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☆ Los Angeles County to pay $700,000 to reporter who was slammed to ground and arrested while covering a protest
▼ + stars: | 2023-11-08 | by ( Liam Reilly | ) edition.cnn.com time to read: +4 min

CNN —Los Angeles County has agreed to pay $700,000 to a public radio reporter who was slammed to the ground and arrested by sheriff’s deputies while covering a protest in 2020. Josie Huang, a radio journalist for LAist, reached the settlement agreement with Los Angeles County and the sheriff’s department on Tuesday, the Reporters Committee for Freedom of the Press announced. “This settlement upholds the rights of journalists and helps ensure that what happened to me won’t happen to other reporters,” Huang said in a statement. While returning to her car, Huang filmed sheriff’s deputies responding to a peaceful protest. A spokesperson for the Los Angeles County Sheriff’s Department told CNN that it has conducted a “thorough internal investigation” into the incident and is taking the appropriate administrative actions.

Persons: Josie Huang, LAist, Huang, ” Huang, “, ”, Alex Villanueva Organizations: CNN, Freedom, Press, Los Angeles County’s, ” “ Journalists, Los, Los Angeles County Sheriff’s Department Locations: Angeles, Los Angeles County, Los Angeles, Lynwood , California, Huang’s, county’s

☆ ‘The Buccaneers’ Arrives With More Arrivistes
▼ + stars: | 2023-11-08 | by ( Chris Vognar | ) www.nytimes.com time to read: +2 min

“The girls’ mothers are coming over to London in order to effectively sell their girls into the aristocracy,” Katherine Jakeways, the series’s creator, said in a video interview from her London home. “And the aristocracy are welcoming them with open arms because they’ve got roofs to mend.”Added Beth Willis, an executive producer, from her home in Scotland: “How lonely that would be for so many of them. In America they might speak up a bit more at the dining table. In “The Buccaneers,” Mabel (Josie Totah) is torn between a marriage of convenience, to a man, and a romance of passion, with her friend Conchita’s new sister-in-law (Mia Threapleton). (In a refreshing twist, the most avid gold diggers in both series are men.)

Persons: ” Katherine Jakeways, they’ve, Beth Willis, Consuelo Vanderbilt, Duke of Marlborough, ”, Hannah Greig, ’, ” Mabel, Josie Totah, Conchita’s, Mia Threapleton, Oscar Van Rhijn, Blake Ritson, John Adams, Gladys, Taissa Organizations: Vanderbilt, The Buccaneers, ‘ The Buccaneers Locations: London, Scotland, America, England, ‘ The, The

☆ Adyen lowers mid-term sales target, aims to slow hiring
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

The Adyen logo is seen at the reception desk of the company's headquarters in Amsterdam, Netherlands August 24, 2018. "Overall targets are lowered from previous targets and while likely more realistic, they still look ambitious," Jefferies analysts said in a note. Adyen added it would aim to improve its core profit (EBITDA) margin to above 50% in 2026. This year so far, Adyen has lost about half its market value which currently stands at 21.58 billion euros. It said it would slow down hiring, and that it hired 175 full-time employees over the quarter, which was "substantially below" Jefferies' expectations.

Persons: Eva Plevier, Adyen, France's, Jefferies, Olivier Sorgho, Piotr Lipinski, Elaine Hardcastle, Josie Kao Organizations: REUTERS, Netflix, Spotify, Jefferies, New, Thomson Locations: Amsterdam, Netherlands, New York, U.S

☆ El Nino to last until April 2024, pushing record temperatures
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Gabriel Flores and Isabel Apaza walk on the dry cracked bed near the shore of Lake Titicaca in drought season in Huarina, Bolivia August 3, 2023. REUTERS/Claudia Morales/File Photo Acquire Licensing RightsCompanies World Meteorological Organization FollowGENEVA, Nov 8 (Reuters) - The ongoing El Nino weather pattern is set to last until at least April 2024, the World Meteorological Organization (WMO) said on Wednesday, pushing up temperatures in a year already on track to be the warmest on record. El Nino is a warming of ocean surface temperatures in the eastern and central Pacific, and it can provoke extreme weather phenomena from wildfires to tropical cyclones and prolonged droughts. The WMO said in the same statement that the 2023 is on track to be the warmest year on record. The previous record year was in 2016 due to the one-two punch of an exceptionally strong, naturally-occurring El Nino and the impact of warming induced by the burning fossil fuels.

Persons: Gabriel Flores, Isabel Apaza, Claudia Morales, Nino, Emma Farge, Josie Kao Organizations: REUTERS, World, GENEVA, World Meteorological Organization, WMO, Nino, Thomson Locations: Lake Titicaca, Huarina, Bolivia, El, U.S, Pacific

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - If the notorious 'term premium' is evaporating again, then last month's bond rout may just have been a nightmare. "If that's coming from term premium and it's tightening, then we have got to take that into account." As Summers estimated this week, a term premium just back at 60-year averages would put it at 150bps - 130bps above current levels. Morgan Stanley estimates an additional near $1 trillion in gross debt sales from G7 governments are coming down the pike next year. Morgan Stanley chart on G7 debt sales in 2024Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

Persons: Dado Ruvic, Christopher Waller, Larry Summers, selloff, York Fed's, Jerome Powell, Austan Goolsbee, Lisa Cook, Summers, Morgan Stanley, Mike Dolan, Josie Kao Organizations: REUTERS, Federal Reserve, Treasury, Fed, ., The, NY, Reuters Graphics Reuters, Reuters, Chicago Fed, Congress, Thomson Locations: York, midyear, 150bps

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. "This is going to overshadow anything that happens at APEC," said Oriana Skylar Mastro, a Stanford University China expert. Biden will welcome other APEC leaders - including from Vietnam, the Philippines, Canada and Mexico - and both he and Xi will be playing to the gallery. "Our door is open to any country or economy facing PRC (People's Republic of China) economic coercive threats," Melanie Hart, a senior China policy adviser at the State Department, said on Monday. That would include "companies flocking to meet with Xi Jinping and have dinner with him," he said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Oriana Skylar Mastro, Xi, Biden, Victor Cha, Washington, Matthew Goodman, Goodman, Janet Yellen, Melanie Hart, Donald Trump, Jude Blanchette, Michael Martina, David Brunnstrom, Trevor Hunnicutt, Laurie Chen, Michelle Nichols, Josie Kao Organizations: REUTERS, Rights, San, Economic Cooperation, U.S, APEC, Stanford University China, Biden, Beijing, Washington's Center, Strategic, International Studies, China, Protesters, White, Treasury, Washington, People's, State Department, Pew Research, Prosperity, CSIS, Thomson Locations: Bali , Indonesia, San Francisco, Asia, Bali, Beijing, China, China . U.S, Washington, Taiwan, South China, Vietnam, Philippines, Canada, Mexico, U.S, People's Republic of China

Nov 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets on Wednesday should be well-placed to bounce back from the previous day's declines, supported by another positive showing on Wall Street that secured the S&P 500's and Nasdaq's longest winning streak in two years. Tuesday's slide in U.S. Treasury yields will also support risk appetite in Asia, although some of that could be tempered by the dollar's resilience. With little on the regional economic data and policy events calendar to give markets a steer, investors will probably take their cue from Wall Street. The mostly cautious tone from U.S. policymakers on Tuesday should also help support sentiment in Asia on Wednesday.

Persons: Jamie McGeever, WeWork, Softbank, Fed's Powell, Williams, Barr, Cook, Josie Kao Organizations: Treasury, Nasdaq, Monetary Fund, IMF, Aussie, Reserve Bank of, Japan FX, Thomson, Reuters Locations: U.S, Asia, China, Beijing, Reserve Bank of Australia, Jefferson, Japan

☆ US natgas prices drop 7% on record output, mild weather
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +3 min

Front-month gas futures for December delivery on the New York Mercantile Exchange fell 25.1 cents, or 7.1%, to settle at $3.264 per million British thermal units (mmBtu), their lowest close since Oct. 27. One bearish factor that has weighed on the futures market for most of this year has been lower spot or next-day prices at the Henry Hub benchmark in Louisiana. The spot market has traded below front-month futures for 176 out of 212 trading days so far this year, according to data from financial firm LSEG. That premium could encourage some speculators to leave gas in storage for longer in hopes of higher prices later in the winter. With seasonally colder weather coming, LSEG forecast U.S. gas demand in the Lower 48 states, including exports, would jump from 101.5 bcfd this week to 109.2 bcfd next week.

Persons: El, Gelber, LSEG, Scott DiSavino, Bernadette Baum, Josie Kao Organizations: El Nino, Associates, U.S . Energy Information Administration, New York Mercantile Exchange, Henry, Thomson Locations: Louisiana, contango, U.S

The results show how Australia's retail banks are leaning into businesses outside their traditional earnings engine of mortgages as higher interest rates raise the cost of repayments, spurring competition which has flattened profit margins. Sydney-listed Westpac said profit from its consumer division, which has just over one-fifth of Australian mortgages, shrank 7% in its full-year to end-September. Westpac gave no profit forecasts but said April-to-September trading was "more challenging" than the previous six months and "this is expected to continue into 2024". "If that does eventuate, interest rates will probably need to be higher than what we're thinking," he said on a call with analysts and media. Westpac declared a final dividend of 72 Australian cents per share, up from 64 Australian cents a year earlier.

Persons: David Gray, Azib Khan, Peter King, We've, Byron Kaye, Roushni Nair, Upasana Singh, Andrew Heavens, Josie Kao, Aurora Ellis Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac, Commonwealth Bank, National Australia Bank, ANZ, Sydney, midsession, P Capital, Thomson Locations: Sydney, Australia, Ukraine, Bengaluru

DBS, which is also Southeast Asia's largest lender, has already forecast a record full-year profit for the current year. "Net profit (for 2024) to be maintained around record 2023 level," CEO Piyush Gupta said in results presentation materials. The bank's July-September net profit rose to S$2.63 billion ($1.94 billion) from S$2.24 billion a year earlier as total income grew to a record on higher interest margins and fee income. Besides higher global interest rates, Singapore banks have benefitted from strong inflows of wealth drawn in by the city-state's political stability. Smaller peer United Overseas Bank (UOBH.SI) reported in end-October a weaker-than-expected 1% drop in third-quarter net profit.

Persons: Ann Wang, Piyush Gupta, Gupta, Yantoultra Ngui, Josie Kao Organizations: DBS, REUTERS, Bank, Q3 SINGAPORE, LSEG, United Overseas Bank, Chinese Banking Corp, Thomson Locations: Taipei, Taiwan, Singapore

☆ Mexican businesses warmed by glow of 'nearshoring' dawn
▼ + stars: | 2023-11-06 | by ( Noe Torres | ) www.reuters.com time to read: +4 min

MEXICO CITY, Nov 6 (Reuters) - Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border. "Many companies are already talking about this - about nearshoring and the economic benefits," said Gerardo Copca, an analyst at consultancy MetAnalisis. One notable project - electric vehicle maker Tesla's plans for a reported $5 billion factory in northern Mexico - has been credited with attracting $1 billion in Chinese investments to nearby industries. Mexican real estate investment trust Fibra Uno (FUNO11.MX) plans to launch a trust allowing investors to cash in on expected growth of industrial assets. Total Mexican construction output jumped almost by 46% in August year-on-year, with northern states performing strongly.

Persons: Gerardo Copca, Nearshoring, Fibra Uno, Andre El, Mann, AMPIP, Lorenzo Berho, El, Berho, Enrique Navarro, Andres Manuel Lopez Obrador's, Noe Torres, Dave Graham, David Alire Garcia, Christian Plumb, Josie Kao Organizations: MEXICO CITY, Fibra, Banco Regional, U.S, UBS, Cement, GCC, Thomson Locations: MEXICO, U.S, Mexico, Asia, Mexican, Queretaro, Guanajuato, Jalisco, United States, Canada, China, Swiss, Chihuahua, Texas

☆ Swiatek swats aside rival Sabalenka to reach WTA Finals title match
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Tennis - WTA Finals - Cancun, Mexico - November 5, 2023 Poland's Iga Swiatek in action during her semi final match against Belarus' Aryna Sabalenka REUTERS/Henry Romero Acquire Licensing RightsNov 5 (Reuters) - Poland's Iga Swiatek knocked out rival Aryna Sabalenka 6-3 6-2 in the semi-final of the season-ending WTA Finals in Cancun on Sunday, putting the world number one ranking within her reach ahead of Monday's title match. The current number one Sabalenka ended Swiatek's WTA Finals campaign in the penultimate stage a year ago but lacked her usual lethal power in Cancun, as a flurry of forehand errors undermined her best efforts. The four-time major winner Swiatek wrested the momentum immediately when play resumed on Sunday, and broke Sabalenka's serve in the fourth game. The 22-year-old pumped her fists and cheered wildly as the Australian Open champion Sabalenka sent one into the net on match point. She faces a tough challenge against an in-form Pegula, who shredded the U.S. Open champion Coco Gauff 6-2 6-1 to reach the title match on Saturday.

Persons: Iga, Aryna Sabalenka, Henry Romero, Iga Swiatek, Aryna, Jessica Pegula, Swiatek, Sabalenka's, Sabalenka, I'm, Coco Gauff, Jessie, Amy Tennery, Pearl Josephine Nazare, Shri Navaratnam, Josie Kao, Raju Gopalakrishnan Organizations: Belarus, Aryna Sabalenka REUTERS, WTA, China, Swiatek, Montreal, Thomson Locations: Cancun, Mexico, U.S, Pegula, New York, Bengaluru

WASHINGTON, Nov 6 (Reuters) - A trade program that grants exports from qualifying African countries duty-free access to the U.S. market should be extended by 16 years, said Democratic Senator Chris Coons, a leading voice on U.S.-Africa policy. African countries want a 10-year renewal of the pact ahead of the 2024 U.S. election. President Joe Biden's administration is also seeking the program's reauthorization but has called for certain reforms. "My AGOA Renewal Act would extend this program, incentivizing investments that will create jobs, bolster economic development, and strengthen our standing in the region," Coons said in a statement. Ben Cardin, the committee's chairman, supports the program's reauthorization, but believes there should be changes to how eligibility criteria is applied, an aide said.

Persons: Chris Coons, Joe Biden's, Coons, Ben Cardin, James Risch, Katherine Tai, Makini Brice, Paul Simao, Josie Kao Organizations: Senate Foreign Relations, Continental Free Trade, Reuters, Biden, United, . Trade, Thomson Locations: U.S, Africa, United States, Washington

☆ Hundreds leave to join Mexico migrant caravan headed for US
▼ + stars: | 2023-11-05 | by ( Jose Torres | ) www.reuters.com time to read: +1 min

MEXICO, Nov 5 (Reuters) - A caravan of at least hundreds of migrants left from the southern Mexican city of Tapachula on Sunday, heading for the U.S. southern border. The smaller caravan plans to join a larger one that left six days ago and is currently stopped about 25 miles (40 km) north in the town of Huixtla. [1/3]Migrants walk along the road in a caravan in an attempt to reach the U.S border, in Tapachula, Mexico November 5, 2023. A record number of people this year have crossed the Darien Gap region connecting Panama and Colombia. Reporting by Jose Torres; Writing by Sarah Kinosian; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Torres, Selma Alvarez, Alvarez, Joe Biden, Sarah Kinosian, Josie Kao Organizations: REUTERS, Jose Torres Acquire, CBP, Thomson Locations: MEXICO, Mexican, Tapachula, U.S, Huixtla, Chiapas, Cuba, El Salvador, Guatemala, Haiti, Honduras, Venezuela, Mexico, Darien, Panama, Colombia

A man wearing a mask walks past the headquarters of the People's Bank of China, the central bank, in Beijing, China, February 3, 2020. The regional economic and policy events calendar this week is jammed with top-tier releases which are sure to give local assets strong steers, especially from China. China's economic surprises index turned positive three weeks ago but despite stronger-than-expected third quarter GDP growth, that momentum has faded. This week's 'data dump' will give a clearer picture of how the economy started the fourth quarter. Indonesia's quarter-on-quarter growth rate is expected to more than halve to 1.71% from 3.86%, according to a Reuters poll, and annual growth is expected to essentially hold steady just above 5%.

Persons: Jason Lee, Jamie McGeever, Josie Kao Organizations: People's Bank of China, REUTERS, Reserve Bank, Reuters, Bank of Korea, Bank of Japan, Nikkei, Thomson Locations: Beijing, China, Asia, U.S, Thailand, Philippines, Taiwan, Hong Kong, Indonesia, Indonesian, Japan

☆ How the UAW's drive to 'end tiers' will change GM
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +3 min

The tentative 4-1/2 year deal will pull more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. As at Ford and Stellantis, GM will raise pay for temporary workers and give them a faster path to full-time status and wages. Eliminating tiers of lower-paid UAW workers at the Detroit Three was a top priority for Fain and UAW bargainers. Fain and UAW members would often wear red t-shirts printed with the slogan "End Tiers" at rallies and on picket lines. GM "has been the worst actor" in creating tiers of lower-wage UAW employees within its operations, Booth said in an Oct. 20 video address.

Persons: Shawn Fain, Rebecca Cook, Shawn Fain's, Fain, Mike Booth, Booth, Joe White, Peter Henderson, Josie Kao Organizations: United Auto Workers, REUTERS, Rights DETROIT, General Motors, UAW, GM, Workers, Holdings, Ford, Tesla, Detroit, automaker . Workers, Thomson Locations: Detroit , Michigan, U.S, , Ohio, Stellantis .

☆ Morocco unearths Roman-era second century site in Rabat
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

[1/5] A view shows what Moroccan archeologists said is a Roman-era archeological site that they uncovered in Rabat, Morocco November 3, 2023.REUTERS/Ahmed El Jechtimi NO RESALES. NO ARCHIVES Acquire Licensing RightsRABAT, Nov 3 (Reuters) - Moroccan archaeologists said on Friday they uncovered a Roman-era site in Rabat containing a port district, a bath and a cemetery dating back to the second century. The Roman-era bath spans over 2000 square meters (21,527 square feet) resembling imperial counterparts in Rome, he said. Archaeologists also found a second century headless statue of a Roman deity, he said, noting that when ancient Moroccans adopted Christianity around the fifth century it was a common practice to behead statutes representing Roman gods. The newly uncovered monuments are an extension of a nearby Roman-era site and tourist attraction, Chellah, where the Muslim Marinide dynasty built a fortified necropolis in the 13th century.

Persons: Ahmed El Jechtimi, Mauro, Abdelaziz El Khayari, Ahmed Eljechtimi, Josie Kao Organizations: REUTERS, Thomson Locations: Rabat, Morocco, RABAT, Rome

Federal Reserve Chair Jerome Powell speaks during a meeting of the Economic Club of New York in New York City, U.S., October 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 2 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The MSCI World equity index rose just over 1%, its best day since August while the Nasdaq jumped 1.6%, its fourth rise in a row, for its best day since August too. Malaysia's central bank is expected to keep its key interest rate at 3% and through 2024, despite a weakening ringgit, amid stable domestic inflation and a steady growth outlook. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jerome Powell, Brendan McDermid, Jamie McGeever, Wall, Jerome Powell's, Powell, Evergrande, Josie Kao Organizations: Economic, of New, REUTERS, Treasury, Bank of, Nikkei, Nasdaq, South, South Korea CPI, Thomson, Reuters Locations: of New York, New York City, U.S, Malaysian, Asia, Hong Kong, South Korea, July's, Malaysia, Australia

It also provides apps for merchants to sell directly on marketplaces like Amazon and Walmart, which are also building out AI additions for merchants. As part of the AI suite, Shopify launched AI app Sidekick, which helps sellers decide on inventory, promotions and marketing, lessening their dependence on third-party widgets. Analysts expect sales of Shopify's merchant products, which includes Shopify Magic, to increase 21% to $1.2 billion compared to last year, the first deceleration in four quarters. Shopify Magic is part of the company's long-term strategy to gain more merchants on its platform that will pay higher prices for its services. Shopify's subscriptions include Shopify Magic at no additional charge.

Persons: Chris Wattie, Jeff Hoffmeister, Shopify, Michael Morton, Hunter, Harley Finkelstein, Angelo Zino, Zino, Arriana McLymore, Josie Kao Organizations: REUTERS, Walmart, CFRA, Thomson Locations: Ottawa , Ontario, Canada, LSEG, Ottawa, New York City

☆ Lula militarizes Brazil's main ports, airports amid rising crime
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Lula said soldiers will work with federal police officers to manage security operations at Latin America's largest port and airport: the port of Santos, in Sao Paulo, and its main airport Guarulhos. Soldiers will also be deployed to the port of Itaguai in Rio de Janeiro state and Rio's Galeao airport. Those ports and airports are key logistical hubs for booming cocaine exports to Europe, while also receiving contraband like high-caliber weapons that contribute to street violence. "The situation in Rio de Janeiro has reached a very serious point," Lula said at a ceremony after singing the decree. Then, last week, militias set fire to dozens of Rio buses after police killed one of their bosses in an operation.

Persons: Luiz Inacio Lula da Silva, Lula, Lisandra Paraguassu, Mark Porter, Josie Kao Organizations: Wednesday, Thomson Locations: BRASILIA, Rio de Janeiro, Santos, Sao Paulo, Itaguai, Rio's Galeao, Europe, Rio

Amid the economic turmoil of the pandemic, his government racked up Canada's highest ever deficit. Failing to curb spending now risks "the market dictating to you what you have to do with fiscal policy," said Doug Porter, chief economist at BMO Capital Markets. "I do think they have to trim the sails a bit," he added. "It's going to be easier to get inflation down if monetary and fiscal policy are rowing in the same direction," Macklem said. Fitch Ratings stripped Canada of its triple-A credit rating in June 2020, citing pandemic spending.

Persons: Justin Trudeau, Doug Porter, Chrystia Freeland, Katherine Cuplinskas, Trudeau, Macklem, Desjardins, Randall Bartlett, Simon Deeley, Robert Asselin, DBRS Morningstar, Julia Smith, Steve Scherer, Fergal Smith, Denny Thomas, Josie Kao Organizations: OTTAWA, Trudeau's Liberal, BMO Capital Markets, Finance, International Monetary Fund, of Canada's, BoC, UK, RBC Dominion Securities Inc, New, Business Council of Canada, Fitch, Moody's Investors, Canada, Thomson Locations: Canada, FES, Germany, High, Ottawa, Toronto

☆ US daylight saving time: When is it and why was it created?
▼ + stars: | 2023-10-31 | by ( Josie Kao | ) www.reuters.com time to read: +5 min

Daylight saving time is the practice of moving clocks forward by one hour during summer months so daylight lasts longer into the evening. WHY WAS DAYLIGHT SAVING CREATED IN THE US AND HOW DID IT START? No, Hawaii and Arizona, with the exception of Navajo Nation, do not observe daylight saving time. While daylight saving time is widespread across the United States, 19 states have passed legislation to permanently use daylight saving time if Congress were to allow it, according to the National Conference of State Legislatures. The U.S. is not ending daylight saving any time soon, though there is an effort in the federal government to pass the so-called Sunshine Protection Act, which would make daylight saving time permanent.

Persons: Mike Segar, George Hudson, Frank Pallone, Joe Biden, Josie Kao, Lisa Shumaker Organizations: REUTERS, North, Daylight, European Union, New, Congressional Research Service, Virgin, National Conference of State Legislatures, Protection, U.S . House, Commerce, Science, Transportation, Thomson Locations: Manhattan, New York, U.S, United States, Canada, Cuba, North America, Europe, Egypt, Japan, New Zealand, Germany, Hawaii, Arizona, Navajo, American Samoa, Guam, Northern Mariana Islands , Puerto Rico

☆ Panama Canal to slash booking slots due to drought over coming months
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File Photo Acquire Licensing RightsPANAMA CITY, Oct 31 (Reuters) - The Panama Canal, one of the world's main maritime trade routes, will further reduce daily ship crossings in the coming months due to a severe drought, the authorities managing the canal said late on Monday, increasing shipping costs. Booking slots will be cut to 25 per day starting Nov. 3 from an already reduced 31 per day, the Panama Canal Authority (ACP) said in a client advisory, and will be gradually reduced further over the next three months to 18 slots from Feb. 1. In recent months, the ACP has imposed various passage restrictions to conserve scarce water, including cutting vessel draft and daily passage authorizations. It also said delays for some gas transporters were at record highs in Panama, pushing up the cost of shipping liquefied gas from the U.S.

Persons: Aris Martinez, Eli Moreno, Brendan O'Boyle, Isabel Woodford, Josie Kao Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, U.S . Energy, Administration, Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Gatun Lake

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

AustralianSuper owns a 13.68% stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer. Origin shares were down 0.9% in early trade on Tuesday at A$9.10 each, which was above the $A8.81 offer price. Origin shares have been trading above the offer price since the deal got an approval from the country's competition regulator on Oct. 10. Origin shares closed at A$9.17 on Monday, 4.1% above the offer price. "The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the firm said.

Persons: AustralianSuper, Max Vickerson, AusSuper, it’s, Scott Murdoch, Lewis Jackson, Sameer Manekar, Josie Kao, Lincoln, Chris Reese Organizations: Origin Energy, Brookfield, stockbroker Morgans, Frontier Economics, Energy, Thomson Locations: Brookfield, EIG, Sydey, Bengaluru

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