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☆ Tesla May Have Already Won the Charging Wars
▼ + stars: | 2023-06-27 | by ( Jack Ewing | ) www.nytimes.com time to read: +1 min

Tesla’s proprietary charging system, which it recently began calling the North American Charging Standard, is not overseen by an independent organization as other technical standards are. The company has said it intends to hand off control to such a body, though some competitors are skeptical of how much control Tesla will surrender. The deal also comes with risks for Tesla. Battles over technical standards are common with any new technology. Some industry officials fear that the messy corporate jockeying over charging technology could discourage people from buying electric cars.

Persons: Tesla Organizations: American, Tesla, Chevrolets

An array of startups offers second-life energy storage using old EV batteries. The second-life energy storage idea is in theory simple. The problem is a lack of old EV batteries that shows no sign of easing. He has just sold the car for $3,000 to pay down credit card debt, but wants another used EV. Commercial vehicles provide the best hope thus far for second-life batteries, industry officials said.

Persons: Steven Meersman, Nick Carey LONDON, Hans Eric Melin, Melin, EVs, Elmar Zimmerling, Thomas Becker, Antoni Tong, Jonathan Rivera, Rivera, —, Asad Hussain, Zenobe, Nick Carey, Paul Lienert, Daniel Leussink, Ben Klayman, Barbara Lewis Organizations: REUTERS, Global, Nissan, Energy, EV, Mercedes, P Global Mobility, CES, Tesla, BMW, International Energy Agency, Leaf, Mobility Impact Partners, Victoria Waldersee, Thomson Locations: Portsmouth, Britain, recyclers, U.S, Leipzig, 16GWh, Paris, Europe, Coeur d'Alene , Idaho, London, Australia, New Zealand, Detroit, Berlin, Tokyo

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter. Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials. China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.

Persons: Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln Organizations: Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson Locations: China, HONG KONG, Beijing, Hong Kong, Shanghai

☆ IAEA's Grossi: Water for cooling a priority at Zaporizhzhia nuclear plant
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

June 15 (Reuters) - The head of the U.N. atomic energy agency said on Thursday that ensuring water for cooling was a priority of his visit to the Russian-controlled Zaporizhzhia nuclear plant in Ukraine, adding that the station could operate safely for "some time". Rafael Grossi of the International Atomic Energy Agency (IAEA), was inspecting the state of Europe's largest nuclear plant following last week's breach in the Kakhovka dam downstream on the Dnipro River. "With the water that is here the plant can be kept safe for some time. The plant is going to be working to replenish the water so that safety functions can continue normally." Russian forces captured both the nuclear plant and the Kakhovka hydroelectric dam shortly after President Vladimir Putin sent them into Ukraine on Feb. 24, 2022.

Persons: Rafael Grossi, Grossi, Read, Vladimir Putin, Gareth Jones, Ron Popeski, Angus MacSwan, Grant McCool Organizations: International Atomic Energy Agency, IAEA, Tass, Atomic Energy Agency, Press, United Nations, Security, TASS, Reuters, Thomson Locations: Russian, Ukraine, Dnipro, Russia, Ukrainian, Moscow, Kyiv

The deal, announced last month, would open more than 12,000 Tesla Superchargers to drivers of Ford vehicles in North America starting in 2024. SS&C has invested in such charging companies as ChargePoint Holdings Inc (CHPT.N), EVgo Inc (EVGO.O) and Blink Charging Co (BLNK.O). The Ford deal was a boost to Tesla's more widespread, reliable North American Charging Standard (NACS) and dented the value of smaller players offering the rival Combined Charging System (CCS). Complaints about other charging companies' software bugs or broken charging hardware only opens the door to greater access for Tesla's standard, however, industry officials said. Under its new deal, Ford will distribute Tesla adapters to customers and starting in 2025 will equip future EVs with NACS.

Persons: Joe Biden, Paul Baiocchi, Ford, Elon Musk, Tesla's, Biden, Pete Buttigieg, Tesla, Lazard, Mohit Kohli, Chris Harto, Arcady Sosinov, Chris Anthony, Sosinov, Abhirup Roy, Hyunjoo Jin, David Shepardson, Jarrett Renshaw, Ben Klayman, Matthew Lewis Organizations: FRANCISCO, Ford, North America, U.S, SS, C ALPS Advisors, ChargePoint Holdings, EVgo Inc, CNBC, CCS, EVs, Volta, Volkswagen AG, General Motors Co, BMW, Consumer, Aptera, Thomson Locations: U.S, North, Europe, San Francisco, Washington

☆ United Airlines pilots union votes to authorize a strike vote
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] Pilots from United Airlines take part in an informational picket at Newark Liberty International Airport in Newark, New Jersey, U.S., May 12, 2023. REUTERS/Eduardo Munoz/File PhotoJune 2 (Reuters) - The United Airlines Holdings Inc (UAL.O) pilots union has unanimously voted to authorize a strike vote, the union chair said in a letter to pilots on Friday. "You'll receive more communication regarding this impending strike vote in the coming days," the letter says. A spokesman for the Air Line Pilots Association (ALPA) said it has not yet set a date for the strike vote. Since then, United pilots have been protesting for a better deal.

Persons: Eduardo Munoz, we're, United's, Kanjyik Ghosh, Gokul Pisharody, William Mallard Organizations: Pilots, United Airlines, Newark Liberty International Airport, REUTERS, United Airlines Holdings Inc, Air Line Pilots Association, Delta Air Lines, Industry, ALPA, United, Thomson Locations: Newark , New Jersey, U.S, North America, Bengaluru

☆ Newly approved US flights by Chinese airlines avoid Russian airspace
▼ + stars: | 2023-06-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 1 (Reuters) - Chinese airlines are avoiding flying over Russian airspace in newly approved flights to and from the United States, according to flight tracking website FlightAware and industry officials. Russia has barred U.S. airlines and other foreign carriers from flying over its airspace, in retaliation for Washington banning Russian flights over the U.S. in March 2022 after the country invaded Ukraine. FlightAware records show Chinese flights recently approved by Washington are not flying over Russia, while previously approved Chinese airline U.S. flights are still using Russian airspace. Previously, only eight weekly flights by Chinese carriers were allowed. The 12 weekly flights are a small fraction of the more than 150 round-trip flights allowed by each side before restrictions were imposed in early 2020 due to the COVID-19 pandemic.

Persons: International Affairs Annie Petsonk, Biden, Petsonk, USDOT, David Shepardson, David Gregorio Our Organizations: U.S, U.S . Transportation Department, Aviation, International Affairs, Air China, China, Xiamen Airlines, China Southern, Embassy, Airlines for, Thomson Locations: United States, Russia, Washington, Ukraine, Beijing, China, New York, Shanghai Los Angeles, Xiamen, Los Angeles, Guangzhou, U.S, Airlines for America

☆ Japan April factory output unexpectedly falls on weaker machinery orders
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Issei KatoTOKYO, May 31 (Reuters) - Japan's factory output unexpectedly fell in April, government data showed on Wednesday, as production machinery orders slowed amid weakening global demand, casting doubts about recovery in the world's third-largest economy. Factory output fell 0.4% in April from the previous month on a seasonally adjusted basis. Output of semiconductor-manufacturing equipment fell 24.6% while flat panel manufacturing equipment dropped 66.6%. A METI official said U.S. export controls to China were not a factor in the decline in chip-making equipment shipments. Still, the METI official said there is a risk of downward adjustment in production plans due to overseas weakness.

Persons: Issei Kato TOKYO, Kota Suzuki, Satoshi Sugiyama, Chang, Ran Kim, Christian Schmollinger, Sam Holmes Organizations: REUTERS, Ministry, Economy, Trade, Industry Official, Manufacturers, Daiwa Securities, Thomson Locations: Kawasaki, Japan, China

☆ AI industry and researchers sign statement warning of ‘extinction’ risk
▼ + stars: | 2023-05-30 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —Dozens of AI industry leaders, academics and even some celebrities on Tuesday called for reducing the risk of global annihilation due to artificial intelligence, arguing in a brief statement that the threat of an AI extinction event should be a top global priority. “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” read the statement published by the Center for AI Safety. The statement highlights wide-ranging concerns about the ultimate danger of unchecked artificial intelligence. Still, the flood of hype and investment into the AI industry has led to calls for regulation at the outset of the AI age, before any major mishaps occur. The statement follows the viral success of OpenAI’s ChatGPT, which has helped heighten an arms race in the tech industry over artificial intelligence.

The Allied Pilots Association (APA), which represents over 13,000 pilots at Texas-based American, said on Friday it will move forward with completing contractual language before presenting the contract to its board for an approval. The sources said the contract lasts four years with pay rates comparable to those secured by pilots at Delta Air Lines (DAL.N). Delta's pilots in March ratified their contract which includes over $7 billion in cumulative increases in pay and benefits over four years. It underscores pilots' bargaining power as airlines rush to boost staff numbers ahead of what is shaping up to be a busy summer travel season. American, Delta, United Airlines (UAL.O) and Southwest Airlines (LUV.N) are estimated to hire about 8,000 pilots this year.

Musk revealed those plans on Tuesday at the company's annual meeting, an about-face for the celebrity executive who recently acquired social media platform Twitter. Musk told CNBC he did not yet have a "fully formed strategy" for Tesla advertising. Tesla spent $151,947 on advertising in the U.S. in 2022, according to advertising intelligence firm Vivvix, which measured ads across places including TV, social media, Web banners and billboards. Diaz-Ortiz is a former Twitter manager who has written books about the social media company. Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments, sees Musk's embrace of advertising as a positive.

☆ EU pushes forward with post-Brexit forum for EU, UK financial regulators
▼ + stars: | 2023-05-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Britain's EU exit largely severed its financial sector's previously unfettered access to the bloc, raising concerns over London's role as a global financial centre. As part of Brexit terms, the EU agreed to formalise cooperation between financial watchdogs. The MoU will create a joint EU-UK Financial Regulatory Forum, similar to one the EU already has with the United States. Joanna Penn, treasury minister in the UK parliament's upper house, welcomed the "positive move" given how EU and UK financial markets are deeply interconnected. The EU has granted 'equivalence' or EU market access to derivatives clearing houses in London until the end of June 2025.

NEW YORK/WASHINGTON, May 15 (Reuters) - As talks over raising the U.S. government's $31.4 trillion debt ceiling intensify, Wall Street banks and asset managers have begun preparing for fallout from a potential default. Citigroup (C.N) CEO Jane Fraser said this debate on the debt ceiling is "more worrying" than previous ones. U.S. government bonds underpin the global financial system so it is difficult to fully gauge the damage a default would create, but executives expect massive volatility across equity, debt and other markets. Banks, brokers and trading platforms are prepping for disruption to the Treasury market, as well as broader volatility. Bond trading platform Tradeweb said it was in discussions with clients, industry groups, and other market participants about contingency plans.

To revive its fortunes, the government late last year published its Edinburgh Reforms agenda comprising over 30 proposed changes to existing rules. "There are a variety of factors that keep somewhere attractive in terms of investment, listing and being an international finance centre." "We want the UK to be the world's most innovative and competitive global financial centre," the spokesperson added. CHALLENGING ASSUMPTIONSSupporters of a more vibrant UK stock market are also increasing pressure on bankers managing IPO processes to challenge assumptions about London's poorer liquidity or post-IPO performance, relative to rival venues. Proposed changes to UK listings are encouraging, but may not be enough, said Steve Bates, BIA CEO.

"That's what we are looking towards as we are working with our pilots union to get a deal done." American Airlines, United Airlines (UAL.O) and Southwest Airlines (LUV.N) are all in the middle of contract negotiations with their pilots. The carrier's pilot union said it made no concessions in the deal, which included dozens of work-rule improvements and quality-of-life related items. In an update to its members this week, United's pilot union said it is seeking similar improvements. Casey Murray, head of the Dallas-based airline's pilot union, said it has lost more pilots in the first four months of this year than it did in all of 2022.

[1/2] Solar panels are built at the QCells solar energy manufacturing factory in Dalton, Georgia, U.S., March 2, 2023. The Inflation Reduction Act, which passed last year without a single Republican vote, is a signature Biden accomplishment and offers $369 billion investment to address climate change. This includes $270 billion in tax incentives. Republicans have portrayed the tax credits as a distortion of the free market that gives unfair advantage to clean-energy producers over fossil fuels. Frisone, of CZAR-Power, said he plans to call Republican officeholders to make his case, adding, "This is a political stunt -- why are we doing it?"

☆ Is this solar panel American? Companies eyeing US subsidy await rules
▼ + stars: | 2023-04-24 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

[1/2] Solar panels are set up in the solar farm at the University of California, Merced, in Merced, California, U.S. August 17, 2022. Their main question: will solar panels qualify if they are assembled in the United States using components made overseas? In February, top U.S. solar manufacturer First Solar Inc (FSLR.O) said it would delay further expansion decisions until Treasury releases its guidelines. A manufacturing group, Solar Energy Manufacturers for America (SEMA), said both manufacturers and developers want clear rules that will fuel growth. A potential approach could be to allow the bonus credit to apply to domestically available goods, with that standard changing over a set timeline.

[1/6] Tundra trucks and Sequoia SUV's exit the assembly line as finished products at Toyota's truck plant in San Antonio, Texas, U.S. April 17, 2023. TOYOTA'S PAST SUCCESSWashington's push to accelerate the shift to battery-electric vehicles amplifies the threat posed by Tesla to Toyota's position as the world's largest automaker. Toyota San Antonio has weathered a series of challenges since it built its first truck in 2006. The future for factories like Toyota San Antonio will play out across the next several years. Reporting by Norihiko Shirouzu in San Antonio, Texas, Joseph White in Detroit and David Shepardson in Washington Written by Joseph White Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Palm oil's rare premium leads to 'wash out' in India -dealers
▼ + stars: | 2023-04-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Palm oil usually trades at a discount to soft oils, but import restrictions by top producer Indonesia have helped to push palm oil to a premium, making sun oil and soyoil more attractive to buyers. This has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on Malaysian palm oil prices , but support soyoil and sunflower oil prices. But palm oil has moved to a premium at the same time as soft oil prices have dropped, partly due to a record rapeseed crop. Palm oil's discount to rival oils was much as $500 in the December quarter, but now it is holding a rare premium of more than $30 per tonne over sunoil for May shipments, dealers said.

Meanwhile, BlackRock is part of another group investing $650 million to build chargers along freight routes. Because port real estate is at a premium, most early drayage charging projects will be "behind the fence" on trucking company property, experts said. Electric trucks cannot operate without chargers, but it does not make sense to build chargers if drivers are not using electric trucks. Prologis, the biggest U.S. warehouse owner, created its mobility business to install electric truck chargers and solar panels. "A marriage between real estate and energy infrastructure" will be needed to accelerate the transition to electric-powered trucking, Prologis Mobility's Holland said.

☆ Britain seeks to boost banking services from fintechs
▼ + stars: | 2023-04-17 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said. The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data. Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking. The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said. "We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body.

☆ Delta bets on premium travel as 'shock absorber' for economic downturn
▼ + stars: | 2023-04-12 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +6 min

[1/5] Delta Airlines passenger jets are pictured outside the newly completed 1.3 million-square foot $4 billion Delta Airlines Terminal C at LaGuardia Airport in the Queens borough of New York City, New York, U.S., June 1, 2022. REUTERS/Mike SegarCHICAGO, April 12 (Reuters) - Delta Air Lines (DAL.N) is doubling down on more profitable premium travel as it looks to shore up its defenses against an economic downturn. Chief Executive Ed Bastian told Reuters the U.S. carrier will have premium seats on every plane it flies starting this summer. Rivals United Airlines (UAL.O) and American Airlines (AAL.O) are also chasing premium revenue. CHANGING TRAVEL PATTERNSThe quest for premium revenue has its underpinnings in the post-pandemic travel patterns.

☆ Battle over Biden labor nominee Julie Su heats up
▼ + stars: | 2023-04-10 | by ( Nandita Bose | ) www.reuters.com time to read: +6 min

[1/2] Julie Su applauds while being nominated by U.S. President Joe Biden to serve as the Labor secretary during an event in the East Room of the White House in Washington, U.S., March 1, 2023. Crucial senators in Montana, West Virginia and Arizona, who voted for Su to become deputy Labor Secretary in 2021, are on the fence about her confirmation for the top job. The AFL-CIO will target Montana, West Virginia, Arizona and Maine, communicating support for Su to its members to get them to contact their state senators. A spokesperson for Maine's Republican Senator Susan Collins said she does not support Su's nomination. She voted no on Su's deputy secretary nomination in 2021, as did all Republicans.

☆ India's milk imports soar as disease hits local cattle stock
▼ + stars: | 2023-04-04 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

"Any upside risk coming from higher milk prices is going to pose an additional challenge," said Upasna Bhardwaj, chief economist at India's Kotak Mahindra Bank. "Cattle prices have doubled as there are fewer cows in the market," said Sharma, who has been raising cattle since childhood. "We will witness further rises in milk prices during summer," Shah said. India's SMP imports are likely to hit an all-time high in the fiscal year that started April, surpassing record purchases in 2011-12, dairy industry officials said. The temporary removal of those duties would mean imports rise even further, the NDDB official said.

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