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☆ Distressed US corporate debt trading touches 11-month low: JPM
▼ + stars: | 2023-08-08 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Stephanie Keith/File Photo/File PhotoAug 8 (Reuters) - The amount of U.S. corporate loans and bonds trading at distressed levels has reached its lowest in 11 months, according to a JPMorgan (JPM.N) research report on Tuesday. However, the volume of junk-rated corporate loans themselves trading at distressed levels has fallen for two consecutive months, nearing a year-to-date low in July, it said. At the end of July, $110 billion of outstanding loans traded at distressed levels. It marked the second straight month of declining distressed trading of junk-rated loans, after reaching a year-high in May, according to data in the report. At 22%, loans to junk-rated healthcare sector issuers made up the highest portion of distressed trading last month, according to the JPMorgan report.

Persons: Stephanie Keith, Shirley Singh, Singh, Matt Tracy, Deepa Babington Organizations: JPMorgan, REUTERS, Moody's Investors Service, Moody’s, Thomson Locations: New York City, U.S, . Federal

Household debt ticked up 0.1% to $17.06 trillion, as mortgage balances - the biggest portion, and typically the biggest driver, of overall household debt - were largely unchanged. But the quarter-to-quarter trend appeared less alarming, with New York Fed researchers noting a leveling out near pre-pandemic levels in the most recent two quarters. New York Fed researchers attributed the decline to the timing of the academic year, as well as to some small forgiveness programs kicking in. Overall mortgage balances ticked down to $12.01 trillion, from $12.04 trillion in the prior quarter, reflecting some changes in credit reporting that are expected to reverse next quarter, New York Fed researchers said. Originations rose about 11% to $179 billion, reflecting the sharp rise in car prices; the number of newly opened loans remains below pre-pandemic levels, the report said.

Persons: Lee Jae, Ann Saphir, Paul Simao, Jonathan Oatis Organizations: REUTERS, New York Federal Reserve Bank, Fed, New York, Reuters, New York Fed, Mortgage, Auto, Thomson Locations: Seoul, U.S

☆ Thinking of building an ADU in your backyard? Here are some pros and cons.
▼ + stars: | 2023-08-07 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Backyard tiny homes are increasing in popularity, especially in California. If you're considering building a tiny home in your yard, here are some pros and cons to consider. San Jose homeowner and ADU advocate Joyce Higashi rents her backyard home to traveling nurses for $3,000 per month, she previously told Insider. Pro: Tiny homes can allow a child or elderly parent to remain nearbyAn ADU in Seattle. Selma Hepp, chief economist at CoreLogic, previously told Insider she ran into many challenges when building her ADU.

Persons: it's, Glenn Robinson, Robinson, Joyce Higashi, Eugene Chu, Peter Bohler, Cindy Loughridge, Seth Restaino, Redfin, Higashi, Selma Hepp, Abodu, George Beatty, Realtor.com Organizations: Service, National Association of Realtors ., California Housing Works, Pew Research Center, Terner Center, Housing Innovation, University of California, Villa Locations: California, Wall, Silicon, Sonoma ., National Association of Realtors . California, Redwood City , California, Jose, San Diego, Seattle, Bay, Sonoma, Golden, Berkeley, Philadelphia

☆ Ukraine is evacuating wounded soldiers by loading them onto large drones, in what is likely a battlefield first, report says
▼ + stars: | 2023-08-07 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Ukraine is using cargo drones to carry injured soldiers from the battlefield, The Economist reported. Ukraine has deployed large drones that are able to carry 397-pound weights for up to 43 miles, the report said. A purported US Defence Intelligence Agency document estimated in April that Ukraine had up to 113,500 wounded soldiers, compared to up to 180,000 wounded Russians, since Russia launched its full-scale invasion in February 2022, Reuters reported. Captured Russian soldiers have also described being left to die. Ukraine's use of drones to transport injured soldiers is one example of how Ukraine is learning lessons about using new technologies, in ways that could ultimately benefit other armies, the report noted.

Organizations: Service, Russian, Economist, US Defence Intelligence Agency, Reuters, Russia, Financial Locations: Ukraine, Wall, Silicon, Russia, Western Ukraine, Afghanistan, Iraq

☆ Vietnam's EV ownership will see 'strong growth' in 2023, says new report
▼ + stars: | 2023-08-07 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Vietnam's electric vehicle market appears poised for rapid expansion in the next decade, but there could be significant headwinds blunting that growth. According to BMI Research, a Fitch Solutions research unit, passenger EV sales in the country is expected to at least double this year. "In 2023, we expect passenger EV sales to expand by 114.8% year-on-year to reach around 18,000 units," said BMI's report published Thursday. Specifically, sales for battery electric vehicle (BEV) could surge by 104.4% compared to the previous year to nearly 17,000 units, the report said. The penetration rate for passenger EVs — defined as passenger EV sales as a percentage of the country's total passenger vehicle sales — is set to increase to 13.6% by 2030.

Persons: BEV Organizations: BMI Research, Fitch Solutions, Vietnam Automobile Manufacturers Association, Electric Locations: Vietnam, That's

☆ Morgan Stanley still likes these Chinese stocks despite a country downgrade
▼ + stars: | 2023-08-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.

Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India

☆ Moscow mayor says hostile drone destroyed by air defences
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +1 min

Moscow's Mayor Sergei Sobyanin attends a meeting with Russia's President Vladimir Putin in Moscow, Russia, February 7, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS/File PhotoAug 6 (Reuters) - Moscow mayor Sergei Sobyanin said a hostile drone was destroyed by air defences as it approached the city on Sunday, while one of the capital's airports suspended flights. Russia's Defence Ministry said separately that the Ukrainian drone had been downed over the Podolsk district of the Moscow region south of the capital. Sobyanin wrote on messaging app Telegram that the drone approached Moscow around 11 a.m. (0800 GMT). Russia accused Ukraine of two drone attacks on its capital last week which damaged a skyscraper in the Moskva Citi district.

Persons: Sergei Sobyanin, Vladimir Putin, Mikhail Klimentyev, Sobyanin, Alex Richardson, Hugh Lawson Organizations: Sputnik, REUTERS, Russia's Defence Ministry, Moskva Citi, Reuters, Thomson Locations: Moscow, Russia, Kremlin, Podolsk, Ukraine, Moskva

☆ A Ryanair flight was forced to divert mid-air after a drunk family argument erupted into violence, report says
▼ + stars: | 2023-08-06 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

A Ryanair flight to the Canary Islands was forced to divert mid-air after a brawl broke out. But the flight had to land in Portugal as two family members were "beating each other," police said. A Ryanair flight was forced to divert mid-air on Friday after a family fallout erupted into violence, officials said. The violent argument forced the pilot to divert the plane mid-air and make an emergency landing in Faro, Portugal — which is around 900 miles away, police said. It is unclear what their argument was about, though police confirmed they were both members of the same family.

Organizations: Ryanair, Canarian, Scottish Sun, Gran Canaria Locations: Portugal, Edinburgh, Scotland, Canary, Faro, Gran

A Ukrainian naval drone hit a Russian oil tanker early Saturday off the occupied Crimean Peninsula, the second Ukrainian sea drone attack to strike Russian ships in the Black Sea in two days, Ukrainian and Russian officials said. The engine room of the tanker was damaged, but the ship remained afloat, there was no oil spillage and no crew members were injured, Russia’s Federal Agency for Sea and Inland Water Transport said on its Telegram channel. Vasyl Malyuk, the head of the Security Service of Ukraine, said Ukraine was responsible for the attack and that Kyiv’s forces would continue to attack any ship assisting in the Russian war effort. The tanker was near the Kerch Strait Bridge, a vital connection for Russia to the Crimean Peninsula, which has been under Russian occupation since 2014. Mr. Malyuk said Ukraine would continue attacking the bridge until Russian forces completely withdraw from Ukrainian lands.

Persons: Vasyl Malyuk, Malyuk Organizations: Russia’s Federal Agency for, Inland Water Transport, Security Service Locations: Ukrainian, Russian, Crimean, Russia’s Federal Agency for Sea, Ukraine, Kerch, Russia

The Russian-flagged ship, the Sig, was hit by a drone carrying 450 kilograms (992 pounds) of TNT shortly before midnight, according to a Ukraine Security Service source. Ukrainian officials, however, said some crew were injured and that the tanker was carrying fuel for the Russian military. The strike on the Sig came just hours after Ukrainian sea drones targeted a major naval base in Novorossiysk, a coastal city on the Black Sea that is home to Russia’s largest port by volume of cargo handled. Ukraine has stepped up its attacks using unmanned aerial vehicles in recent weeks, hitting targets well within Russian territory, including in Moscow. The new generation of powerful sea drones, however, could open up a new front for Kyiv in the 18-month conflict.

Persons: Vladimir Putin, Vasyl Maliuk, ” Maliuk Organizations: Ukraine CNN, TNT, Ukraine Security Service, Federal Agency for Marine, Transport, CNN, Sig, Kyiv, Russia’s Defense Ministry Ukrainian, Ukrainian Security Service, Service, Security Service Locations: Kyiv, Ukraine, Ukrainian, Novorossiysk, Russian, Moscow, Kerch, Russia, Crimea, Feodosia, ”, reticence

☆ Suez Canal tugboat sinks after collision with tanker
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

An aerial view of the Gulf of Suez and the Suez Canal are pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh/File PhotoCAIRO, Aug 5 (Reuters) - A Suez Canal tugboat has sunk after colliding with a Hong Kong-flagged LPG tanker in the strategically important waterway, the Suez Canal Authority said on Saturday, without specifying whether there was any disruption to shipping traffic. "The tanker is currently waiting in Port Said until the completion of the procedures related to the accident," Rabie said. The tanker is 230 meters long and 36 meters wide and carries a cargo of 52,000 tons of LPG. Reporting by Yousri Mohammed; Writing by Hatem Maher; Editing by Angus MacSwan and David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Amr Abdallah Dalsh, Fahd, Osama Rabie, Rabie, Yousri Mohammed, Hatem Maher, Angus MacSwan, David Holmes Organizations: REUTERS, Suez Canal Authority, Thomson Locations: Gulf, Suez, Cairo, Doha, Egypt, CAIRO, Hong Kong, Singapore, United States, Port Said

☆ Hedge funds turn bearish again as yields spike
▼ + stars: | 2023-08-04 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Hedge funds added 4.6 short positions to each long position from July 7 to Aug. 3. Hedge funds were forced to partially unwind short bets in July to avoid further losses during a market rally triggered by better-than-expected corporate earnings. Goldman Sachs, as one of the biggest providers of lending and trading services through its prime brokerage unit, can track the movements of large hedge funds and asset managers. The bank said its clients are placing bearish bets mainly through indexes and exchange-traded funds, not using particular stocks. Equity long/short hedge funds have been vocal about the challenges of being bearish this year, as they were caught off-guard by a rally.

Persons: Brendan McDermid, Goldman Sachs, Fitch, Daniel Loeb, Carolina Mandl, Leslie Adler, Richard Chang Organizations: New York Stock Exchange, REUTERS, Global, Nasdaq, Investors, Carolina, Thomson Locations: New York City, U.S, United States, North America, Asia, Japan, Europe, New York

☆ Party City, Creditors in talks to spin off balloon business, Bloomberg reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

A Party City store sign in seen in Encinitas, California March 9, 2015. REUTERS/Mike BlakeAug 4 (Reuters) - Party City Holdco is considering splitting up its balloon manufacturing and retailing businesses as the latter charts a course out of bankruptcy, Bloomberg News reported on Friday, citing people familiar with the situation. The company has held confidential talks with debt holders about spinning off its Anagram unit, the report said, adding that talks are continuing and the situation may change. Party City did not immediately respond to Reuters request for a comment. In January, Party City filed for bankruptcy protection after it saw its fortunes taper following a slowdown in sales due to lockdowns and store closures.

Persons: Mike Blake, Ananya Mariam Rajesh, Arun Koyyur Organizations: City, REUTERS, Bloomberg, Thomson Locations: Encinitas , California, United States, Bengaluru

☆ Trucking firm Yellow considers asset sale through bankruptcy filing, Bloomberg reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rebecca Cook/File PhotoAug 4 (Reuters) - Trucking firm Yellow (YELL.O) is considering a sale of assets and real estate through a bankruptcy filing, which may come as soon as this weekend, Bloomberg News reported on Friday, citing people with knowledge of the situation. The company's assets have attracted the interest of a potential financial bidder, the report said adding that the bankruptcy filing could turn into a liquidation. The stock has risen about 253% since the news of a potential bankruptcy that has been driving a retail investor fueled 'meme-stock' rally. The cash-strapped U.S. trucking company had ceased operations and was planning to file for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Reporting by Manya Saini and Ananta Agarwal in Bengaluru;Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Manya Saini, Ananta Agarwal, Arun Koyyur Organizations: REUTERS, Bloomberg, Teamsters Union, YRC, U.S, Thomson Locations: Detroit , Michigan, Bengaluru

☆ Automakers promote advanced tech to compete in China — the world's top EV market
▼ + stars: | 2023-08-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market. China is the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share. China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.

Persons: EVs, Canalys Organizations: Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV Locations: Shanghai, China

☆ Huawei ban would cost German rail operator 400 million euros, der Spiegel reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

A Huawei logo is seen on a cell phone screen in their store at Vina del Mar, Chile July 18, 2019. REUTERS/Rodrigo Garrido/File photoBERLIN, Aug 4 (Reuters) - Germany's national railway operator would have to spend up to 400 million euros ($437.44 million) to replace all the components in its infrastructure supplied by Chinese tech giant Huawei Technologies [RIC:RIC:HWT.UL], Spiegel magazine reported on Friday. Deutsche Bahn, which is state-owned, would face delays of five to six years for its projects if the German government decided to ban Huawei components in the short term, the report said, citing an internal company document. A spokesperson for Deutsche Bahn said the company would not comment on internal documents. Any decision to ban Huawei outright would likely draw an angry response from Beijing, with the Chinese foreign ministry having urged Berlin to act in line with its own interests and international rules.

Persons: Rodrigo Garrido, Rachel More, Miranda Murray Organizations: Huawei, Vina del, REUTERS, Huawei Technologies, Spiegel, Deutsche Bahn, Deutsche Telekom, Thomson Locations: Vina del Mar, Chile, BERLIN, Beijing, Berlin

☆ Japan is Asia's most expensive location to send expats — here are the other top spots
▼ + stars: | 2023-08-04 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +3 min

The average expatriate package in Japan cost employers $370,183 in 2022, according to "MyExpatriate Market Pay" survey by data company ECA International. Japan's salary and benefits packages for expats remained the highest in Asia, a new report has found. The average expatriate package in Japan costs employers $370,183, according to "MyExpatriate Market Pay" survey by data company ECA International. As a result, when measured in U.S. dollars, costs for salary, benefits and taxes "all fell by double-digit percentages," the report said. Globally, Japan ranked second while the U.K. retained its top spot as the most expensive location in the world to send expatriates.

Persons: —, assignees, Lee Quane, Quane Organizations: ECA, expats, Japan, ECA International, International's, Asia, Hong Locations: Japan, Asia, Laos, China, Hong Kong, Singapore, India, Korea Republic

☆ E-cigarette maker Juul Labs seeks $1 bln in funding - Bloomberg News
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. REUTERS/Elijah Nouvelage//File PhotoAug 2 (Reuters) - E-cigarette maker Juul Labs is seeking to raise about $1 billion in a fundraising effort, Bloomberg News reported on Wednesday, citing people familiar with the matter. Juul is working with Jefferies Financial Group Inc (JEF.N) for the fundraising, the report said, adding that the e-cigarette manufacturer had about $800 million in revenue in 2022. Juul and Jefferies did not immediately respond to Reuters' request for comment. Reporting by Gursimran Kaur in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, Juul, Jefferies, Gursimran Kaur, Sonia Cheema Organizations: REUTERS, Juul, Bloomberg, Jefferies, Group Inc, Reuters, Thomson Locations: Atlanta , Georgia, U.S, Marlboro, Altria, Bengaluru

☆ Colombia's central bank cuts 2023 forecasts for inflation, growth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Luisa GonzalezBOGOTA, Aug 2 (Reuters) - The technical team of Colombia's central bank on Wednesday lowered its outlook for inflation in 2023 to 9%, from 9.5% previously, and cut its forecast growth for Latin America's fourth-largest economy to 0.9%. The technical team previously forecast Colombia's economic growth at 1% for this year. Colombia's 12-month inflation through June 30 hit 12.13%, slightly below the 12.2% expected by analysts who were consulted for a Reuters poll. The technical team forecast that inflation would end 2024 at 3.5%, close to the bank's long-term target of 3%, but above a previous forecast of 3.4%. The current economic context suggests the board should maintain a contractive stance on monetary policy to bring inflation towards the target, the report added.

Persons: Luisa Gonzalez BOGOTA, Ricardo Bonilla, Gustavo Petro, Nelson Bocanegra, Oliver Griffin, Leslie Adler, Christopher Cushing Organizations: REUTERS, Thomson Locations: Bogota, Colombia

☆ Ukrainian resistance poisoned 17 Russian officers as they celebrated how great their military is, killing at least 2, official says
▼ + stars: | 2023-08-03 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Ukrainian resistance reportedly poisoned 17 Russian military officers, a report said. Ukrainian partisans used cyanide and pesticides during a Sunday Russian Navy Day event to poison the Russian military service members, killing two, Petro Andriushchenko said on Telegram. Russian military forces occupied Mariupol in Spring 2022 after a brutal siege that obliterated much of the city and killed thousands of civilians. It has become an important base for the Russian military as they defend territory they've seized in south Ukraine from a Ukrainian counteroffensive. According to a report by UK think tank The Royal United Services Institute, the Ukrainian resistance's main mission is to collect intelligence on the Russian military or help Ukrainian forces target Russian positions.

Persons: Petro Andriushchenko, Vladimir Putin, they've Organizations: Service, Sunday Russian Navy, Royal United Services Institute Locations: Russia, Mariupol, Wall, Silicon, Russian, Ukraine, Ukrainian

☆ Barclays explores moving EU headquarters from Dublin to Paris
▼ + stars: | 2023-08-03 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

The Barclays headquarters building is seen in the Canary Wharf business district of east London February 6, 2013. REUTERS/Neil Hall/File PhotoLONDON, Aug 3 (Reuters) - British bank Barclays (BARC.L) is weighing up whether to move its continental Europe headquarters from Dublin to Paris, in a potential further boon for the French capital as it seeks to expand as a global financial centre after Brexit. Barclays said in an interim earnings filing for its Barclays Bank Ireland business - known internally as Barclays Europe -that it was exploring switching its European Union headquarters in order to "be closer to the balance of operations" of the division on the continent. Any potential move by Barclays would result in a "small number of roles" moving to Paris, the document said, adding initial engagement with regulators and other stakeholders was underway. It would also not impact the group's UK activities, it added, where the bank's global headquarters are in London.

Persons: Neil Hall, Iain Withers, Huw Jones, Kirsten Donovan Organizations: Barclays, REUTERS, Brexit, Barclays Bank Ireland, European Union, Thomson Locations: Canary Wharf, London, British, Europe, Dublin, Paris, Barclays Europe

☆ Tiger Global builds big stake in Apollo in shift from tech bets - FT
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Aug 3 (Reuters) - Chase Coleman's Tiger Global has built a big stake in private equity firm Apollo Global (APO.N) as the hedge fund looks outside of technology investments in a hunt for better returns, the Financial Times reported on Thursday. The investment in Apollo, which Tiger described as a "leading global alternative investment manager", was revealed to investors in a mid-year letter, the report said, without disclosing the size of the stake. Tiger Global amassed the stake this year and has also "selectively added" other new holdings in the aerospace and healthcare sectors, the report said. Tiger Global and Apollo Global did not immediately respond to Reuters requests for comment. Tiger's push into non-tech companies comes amid a recovery in its main hedge fund, which at the half-year point of 2022 had lost about 50% of its value compared to 2021, the FT said.

Persons: Chase, Tiger, Shivani Tanna, Arun Koyyur Organizations: Tiger, Apollo, Financial Times, Tiger Global, Apollo Global, Thomson Locations: Bengaluru

☆ X social media looking to build a trading hub inside app, Semafor reports
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File PhotoAug 3 (Reuters) - X social media platform, formerly known as Twitter, is seeking a financial data giant to build a trading hub inside the app, Semafor reported on Thursday, citing people familiar with the matter and plan requests. In a post on the X platform, its owner Elon Musk said he was not aware of any work being done in this area. loadingLast year, Musk said he bought Twitter as an "accelerant to creating X", which he described as an "everything app" and likened it to China's super-app WeChat. Musk last month rebranded the social media site and changed Twitter's widely recognised blue bird to "X".

Persons: Carlos Barria, Elon Musk, Musk, Chavi Mehta, Tanya Jain, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Twitter, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ China's sprawling spy agencies are designed to root out the 'five poisons' at home and abroad, British intelligence says
▼ + stars: | 2023-08-03 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +8 min

Yin Gang/Xinhua via Getty) (Xinhua/Xinhua via Getty ImagesIn a recent report to parliament, the British intelligence services detailed the operations and goals of the Chinese intelligence services. The Chinese intelligence services are also collecting information on the Chinese democracy movement at home and abroad — including in the US — in an attempt to subvert it. According to the British intelligence report, Xi has sought to make Chinese intelligence activity more professional through reform and investment. "In more ways than one, the broad remit of the Chinese Intelligence Services poses a significant challenge to Western attempts to counter their activity," the report said, citing assessments by British intelligence officers. "To compound the problem, it is not just the Chinese Intelligence Services: the Chinese Communist Party co-opts every state institution, company and citizen.

Persons: Yin, Ma Ying, Xi Jinping, Chuang, Gong, Dalai Lama, Murad Sezer, Xi, Xie Huanchi, hoover, Stavros Atlamazoglou Organizations: Chinese Communist Party, intel, Beijing, Service, Ministry of Public Security, Yin Gang, Getty, Xinhua, of State Security, of Public Security, Force, NSA, REUTERS, CCP, of, People, US National Counterintelligence and Security Center, Chinese Intelligence Services, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins, School, International Locations: China, Wall, Silicon, Beijing, Xinhua, Taipei, Singapore, Xinjiang, Taiwan, Tibet, Bhutan, Nepal, India, Istanbul, Johns

☆ Charter pilot cited in Boston near-miss with JetBlue plane - NTSB
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Aug 3 (Reuters) - The National Transportation Safety Board on Thursday cited the failure of a charter pilot to get a takeoff clearance in a February incident in Boston that resulted in a near-collision with a JetBlue flight. The board said the airport surface detection equipment issued an alert, and the air traffic controller issued go-around instructions to the JetBlue flight. The report said the Boston tower told the Lear 60 charter pilot the JetBlue flight passed about 400 feet above them. The 63-year-old charter pilot told the NTSB in an email that he had gotten instructions to wait but "but on mymind I was clear for takeoff." The pilot, charter company and JetBlue did not immediately respond to requests for comment.

Persons: Jennifer Homendy, Homendy, David Shepardson, Marguerita Choy Organizations: National Transportation Safety, JetBlue, NTSB, JetBlue Embraer, Lear, Boston . Technology, Thomson Locations: Boston, Nashville, U.S

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