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But many of them are allowed to spend a fortune on living expenses, The New York Times reported. One tycoon had permission to pay 19 members of staff, including private chefs, the report said. Last year, officials granted at least 82 exemptions — known as licenses — to oligarchs who were affected by UK sanctions imposed as a result of Russia's invasion of Ukraine, the report said. A big chunk of that money went into a security company that has been under investigation for likely helping Aven evade sanctions, The Times reported, citing court records. A spokesperson for the UK Treasury told The Times that licenses to allow payments for "basic needs" are "strictly monitored."
Persons: Mikhail Fridman, Fridman, Pavel Golovkin, Petr Aven, Vladimir Putin, Aven, Oleg Tinkov, Putin Organizations: New York Times, Service, The Times, EU, Bloomberg, Treasury, Times, Alfa Locations: Wall, Silicon, Ukraine, London, British, Russian, Moscow, Russia
TOKYO, July 28 (Reuters) - Panasonic Holdings (6752.T) has started considering providing electric vehicle batteries to Subaru (7270.T), the Nikkei reported on Friday. The two companies are soon expected to announce the plan to ink a basic supply agreement of EV batteries, the report said. The energy unit of Panasonic Holdings and Mazda Motor 7261.T announced in June they also would start talks to set up a battery supply partnership for electric vehicles (EVs). Panasonic, which supplies almost all of its EV batteries to Tesla (TSLA.O), is seeking to increase global market as Chinese and South Korean competitors grow their presence, the Nikkei said. Reporting by Kaori Kaneko; Edit by Tom HogueOur Standards: The Thomson Reuters Trust Principles.
Persons: Kaori Kaneko, Tom Hogue Organizations: Panasonic Holdings, Subaru, Nikkei, EV, Mazda, Panasonic, Thomson Locations: TOKYO
Tesla dealt with up to 2,000 cases a week amid concerns over driving ranges, per Reuters reported. Citing sources, Reuters reported that Tesla set up a secret unit to shut down customer complaints. The diversion team was expected to close around 750 complaints cases a week, the report said. Tesla was dealing with up to 2,000 complaints cases a week from customers over issues around driving range after it set up a secret team to shut down complaints, Reuters reported as part of an investigation. The app update led complaints about range to be sent to a secret team in Nevada, known as the diversion team.
Persons: Tesla Organizations: Reuters, Morning, Elon Musk's EV, EV Locations: Nevada
REUTERS/Dado Ruvic/IllustrationLONDON, July 28 (Reuters) - Corporate credit quality is weaker than financial markets currently price in, while defaults are likely to pick up in the second half of the year, a report by Janus Henderson Investors said on Friday. Tighter lending standards, higher refinancing costs and a slowing economy would take their toll on the credit quality of corporates, the report said. This suggests that defaults could pick up in the second half, even if the pace of defaults is slower than in previous cycles, it added. Additionally, a recent trend of small businesses being forced to file for bankruptcy is likely to spread more broadly into capital markets, Janus Henderson noted. "As recession fears scaled back, markets have been pricing in a more muted credit default cycle.
Persons: Dado Ruvic, Janus Henderson, Jim Cielinski, Chiara Elisei, Dhara Ranasinghe, Conor Humphries Organizations: REUTERS, Janus Henderson Investors, P Global, U.S, Casino, Thomson Locations: industrials
Tesla exaggerated the driving range of its vehicles for years, Reuters reported. To suppress complaints, the EV maker created a secret team to cancel appointments, per the report. Tesla exaggerated the driving range of its EVs for years, an investigation from Reuters has found. The report, which cited a source familiar with an early design of Tesla software, said the EV maker rigged the range-estimating software on the cars' dashboards. As a result, the company was inundated with complaints and service appointments from drivers who expected a longer driving range, several sources told Reuters.
Persons: Tesla, Elon Musk Organizations: Reuters, Tesla's Locations: Las Vegas
REUTERS/Remo Casilli/File PhotoJuly 27 (Reuters) - The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have been filed across 65 jurisdictions over the past five years, according to the report by the UN Environment Programme (UNEP) and New York's Columbia University, which tracks ongoing climate cases in a global database. Many cases involve claims based on accusations of corporate greenwashing or advocating for greater climate disclosures. Youth climate activists have already played a central role, with 34 cases brought forward on behalf of children, teens, and young adults. Litigation targeting the disruptive actions of climate activists is also on the rise, Tigre said.
Persons: Remo Casilli, Maria Antonia Tigre, Andrew Raine ,, Shell, Tigre, Gloria Dickie, Conor Humphries Organizations: della, REUTERS, UN, Programme, New York's Columbia University, Columbia's, European, of Human, Thomson Locations: Italy, Rome, New, United States, Brazil, Indonesia, Toronto
REUTERS/Remo Casilli/File PhotoJuly 27 (Reuters) - The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have been filed across 65 jurisdictions over the past five years, according to the report by the UN Environment Programme (UNEP) and New York's Columbia University, which tracks ongoing climate cases in a global database. While the United States still dominates with more than 1,500 cases, other countries are seeing increases. About 17 percent of cases have been filed in developing countries, according to the report, with rainforest-rich Brazil and Indonesia among the countries seeing the most. Youth climate activists have already played a central role, with 34 cases brought forward on behalf of children, teens, and young adults.
Persons: Remo Casilli, Maria Antonia Tigre, Andrew Raine ,, Shell, Tigre, Gloria Dickie, Conor Humphries Organizations: della, REUTERS, UN, Programme, New York's Columbia University, Columbia's, European, of Human, Thomson Locations: Italy, Rome, New, United States, Brazil, Indonesia, Toronto
School closures during the pandemic could erase over $500 billion of potential economic growth from a handful of Asian countries, according to Oxford Economics. From 2021 to 2035, each of these economies may lose 0.3% and 0.8% of potential GDP per year on average, according to a report by the economic advisory firm. As a result of pandemic-induced school closures, those countries could lose a collective GDP of approximately $511 billion. Because of that, the Philippines could see the highest loss in potential GDP and investments between 2021 and 2035, according to the global research firm. Thailand is expected to see the least loss in potential GDP and investments during the same period.
Organizations: Longos Elementary School, Oxford Economics, Schools Locations: Alaminos, Philippines, India, Indonesia, Malaysia, Thailand
The rise in the rate reflects continued stress in the U.S. commercial real estate sector as a post-pandemic environment had more people working from home or shopping online. Office loans made up roughly 35% of the newly special serviced and delinquent loans in July rated by KBRA at $898.4 million. So far in July, multiple office properties have been transferred to special servicing due to imminent monetary default. The total special servicing balance on multi-loan CMBS sharply increased $830.7 million to $14 billion, the largest rise since August 2020, the report said. KeyBank's subsidiary KeyBank Real Estate Capital handles commercial real estate lending and servicing.
Persons: Amr Alfiky, KBRA, Chris Gorman, KeyCorp, Matt Tracy, Shankar Ramakrishnan, Jamie Freed Organizations: REUTERS, KBRA, Estate Capital, Thomson Locations: New York City, U.S
July 25 (Reuters) - Jack Ma-backed Ant Group (688688.SS) is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter. Once the restructuring is complete and Ant secures the license, it can prepare for a public listing in Hong Kong instead of reviving the dual Shanghai-Hong Kong listing plan that was suspended by Chinese authorities in 2020, Bloomberg said. Ant Group declined to comment on the report, while Alibaba did not immediately respond to a Reuters request for comment. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Alibaba said it would not participate in the buyback but would maintain its shareholding in Ant.
Persons: Jack Ma, Ant, Alibaba, Jyoti Narayan, Savio D'Souza Organizations: Ant, Bloomberg, Alibaba, HK, Ant Group, Thomson Locations: China, Hong Kong, Shanghai, Bengaluru
July 25 (Reuters) - The U.S. Federal Trade Commission (FTC) is finalizing its long-awaited antitrust lawsuit against Amazon (AMZN.O) in a move that could ultimately break up parts of the company, Politico reported on Tuesday. The complaint could focus on challenges to Amazon Prime, Amazon rules that the FTC says block lower prices on competing websites, and policies it believes force merchants to use Amazon's logistics and advertising services, the report said. Politico did not mention the exact details of the final lawsuit, but said personnel throughout the agency, including FTC Chair Lina Khan, have homed in on several of Amazon's business practices. The FTC declined to comment and Amazon did not immediately respond to Reuters requests for comment. Last month, the FTC accused Amazon of enrolling millions of consumers into its paid subscription Amazon Prime service without their consent and making it hard for them to cancel.
Persons: Andy Jassy, Jeff Bezos, Lina Khan, Shivani Tanna, Arun Koyyur, Subhranshu Organizations: U.S . Federal Trade Commission, Amazon, Politico, Amazon Prime, FTC, Thomson Locations: Bengaluru
July 26 (Reuters) - Canada's Imperial Oil (IMO.TO) spilled crude oil into a process-water lagoon at its Mahihkan plant in northern Alberta, contaminating a flock of geese, the Alberta Energy Regulator (AER) said on Wednesday. The spill of around six barrels of oil, which took place on Monday, is the latest environmental lapse by the oil sands company. Earlier this year it emerged that toxic tailings water had been seeping for months from Imperial's Kearl mine, and a second separate leak occurred in February. Twelve Canada geese became smeared with oil after landing on the lagoon, the AER said in an incident report on its website. In the last week a dead frog and two dead minnows were found near the seepage site and were collected for additional testing, Imperial said.
Persons: Lisa Schmidt, Imperial, Schmidt, Nia Williams, Sandra Maler Organizations: Alberta Energy Regulator, Imperial, Thomson Locations: Alberta, Imperial, British Columbia
Amazon Fresh is cutting hundreds of store jobs, according to the Washington Post. Amazon has paused Fresh openings and closed some stores over the past year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyJust under three years after it opened its first store, Amazon Fresh is laying off hundreds of workers. Amazon touted a discount of up to 25% for Prime members at Amazon Fresh this past Prime Day. Are you an Amazon Fresh employee affected by the layoffs or have a story idea to share?
Persons: Jessica Martin, we've, Martin, Andy Jassy, Jason Buechel Organizations: Washington Post, Service, Workers, Post, Amazon, Amazon Fresh, Foods Locations: Wall, Silicon
Law Firms Mallinckrodt and Mallinckrodt FollowJuly 26 (Reuters) - Drugmaker Mallinckrodt (MNK.A) is talking to hedge funds about filing for bankruptcy and avoiding payments intended to help people addicted to opioids, the Wall Street Journal reported on Wednesday. Mallinckrodt, which is one of the largest manufacturers for opiods, had filed for bankruptcy protection nearly three years ago. It reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan and emerged from Chapter 11 last year. The company in June said it was considering a second bankruptcy filing and other options after its lenders raised concerns over the $200 million payment related to opioid-related litigation. Reporting by Sriparna Roy in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Mallinckrodt, Sriparna Roy, Devika Organizations: Wall Street, Silver Point, Thomson Locations: Greenwich, Bengaluru
Russia's economy is being sustained by the Wagner Group's gold smuggling operations, the UK government says. A report says the mercenary group has been sneaking "significant" amounts of gold out of Sudan. That gold is then used in trade that's boosting Russia's economy, it added, despite the nation being targeted by western sanctions amid Russia's "special military operation" in Ukraine. "Wagner's gold-smuggling operations from Sudan are significant, with one calling them 'critical to Russia's ability to withstand significant sanctions deployed against it for its illegal invasion in Ukraine,'" the report said. And though Putin has downplayed the effect of sanctions, non-government statistics show that Russia's economy is spiraling and in a far worse state than it appears, two Yale researchers said.
Persons: Wagner, Brian Nelson, Putin Organizations: Service, US Treasury, United Arab, Wagner Group, Central African, Terrorism, Financial, Wagner Groups, EU, Yale Locations: Sudan, Wall, Silicon, Ukraine, United Arab Emirates, Central African Republic, Russia, Mali, United States, Africa
BENGALURU, July 26 (Reuters) - Indian shares advanced on Wednesday, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the U.S. Federal Reserve's monetary policy decision. Automaker Tata Motors (TAMO.NS) jumped as much as 4.06% to a record high after reporting a better-than-expected profit in the June quarter and a capital restructuring plan. Index heavyweight L&T (LART.NS) climbed 3.71% to a record high on strong first-quarter results and approval of a share buyback plan. L&T and Tata Motors were the top Nifty 50 gainers. In contrast to Indian equities, Asian peers were subdued ahead of the Fed policy decision, due at 11:30 p.m. IST.
Persons: Toubro, Anita Gandhi, Rahul Sharma, Bharath Rajeswaran, Dhanya Ann Thoppil, Eileen Soreng Organizations: Reliance Industries, Larsen, Tata Motors, U.S, U.S . Federal, BSE, Arihant, Thomson Locations: BENGALURU, U.S ., Qatar, Bengaluru
Microsoft is set to shed about $100 billion from its market capitalization if the loses hold until close of trading. "The tech earnings season has started on a mixed note," said Mark Haefele, global wealth management chief investment officer at UBS in a client note. "The tone set by quarterly results over the next week will be crucial to the performance of tech stocks through the rest of the third quarter." Large tech companies, which rely heavily on borrowed money, have been pressured since the Fed started its tightening cycle to tame inflation. However, optimism over AI and hopes that the Fed is nearing the end of its rate hiking cycle have supported tech stocks in recent months.
Persons: Lucy Nicholson, Paul Nolte, Murphy, Sylvest, Mark Haefele, Wall, Stuart Cole, Bernstein, Mark Shmulik, Meta, enviously, Shmulik, Shreyashi Sanyal, Amruta, Lucy Raitano, Johann M Cherian, Amanda Cooper, Saumyadeb Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, UBS, Apple Inc, Amazon.com Inc, Fed, Equiti, Federal Trade Commission, Amazon, Inc, Facebook, Thomson Locations: Los Angeles , California, U.S, HK, Bengaluru, London
What’s the difference between Russia’s internet before and after the invasion of Ukraine? That was the finding of a report published on Wednesday by Citizen Lab, a group from the University of Toronto that studies online censorship in authoritarian countries. The new report was one of the first attempts to quantify the extent of Russian internet censorship since the war began in February 2022. Before the war, Russia’s government issued internet takedown orders to Vkontakte, known as VK, once every 50 days on average. The government also used keyword blocking to censor lesbian, gay, bisexual, transgender and queer terms on the site, the report said.
Persons: Vladimir V, Putin Organizations: Citizen Lab, University of Toronto, Lab, Vkontakte, VK Locations: Ukraine, Russian, Vkontakte
London CNN —The United Kingdom government has been heavily criticized by Parliament’s Foreign Affairs Committee for underestimating the growth of Russia’s Wagner private mercenary group, despite it posing a major threat to the country’s interests. Wagner “essentially operate like a criminal mafia,” Kearns said in an interview with Sky News Wednesday. Barbara Debout/AFP/Getty Images/FILEIt also criticized the UK government for only beginning to seriously monitor the group after Russia launched its invasion of Ukraine. “It is deeply regrettable that it was not until early 2022 that the Government began to invest greater resource in understanding the Wagner Network, despite Wagner fighters having already conducted military operations in at least seven countries for almost a decade,” read the report. “The Government has not told us anything specific that it is doing to challenge the network’s influence and impunity outside of Ukraine,” the report said.
Persons: Russia’s Wagner, Wagner, , Alicia Kearns, Wagner “, ” Kearns, , Barbara Debout Organizations: London CNN, United, Parliament’s Foreign, , CNN, Sky News, Getty, Government, Wagner Network, European Union Locations: Africa, Europe, Russia, Ukraine, Sudan, Syria, Central African Republic, Libya, Mozambique, Mali, Bangui, AFP, , United States
U.S. Trucking firm Yellow prepares for bankruptcy - WSJ
  + stars: | 2023-07-26 | by ( ) www.reuters.com   time to read: +1 min
July 26 (Reuters) - U.S. trucking firm Yellow (YELL.O) is preparing to file for bankruptcy, the Wall Street Journal reported on Wednesday, as customers abandon the company amid a cash crunch and union negotiations. The company could seek bankruptcy court protection as soon as this week, though no decision has been made, the report said, citing people familiar with the matter. On Sunday, the third-biggest U.S. trucking company averted a threatened strike by 22,000 Teamsters-represented workers after compensating more than $50 million it owed in worker benefits and pension accruals. In 2020, the Donald Trump led government rescued the company with a $700 million pandemic relief loan in exchange for a 30% stake. Reporting by Urvi Dugar and Mrinmay Dey in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Donald Trump, Urvi Dugar, Mrinmay Dey, Arun Koyyur Organizations: Wall Street, Reuters, U.S, Teamsters, Walmart, Uber, Thomson Locations: U.S, Bengaluru
That special fee, which the FDIC proposed in May, would be assessed based on their uninsured deposits at the end of 2022. The regulator said some banks were "not reporting estimated uninsured deposits in accordance with the instructions." A July 6 report by S&P Global noted 55 banks restated their fourth-quarter uninsured deposits in FDIC reports, more than twice the norm. Specifically, the FDIC reminded banks they must report uninsured deposits backed by pledged assets as well as uninsured deposits held at their own subsidiaries. “Earlier this year, we identified certain internal or intra-bank accounts that shouldn’t have been reported,” Bank of America spokesman Bill Halldin said.
Persons: Zions, Paul Burdiss, Bill Halldin, Bank spokespeople, Niket, Pete Schroeder, Tatiana Bauzer, Shweta Agarwal, Megan Davies Organizations: U.S, Federal Deposit Insurance Corporation, Valley Bank, FDIC, P Global, Bank of America, ” Bank of America, P, Huntington National Bank, Bank, Bank Policy Institute, Thomson Locations: Bengaluru, Washington
watch nowNuclear energy has never been part of Australia's energy mix as it has abundant renewables, according to Australia's minister for climate change and energy. Nuclear plays a role in various countries' mix, but in Australia, it never has," Chris Bowen told CNBC on the sidelines of the G20 energy ministers meeting in Goa, India. "Wherever you look, there's issues from our point of view with nuclear energy," he said, outlining problems that can come from adopting nuclear energy. Furthermore, Australia will be starting from "worse than scratch" since it never had a nuclear industry in the first place, he said. "They're not going to be replaced with coal fired power, it's just not going to happen," Bowen said.
Persons: Chris Bowen, CNBC's Sri, Liddell, Bintang, They're, it's, Bowen, Vladimir Putin, David Gray Organizations: CNBC, Liddell Power Station, Getty, Australia, Gas, country's Clean Energy Council Locations: Australia, Goa, India, CNBC's Sri Jegarajah, Europe, Ukraine, Lake George, Canberra
An easyJet pilot flying to Rhodes told tourists it was a bad idea, a BBC-affiliated report said. His warning prompted some tourists to disembark, including a boy who was crying, the report said. An easyJet pilot warned tourists flying to Rhodes, Greece on Monday that it was a "terrible idea" moments before taking off, according to a report by the BBC's Welsh-language news program Newyddion. "I don't know why you're traveling, but if you're traveling for recreational reasons, I suggest it's a bad idea." In a later statement on Monday, the company said it is offering its customers two repatriation flights from Rhodes to London.
Persons: Rhodes, Newyddion, EasyJet, Tui Organizations: BBC, Morning, CNN, Reuters, Foreign Office, Guardian Locations: Rhodes, Greece, Corfu, London
If the Black Sea is closed, the Danube is one of the main routes which we will need to use," he told Reuters by phone. Police said Danube grain warehouses had been hit on Monday in a drone attack along with tanks for storing other cargo. Since Monday's air strikes, the Danube channel has seen shipping disruptions, although it was unclear why there was a slowdown of vessel traffic. INSURANCE RATES RISEInsurance sources have said war risk cover for Ukraine's ports that was part of the defunct Black Sea grain deal had been suspended with some insurance providers reviewing provisions for Danube ports. The attack on the Danube infrastructure followed a week of Russian strikes that hit grain-related infrastructure at Odesa's main ports.
Persons: Russia's, Denys Marchuk, Carlos Mera, Mera, Marchuk, Danilov, Olena Harmash, Sybille de La, Tom Balmforth, William Maclean Organizations: Ukrainian Agrarian, Reuters, Police, EU, Romania, Agri Commodities Markets Research, Rabobank, Insurance, Kyiv, Russia, CMA CGM, National Security, Defence Council, Thomson Locations: KYIV, Moscow, Odesa, Reni, NATO, Russia, Izmail, Ukraine, China, Chornomorsk, Ukrainian, Italy, Kyiv, Western, Paris
Banc of California in talks to buy PacWest Bancorp - WSJ
  + stars: | 2023-07-25 | by ( ) www.reuters.com   time to read: +1 min
July 25 (Reuters) - Banc of California (BANC.N) is in advanced talks to buy PacWest Bancorp (PACW.O) and a deal could be announced as soon as Tuesday, the Wall Street Journal reported, citing people familiar with the matter. Shares of PacWest were down 27%, while Banc of California gained 10% in afternoon trading. PacWest has been signing deals to shed some assets and strengthen its balance sheet. PacWest had a market capitalization of $1.24 billion as of Monday, almost 63% higher than that of Banc of California, according to Refinitiv data. Private equity firms Centerbridge and Warburg Pincus are planning to contribute equity to help fund Banc of California's acquisition of PacWest, the Journal report said.
Persons: Janet Yellen, PacWest, Ares Management, Warburg Pincus, Niket, Arun Koyyur Organizations: PacWest Bancorp, Wall Street Journal, midsize, PacWest, Thomson Locations: California, Banc, Bengaluru
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