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☆ White House considers two key nominations at the Fed - NYT
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

May 1 (Reuters) - U.S. President Joe Biden is closing in on two nominations for the Federal Reserve's Board and is likely to nominate Adriana Kugler for the position of governor and Philip Jefferson as the board's vice chair, the New York Times reported on Monday. Reporting by Mrinmay Dey in Bengaluru, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ IBM to pause hiring in plan to replace 7,800 jobs with AI - Bloomberg News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - International Business Machines Corp (IBM.N) expects to pause hiring for roles as roughly 7,800 jobs could be replaced by Artificial Intelligence (AI) in the coming years, CEO Arvind Krishna told Bloomberg News on Monday. Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30% of non-customer-facing roles could be replaced by AI and automations in five years. The reduction could include not replacing roles vacated by attrition, the PC-maker told the publication. IBM did not immediately respond to a Reuters request for comment. Reporting by Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Jeff Shell out as NBCUniversal CEO after probe into inappropriate relationship
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] CEO of NBCUniversal Jeff Shell attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 6, 2022. REUTERS/Brendan McDermidApril 23 (Reuters) - NBCUniversal Chief Executive Jeff Shell is leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation, parent company Comcast Corp (CMCSA.O) said on Sunday. "I had an inappropriate relationship with a woman in the company, which I deeply regret," Shell said in a statement. Shell, previously chairman of NBCUniversal Film and Entertainment, took over as CEO in 2020, replacing Steve Burke. NBCUniversal is one of the world's largest media companies, encompassing movie and TV studios, theme parks, NBC News and cable TV networks.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ Bank of England considering urgent reform of deposit guarantee scheme, Financial Times reports
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

The UK’s Financial Services Compensation Scheme is being urgently reviewed after the rapid failure of Silicon Valley Bank last month, the FT added citing people briefed on the matter. The failure last month of Silicon Valley Bank and two other lenders in the United States, along with the forced takeover of Credit Suisse by UBS sent banking shares globally into a tailspin, but markets have since calmed. BoE Governor Andrew Bailey said last week that the British central bank was considering improvements to its approach to depositor pay-outs for smaller banks with a focus on the speed of the pay-outs. "As with all things relating to bank resolution, there is no free lunch." Reporting by Mrinmay Dey in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse has violated U.S. tax evasion deal, Senate Committee finds
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

LONDON, March 29 (Reuters) - Credit Suisse (CSGN.S) violated a 2014 plea deal with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government, the U.S. Senate Finance Committee found on Wednesday. After concluding a two-year investigation into Credit Suisse - which this month agreed to a rescue takeover by rival UBS (UBSG.S) - the committee said it had uncovered "major violations" of the 2014 agreement between the Swiss lender and the U.S. Department of Justice for enabling tax evasion. In an emailed statement, Credit Suisse said it did not tolerate tax evasion and had been cooperating with U.S. authorities. Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine to authorities for helping Americans evade taxes in a conspiracy that spanned decades. Swiss authorities engineered the rescue of Credit Suisse earlier this month as they scrambled to prevent the lender from collapsing.

☆ Credit Suisse still helping wealthy dodge U.S. taxes, U.S. Senate Committee finds
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Credit Suisse (CSGN.S) is still helping ultra-wealthy Americans evade taxes, the U.S. Senate Finance Committee said on Wednesday following an investigation into the Swiss bank. In an emailed statement, Credit Suisse said it did not tolerate tax evasion and that it had been cooperating with U.S. authorities. "Credit Suisse’s new leadership team has cooperated with the Committee’s inquiry and has supported the work of Senator Wyden, including in respect of suggested policy solutions to help strengthen the financial industry’s ability to detect undisclosed U.S. persons," the bank said. Reporting by Mrinmay Dey in Bengaluru and Tommy Reggiori Wilkes in London, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ India's Paytm wins regulator extension for payment aggregator licence application
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

March 26 (Reuters) - Indian financial technology company Paytm Payments Services Ltd has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday. Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday. Paytm Payments Services Ltd is a wholly owned subsidiary of One 97 Communications (PAYT.NS). Payment aggregators, platforms that bring together various online payment options, must be licensed by India's central bank and banking regulator, Reserve Bank of India. In November, India's banking regulator had declined a payment aggregator licence for the One 97 Communications unit that owns the popular Paytm brand.

☆ At least 23 killed in Mississippi tornado and storms - state officials
▼ + stars: | 2023-03-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +1 min

March 25 (Reuters) - At least 23 people were killed and dozens injured as a tornado and strong thunderstorms swept across Mississippi late on Friday, the state's emergency management agency said after the twister left a trail of damage for more than 100 miles (160 km). Four people were missing as search and rescue teams combed through the destruction looking for survivors after the storm struck Silver City in Western Mississippi, the Mississippi Emergency Management Agency said in a series of tweets. Search and rescue teams were also out in Rolling Fork, a town that saw the brunt of the tornado, CNN reported. Search and rescue is active." Reporting by Mrinmay Dey in Bengaluru and Brendan Boyle in Chicago Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Elliott plans bid for parts of embattled Cineworld, Sky News reports
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

March 25 (Reuters) - Activist investor Elliott Management is planning a takeover of parts of the embattled British cinema operator Cineworld Group (CINE.L) , Sky News reported on Saturday. Elliott has tabled a bid to buy Cineworld's operations outside Britain and the United States, and is understood to have explored a bid for the whole of the London-based group, the report said. Elliott is interested in acquiring Cineworld's operations in eastern Europe and Israel, Sky said. Cineworld, which is currently under Chapter 11 bankruptcy protection, did not immediately respond to a Reuters request for comment. Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year.

☆ Mississippi tornado and storms kill at least 23
▼ + stars: | 2023-03-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

Search and rescue teams were also out in Rolling Fork, a town of 1,700 people that saw the brunt of the tornado, CNN reported. "My city is gone, but we are resilient," Rolling Fork Mayor Eldridge Walker said on CNN. According to Walker, 12 of the people who died were in Rolling Fork, adding several people were trapped in their homes. Terrell compared the destruction to a tornado in Joplin, Missouri, that killed 161 people in 2011. The reports stretched from the western edge of Mississippi north through the center of the state and into Alabama.

☆ Circle says $3.3 bln USDC reserves to be fully available on Monday
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Cryptocurrency firm Circle said on Sunday all its depositors with the collapsed Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) will be made whole and the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when banks open Monday. Circle said it did not have any Stablecoin USD Coin (USDC) cash reserves at Signature Bank and that the token remained redeemable at 1:1 U.S. dollar peg. Further, the crypto firm announced an automated USDC minting and redemption through Cross River Bank, effective Monday, and said its expanded relationships also include USDC redemptions via BNY Mellon (BK.N). "Circle's USDC operations will open for business, including with new automated settlement via our new partnership with Cross River Bank," Chief Executive Officer Jeremy Allaire said in a tweet. USDC lost its dollar peg and slumped to an all-time low on Saturday before recovering most of its losses when Circle assured investors it would honor the peg despite exposure to failed Silicon Valley Bank.

☆ Caterpillar union workers vote in favor of six-year labor agreement
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar (CAT.N) have voted in favor of a new six-year labor contract with the firm, preventing a strike at the world's largest construction and mining equipment-maker. The contract covers roughly 7,000 union workers at plants in central Illinois and a parts distribution center in York, Pennsylvania. It wasn't immediately clear how many members voted to ratify the contract. Rank and file union workers at the company have expressed anger and frustration over the deal, saying that wage increases weren't commensurate in the face of rising inflation. The UAW's contract ratification with Caterpillar comes just six months ahead of the deadline for the union and the three Detroit automakers concluding new master contracts covering roughly 143,000 workers.

☆ SAP-controlled Qualtrics accepts $12.5 bln offer from Silver Lake, CPPIB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Qualtrics International Inc (XM.O) said on Monday it will go private after the customer survey software maker's controlling shareholder, SAP SE (SAPG.DE), accepted a $12.5 billion bid from an investor consortium led by Silver Lake and Canada Pension Plan Investment Board (CPPIB). SAP agreed to the consortium's $18.15-per-share offer for Qualtrics, saying it would get about $7.7 billion for its stake. Qualtrics said earlier this month it would negotiate on an exclusive basis with Silver Lake and CPPIB until March 15 to see whether a deal could be finalized. Silver Lake Partners currently holds a 13.94% stake in Qualtrics. In 2018, SAP bought Qualtrics for $8 billion and three years later listed it in New York.

☆ UK pension funds threaten to vote against BP and Shell directors over climate targets - FT
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Two of the UK's largest pension schemes will vote against the election of top directors at BP Plc (BP.L) and Shell Plc (SHEL.L) at their annual meetings unless both companies improve their commitments to tackling carbon emissions, the Financial Times reported on Sunday. Shell declined to comment, while BP, USS and Borders to Coast did not respond immediately to requests for comment. BP said previously it aimed to cut emissions from fuels sold to customers to 20% to 30% by 2030, less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050. Shell has pledged to be a net zero carbon company by 2050 and has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes. ($1 = 0.8314 pounds)Reporting by Mrinmay Dey in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Federal Reserve governors to hold closed-door Monday
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: 1 min

March 12 (Reuters) - The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The central bank offered no further details, but the move follows Friday's collapse of Silicon Valley Bank (SIVB.O), was the biggest failure since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll. Reporting by Mrinmay Dey in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Instagram down for thousands of users - Downdetector
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: 1 min

March 8 (Reuters) - Meta Platform's (META.O) Instagram was down for thousands of users on Wednesday, according to outage tracking website Downdetector.com. More than 27,000 users were having trouble accessing the social network, according to Downdetector, which tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. Meta did not immediately respond to Reuters request for comment. Reporting by Mrinmay Dey in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts U.S. Model S and Model X prices between 4% and 9%
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

The Model S and Model X, which come in base all-wheel drive (AWD) and performance "Plaid" editions, represented about 4% of Tesla's global deliveries in 2022. Tesla's website showed it had cut prices on both versions of its Model S by $5,000. The basic version of Model S was cut by 5% to $89,990, while the price of the performance, Plaid variant was cut by 4% to $109,990. Prices of both the performance and basic variants of Model X cars were cut by $10,000, the electric vehicle maker's website showed. The price of the basic, AWD version of the Model X was cut by 9% to $99,990 while its performance Plaid version was cut by 8% to $109,990.

Companies Exxon Mobil Corp FollowMarch 2 (Reuters) - Exxon Mobil Corp (XOM.N) was sued for racial discrimination by a U.S. federal agency on Thursday, with charges alleging that the oil major failed to protect workers from harassment after nooses were found at one of its facilities in 2020. The EEOC said that at the time of this report, Exxon was already aware of three other such instances of nooses being displayed at the complex and a nearby refinery, and that a fifth noose was reported later in 2020. According to the EEOC, Exxon investigated some of these incidents, but not all, and "failed to take measures reasonably calculated to end the harassment." The federal agency alleged that Exxon's actions and omissions regarding the noose incidents "created a racially hostile work environment." The symbols of hate are unacceptable, offensive, and in violation of our corporate policies", Exxon said in a statement.

☆ Amazon's cloud unit to invest $6 bln in Malaysia by 2037
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - Amazon Web Services (AWS), the cloud computing division of Amazon.com Inc (AMZN.O), said on Wednesday it plans to invest $6 billion in Malaysia over the next 14 years to strengthen its cloud services infrastructure in the country. This marks the company's latest move in its plan to build AWS Infrastructure Regions across southeast Asia. The infrastructure hub will enable customers in the region to store data securely, the subsidiary said in a statement. AWS' cloud platform offers more than 200 services, including storage, robotics and artificial intelligence. Reporting by Mrinmay Dey in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix streaming down for thousands of users - Downdetector
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

March 2 (Reuters) - Netflix's (NFLX.O) video streaming services were down for thousands of users on Thursday, according to outage-tracking website Downdetector.com. There were around 1,800 reports on Downdetector, which collates status reports from a number of sources. About 55% of the users reported issues with the website, according to Downdetector. Netflix, which has more than 200 million paid subscribers globally, remains a dominant streaming service. Reporting by Mrinmay Dey in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ SoftBank, Ant discuss to sell Paytm stake via block deal - ET
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

[1/3] The interface of Indian payments app Paytm is seen in front of its logo displayed in this illustration picture taken July 7, 2021. REUTERS/Florence Lo/IllustrationFeb 27 (Reuters) - China's Ant Group and Japan's SoftBank Group Corp (9984.T) have discussed selling stake in One 97 Communications, which operatesIndian digital payments firm Paytm (PAYT.NS), through a block deal, the Economic Times newspaper reported on Monday. SoftBank, Ant Group, Paytm and Bharti Airtel did not immediately respond to Reuters' request for comments. Ant and SoftBank are likely to offload shares gradually in the market as part of their plan to exit Paytm, the report said. China's Alibaba Group (9988.HK) earlier this month sold its remaining stake in Paytm for about 13.78 billion rupees.

☆ Apple's Chinese contract manufacturer to develop AR device - Nikkei
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

Feb 23 (Reuters) - Apple's (AAPL.O) Chinese contract manufacturer Luxshare Precision Industry Co Ltd (002475.SZ) will help develop the iPhone maker's long-awaited augmented reality (AR) device, Nikkei Asia reported on Thursday. Luxshare has taken over the AR development team in Shanghai, previously owned by Taiwan's Pegatron (4938.TW), the report said, citing people familiar with the matter. Reporting by Mrinmay Dey in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon completes One Medical takeover after FTC nod, discounts membership
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

Feb 22 (Reuters) - Amazon.com Inc (AMZN.O) said on Wednesday it completed its $3.5 billion takeover of primary care provider One Medical (ONEM.O), a day after a U.S. Federal Trade Commission (FTC) official announced that the agency would not challenge the deal. The acquisition, announced last July, gives the online retailer brick-and-mortar offices for consumers to receive medical care for the first time, in addition to a virtual health offering. Amazon also said it would discount One Medical membership to $144 from $199 for the first year to new customers, irrespective of whether they're Prime loyalty subscribers. Reporting by Mrinmay Dey in Bengaluru and Jeffrey Dastin in Palo Alto, Calif.; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Feb 15 (Reuters) - Index provider MSCI said on Wednesday it will postpone implementation of updates to weightings for two of India's Adani Group companies, Adani Total Gas (ADAG.NS) and Adani Transmission (ADAI.NS), to the May benchmark review. The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said. MSCI will also apply a special treatment for all Adani Group's associated securities in the MSCI Equity Indexes starting from February. The new index weightings were due to come into effect on March 1 but the proposed changes to Adani Total Gas and Adani Transmission will be delayed until May. MSCI examined the size of companies' free floats, having determined there was "sufficient uncertainty" surrounding some investors in Adani companies.

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