimo Pinca/File PhotoROME, Oct 19 (Reuters) - Rising temperatures risk stunting the growth of the Italian economy over the coming decades, with sectors such as agriculture and tourism among the hardest hit, a Bank of Italy research project said on Wednesday. Gross domestic product per person could fall by anything between 2.8 and 9.5% by 2100 compared with baseline estimates, the report added. Resorts at lower levels faced the greatest risk, with artificial snow unable to compensate fully for the absence of the genuine article. Register now for FREE unlimited access to Reuters.com RegisterWriting by Keith Weir, editing by Alvise Armellini and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 19 (Reuters) - Global carbon dioxide emissions from burning fossil fuels are expected to rise by just under 1% this year, as the expansion of renewables and electric vehicles outweighed coal demand, the International Energy Agency (IEA) said. “The global energy crisis triggered by Russia’s invasion of Ukraine has prompted a scramble by many countries to use other energy sources to replace the natural gas supplies that Russia has withheld from the market," said IEA Executive Director Fatih Birol. Without this increase, global CO2 emissions would have been more than 600 million tonnes higher this year. Despite droughts in several regions, global hydropower output is up year-on-year, contributing over one-fifth of the expected growth in renewable power. The European Union’s CO2 emissions are on course to decline this year despite higher coal emissions.

☆ U.S. mulls joint weapons production with Taiwan, Nikkei reports
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 19 (Reuters) - The U.S. government is considering a plan to jointly produce weapons with Taiwan, Japan's Nikkei newspaper said on Wednesday, citing three sources. Washington wants to step up production capacity for U.S.-designed arms and speed up their transfer as part of a move to bolster deterrence against China, Nikkei reported. Possibilities would include the U.S. providing technology to produce weapons in Taiwan, or producing the weapons in the United States using Taiwanese parts, the Nikkei added. On Tuesday, the Taiwan Defence Ministry said two Chinese air force planes crossed the Taiwan Strait median line. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elaine Lies and Daniel Leussink; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Sachem Head's Ferguson says replacing CEO among tough jobs for activists
▼ + stars: | 2022-10-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Sachem Head invests with chemicals company Olin Corporation, flavors and fragrance company IFF and food service distributor US Foods Holding and each one replaced its chief executive officer after Sachem Head became involved. He praised the company's plan for share buybacks, saying it was eyeing buying back 20% of outstanding shares a year. The company's CEO Pietro Satriano also left the company. Activists often try to push for changes by influencing the board, sometimes by trying to get seats on the board. In a recent regulatory filing, Sachem Head said that it had made investments in FedEx and Hasbro, both of which have had activist investors pushing for changes this year.

☆ EU emergency oil stocks still low in July after IEA's joint releases
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - The European Union's emergency oil stocks, including crude oil and petroleum products, recovered slightly in July after two coordinated releases drained the levels to a record low in June, the bloc's statistic office said on Tuesday. The EU held 103.6 million tonnes of emergency oil stocks in July, up 2.5% from the historical low of 101.1 million tonnes in June, Eurostat data showed. To stabilise the market, the International Energy Agency (IEA) allowed two emergency oil stock releases in March and April. Current emergency stocks are mostly composed of crude oil at 45.5 million tonnes, gas and diesel oil at 35.9 million tonnes, and gasoline at 9.8 million tonnes, Eurostat said. The countries with biggest commercial stocks were Germany with 9.3 million tonnes, the Netherlands with 8.9 million tonnes, and Italy with 5.8 million tonnes, Eurostat said.

Arne Schoenbohm came under scrutiny in recent weeks after a satire TV show highlighted his ties with a cybersecurity consultancy which counted as a member a German subsidiary of a Russian firm founded by a former KGB employee. He told Reuters he was no longer active in the council and had only delivered the keynote speech at its 10th anniversary in September as an exception after receiving the green light from the interior ministry. The consultancy last week protested it had not known of the alleged ties to Russian services of Protelion GmbH, which it expelled after the TV programme was aired. The consultancy said the interior ministry knew of the allegations since at least spring but "no information was provided to associations or potential customers by official bodies". The head of Protelion GmbH was not immediately available for comment.

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