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LONDON, July 5 (Reuters) - Dismissal of this year's much-scorned equity market rally as the frothy preserve of a handful of AI-fuelled stocks may be both misleading and also one of its strengths. Or, put another way, if you remove the top 10 stocks, the other 490 would only have gained 4%. And an eye-popping 75% surge in the high-octane 10-stock FANG+TM index (.NYFANG) - mega cap U.S. digital and tech stocks including Apple, Microsoft, Nvidia and Tesla - underlines that. In short, they're hard to avoid unless you dodge either U.S.-listed companies or equity markets altogether. "While stock market investments may be risky in the short run, when viewed against inflation they have offered far more certainty in the long run," he told clients.

Persons: Russell, Andrew Lapthorne, Japan's, Germany's DAX, Italy's, Duncan Lamont, Lamont, Mike Dolan, Mark Potter Organizations: Nasdaq, Apple, Microsoft, Nvidia, Tesla, H1 Stock, Japan's Nikkei, MIB, McKinsey, Bank, Big Tech, Reuters, Twitter, Thomson Locations: Europe, Japan, U.S, United States

☆ These energy investments spin out attractive income, even as oil prices have fallen
▼ + stars: | 2023-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Energy stocks are also this year's underdogs, with the S & P sector down more than 7%. In turn, the limited partners collect income distributions from the business. MLPs aren't subject to federal income taxes, but the limited partners are responsible for levies on the income they receive. In that case, the C-corp pays corporate income taxes and the shareholders are responsible for levies on dividends they get. Tax hurdles Attractive income aside, investors need to be on the lookout for where they keep these MLPs.

Persons: there's, Stephen Ellis, Ellis, MLPs, George Gagliardi, you'll Organizations: West Texas, Energy, Morningstar Research Services, Wealth Management, MLP, Internal Revenue Service

☆ Chief of Russia’s Yandex faces court case for ‘LGBT propaganda'
▼ + stars: | 2023-07-05 | by ( Lucy Papachristou | ) www.reuters.com time to read: +3 min

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. REUTERS/Evgenia Novozhenina/File PhotoJuly 5 (Reuters) - The chief executive of Nasdaq-listed internet company Yandex faces prosecution in a Russian court for alleged offences under the country’s so-called “LGBT propaganda” law, a notice on the court's website said on Wednesday. When contacted by Reuters, Yandex said it would appeal any court finding against its CEO. The court website gave no specific details of what alleged offences Savinovsky was being prosecuted for beyond that they relate to "LGBT propaganda". Last month a court fined the company 2 million roubles ($24,242) for repeatedly refusing to provide Russia’s security services with information about its users.

Persons: Evgenia, Artem Savinovsky, Yandex, Savinovsky, Vladimir Putin, Putin, Yandex's, Bridget Jones ’, ” Kinopoisk, Russia’s, Elena Bunina, Lucy Papachristou, David Holmes Organizations: REUTERS, Nasdaq, Yandex, Reuters, State Duma, Novaya Gazeta, Kommersant, Thomson Locations: Moscow, Russia, British, Ukraine

☆ Meta Loses Appeal on How It Harvests Data in Germany
▼ + stars: | 2023-07-04 | by ( Adam Satariano | ) www.nytimes.com time to read: +3 min

Although the ruling applies only to Meta services in Germany, it is expected to influence other antitrust authorities in the European Union. antitrust law, called the Digital Markets Act, takes effect in the coming months and gives regulators new powers to encourage competition in the tech sector. The court said regulators investigating antitrust cases can also examine whether a company is breaking the European Union’s data protection law, called the General Data Protection Regulation, or G.D.P.R. After the company appealed the decision, it eventually landed before the European Court of Justice in Luxembourg. He has argued that Facebook uses the data it collects from users to strengthen its position over rivals, harming competition.

Persons: Meta, Andreas Mundt, Mundt, ” Mr, “ Organizations: European Court, Justice, Facebook, Big Tech, European Union, Markets, Data, Court of Justice, Amazon, Google Locations: Germany, European Union, Luxembourg

☆ China Restricts Exports of Two Metals Used in High-Performance Chips
▼ + stars: | 2023-07-03 | by ( Sha Hua | ) www.wsj.com time to read: 1 min

Neodymium is critical to making the wheels of a Tesla spin or creating sound in Apple’s AirPods, and China dominates the mining and processing of this rare-earth element. So the U.S. and its allies are building their own supply chain. Photo illustration: Clément Bürge/WSJSINGAPORE—China said it is restricting exports of products and materials containing gallium and germanium, metals that are vital in semiconductors, 5G base stations and solar panels, a move that industry executives see as retaliation for restrictions by the U.S. and others on sales of high-end chips and chip-making equipment to China.

Persons: Clément Organizations: U.S Locations: AirPods, China, U.S, SINGAPORE

SYDNEY, July 3 (Reuters) - PwC Australia has fired eight partners including its former chief executive as part of an internal investigation into the leak of confidential government tax plans by a former partner, the firm said on Monday. The investigation found multiple examples where the "misuse of confidential information" breached professional standards and also identified "a failure of leadership and governance" to address the breaches, PwC said in a statement. Seymour and the other seven partners named by PwC did not immediately respond to requests for comment. Three of the partners were singled out for actions that "failed to meet their professional responsibilities". These behaviours are not, and never have been, acceptable under PwC’s standards," said the statement from PwC, one of the world's "big four" accounting firms.

Persons: PwC, Kristin Stubbins, Tom Seymour, Seymour, Lewis Jackson, Sonali Paul Organizations: SYDNEY, PwC, Thomson Locations: Australia, Stubbins

Worldpay comprises the bulk of the FIS merchant business, which processes payments for companies. GTCR's offer prevailed over Advent International, another buyout firm that was also vying for the business, the sources said. If the negotiations conclude successfully in the coming days, FIS plans to keep a minority stake in the business, the sources said. FIS, which started in 1968 and serves big financial services corporations, has cut thousands of jobs since the review began. Chicago-based GTCR manages more than $35 billion in assets and invests across sectors, including financial services.

Persons: GTCR, Johnson, Kellogg, Shaw, Jana, Anirban Sen, David French, Milana, Greg Roumeliotis, Richard Chang Organizations: YORK, GTCR, Fidelity National Information Services, FIS, International, Financial Times, General Electric Co, Toshiba Corp, Jana Partners, Reuters, Black Knight Inc, Global, Service, Thomson Locations: Worldpay, Jacksonville , Florida, Chicago, New York

Formula 1 racing returns to Europe this week, and we have everything you need on where to watch the Austrian F1 live stream for free wherever you are in the world. We've tested plenty of international free F1 live stream options this season and can even help you watch one even if your country isn't showing the race today. For anyone living outside of the free live stream countries listed below, geo-restrictions on the websites will block you from watching online too. Where to Watch a free Austria F1 live streamThis weekend's simplest option for a free F1 live stream is using a VPN to tune into one of the free European streams mentioned above. How to watch the Austria F1 live stream with a VPNSign up for a VPN if you don't have one.

Persons: ExpressVPN Organizations: BBC, Austria, RTL, US ESPN, ESPN Locations: Europe, Austrian, Austria, Belgium, Luxembourg, TV's

☆ Takeaways from the latest controversial and contentious Supreme Court term
▼ + stars: | 2023-07-01 | by ( Ariane De Vogue | ) edition.cnn.com time to read: +17 min

In his opinion blocking the student debt program, Roberts insisted he is concerned about criticisms of the court. “Make no mistake: Supreme Court ethics reform must happen whether the Court participates in the process or not,” he warned. In June, the court sided with a cement mixing company that sought to bypass federal labor law and sue a union in state court for the destruction of property caused by striking workers. On Tuesday, when Roberts announced the court’s opinion in Moore v. Harper, liberals and even some conservatives exhaled, relieved that the court was rejecting a controversial Trump-backed election law theory. “Justice Jackson has a different view,” he said at one point.

Persons: John Roberts, Roe, Wade, ” Roberts, Roberts, Samuel Alito, Clarence Thomas, he’d, Joe Biden’s, Roberts –, –, It’s, Donald Trump’s, ”, Gorsuch, Neil Gorsuch, Bostock, Lorie Smith, ” Alito, Alito, Dobbs, Jackson, Brett Kavanaugh’s, hadn’t, Paul Singer, Singer, ProPublica, “ we’d, “, ” ProPublica, Thomas, Dick Durbin, Elena Kagan, KBJ, Ketanji Brown Jackson, Dr, Adam Feldman, ” Feldman, Sonia Sotomayor, Kagan, Barrett, Thomas couldn’t, ” Jenny Hunter, ” Jackson, ‘, Harper, exhaled, Barack Obama, Rick Hasen –, Hasen, Moore, Thomas Long, Kevin Merida, Michael Fletcher, “ Justice Jackson, Thomas ’ “, ” Thomas Organizations: CNN, Civil, Creative, Politico, Wall Street Journal, Street, GOP, Illinois Democrat, pounced, University of North, National Labor Relations, Independent, Trump, Federal, “, UNC Locations: Colorado, Washington , DC, United States, “, Rome, Illinois, American, Moore, North Carolina

NEW YORK/LONDON, June 30 (Reuters) - A lackluster IPO market is showing signs of life as a flurry of deals in the United States and Europe raise hopes that a recovery may be in sight. With investors now predicting an end to the Federal Reserve's rate hikes later this year, optimism has resumed. This allowed thrift shop chain Savers Value Village (SVV.N) to raise $401 million in its New York IPO this week, more than it originally set out to. Investors continued to snap up its shares, with the stock closing up 27% on its first day of trading. EUROPE IPOS ON THE WAYIn Europe, three IPOs are on track to be completed by early July, but two of them have already had to moderate their valuation expectations.

Persons: Aloke Gupte, Tom Swerling, Paul Abrahimzadeh, Hidroelectrica, Fondul, WE Soda, Ferretti, Coty, Andrew Briscoe, David DiPietro, Rowe Price, Echo Wang, Pablo Mayo, Elisa Martinuzzi, Mark Potter Organizations: Investors, JPMorgan Chase &, CAB, Kodiak Gas Services, Fidelis Insurance Holdings, Barclays, North America, Citigroup, U.S, Heineken, General, GE Healthcare Technologies, Bank of, Pablo Mayo Cerquiero, Thomson Locations: United States, Europe, Ukraine, New York, London, Africa, Asia, Kodiak, Fidelis, Cava, EUROPE, Romanian, Hong Kong, Milan, East

☆ Sodexo raises outlook for voucher business a second time
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - French catering and food services group Sodexo (EXHO.PA) on Friday raised the full-year outlook of its voucher business for the second time this year as it benefits from companies' attempts to get employees back to the office. Employers have also turned to companies like Sodexo to offer vouchers to staff to help them cope with the rising cost of living. Sodexo last raised its forecast for the voucher business in April, targeting organic growth close to 20% and an operating margin near 32%. Sodexo also tweaked the group's full-year outlook, seeing an underlying operating margin of 5.5%, versus "close to" 5.5% previously. Total group revenue was 6.03 billion euros ($6.55 billion) in the third quarter, slightly ahead of the 6.02 billion euros expected by analysts polled by the company.

Persons: Sophie Bellon, Bellon, Sodexo, Diana Mandiá, Milla Nissi, Jane Merriman Organizations: Employers, Thomson Locations: Gdansk

☆ Chinese e-commerce giant Alibaba expands number of physical grocery stores ahead of the unit's IPO
▼ + stars: | 2023-06-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Alibaba's grocery unit Freshippo expanded its number of physical stores in China, the company said on Friday, as the business prepares to spin off from its parent company and go public. Freshippo, known as Hema in China, plans to open 12 new stores across mainland China in major cities including Beijing, Shanghai and Guangzhou. Last week, JD set up a new business unit to house its grocery business 7Fresh, and appointed a company veteran to lead the division. Users can order online and get groceries delivered, but can also head to the physical stores known for their fresh produce such as lobsters. The expansion comes three months after Alibaba split itself into six separate business units in a bid to get the company back to growth.

Persons: Alibaba's, Hema, JD, Alibaba's Freshippo, Alibaba, Freshippo Locations: China, Beijing, Shanghai, Guangzhou

☆ An experiment that reaches across the galaxy has 'heard' an invisible sea of ripples in space-time for the first time. It's surprisingly loud.
▼ + stars: | 2023-06-30 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +9 min

Those ripples are probably the distant thunder of countless collisions between supermassive black holes, throughout space and time. He predicted that the intense gravity of extremely massive objects, like black holes, warps the fabric of space-time. The NSF funded the 15-year experiment, which is called the North American Nanohertz Observatory for Gravitational Waves (NANOGrav). Supermassive black holes are thought to exist at the center of every galaxy. Her lab runs computer models of merging supermassive black holes to predict how they behave and what signals they send out into space.

Persons: —, Albert Einstein's, Aurore, Sean Jones, Manuela Campanelli, NASA's James Webb, Noll, Kip Thorne, NASA Goddard Thorne, NANOGrav, LIGO, Stephen Taylor, Lorenzo Ennoggi Organizations: Service, Sciences, National Science Foundation, NSF, American Nanohertz, Rochester Institute of Technology, NASA's James Webb Space, Hubble, Telescope, NASA, ESA, Hubble Heritage Locations: Louisiana, Washington, Europe, India, Australia, China

☆ Korean telco giant adds ChatGPT tech to its A.I. chatbot, says you can talk to it like a 'close friend'
▼ + stars: | 2023-06-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The company has integrated its various service from music streaming to e-commerce into A. and is planning to launch it fully in 2023. SKT added a feature called "Chat T" to A. that is powered by the technology behind ChatGPT, based on Microsoft's Azure OpenAI cloud computing service. The Korean telecoms giant also added a chatroom function to A. that allows users to have conversations with an AI character. "Through these conversations, users can share information about their daily life like they are talking to a close friend," SKT said in a press release. SKT said it has brought more AI agents named "A. friends" to the product, equipped with conversational AI technology "that enables emotional and human-like conversations."

Persons: chatbot, OpenAI's, Sapeon Organizations: SK Telecom's, SK Telecom, South Korea's, Microsoft, CNBC Locations: South, South Korea

☆ Astronomers ‘hear’ the celestial choir of gravitational waves for the first time
▼ + stars: | 2023-06-29 | by ( Ashley Strickland | ) edition.cnn.com time to read: +7 min

CNN —Astronomers have been able to “hear” the celestial hum of powerful gravitational waves, created by collisions between black holes, echoing across the universe for the first time. Gravitational waves, initially predicted by Albert Einstein in 1916, are ripples in space-time that were first detected in 2015. Einstein theorized that gravitational waves would stretch and compress space as they moved across the universe, affecting how radio waves travel. More than 190 scientists set out to discover the frequencies of gravitational waves as part of the North American Nanohertz Observatory for Gravitational Waves collaboration, also known as NANOGrav. Searching for a celestial choirThe newly detected gravitational waves are the most powerful ever measured.

Persons: Albert Einstein, Einstein, ”, Chiara Mingarelli, We’ve, Simonnet, Scott Ransom, “, ” Ransom, Luke Kelley, ” Kelley, it’s, ” Mingarelli, “ It’s, Stephen Taylor Organizations: CNN —, American Nanohertz, Green Bank, Yale University, National Radio Astronomy, University of California, Vanderbilt University Locations: Arecibo, Puerto Rico, West Virginia, New Mexico, Berkeley, Europe, India, China, Australia

☆ EU-funded hybrid car prototype explodes in Italy, killing two people
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

ROME, June 29 (Reuters) - Two people have died after a hybrid car prototype that was being developed and tested with European Union funds blew up last week in the southern Italian city of Naples. The Life-Save project aimed to turn cars with conventional combustion engines into hybrid vehicles, running at least partly on solar energy. One vehicle equipped with the experimental technology caught fire last Friday, seriously injuring the two people who were on board. Maria Vittoria Prati, a researcher at Italy's National Council of Research (CNR), died of complications from third-degree burns on Monday. The other occupant, research apprentice Fulvio Filace, died overnight, a spokesperson for the Cardarelli hospital in Naples told Reuters on Thursday.

Persons: Maria Vittoria Prati, Fulvio Filace, Filace, Pietro Rinaldi, Prati, Alvise Armellini, David Evans Organizations: European Union, National Council of Research, Reuters, CNR, University of Salerno, Thomson Locations: Italian, Naples, Italy

☆ Something Was Messing With Earth’s Axis. The Answer Has to Do With Us.
▼ + stars: | 2023-06-28 | by ( Raymond Zhong | ) www.nytimes.com time to read: 1 min

Around the turn of the millennium, Earth’s spin started going off-kilter, and nobody could quite say why. For decades, scientists had been watching the average position of our planet’s rotational axis, the imaginary rod around which it turns, gently wander south, away from the geographic North Pole and toward Canada. Suddenly, though, it made a sharp turn and started heading east. Accelerated melting of the polar ice sheets and mountain glaciers had changed the way mass was distributed around the planet enough to influence its spin. Now, some of the same scientists have identified another factor that’s had the same kind of effect: colossal quantities of water pumped out of the ground for crops and households.

Persons: that’s Locations: Canada

Some Russian military bloggers with substantial followings expect a serious reshuffle of the military in the light of the Wagner uprising, and perhaps within the security services for not seeing the preparations for it. Putin has sought to reassert his authority after Prigozhin's mutiny. There is no way to verify Rybar’s allegations, but their airing may demonstrate a level of apprehension in the Russian military in the light of the mutiny. At one point, according to Russian military bloggers, Surovikin interceded to try to procure ammunition for Wagner. There is still considerable respect in Russian military circles for what Wagner has contributed to the Ukraine conflict.

Persons: Vladimir Putin’s, Wagner, Sergey Shoigu, Rybar, ” Rybar, Putin, Valery Gerasimov, Mikhail Teplinsky, Boris Rozhin, Sergey Surovikin, “, Yevgeny Prigozhin’s, ”, Dmitry Peskov, Surovikin, Mark Galeotti, Galeotti, Tatiana Stayonova, Rob Lee, “ Wagner, ” Surovikin, Prigozhin, Vyacheslav Volodin, ” Volodin, Anastasia Kashevarova, Mikhail Tereshchenko, Stayonava, Shoigu, Yevgeny Prigozhin, George W Bush, Concord Company ”, we’ll, eking, Viktor Zolotov, ” Zolotov, ” Anastasia Kashevarova, Russia “, there’s Organizations: CNN, FSO, Federal Guard Service, Federal Protective Service, AP, General Staff, The New York Times, Mayak Intelligence, Foreign Policy Research Institute, Russian Aerospace Forces, Sputnik, Getty, Western Military, Concord Company, Kremlin, MoD, Defense Ministry, Russian National Guard, Ministry of Defense, Telegram Locations: Rostov, Moscow, Don, Russia, Ukraine, AFP, Bakhmut, Shoigu, Putin, St, Petersburg, Russian, Minsk, Belarus, Prigozhin

☆ Opinion | Prigozhin’s Mutiny Against Putin’s Reign of Lies
▼ + stars: | 2023-06-27 | by ( Bret Stephens | ) www.nytimes.com time to read: +2 min

But something went wrong in Putin’s approach, and it wasn’t just the incompetence of his military, the bravery of Ukrainians or the intercession by the West. In a nutshell, the problem is this: A monopoly on truth can be sustained only through a monopoly on violence. Big Brother can tell the Big Lie only if he has the Big — and only — Gun. But it creates risks, including the risk that someone from one of those centers of power will be willing to tell an inconvenient truth. And it may be why he appeared to have been treated as a hero, almost a liberator, in Rostov-on-Don.

Persons: what’s, Putin, Prigozhin’s Wagner, Ramzan Kadyrov, Prigozhin, ” —, ” Organizations: Newsweek, Ministry of Defense, NATO Locations: Ukraine, Rostov, Moscow

☆ Wimbledon is the only grass court Grand Slam
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +9 min

The grass courts are now in session Wimbledon is the only grass court Grand Slam and retains a glamor born from white clothes and impeccable green courts. The grass courts at Wimbledon are grown from 10 metric tons of seed each year, with renovations beginning in September. Until 1974, the only Grand Slam tournament played on a surface other than grass was the French Open, and now Wimbledon is the lone remaining grass Grand Slam. Grand Slam surface history Wimbledon is the oldest of the Grand Slam tournaments and has been held on grass though its entire duration. Relative court speeds A row of three embroidered tennis court patches displaying different surfaces on a spectrum, showing the grass court at the fastest end and the clay court at the slowest end.

Persons: ”, Caitlin Thompson, ” Thomson, ” Clay, Eddie Seward, John McEnroe, Pete Sampras, Thompson, Novak Djokovic, Roger Federer, “, Djokovic, Draftkings Organizations: Wimbledon, U.S ., New York Times, Association of Tennis Professionals Locations: you’ll, French, Wimbledon, racquets, Serbian

SYDNEY, June 26 (Reuters) - Australian lawmakers will ask for more details about PwC staff involved in the leak of government tax plans when acting head Kristin Stubbins appears before a state parliament on Monday, her first public appearance since her predecessor stepped down over the scandal. But there were still many unanswered questions, inquiry chair and Greens party lawmaker Abigail Boyd said on Sunday. "(The sale) seems like a really good way to avoid scrutiny," she told Reuters on Sunday. "Look we've taken action, we've sold off the business, we've got a new person in, everything is fine. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, Abigail Boyd, we've, Boyd, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft Organizations: SYDNEY, Global, Industries, Thomson Locations: New South Wales, NSW, Singapore, Australia

☆ Could You Be Dressing Sexier? A Guide For Men
▼ + stars: | 2023-06-24 | by ( Jamie Waters | ) www.wsj.com time to read: 1 min

Do men want to look sexy? I think so, yes,” said Fredric Cibelli, a principal at a big New York consulting firm. Derek Vick’s spin on sexy skews more “Butch Cassidy” machismo. Chunky-heel cowboy boots, which bump his height from 5-foot-10 to about 6-foot, complete the look. “When I go out, I want to turn heads,” he said.

Persons: ”, Fredric Cibelli, baring, Channing Tatum, Mike, ” Rather, Derek Vick’s, Butch Cassidy ” machismo Locations: New York, Hattiesburg, Miss, Wranglers

☆ ‘Padam Padam’: You Hear It and You Know It’s Pride
▼ + stars: | 2023-06-24 | by ( Shane O Neill | ) www.nytimes.com time to read: +1 min

When “Padam Padam,” the Australian pop star Kylie Minogue’s 77th (77th!) people, especially gay men, greeted the campy song with gleeful incredulity, and its infectious chorus quickly spawned memes upon memes upon memes. We asked several D.J.s who are booked to spin for Pride events in New York for their thoughts on the inescapable dance gem and their remix recommendations. Kim Chi“RuPaul’s Drag Race” contestant and D.J., 35I will absolutely be playing “Padam Padam” this weekend. The “Padam Padam” craze might have started off as a meme, but also it’s making a new generation of kids discover her, and that’s thrilling to see.

Persons: “, Kylie Minogue’s, gleeful incredulity, Kim Chi, Kylie Minogue Locations: Australian, Los Angeles, Chicago, Provincetown, Mass, New York, U.S.A

GSK on Friday said the settlement reflected its desire to avoid distraction related to protracted litigation in this case. It did not admit any liability and said it would vigorously defend itself in any other Zantac cases. The trial was due to start on July 24, the first test of how Zantac cancer claims would fare before a jury. Lucy Coutts, investment director at wealth management firm JM Finn, which holds GSK shares, said the Goetz settlement could create a precedent to settle other cases. "It also removes the distraction of any protracted litigation as the company must focus on its future pipeline which is where value will be created for shareholders," she said.

Persons: drugmaker, James Goetz, Emily Field, Lucy Coutts, JM Finn, Goetz, Dado Ruvic, Boehringer Ingelheim, Zantac, Natalie Grover, Eva Mathews, Dhanya Ann Thoppil, Barbara Lewis Organizations: GSK, Barclays, GlaxoSmithKline, REUTERS, Pfizer, Sanofi, Companies, Bank of America, FDA, Thomson Locations: U.S, British, California, Delaware, London, Bengaluru

☆ US climate change lawsuit seeks $50 billion, citing 2021 heat wave
▼ + stars: | 2023-06-23 | by ( Clark Mindock | ) www.reuters.com time to read: +3 min

June 22 (Reuters) - An Oregon county on Thursday sued Exxon (XOM.N), Chevron (CVX.N), other major oil and coal companies, and industry groups, seeking over $50 billion to counter the harms caused by extreme weather fueled by climate change. It said the companies and trade groups must now help pay for past and future harms from the extreme weather that has resulted, including a 2021 heat wave in the Pacific Northwest that killed dozens. The lawsuit also targets the consulting firm McKinsey, which it said advises major oil companies, including on strategies to downplay or deny the link between greenhouse gas emissions and extreme weather. Since the area normally has mild weather, the lawsuit said residents were not equipped with things like air conditioners to handle the elevated temperatures. The county said 69 people in the county died from overheating and the heat wave caused a "crushing economic burden."

Persons: Theodore Boutrous, Clark Mindock, Alexia Garamfalvi, Matthew Lewis, Diane Craft Organizations: Exxon, Chevron, American Petroleum Institute, McKinsey, U.S, U.S . Constitution, Congress, Thomson Locations: An Oregon, Multnomah County, Portland, Pacific Northwest, U.S ., U.S, United States, New York

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