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REUTERS/Michael Swensen Acquire Licensing RightsCHICAGO, Sept 21 (Reuters) - United Auto Workers (UAW) members rallied against the Detroit Three automakers in multiple U.S. states on Thursday afternoon as Friday's deadline loomed for a threatened expansion of the union's strikes. The UAW last week launched unprecedented, simultaneous strikes at one assembly plant each of General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI). UAW workers want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. On Thursday morning, Fain posted a video message on X, formerly known as Twitter, to UAW members about the Friday deadline, showing scenes from several Hollywood movies with the characters saying "tick tock." Fain has said Detroit automakers have not shared their huge profits with workers while enriching executives and investors.

Persons: Phaedra Grant, Michael Swensen, Ayanna Dixon, Shawn Fain, Fain, Ford, Stellantis, Joe Biden, Karine Jean, Pierre said, Ram, Morgan Stanley, Adam Jonas, Eikon, Mark Reuss, Reuss, Tesla, Bianca Flowers, Hyunjoo Jin, David Shepardson, Ben Klayman, Kannaki, Peter Henderson, Jamie Freed, Nick Zieminski, Matthew Lewis Organizations: Ford, UAW, REUTERS, Rights, United Auto Workers, Detroit Three, General Motors, Chrysler, Reuters, GM, GM's, Silverado, Detroit, Detroit Free Press, Toyota, Tacoma, EV, Thomson Locations: Louisville , Kentucky, U.S, Chicago, San Francisco, Louisville, Washington, Detroit, Bengaluru

☆ Shein shifts shipping strategy to bring China-made goods closer to US shoppers
▼ + stars: | 2023-09-22 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

The move also marks a strategy shift for Shein, which has traditionally flown goods directly from China to shoppers. Goods eligible for QuickShip are delivered significantly faster than Shein's standard shipping times, which can range from nine to 14 days, according to estimates on its website. Importing high-demand products in bulk helps Shein save money, a person familiar with Shein's strategy said, as ocean shipping is significantly less costly than air freight. Shipping goods by air directly from China is a strategy that helps the e-tailer avoid unsold inventory piling up in warehouses, according to Juozas Kaziukenas, founder of e-commerce analytics firm Marketplace Pulse. Prior to 2020, Shein imported no clothing by ocean freight, according to the ImportGenius data.

Persons: Chen Lin, ImportGenius, Shein, AWEIGH Shein, Juozas Kaziukenas, Katherine Masters, Matthew Lewis Organizations: REUTERS, Reuters, Walmart, UBS, U.S . House, PDD Holdings, Shipping, Thomson Locations: Singapore, China, U.S, Whitestown , Indiana, Shein, Indiana, Cherry Valley , California, York

People enter a building before the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsSept 22 (Reuters) - Deutsche Bank AG (DBKGn.DE) has hired Ainslee Withey, a Barclays (BARC.L) technology banker, as a managing director in its technology investment banking group for internet dealmaking, according to people familiar with the matter. Withey, who spent 15 years at Barclays and focused on internet investment banking, will be based in San Francisco and report to Deutsche's co-head of technology, media and telecoms (TMT) investment banking, Ajay Shah, the sources said, adding that she will start her new role in December. Withey started her investment banking career at Lehman Brothers in 2005 and joined Barclays three years later. In July, Deutsche hired 50 senior bankers in the origination and advisory business of its global investment bank.

Persons: Kai Pfaffenbach, Ainslee Withey, Deutsche's, Ajay Shah, Withey, Milana Vinn, Matthew Lewis Organizations: Deutsche Bank, REUTERS, Deutsche Bank AG, Barclays, Deutsche, Lehman Brothers, Thomson Locations: Frankfurt, Germany, San Francisco, Americas, New York

☆ Detroit Three automakers enter final hours to avoid wider UAW strike
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

[1/2] People attend a UAW rally to support striking workers outside an assembly plant in Louisville, Kentucky. REUTERS/Michael Swensen Acquire Licensing RightsDETROIT, Sept 22 (Reuters) - The Detroit Three automakers and the union representing the companies' U.S. hourly workers on Friday entered the final hours to reach new labor agreements before the current coordinated strike expands to include more plants. Fain has said the Detroit automakers have not shared their huge profits with workers while enriching executives and investors. The automakers have proposed 20% raises over 4-1/2 years, while the UAW is seeking 40%. Unifor, which represents about 5,600 Canadian auto workers, had been threatening to go on strike at all three Ford plants in the country.

Persons: Michael Swensen, Stellantis, Shawn Fain, Fain, Mark Reuss, Ford, David Shepardson, Joseph White, Ben Klayman, Peter Henderson, Matthew Lewis Organizations: UAW, Rights, Detroit Three, General Motors, Ford, Chrysler, GM's, Silverado, Ford Bronco, Chevrolet, Detroit, Reuters, Facebook, Detroit automakers, Thomson Locations: Louisville , Kentucky, Missouri , Michigan, Ohio, Chevrolet Colorado, Washington, Detroit

☆ Romania's Enescu music festival eyes next edition as 2023 event wraps up
▼ + stars: | 2023-09-21 | by ( Luiza Ilie | Thomson Reuters | Bucharest-Based General News Reporter Covering A Wide Range Of Romanian Topics Elections | ) www.reuters.com time to read: +2 min

[1/2] The French National Orchestra plays during the George Enescu Classical Music Festival, in Bucharest, Romania, September 21, 2023. The 27th Enescu festival, a biennial event, could bring in American orchestras for the first time in years, said Cristina Uruc, one of the main planners, alongside established festival performers. The 26th Enescu festival, named after Romania's most famous composer and begun in 1958, ends on Sunday with a performance by the Dutch-based Royal Concertgebouw Orchestra. "If we had a proper concert hall, top orchestras could play in Bucharest outside the festival as well, we could build on the classical music tradition this festival has created." Asked whether the rise of generative artificial intelligence threatened classical music performances, one artist at the festival said he was not concerned.

Persons: George Enescu, George Calin, Enescu, Cristina Uruc, Maestro Macelaru, Cristian Macelaru, Simon Rattle, Zubin Mehta, Vladimir Jurowski, Yuja Wang, Martha Argerich, Gautier Capucon, Uruc, Artexim, Capucon, Luiza Ilie, Matthew Lewis Organizations: French National Orchestra, George Enescu Classical, REUTERS Acquire, Rights, Enescu, Reuters, Concertgebouw Orchestra, London Symphony Orchestra, Rome's National Academy of Santa Cecilia Orchestra, Musicians, Communist Party, Thomson Locations: Bucharest, Romania, Rights BUCHAREST, Dutch, French, Sala

☆ DRC Congo to Move Its Embassy to Jerusalem From Tel Aviv -Israeli Statement
▼ + stars: | 2023-09-21 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

JERUSALEM (Reuters) - Democratic Republic of Congo will move its Israel embassy to Jerusalem from Tel Aviv, Israeli Prime Minister Benjamin Netanyahu said on Friday. Netanyahu, who met Congolese President Felix Tshisekedi during the U.N. General Assembly, announced in a statement that Israel would also be opening an embassy in Kinshasa, the capital of Democratic Republic of Congo. Only a handful of countries have their embassies in Jerusalem, with most others maintaining their diplomatic representation in the coastal city of Tel Aviv, Israel's main economic hub. While Israel considers Jerusalem its eternal and indivisible capital and wants all embassies based there, most of the world does not recognize Israeli sovereignty over the entire city, believing its status should be resolved in negotiations. (Reporting by Ari Rabinovitch in Jerusalem; Editing by Leslie Adler and Matthew Lewis)

Persons: Benjamin Netanyahu, Netanyahu, Felix Tshisekedi, Israel, Ari Rabinovitch, Leslie Adler, Matthew Lewis Organizations: Democratic, General Assembly Locations: JERUSALEM, Democratic Republic of Congo, Israel, Jerusalem, Tel Aviv, Israeli, Kinshasa

The risk, they have warned, is that large basis positions could once again exacerbate vulnerabilities in the U.S. bond market, which is a linchpin of the world's financial system. "These basis positions with these transformations are going to be a part of the equation because it's a necessary evil to get the capital to meet the demand." Higher supply comes as liquidity in Treasuries has been problematic for most of last year, partially due to rising volatility spurred by the Fed's aggressive rate hiking cycle. But Richard Chambers, global head of repo trading and global co-head of short macro trading at Goldman Sachs, told the trading forum on Thursday that the repo market was now more efficient. "We will have more levered investors buying Treasuries into 2024 and so demand for leverage in Treasuries will increase," he said.

Persons: Dado Ruvic, Joe Biden, Janet, Yellen, Jason Granet, Mark Wendland, ”, Richard Chambers, Goldman Sachs, Davide Barbuscia, Gertrude Chavez, Dreyfuss, Carolina Mandl, Laura Matthews, Matthew Lewis Organizations: REUTERS, Federal Reserve, Bank for International Settlements, Treasuries, Treasury, BNY Mellon, DRW Holdings, Reuters, Goldman, Thomson Locations: U.S, New York, Treasuries

Sept 20 (Reuters) - AstraZeneca Pharmaceuticals LP (AZN.L) has been sued in the U.S. by a former senior director who claims the drugmaker refused to pay her nearly $130,000 in promised bonuses and stock options because she worked from home full-time. AstraZeneca, which is based in London and has U.S. headquarters in Delaware, did not immediately respond to a request for comment. The lawsuit claims AstraZeneca gave no prior notice that it would condition bonuses on whether employees reported to the office. Bodes accused AstraZeneca of breach of contract and failure to pay wages in violation of South Carolina law. She is seeking to recoup the money she claims she is owed along with other damages.

Persons: Elmarie Bodes, AstraZeneca, Bodes, Daniel Wiessner, Alexia Garamfalvi, Matthew Lewis Organizations: AstraZeneca Pharmaceuticals, AstraZeneca, Companies, South, Thomson Locations: U.S, South Carolina, London, Delaware, California, Albany , New York

Talks continued between union representatives and company management on the sixth day of a coordinated walkout, a day after Ford (F.N) averted a strike by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Stellantis last week, targeting one U.S. assembly plant at each company. UAW workers also want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. We’re serious about this,” said Victor Holloway, 24, of Westland, Michigan, who has worked at the Ford plant in Wayne, Michigan, since 2021. U.S. President Joe Biden is wearing a red tie on Wednesday in solidarity with UAW workers, the White House said.

Persons: Mark Reuss, “ We’re, ”, Victor Holloway, Rebecca Cook, Stellantis, Ram, Reuters Graphics Ford, Unifor, Ford, Joe Biden, Biden, Shawn Fain's, David Shepardson, Joe White, Ben Klayman, Anirudh, Richard Chang, Will Dunham, Matthew Lewis, Deepa Babington Organizations: DETROIT, United Auto Workers, Ford, Detroit, Detroit Free Press, UAW, General Motors, Ford Bronco, Chevrolet, Reuters, GM, REUTERS, GM's, Silverado, Reuters Graphics, Kokomo, RSM, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Westland , Michigan, Wayne , Michigan, Fairfax , Kansas, Toledo , Ohio, U.S, Canada, Canadian, Ohio, Indiana, Kokomo , Indiana, Washington, Detroit, Bengaluru

☆ US Attorney General Merrick Garland tells Republicans defunding FBI would be 'catastrophic'
▼ + stars: | 2023-09-20 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +5 min

The Justice Department works for the American people." [1/3]U.S. Attorney General Merrick Garland and attendees in the room hold their hands over their hearts for the U.S. Republicans have also been critical of the department's handling of a five-year-long tax investigation into Hunter Biden, 53. Hunter Biden lives in California. Republicans on Wednesday grilled Garland about the Hunter Biden case.

Persons: General Merrick Garland, Garland, Donald Trump, Joe Biden's, Hunter Biden, Biden, Hunter, Jerrold Nadler, Jack Smith, Trump, Smith, Tanya Chutkan, David Weiss, Weiss, Mike Johnson, Sarah N, Lynch, Scott Malone, Matthew Lewis, Jonathan Oatis Organizations: U.S, FBI, Justice Department, Republican, Department of Justice, Democratic, Department, Trump, Capitol, Chinese Communist Party, House, U.S . Department of Justice, Republicans, Attorney, Internal Revenue, Justice, D.C, DOJ, Thomson Locations: U.S, New York, Georgia, Delaware, Washington, Central California, California

☆ US attorney general to tell House Republicans: 'I am not Congress's prosecutor'
▼ + stars: | 2023-09-20 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +3 min

This will be Garland's first testimony before Congress since two historic firsts: the department's criminal charges against a former U.S. president, Trump, and against a sitting president's adult child. Republicans have also been critical of the department's handling of a five-year-long tax investigation into Hunter Biden, 53. Weiss' office this month charged Hunter Biden with three counts related to purchase and possession of a firearm while he was using illegal drugs. Hunter Biden intends to plead not guilty. "Singling out individual career public servants who are just doing their jobs is dangerous," Garland plans to say.

Persons: General Merrick Garland, David Weiss, Hunter Biden, Joe Biden, Bonnie Cash, Garland, Republican Donald Trump, Joe Biden's, Trump, Biden, Hunter, Jack Smith, Smith, Tanya Chutkan, Weiss, Sarah N, Lynch, Scott Malone, Matthew Lewis Organizations: Justice Department, REUTERS, Rights, U.S, Republican, House, Democratic, Department, Republicans, Delaware U.S, Thomson Locations: Washington , U.S, U.S, New York, Georgia, Delaware, Washington

☆ Enovix buys Korean battery maker RouteJade in cash and stock deal
▼ + stars: | 2023-09-20 | by ( Stephen Nellis | ) www.reuters.com time to read: +1 min

Sept 20 (Reuters) - Enovix (ENVX.O), a Silicon Valley firm developing new battery technology for consumer electronics such as mobile phones, said on Wednesday it has acquired Korean battery maker RouteJade in a cash-and-stock deal. Enovix said it paid $16.5 million in cash and 6.2 million shares of common stock for RouteJade, which had previously been a supplier to Enovix. Enovix Chief Executive Raj Talluri told Reuters that the deal will help Fremont, California-based Enovix vertically integrate its battery manufacturing operations as it scales up a factory in Malaysia next year. With the deal, "we are able to really take advantage of all the new materials coming out and quickly run them through R&D and manufacturing, so we can change our battery composition quickly," Talluri said. Enovix is developing a technology that can replace part of a battery called an anode, traditionally made out of graphite, with silicon instead.

Persons: Enovix, Raj Talluri, Talluri, That's, Stephen Nellis, Matthew Lewis Organizations: Enovix, Reuters, HK, Lenovo Group, San, Thomson Locations: Silicon, Korean, Fremont , California, Malaysia, Malaysian, San Francisco

☆ Mexican singer Peso Pluma cancels concert after death threats
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Peso Pluma performs during the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. REUTERS/Brendan Mcdermid/File Photo Acquire Licensing RightsTIJUANA, Mexico, Sept 20 (Reuters) - The Mexican singer known as Peso Pluma has called off an October concert in Tijuana, a city on the border with the United States, after receiving death threats, his record label said on Wednesday. Peso Pluma's music spans reggaeton, trap and corridos tumbados - a genre that mixes the traditional Mexican corrido with urban genres and violent lyrics. Mexico's government reported 1,399 murders in Baja California state during the first eight months of this year, with Tijuana - where Peso Pluma was set to perform on Oct. 14 - representing the greatest share. Reporting by Lizbeth Diaz in Mexico City Additional reporting by Diego Oré in Mexico City Writing by Sarah Morland Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Pluma, Brendan Mcdermid, Hassan Kabande, Lizbeth Diaz, Diego Oré, Sarah Morland, Matthew Lewis Organizations: Prudential Center, REUTERS, Rights, Doble, Thomson Locations: Newark , New Jersey, U.S, Rights TIJUANA, Mexico, Mexican, Tijuana, United States, Baja California, Mexico City

But the essence of the argument is that lower bond volatility ups the amount of cash liquidity flowing around world markets, and vice versa. But it is the incremental movement in this giant pool that arguably matters most for stock markets and asset prices. Even though global liquidity is shrinking as you might expect in the face of rising Western interest rates, central bank balance sheet reduction and a higher dollar, other offsets are significant. But falling bond volatility has likely played a big part in softening the blow too. "The two together have helped overall liquidity conditions - but we are mindful that bond markets are likely to remain volatile and need to be monitored carefully."

Persons: CrossBorder, Mike Dolan, Matthew Lewis Organizations: Federal Reserve, coy, Treasury, Fed, Bank, People's Bank of, New York Fed, Reuters Graphics, Reuters, Thomson Locations: Treasuries, punchbowl, People's Bank of China, United States

With short sellers looking to profit from the stock, it closed at $55.17 after touching a high of $69 on Friday. Arm shares underperformed the Philadelphia semiconductor index (.SOX), which closed down 0.96% on Tuesday as rising bond yields weighed on growth sectors such as technology. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, according to Ortex. By comparison, Tesla (TSLA.O), a stock with a similar percentage of shorted shares, has a cost to borrow at 0.48%, Ortex said. Arm's higher cost to borrow "can be an indication that the demand to borrow, and short, the stock is high," Hillerberg said.

Persons: Dado Ruvic, Daniel Morgan, Morgan, Thomas Martin, Ortex, Peter Hillerberg, Hillerberg, Needham, Lewis Krauskopf, Sinéad Carew, Lisa Bernhard, Mark Potter, Matthew Lewis Organizations: REUTERS, Arm Holdings, ARM, Nvidia, GLOBALT Investments, Bernstein, underwriters, Klaviyo Inc, Thomson Locations: Philadelphia, Atlanta, New York

[1/2] Britain's Prime Minister Rishi Sunak speaks at a press conference on public sector pay at Downing Street in London, Britain on July 13, 2023. In a highly unusual late-night statement after reports that he was planning to row back on some of the government’s key green policies, Sunak said he would set out an "important long-term decision" about the country's plans to reach net zero. With a general election looming next year, Sunak sees scaling back some green policies as a way to win over swing voters "ahead of a general election expected next year." It would be a striking reversal for Britain which until recently was a self-proclaimed leader in climate policy. Sunak said successive governments "have not been honest about costs and trade offs" of going green policies.

Persons: Rishi Sunak, HENRY NICHOLLS, Sunak, Boris Johnson's, Michael Gove, Elizabeth Piper, William James, Farouq Suleiman, Andrew MacAskill, Paul Sandle, Timothy Gardner, Matthew Lewis Organizations: Britain's, Downing, British, BBC, Labour Party, Conservatives, Labour, Conservative, Thomson Locations: London, Britain

The UAW says it will strike against more U.S. plants on Friday if no serious progress was made in talks with automakers. The UAW launched a strike against Ford (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), last week, targeting one U.S. assembly plant at each company. [1/7]Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The strikes have halted production at plants in Michigan, Ohio and Missouri that produce the Ford Bronco, Jeep Wrangler and Chevrolet Colorado, alongside other popular models. Reuters GraphicsReporting by David Shepardson in Washington, Jahnavi Nidumolu in Bengaluru and Ben Klayman in Toledo, Ohio Editing by David Gaffen, Jamie Freed, Matthew Lewis and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Laura Zielinski, Stellantis, Ram, ”, Candis Holmes, Aisha Cochra, Rebecca Cook, Holmes, Julie Su, Gene Sperling, Ford, Unifor, David Shepardson, Jahnavi, Ben Klayman, David Gaffen, Jamie Freed, Matthew Lewis, Deepa Babington Organizations: United Auto Workers, Detroit Three, UAW, Ford, General Motors, Chrysler, Workers, GM's, Silverado, REUTERS, Ford Bronco, Chevrolet, Labor, Michigan Bronco, GM, Reuters, Thomson Locations: TOLEDO , Ohio, Michigan, Ohio, Wayne , Michigan, Toledo , Ohio, Toledo, U.S, Ford's Wayne , Michigan, Michigan , Ohio, Missouri, Chevrolet Colorado, Washington, Detroit, Kansas, Canadian, Canada, Kentucky, Dearborn , Michigan, Kansas City , Missouri, Bengaluru, Ben

Current funding for most U.S. government programs except for the military and Social Security payments expires on Sept. 30. The government would continue to make payments on Treasury bonds and other forms of debt during a shutdown. A government shutdown would prevent the collection and release of key market data including gross domestic product, unemployment figures and inflation data, clouding the ability of central bankers to gauge the strength of the economy, Cantrill said. "The Fed – who has emphasized how data-dependent it currently is – would be flying blind" into the central bank's policy meeting in November, she said. Economists at Capital Economists, meanwhile, said in a note on Monday that the risk of a shutdown is rising but said they expect a quick resolution.

Persons: Kevin Wurm, PIMCO, Libby Cantrill, Goldman Sachs, Kevin McCarthy, Cantrill, There's, David Randall, Ira Iosebashvili, Matthew Lewis Organizations: Capitol, REUTERS, Federal Reserve, Republicans, Social, Goldman, . House, Capital Economists, Thomson Locations: Washington , U.S, shutdowns, New York, London

The truth is we are going to wreck the billionaire economy," said UAW President Shawn Fain. UAW vice president Chuck Browning, who is leading talks with Ford, told a rally of hundreds of UAW workers in downtown Detroit on Friday afternoon that recent talks have made "good progress, but we have far to go." Striking workers said "tier two" employees can make only half the hourly wages of senior UAW workers and get worse benefits. GM said on Thursday the UAW wage and benefits proposals would cost the automaker $100 billion, but did not elaborate. Biden's likely opponent, former president Donald Trump, on Friday criticized the shift to EVs as a job-killer for the UAW.

Persons: Ford, We’re, Shawn Fain, Chuck Browning, Joe Biden, Bruce Baumhower, Rebecca Cook, Arthur Wheaton, Jim Farley, Mary Barra, Bernie Sanders, “, Sofus Nielsen, Biden, Julie Su, Gene Sperling, White, Stellantis, Fain, Biden's, Donald Trump, Joseph White, Kevin Krolicki, David Shepardson, Steve Holland, Mehr Bedi, David Gaffen, Peter Henderson, Matthew Lewis, Chris Reese Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, Chrysler, Ford Bronco, Chevrolet, UAW, Ford, Detroit, Ford Michigan Assembly Plant, REUTERS, Cornell's School of Industrial, Labor, CBS, Reuters Graphics, Tesla, GM, Thomson Locations: Chevrolet Colorado, Kansas, Detroit, Toledo , Ohio, Wayne , Michigan, Barra, Wayne, Milan, Washington, Bengaluru

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowSept 15 (Reuters) - The former head of Wells Fargo's (WFC.N) retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Prosecutors had sought a one-year prison term for Tolstedt, but the judge said it would unfairly make Tolstedt appear solely responsible for Wells Fargo's misconduct. That cap remains in place, though Wells Fargo remains the fourth-largest U.S. bank. Wells Fargo has also clawed back tens of millions of dollars of her pay.

Persons: Wells Fargo's, Carrie Tolstedt, Josephine Staton, Wells, Tolstedt, Martin Estrada, Wells Fargo, John Stumpf, Stumpf, Chris Prentice, Jonathan Stempel, Jaiveer Singh, Shounak Dasgupta, Matthew Lewis Organizations: REUTERS, Companies Wells, U.S, San, Wells, Prosecutors, Federal Reserve, Securities and Exchange Commission, Thomson Locations: Wells Fargo Bank, New York City, U.S, Los Angeles, San Francisco, America, Wells, New York, Bengaluru

☆ Canada trade minister is postponing a planned trade mission to India
▼ + stars: | 2023-09-15 | by ( Steve Scherer | ) www.reuters.com time to read: +1 min

Canada's Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng speaks at a Lunar New Year celebration in Ottawa, Ontario, Canada January 31, 2023. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Sept 15 (Reuters) - Canadian Trade Minister Mary Ng is postponing a trade mission to India planned for October, an official said on Friday, reflecting increasingly tense diplomatic relations just days after India's prime minister scolded his Canadian counterpart at a G20 summit in New Delhi. "At this time, we are postponing the upcoming trade mission to India," said Shanti Cosentino, a spokesperson for the minister, without giving a reason. Indian Prime Minister Narendra Modi, who held formal bilateral meetings with many world leaders during the G20 summit, snubbed Canadian Prime Minister Justin Trudeau, allowing only a short, informal meeting on the sidelines five days ago. Earlier on Friday, India said it had paused trade talks with Canada.

Persons: Mary Ng, Blair Gable, Shanti Cosentino, Narendra Modi, Justin Trudeau, Steve Scherer, Chris Reese, Matthew Lewis Organizations: of International Trade, Export, Small, Economic, REUTERS, Rights, Canadian Trade, Canadian, Thomson Locations: Ottawa , Ontario, Canada, India, New Delhi, Punjab, Ottawa

☆ US retailer holiday hiring to drop to levels last seen in 2008
▼ + stars: | 2023-09-15 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

A "Now Hiring" sign hangs on the door to the Urban Outfitters store at Quincy Market in Boston, Massachusetts September 5, 2014. That is just slightly above the 324,900 workers they added during the last quarter of the financial recession of 2008. "Seasonal employers have a few issues to grapple with in the coming months. Another is one that has been fairly constant since the pandemic: can they attract workers?," Challenger said. Signs are already emerging that the labor market is starting to cool and employers are hiring at a slower clip.

Persons: Brian Snyder, Andrew Challenger, Siddharth Cavale, Matthew Lewis Organizations: Urban Outfitters, Quincy Market, REUTERS, Labor, Challenger, Reuters . Retailers, Bureau of Labor Statistics, Labor Department, Thomson Locations: Boston , Massachusetts, New York

And now, Shawn Fain is representing nearly 150,000 auto workers in one of the biggest labor strikes in decades. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? The Wednesday before contract expiration, he said UAW members must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Company executives have said the UAW's demands will make them uncompetitive as the shift to EVs offsets the profits delivered by the combustion trucks UAW members build.

Persons: Shawn Fain, Rebecca Cook, Malcolm X, Detroit carmakers, Fain, handshakes, Bernie Sanders, they’ve, “, ”, Darwin Segers, Mack, Malcolm X's, Garrett Nelson, Jim Farley, Joe White, Ben Klayman, Eric Cox, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: United Auto Workers, Ford Motor Michigan, REUTERS, Detroit, Ford Motor, General Motors, Detroit Three, Wall, UAW, GM, CFRA, Teamsters, United Parcel Service, UPS, Hollywood, Company, Ford, CNBC, Thomson Locations: Wayne , Michigan, U.S, Detroit, Hollywood, Chicago, Washington

The Friday walkout would start with targeted strikes designed to "create confusion," among automakers, Fain said, leaving the door open for last-minute agreements. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? On Wednesday, he told UAW members they must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Like the Hollywood unions, the UAW members at the Detroit Three face threats from new technology that a richer contract will not resolve.

Persons: Shawn Fain, Fain, Malcolm X, they’ve, Sen, Bernie Sanders, Malcolm X's, Joe White, Ben Klayman, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: DETROIT, United Auto Workers, Detroit Three, automakers, General Motors, Ford, Stellantis, UAW, Wall, Detroit, GM, Teamsters, United Parcel Service, UPS, Hollywood, Thomson Locations: Hollywood, Detroit, Chicago, Washington

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The price range, which has not been previously reported, would translate into a valuation for Arm of roughly between $50 billion and $54 billion, and an offering of $5 billion to $5.4 billion. It would make Arm the most valuable company to list in New York since electric car maker Rivian Automotive (RIVN.O) debuted in 2021. The valuation Arm is currently seeking represents a climb-down from the $64 billion valuation at which SoftBank acquired the 25% stake in the company it did not already own from its $100 billion Vision Fund last month. Arm has already signed up many of its major clients as investors in its IPO, Reuters reported on Friday.

Persons: Dado Ruvic, SoftBank, Echo Wang, Greg Roumeliotis, Matthew Lewis, Chizu Organizations: REUTERS, Arm Holdings, SoftBank Group Corp, Rivian, Reuters, Apple Inc, Nvidia Corp, Inc, Devices Inc, Intel Corp, Samsung Electronics Co, Cadence Design Systems, Synopsys Inc, Thomson Locations: New York

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