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☆ Stellantis Jeep joint venture in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +4 min

GAC (601238.SS), which approved the bankruptcy filing, said the joint venture had liabilities of almost 111% of its assets of 7.3 billion yuan ($1.00 billion). In the following days, GAC criticised Stellantis and said it was "deeply shocked" by comments from the European carmaker about the end of their joint venture in China. He said then he did not see a major long-term impact from the company's decision to break the joint venture. The former AMC invested in a Beijing Jeep joint venture in 1984, the first such deal for vehicle production in China by an American brand. Tesla (TSLA.O) is the only global automaker that was granted a waiver to produce cars in China without a joint venture.

☆ Stellantis says Jeep joint venture in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +3 min

Oct 31 (Reuters) - The venture between Stellantis and Guangzhou Automobile Group producing Jeep vehicles in China is filing for bankruptcy, Stellantis said on Monday, after a lengthy decline for the oldest foreign auto brand in the world's largest market. read moreIn the following days, GAC hit out at Stellantis, saying that it was "deeply shocked" by critical comments from Stellantis about the end of their joint venture in China. read moreSales for the joint venture, which sold the Jeep Cherokee SUV and the Compass crossover, have been in sharp decline for the past four years. He also added that he did not see a major long-term impact from the company's decision to break the joint venture with GAC. The former AMC invested in a Beijing Jeep joint venture in 1984, the first such joint venture deal for vehicle production in China by an American brand.

☆ Stellantis' Jeep joint venture partner in China to file for bankruptcy
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Stellantis (STLA.MI) said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy. Stellantis had terminated the joint venture with Guangzhou Automobile Group Co (GAC) (601238.SS) in July, only months after it said it would raise its stake in the business to 75% from 50%. read moreIn the following days, GAC hit out at Stellantis, saying that it was "deeply shocked" by critical comments from Stellantis about the end of their joint venture in China. He also added that he did not see a major long-term impact from the company's decision to break the joint venture with GAC. Reporting by Juby Babu in Bengaluru; Editing by Kim Coghill and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Musk denies reports he is firing Twitter employees in attempt to avoid payouts
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false." Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday. According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to contact the fired executives.

☆ TuSimple probed by FBI, SEC over ties to Chinese startup, the Wall Street Journal reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Self-driving truck startup TuSimple Holdings Inc (TSP.O) is being investigated by the FBI, U.S. Securities and Exchange Commission (SEC) and Committee on Foreign Investment about its relationship with China-backed Hydron Inc, the Wall Street Journal reported on Sunday. They are also trying to find out whether TuSimple shared intellectual property developed in the United States with Hydron and whether that action defrauded TuSimple investors by sending valuable technology to an overseas adversary, the newspaper said. A TuSimple spokesman told WSJ that the company isn't aware of any FBI or SEC investigations and that Hou has never been a Hydron employee or received payment from Hydron. TuSimple revealed in its IPO prospectus last year that its backer Chinese social media firm Sina Corp's investments in TuSimple had been put under review by the Committee on Foreign Investment in the United States (CFIUS). TuSimple and the SEC did not respond to a Reuters request for comment on the report.

WASHINGTON, Oct 26 (Reuters) - U.S. and Western officials are finalizing plans to impose a cap on Russian oil prices amid a warning from the World Bank that any plan will need active participation of emerging market economies to be effective. Bloomberg also reported South Korea had privately told G7 nations it planned to comply and G7 officials were also trying to bring New Zealand and Norway on board. DOWNWARD PRESSUREWestern diplomats say the price cap is already giving India and other buyers of Russian oil better leverage in negotiations with Moscow, enabling them to secure good discounts. It noted Russia has said it will not trade with countries participating in the price cap. U.S. officials say the price cap will be policed by attestations taken from buyers in local jurisdictions.

☆ Logitech's quarterly sales down 12%, CFO to depart
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Logitech mouses are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. The maker of keyboards, mice and headsets posted a 12% decline in sales at $1.15 billion in the three months ended Sept. 30. In constant currencies, which removes the impact of exchange rate swings, sales was down 7%. Register now for FREE unlimited access to Reuters.com RegisterNon-GAAP operating income plunged 26% to $156 million in the period, the second quarter of Logitech's financial year. Register now for FREE unlimited access to Reuters.com RegisterReporting by John Revill and Juby Babu; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Logitech's quarterly sales down 12% to $1.15 bln
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Logitech mouses are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. The maker of keyboards, mice and headsets posted a 12% decline in sales at $1.15 billion in the three months ended Sept. 30. In constant currencies, which removes the impact of exchange rate swings, sales was down 7%. Logitech also said its chief financial officer, Nate Olmstead, will be leaving the company. Register now for FREE unlimited access to Reuters.com RegisterReporting by John Revill and Juby Babu; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ UK PM Rishi Sunak may delay fiscal statement - The Times
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - New British Prime Minister Rishi Sunak is considering delaying next week's planned fiscal statement in order to fill a hole of 40 billion pounds ($46 billion) in the UK's finances, The Times reported. Sunak is expected to meet finance minister Jeremy Hunt on Wednesday to discuss his proposals to increase taxes and squeeze public spending, the report said. This comes after former PM Liz Truss's spokeswoman said last week that her successor would decide whether to proceed with a fiscal plan scheduled for Oct. 31. Hunt reversed Truss's economic growth plan on Oct. 17 after several weeks of turmoil in UK politics and markets and Truss resigned a few days later. Sunak, who became Britain's third prime minister in two months, quickly re-appointed Hunt as his finance minister in a move designed to calm markets.

☆ Dogs get their day at Hindu festival dedicated to them in Nepal
▼ + stars: | 2022-10-25 | by ( Yubaraj Sharma | ) www.reuters.com time to read: +2 min

People gather to worship a dog at Sneha’s Care, a shelter for street dogs, during the Kukur Tihar or the festival of dogs as part of Tihar celebration in Lalitpur, Nepal October 24, 2022. REUTERS/Navesh ChitrakarLALITPUR, Nepal, Oct 25 (Reuters) - Dog lovers of Nepal honoured canines on Monday, putting bright orange garlands around their necks and indulging them with treats to celebrate a Hindu festival highlighting the loyalty of dogs to humans. Register now for FREE unlimited access to Reuters.com RegisterThe tradition originates in Nepal, where street dogs are prevalent and dog welfare is struggling. The Sneha Care shelter has around 170 dogs, some of which have been abandoned, owner Sneha Shrestha said. "It is fun when we make garlands, wear them, and feed the dogs during the Festival of Dogs," local resident Tirtha Bahadur Khatri said.

☆ Juul discusses possible bailout with two of its biggest investors - WSJ
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Juul Labs Inc is in talks with two of its investors about a bailout that could help it avoid a bankruptcy filing, the Wall Street Journal reported on Monday, citing people familiar with the matter. The bailout would help Juul stay in business and pursue the resolution of a dispute with federal regulators over whether its products can remain on the U.S. market, according to the report. In July, Juul had said it was in the early stages of exploring several options including financing alternatives. read moreJuul did not immediately respond to a Reuters request for comment, while parent Altria Group (MO.N) deferred questions to Juul. Register now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn imposes restrictions on iPhone assembly plant in China's Zhengzhou - SCMP
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan's Foxconn (2317.TW) has imposed tough COVID-19 control restrictions on its plant in the Chinese city of Zhengzhou that assembles Apple Inc's (AAPL.O) iPhone, the South China Morning Post reported on Friday. "Production in the Zhengzhou campus remains normal, without a notable impact (from the Covid-19) situation," SCMP quoted a Foxconn spokesman as saying on Thursday. The new measures come as Foxconn's factory is ramping up production of the latest iPhone 14 models, SCMP added. Both Foxconn and Apple did not immediately respond to a Reuters request for comment.

☆ Foxconn says production normal at iPhone plant in China despite COVID curbs
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan electronics manufacturer Foxconn (2317.TW) said on Friday production at its largest iPhone factory remains normal, despite tightening COVID-19 restrictions at the plant in the Chinese city of Zhengzhou this week. "Zhengzhou (plant) still maintains normal production and has little impact (from the situation)," Foxconn told Reuters. The new measures follow Zhengzhou's latest outbreak recording a total of 196 cases since Oct. 8, and come as Foxconn's factory is ramping up production of the latest iPhone 14 models. Register now for FREE unlimited access to Reuters.com RegisterReporting by Beijing newsroom and Juby Babu in Bengaluru; Editing by Jacqueline Wong and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Hunt to propose 'stealth' income tax rise to fill 40 bln pound fiscal hole-FT
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

Oct 21 (Reuters) - UK Chancellor Jeremy Hunt is set to propose a stealth rise in income tax after the next elections to fill a fiscal hole of 40 billion pounds ($45.21 billion), the Financial Times reported on Friday, citing two government sources briefed on his plan. Hunt will extend the current freeze on income tax thresholds and allowances into the next UK parliament, raising around five billion pounds per year by 2027-28, the FT report said, citing government sources. The chancellor is also expected to put off capital projects and squeeze public spending after the next election, which must be held by January 2025, the FT added, citing people briefed on his plans. Register now for FREE unlimited access to Reuters.com RegisterContacted by Reuters, the UK Treasury said it does "not comment on speculation around tax changes outside of fiscal events." Hunt reiterated on Friday that the government will do "whatever is necessary to get drive down debt in the medium term."

☆ Altria sells U.S. IQOS rights to Philip Morris for $2.7 bln
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Philip Morris is looking to overturn the ban. Philip Morris, which reports quarterly results later on Thursday, aims to resume supply of IQOS products in the United States by the first half of 2023. Altria still holds the rights to sell IQOS in the United States until May 2024, after which it transitions to Philip Morris. "We are ready to invest behind IQOS to bring it to market at scale across the U.S.," Philip Morris Chief Executive Officer Jacek Olczak said. Altria said it has already received $1 billion from Philip Morris and will receive the remainder by July 2023.

☆ Delivery startup Getir in advanced talks to buy Gorillas- Bloomberg News
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Turkish fast delivery startup Getir is in advanced talks to buy Berlin-based rival Gorillas Technologies GmbH, Bloomberg News reported on Monday, citing people familiar with the matter. The potential deal would give Getir scale in key European markets including the UK and Germany, the report said. No final decisions have been made, but the proposed deal would be a mix of cash and equity, Bloomberg added. Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global participated in the funding round. read moreWhen contacted by Reuters, a Getir spokesperson said they could "neither confirm or deny" the Bloomberg report, while Gorillas said it will not provide any comment.

☆ ByteDance plans for maximum of nine board directors -source
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - TikTok owner ByteDance will expand its board of directors to a maximum of nine, a person with direct knowledge of the matter said on Wednesday, as the company faces regulatory pressure globally. Shareholders approved the move at an investor meeting on Tuesday, boosting the figure from the previous maximum of five, added the source, who sought anonymity as the information was confidential. The other directors are representatives of General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, Reuters has reported. Earlier, citing two unidentified sources, the South China Morning Post had said the company would add four directors to the existing five. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yingzhi Yang in Beijing and Juby Babu in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Apple drops plan to boost iPhone production as demand falters-Bloomberg
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 27 (Reuters) - Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg News reported on Tuesday, citing people familiar with the matter. The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported. Register now for FREE unlimited access to Reuters.com RegisterThe iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. Demand for the higher-priced iPhone 14 Pro models is stronger than for the entry-level versions and at least one Apple supplier is shifting production capacity from lower-priced iPhones to premium models, Bloomberg reported. Apple had this week said it would start manufacturing the iPhone 14, launched earlier this month, in India, as the tech giant moves some of its production away from China.

☆ Crypto exchange FTX to acquire bankrupt Voyager's assets
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationsSept 26 (Reuters) - Bankrupt crypto lender Voyager Digital said on Monday crypto exchange FTX has won an auction for its assets, in a bid valued at about $1.42 billion. Register now for FREE unlimited access to Reuters.com RegisterVoyager issued a notice of default to the Singapore-based hedge fund in June, for its failure to make required payments on a loan of 15,250 bitcoin. However, the slump in crypto markets has hurt crypto companies and investors. read moreLast week, Voyager said its Chief Financial Officer Ashwin Prithipaul was preparing to step down from his role within months of his appointment at the crypto lender. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu and Shubhendu Deshmukh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ UK says Russia struck dam this week on Siverskyi Donets river
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows a destroyed bridge over the Siverskyi Donets river near the town of Balakliia, recently liberated by the Ukrainian Armed Forces during a counteroffensive operation, amid Russia's attack on Ukraine, in Kharkiv region, Ukraine September 18, 2022. REUTERS/Sofiia GatilovaSept 24 (Reuters) - Russia struck the Pechenihy dam on the Siverskyi Donets River in northeast Ukraine this week using short-range ballistic missiles or similar weapons, the British military said on Saturday. Russian commanders may be attempting to strike sluice gates of the dams in order to flood Ukrainian military crossing points, the ministry said in its bulletin released on Twitter. The attacks are unlikely to have caused significant disruption to Ukrainian operations due to distance between damaged dams and combat zones, according to the ministry. Register now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Oscar winner Louise Fletcher dies at 88- AP
▼ + stars: | 2022-09-24 | by ( ) www.reuters.com time to read: +1 min

Fletcher died in her sleep surrounded by family at her home in Montdurausse, France, her agent David Shaul told the news agency, without giving a cause for her death. Register now for FREE unlimited access to Reuters.com RegisterReuters was not immediately able to reach Fletcher's agent or son for comment. The movie also won awards for Best Picture, Best Director, Best Leading Actor and Best Screenplay. Fletcher divorced Bick in 1977 and is survived by her sons, according to the Associated Press. Register now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru.

Francis Bruhm, Project Manager for general contractor G&R Kelly, places sandbags around the doors of the Nova Scotia Power building before the arrival of Hurricane Fiona in Halifax, Nova Scotia, Canada September 23, 2022. It was due to make landfall in eastern Nova Scotia Saturday morning, but rain and wind had already started Friday night. Canadian authorities sent emergency alerts in Nova Scotia and Prince Edward Island, warning of severe flooding along shorelines and extremely dangerous waves. The storm could prove more ferocious than the benchmarks of Hurricane Juan in 2003 and Hurricane Dorian in 2019, Canadian Hurricane Centre meteorologist Bob Robichaud told a briefing. Trailing Fiona in the Caribbean is Tropical storm Ian, which is expected to become a hurricane on Sunday night.

Francis Bruhm, Project Manager for general contractor G&R Kelly, places sandbags around the doors of the Nova Scotia Power building before the arrival of Hurricane Fiona in Halifax, Nova Scotia, Canada September 23, 2022. REUTERS/Ingrid Bulmer/File PhotoHALIFAX, Nova Scotia, Sept 24 (Reuters) - Powerful storm Fiona slammed into eastern Canada on Saturday with hurricane-force winds, nearly a week after devastating parts of the Caribbean. The U.S. National Hurricane Center said the center of the storm, now called Post-Tropical Cyclone Fiona, was crossing eastern Nova Scotia, bringing high winds and heavy rains. Register now for FREE unlimited access to Reuters.com RegisterExperts predicted high winds, storm surges and heavy rainfall from Fiona. Canadian authorities sent emergency alerts in Nova Scotia and Prince Edward Island, warning of severe flooding along shorelines and extremely dangerous waves.

☆ Credit Suisse considers splitting investment bank in three - FT
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmann/File PhotoSept 22 (Reuters) - Credit Suisse Group AG (CSGN.S) has drawn up plans to split its investment bank in three, the Financial Times reported on Thursday, as the Swiss lender attempts to emerge from three years of relentless scandals. "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," the newspaper report quoted Credit Suisse as saying. Reuters reported earlier this month that Credit Suisse, Switzerland's second-biggest bank, was also looking to cut around 5,000 jobs, about one position in 10, as part of a cost-reduction drive. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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