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☆ With historic settlement, Rupert Murdoch is paying the price for Trump’s election lies
▼ + stars: | 2023-04-19 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

The country suffered the consequences of Donald Trump’s election lies on January 6th. And Rupert Murdoch suffered the consequences of those same lies on April 18. But while it is the largest publicly known defamation settlement by a U.S. media outlet ever, the hefty price tag won’t be enough to change Fox News at its core. In some ways it is fitting that the statement Fox News issued as a result of its dishonest conduct was dishonest in and of itself. Outside the embarrassment Fox News would have suffered, the settlement also spared the company and its executives of being bound by the laws of reality during trial.

☆ HSBC hits back at Ping An's fresh Asia spin-off proposal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, April 19 (Reuters) - HSBC (HSBA.L) has hit back at its largest shareholder Ping An's latest proposal to restructure the bank and separate its Asia business into a Hong Kong-listed entity, saying it would result in a material loss of value for shareholders. Europe's largest bank said in a statement published on Wednesday that it had had extensive meetings with Ping An, including around 20 meetings at a senior level, but there remained disagreement. HSBC said the structural reforms suggested by Ping An would undermine the bank's international business model and erode earnings, dividends and shareholder value. HSBC said it had evaluated Ping An's proposals "with an open mind", in an apparent reference to the Chinese insurer's claims in its own statement on Tuesday that the lender had refused to listen to its ideas. Reporting by Iain Withers; editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ Fox's $787 million settlement won't restore damage to US democracy
▼ + stars: | 2023-04-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +9 min

CNN —Fox News will pay $787.5 million for transmitting lies that a small voting technology firm helped steal the 2020 election. And Trump himself is facing several criminal probes related to his efforts to overturn the 2020 election and the run-up to the January 6, 2021, insurrection. And is there any chance that Fox’s humiliation can repair some of the damage from the disastrous election aftermath in 2020? That missing moment of accountability will be important because claims that the 2020 election was corrupt are not some artifact of recent history. No single case can repair the damage of 2020The extent to which Trump’s falsehoods and conspiracy theories harmed democracy is open to debate.

☆ HSBC: Top shareholder Ping An calls for breakup, expressing 'deep concern'
▼ + stars: | 2023-04-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Europe’s biggest bank is facing growing calls to spin off its Asia business. Alongside chairman Mark Tucker, he defended HSBC (HBCYF)’s strategy and said splitting the bank would not be in shareholders’ interests. “Despite sharing multiple suggestions with HSBC, we have been extremely disappointed by HSBC management’s consistent closed-minded attitude to all solutions,” Huang wrote. HSBC Asia “will be the most valuable and unique bank in Asia with the strongest growth potential within the HSBC system, and also the only local bank with global competitiveness,” he added. HSBC will hold its annual shareholder meeting on May 5.

☆ Stocks making the biggest moves midday: Southwest Airlines, Goldman Sachs, Bellus Health and more
▼ + stars: | 2023-04-18 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

PowerSchool Holdings – The educational technology stock added 3.5% after Goldman Sachs upgraded shares to buy from neutral. Bank of America – The bank stock was about flat even after the firm reported first-quarter earnings and revenue that topped expectations. Goldman Sachs – Shares slid 1.3% after Goldman Sachs reported first-quarter revenue of $12.22 billion, lower than the $12.79 billion forecasted by analysts polled by Refinitiv. The company reported adjusted earnings of $2.68 per share and revenue of $24.75 billion. Bellus Health, GSK – Bellus shares roughly doubled after GSK said it would acquire Canada-based biopharmaceutical company Bellus.

A Fox victory — after it limped into trial amid a series of legal setbacks — would be a major triumph for the network. “In the coming weeks, we will prove Fox spread lies causing enormous damage to Dominion. We look forward to trial,” a Dominion spokesperson said in a statement on the eve of trial. Pretrial dramaThus far, Fox News has faced an uphill battle in court, as the case careened toward trial. The outcome of the trial, however, is not likely to dramatically change the dishonest way in which Fox News operates.

HSBC should separate its Asia business into a Hong Kong-listed entity, top shareholder Ping An said in an update to proposals it began to push for last November. Glass Lewis said the strategic review proposal, filed by individual shareholder Ken Lui in Hong Kong and backed by Ping An, was "not in shareholders' interest". HSBC also denied a claim by Ping An that the bank had "refused to verbally engage in discussions on the proposals". The lender has had extensive discussions with Ping An on these topics, a spokesperson for HSBC said. London listed shares in HSBC were down 0.5% on Tuesday afternoon, against a broad-based 1.3% rally in the STOXX European banks index (.SX7P).

☆ Glencore courts 120 Teck investors for bid backing as spinoff vote looms -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. The Swiss mining giant would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business. Glencore's initial bid represented a 20% premium to Teck's closing stock price on March 26, when it was made privately. JP Morgan analysts said in a note on Monday that Glencore could pay as much as $27.2 billion. Reporting by Clara Denina; Additional reporting by Mrinalika Roy; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Renault reviewing prices worldwide after Tesla cuts
▼ + stars: | 2023-04-17 | by ( Gilles Guillaume | ) www.reuters.com time to read: +3 min

SummarySummary Companies Renault brand sales up 9% in first quarterStrong sales of electric Megane - brand CEOTesla price cuts step up competitionPARIS, April 17 (Reuters) - French carmaker Renault (RENA.PA) is reviewing its pricing policies of electric cars worldwide to ensure it stays competitive after a wave of price cuts by U.S. rival Tesla Inc (TSLA.O), a top executive said on Monday. Cambolive said the rebound had extended into April, adding however that Tesla's price cuts were a wake-up call for competitors. After last week's price cut by Tesla, the Tesla Model 3 in France starts at 41,990 euros, compared with 42,000 euros for the Megane electric. Worldwide sales for the Renault brand reached 354,545 vehicles in the first three months of the year. Sales for the Renault brand, which represents two-thirds of the group's total, fell by 9.4% last year, their fourth consecutive annual decline.

☆ Angry Birds creator Rovio: Sega makes takeover bid
▼ + stars: | 2023-04-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Japan’s Sega, the company behind Sonic the Hedgehog, is buying Rovio Entertainment in a cash deal that values the creator of Angry Birds at €706 million ($774 million). The company’s prime asset, Angry Birds, which launched in 2009, became the first mobile game series to reach 1 billion downloads, according to Guinness World Records. People tour an Angry Birds theme park at its opening on July 9, 2016 in Tianjin, China. Feature China/Future Publishing/Getty ImagesThe story-based puzzle video game has players launching “Angry Birds” from a slingshot at a fortress containing pigs who stole their eggs. The company’s share price closed 4.2% down in Tokyo on Monday.

☆ 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.

☆ Teck approached by other companies while fending off Glencore offers -Globe and Mail
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

A vote on Teck's plan to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business is scheduled on April 26. These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L) that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal. Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.

☆ Inside the Rise and Fall of Kittyhawk, Larry Page's Failed Flying Car Company
▼ + stars: | 2023-04-16 | by ( Hugh Langley | Rob Price | ) www.businessinsider.com time to read: +22 min

Killing off projects had become something of a tradition at Kittyhawk, the secretive flying-car startup launched by the Google cofounder Larry Page. Larry Page has used his Google money to found a series of flying car companies with one common goal: "to free the world of traffic." "When Bloomberg did their original exposé, that's when urban air mobility became a thing," a former Kittyhawk employee recalled. Everyone thought: If Larry Page is in this space, there must be something here." Interpreting "Larry-isms" or "learning to speak Larry" were essential skills for any Kittyhawk employee who wanted to retain their sanity.

☆ China baijiu maker ZJLD Group seeks up to $812 million in Hong Kong's largest IPO in 2023
▼ + stars: | 2023-04-16 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

There is also a so-called "greenshoe" option to sell another 73 million shares that could raise an extra $122 million, according to the filings. Baijiu is considered China's national liquor and is the world's most consumed liquor, according to ZJLD's prospectus. Its market share in China is greater than wine's market share in France and beer's market share in the U.S., according to its documents. KKR owns a 16.2% stake in the company, which would fall to 13.8% after the IPO, Hong Kong's largest since Chinese lithium battery maker CALB Group Co (3931.HK) raised $1.3 billion in October. ($1 = 7.8493 Hong Kong dollars)Reporting by Harshita Swaminathan; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Glass Lewis recommends 'No' vote on Teck's coal business spinoff, Bloomberg reports
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

April 15 (Reuters) - Advisory firm Glass Lewis said Teck Resources Ltd (TECKb.TO) shareholders should vote against Teck's plan to spin off its coal business, Bloomberg News reported on Saturday. The move follows another influential proxy adviser, Institutional Shareholder Services (ISS), which also advised shareholders to reject Teck's restructuring plan this week. The takeover would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. Teck has rejected the offer and made changes to its own proposed restructuring plan to allow for a potentially shorter path to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business. A vote on Teck's own plan is scheduled for April 26.

☆ Fox News is about to enter the true No Spin Zone
▼ + stars: | 2023-04-14 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

Good progress was made and the presiding judge noted that there were “more than enough jurors” to start the trial as scheduled on Monday. I’ve watched thousands and thousands of hours of the right-wing channel’s programming. Fox News is about to enter the true No Spin Zone, where deception is strictly prohibited. The case hasn’t even started and the presiding judge has already lost his patience with Fox’s legal team and put them on notice. But if they play out like the last few weeks of court have, Fox News is in for a brutal ride.

☆ LinusBio is using strands of hair to revolutionize the autism-detection process. Check out the slideshow it used to raise $16 million from GreatPoint and Bow Capital.
▼ + stars: | 2023-04-14 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Healthcare startup LinusBio just raised a $16 million Series A funding round. The startup uses precision sequencing to detect autism and other complex diseases at birth. Disease detection and treatment startup LinusBio just raised a $16 million Series A funding round led by GreatPoint Ventures and Bow Capital. The startup diverges from startups like Elemy and Akili Technologies, which focus on treatment and support for people already diagnosed with autism. Check out the 16-page pitch deck LinusBio used to raise $16 million from VCs.

☆ UBS has hired JPMorgan to explore C.Suisse domestic spin-off -Swiss media
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouy/File PhotoZURICH, April 13 (Reuters) - UBS (UBSG.S) has hired JPMorgan (JPM.N) to explore a possible IPO of Credit Suisse's (CSGN.S) domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday. Last month UBS agreed to takeover Credit Suisse for 3 billion francs as part of a merger engineered by Swiss authorities, while the Alpine state put up more than 200 billion francs of support and guarantees. Speaking at its general assembly last week, Vice Chairman Lukas Gaehwiler said that "all options are on the table" concerning Credit Suisse's domestic business. UBS and Credit Suisse declined to comment.

☆ ValueAct is correct in pushing for Seven & i to spin off 7-Eleven chain, portfolio manager says
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailValueAct is correct in pushing for Seven & i to spin off 7-Eleven chain, portfolio manager saysDavid Samra of Artisan Partners says Seven & i "has an incredible opportunity to consolidate the convenience store industry in the United States, and instead they're bogged down with some of their domestic general merchandise store operations."

☆ Behold the stuffed crust bagel
▼ + stars: | 2023-04-13 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

Now, Philadelphia cream cheese and H&H Bagels, a New York City-based bagel shop, are trying to please the carbohydrate- and dairy-loving communities with a new and dubious spin on the stuffed crust: The bagel stuffed with cream cheese. But unlike stuffed-crust pizzas, the bagel is filled with cheese after it is baked, making it more of a cream cheese bagel donut, if not in spirit then at least in form. What’s so wrong with slicing a bagel and slathering on a healthy amount of cream cheese? New York doesn’t have a specific bagel tax, explained Ryan Cleveland, a representative of the New York State Department of Taxation and Finance. Philadelphia cream cheese, which struggled with shortages in the past, turned that issue into a marketing opportunity as well.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Tesla's biggest Chinese rival showed off a supercar that can balance on 3 wheels, dance, and jump off the ground
▼ + stars: | 2023-04-11 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

Chinese electric-car maker BYD posted a video of its upcoming Yangwang U9 supercar. The luxury vehicle will be able to bounce and jump off the ground. Chinese Tesla rival BYD showed the world just that on Monday. In a video from a BYD event posted to Twitter, its upcoming Yangwang U9 can be seen dancing and bobbing side to side as it slowly drives across the stage. It looks a lot like a feature in some Mercedes SUVs that makes the vehicle bounce vigorously up and down.

A shareholder vote on Teck's plan is scheduled for April 26. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday.

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore (GLEN.L), calling it "an illusion" and telling shareholders that its proposed restructuring is the only option on the table. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday. Price also said that Teck is open to partnering with Glencore and other companies on "the creation of ...joint venture to unlock regional synergies."

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