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☆ Okta says hackers stole data for all customer support users in cyber breach
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 28 (Reuters) - Okta (OKTA.O) said on Tuesday that hackers stole information on all users of its customer support system in a network breach two months ago. The San Francisco-based company notified customers that it has determined hackers downloaded a report containing data including names and email addresses of all clients that use its customer support system, the company said in an emailed statement to Reuters. Okta's shares slumped in October after the company said that the breach allowed some hackers to view files uploaded by certain clients. Okta provides identity services such as single sign-on and multi-factor authentication to secure logins for online applications and websites to customers, including Microsoft-backed OpenAI. Reporting by Utkarsh Shetti and Anirudh Saligrama in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Okta, Utkarsh Shetti, Dhanya Ann Thoppil Organizations: REUTERS, Reuters, Okta's, Microsoft, Thomson Locations: San Francisco, Bengaluru

☆ TV producer Marty Krofft, creator of HR Pufnstuf, dies at 86
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] Marty Krofft (C) speaks as he and brother Sid accept a Pop Culture award during their tribute at the taping of the seventh annual TV Land Awards in Los Angeles, California April 19, 2009. REUTERS/Fred Prouser/File Photo Acquire Licensing RightsNov 25 (Reuters) - Marty Krofft, who created popular children's television shows such as HR Pufnstuf and The Bugaloos, has died of kidney failure at the age of 86, his publicist Harlan Boll said on Saturday. Referred to as the "King of Saturday Mornings," Krofft rose to prominence for his work on The Banana Splits Adventure Hour before starting Sid and Marty Pictures with his brother Sid Krofft in 1969. The Krofft brothers' honours included a Lifetime Achievement Emmy Award in 2018 and a star on the Hollywood Walk of Fame in 2020. Reporting by Anirudh Saligrama in Bengaluru; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Marty Krofft, Sid, Fred Prouser, Harlan Boll, Marty, Sid Krofft, Sigmund, Donny, Marie Show, Brady, Anirudh, Edmund Klamann Organizations: REUTERS, Marty Pictures, Hollywood, Thomson Locations: Los Angeles , California, Bengaluru

☆ Blackstone to close multi-strategy fund after assets drop nearly 90% - FT
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon Acquire Licensing RightsNov 21 (Reuters) - Blackstone (BX.N) plans to close a fund that exposes investors to a variety of hedge funds and trading strategies after assets fell almost 90% in four years, the Financial Times reported on Tuesday. The US.-based asset manager told investors that Blackstone Diversified Multi-Strategy fund will close at the end of the year, the newspaper reported, citing Blackstone. The fund reported a 2% decline in returns from the beginning of 2020 until the end of last month, the report said, quoting investor documents. We are in talks with clients to move their capital to newer strategies that offer greater flexibility than the current structure allows," FT quoted Blackstone as saying.

Persons: Blackstone, Anirudh, Dhanya Ann Thoppil Organizations: Blackstone Group, REUTERS, Blackstone, Financial Times, Thomson Locations: New York City, U.S, Bengaluru

☆ Amazon to sell shopping ads on Snapchat - spokesperson
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, U.S., February 14, 2019. Customers will be able to shop directly from Amazon's Snapchat ads and check out without leaving the social media app, the Seattle-based company said in an emailed statement. Potential buyers would also be able to see real-time pricing, Prime eligibility, delivery estimates, and product details on select Amazon product ads in Snapchat as part of the new experience, it added. The deals with Meta and Snap come as the ecommerce giant looks to boost its product offerings through social media applications. Reporting by Devika Nair and Anirudh Saligrama in Bengaluru; Editing by Sonia Cheema and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Devika Nair, Anirudh, Sonia Cheema Organizations: Amazon, REUTERS, Facebook, Meta, Thomson Locations: New York City, U.S, Seattle, Snapchat, Bengaluru

☆ Rivian to raise nearly $15 bln in debt for EV plant in Georgia
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake Acquire Licensing RightsNov 13 (Reuters) - Rivian Automotive (RIVN.O) plans to raise nearly $15 billion in debt to help build an electric vehicle manufacturing plant in Georgia, the EV maker said on Monday. The company has agreed to pay a minimum of nearly $300 million in property tax payments through 2047. Rivian had said in 2021 that it plans to set up the Georgia plant and had said at the time that it would be commissioned by 2024. The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.

Persons: Mike Blake, Morgan, Newton, Rivian, Anirudh, Rashmi Organizations: REUTERS, Rivian, Georgia Department of Economic, Joint Development Authority of, Thomson Locations: San Diego , U.S, Georgia, Joint Development Authority of Jasper, Walton, Bengaluru

☆ Chinese chipmaker YMTC sues Micron alleging patent infringement
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 12 (Reuters) - Chinese chipmaker Yangtze Memory Technologies Co (YMTC) has filed a lawsuit against U.S. rival Micron Technology (MU.O) alleging infringement of eight of its patents. YMTC filed the lawsuit against Micron and unit Micron Consumer Products Group on Nov. 9 at the U.S. District Court for the Northern District of California. According to the lawsuit, Micron turned to YMTC's patented technology to fend off competition from YMTC and to gain and protect market share. In May, China said Micron products failed a network security review and barred purchase of them by operators of key infrastructure. ($1 = 7.2934 Chinese yuan renminbi)Reporting by Anirudh Saligrama and Brenda Goh; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, YMTC, YMTC's, Anirudh Saligrama, Brenda Goh, Christopher Cushing Organizations: Micron, REUTERS, Memory Technologies, U.S, Micron Technology, Micron Consumer Products Group, Northern, Northern District of, South, Samsung Electronics, SK Hynix, Toshiba, Thomson Locations: Shanghai, China, Northern District, Northern District of California, U.S, Fujian, Xian

☆ Apple raises subscription prices for TV+, News+
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsOct 25 (Reuters) - Apple (AAPL.O) on Wednesday increased the subscription prices of Apple TV+ and Apple News+, according to its website, the latest company to raise rates following similar moves by media giants. The per month price of Apple TV+ has been increased by $3 to $9.99, while Apple News+ has been priced at $12.99, up from $9.99. Recently, streaming giants Netflix (NFLX.O) and Disney (DIS.N) too had raised their prices as they look to boost growth amid intense competition. Netflix increased subscription prices for some streaming plans in the United States, Britain and France when it reported results last week.

Persons: Mike Segar, Anirudh Saligrama, Shweta Agarwal Organizations: Apple, REUTERS, Netflix, Disney, Hulu, Thomson Locations: Manhattan, New York City, United States, Britain, France, Bengaluru

☆ Sunak may ban cigarettes in UK for future generations, the Guardian reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

A cigarette stub is seen in an ashtray on a street in Liverpool , northern England October 17 , 2016. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 22 (Reuters) - British Prime Minister Rishi Sunak is considering introducing measures that would ban the next generation from ever being able to buy cigarettes, The Guardian reported on Friday, citing government sources. Sunak is looking at anti-smoking measures similar to laws New Zealand announced last year, which include a ban on selling tobacco to anyone born on or after Jan. 1, 2009, the report said. Those measures include free vape kits, a voucher scheme to incentivise pregnant women to quit, and consulting on mandatory cigarette pack inserts, the spokesperson added. The spokesperson declined to comment further on The Guardian report.

Persons: Phil Noble, Rishi Sunak, Anirudh, Devika Nair, Leslie Adler, Rosalba O'Brien Organizations: REUTERS, British, Guardian, New Zealand, Reuters, Thomson Locations: Liverpool, England, New, British, Britain, Wales, Bengaluru

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

DETROIT, Sept 20 (Reuters) - Talks were ongoing on Wednesday between union representatives and company management in the sixth day of the United Auto Workers strike at the Detroit Three automakers, a day after Ford (F.N) averted a walkout by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) last week, targeting one U.S. assembly plant at each company. The UAW's coordinated U.S. action led to about 12,700 workers going on strike last week. Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday. Unifor, which represents about 5,600 Canadian auto workers, had been threatening to go on strike at all three of Ford's plants in that country if a deal was not reached by late on Tuesday.

Persons: Ford, Mark Reuss, Carlos Osorio, Ram, Unifor, Stellantis, Anirudh Saligrama, David Shepardson, Ben Klayman, Will Dunham, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, UAW, General Motors, Chrysler, Ford Bronco, Chevrolet, Motors, Detroit, Detroit Free Press, Plant, REUTERS, GM's, Silverado, GM, RSM, Kokomo, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, Oakville, Oakville , Ontario, Canada, Ford Canada, Canadian, Ohio, Indiana, Toledo, Kokomo , Indiana, Bengaluru, Washington, Detroit

"We leveraged our union's most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. Unifor had sought improved wages and pensions, as well as support in the transition to electric vehicles and additional investment commitments by Ford. The Canadian union will now turn to getting deals with General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), whose deadlines had been extended while the Ford talks proceeded. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers. Many UAW workers are most concerned about the tiered wage structure that they say has created a yawning gap between newer and older employees, forcing some to work two jobs to make ends meet.

Persons: Unifor, Stellantis's Ram, Ford, Roxanne Stadtfeld, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, General Motors, Chrysler, Reuters Graphics, Ford Bronco, Chevrolet, UAW, GM's, Silverado, DoorDash, Thomson Locations: Canada, Canadian, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Ohio, Michigan, Monroe , Michigan, Bengaluru, Ben, Detroit

☆ Ford avoids Canadian auto strike with union deal
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows recently manufactured vehicles at Ford's Oakville Assembly Plant in Oakville, Ontario, Canada May 26, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 20 (Reuters) - The U.S. auto sector avoided more pain as Ford (F.N) late on Tuesday reached a tentative deal with a Canadian union even as the Detroit Three automakers face the possible escalation of separate coordinated U.S. strikes by the United Auto Workers union. Unifor, which represents about 5,600 Canadian auto workers, were threatening to go on strike at all three of Ford's plants in the country if a deal was not reached by 11:59 p.m. on Tuesday (0359 GMT on Wednesday). "We leveraged our union’s most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers.

Persons: Carlos Osorio, Unifor, Unifor's, Stellantis's Ram, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: Plant, REUTERS, Tuesday, Detroit Three, United Auto Workers, Ford, General Motors, Chrysler, Detroit Three automakers, Ford Bronco, Chevrolet, UAW, GM's, Silverado, Thomson Locations: Oakville, Oakville , Ontario, Canada, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Ben, Detroit

Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.

Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia

☆ Canada plans incentives to ease housing burden, CBC reports
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lars Hagberg/File Photo Acquire Licensing RightsSept 10 (Reuters) - Canada's Housing Minister Sean Fraser is evaluating a wide range of options as he looks to ease the housing crisis in the country, CBC reported on Sunday. "There's a range (of incentives) that we're considering right now. Some could include potential tax incentives for builders to build. Some could include other low-cost financing arrangements," the report quoted Fraser as saying in an interview to CBC. Fraser is also considering removing the Goods and Services Tax (GST) on affordable housing projects and dedicating federal lands to rental housing, the report added.

Persons: Lars Hagberg, Sean Fraser, Fraser, Anirudh, Lisa Shumaker Organizations: REUTERS, Canada's, CBC, Goods, Services Tax, Thomson Locations: Ottawa , Ontario, Canada, Bengaluru

☆ Instacart to target valuation of up to $9.3 billion in IPO, source says
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr Acquire Licensing RightsSept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. Unlike an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public. For the six months ended June 30, Instacart last month reported revenue of $1.48 billion, up 31% from the same period last year.

Persons: Eric Cohn, Cheney Orr, Instacart, Andreessen Horowitz, Rowe Price, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Safeway, REUTERS, Arm Holdings Ltd, Reuters, Sequoia Capital, Fidelity Management & Research, Thomson Locations: Tucson , Arizona, U.S, Bengaluru, Echo, New York

☆ Instacart to target valuation of up to $9.3 bln in IPO -source
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Sept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. The targeted valuation is a steep drop from the firm's $39 billion valuationin 2021, when the coronavirus pandemic was raging and doorstep delivery boomed. Like SoftBank's chip designer Arm Holdings Ltd and marketing automation firm Klaviyo, Instacart is expected to list its shares in September - part of a wave of high-profile names testing investor appetite for new listings.

Persons: Instacart, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Arm Holdings Ltd, Thomson Locations: Bengaluru, Echo, New York

☆ Google reaches tentative settlement in US Play Store lawsuit
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsSept 6 (Reuters) - Alphabet's (GOOGL.O) Google on Tuesday tentatively settled a class action suit alleging that its U.S. Play Store had violated U.S. federal antitrust rules by overcharging customers, according to a court filing. Google, which had denied wrongdoing, declined to comment on the proposed settlement. Google is facing similar lawsuits which allege that it has generated enormous profit margins from its Play Store by engaging in illegal tactics to preserve monopolies in selling Android apps and in-app goods. The case is In re Google Play Store Antitrust Litigation, U.S. District Court, Northern District of California, No.

Persons: Steve Marcus, Tim Sweeney, Anirudh, Mike Scarcella, Kanjyik Ghosh, Jamie Freed, Edwina Gibbs Organizations: REUTERS, Google, U.S, District of Columbia, Epic, Court, Northern District of, Thomson Locations: Las Vegas , Nevada, U.S, Utah, Northern District, Northern District of California, Bengaluru

☆ AI startup Speak raises $16 million in latest funding led by Lachy Groom
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 31 (Reuters) - Speak, an artificial intelligence (AI)-backed English language learning platform, said on Thursday that it has raised $16 million in fresh funding led by venture capitalist Lachy Groom. Lachy Groom's Fund had participated in Speak's previous funding round in which it raised $20 million. OpenAI Startup Fund is investing $100 million in AI firms and is looking for early-stage startups in sectors including healthcare, climate change and education, according to its website. Reporting by Anirudh Saligrama in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Groom, Drew Houston, Arash Ferdowsi, Lachy, Anirudh, Nivedita Organizations: REUTERS, Fund, Reuters, Google, Microsoft, Thomson Locations: San Francisco, Japan, Taiwan, Germany, France, Brazil, Mexico, Bengaluru

SummaryCompanies ATM, branch, card services restored -OCBCBank on standby to deploy additional resourcesLarger peer DBS faced 6.5-hour disruption in MayAug 28 (Reuters) - Singapore's second-biggest bank, Oversea-Chinese Banking Corp (OCBC) (OCBC.SI), restored ATM, branch and card services on Monday after grappling with technical problems that disrupted various banking channels. OCBC, which is also Southeast Asia's second biggest lender by assets, had taken to its social media accounts earlier to warn of the issues that began at 8.33 a.m.Internet banking, mobile banking and Velocity arrangements were still affected, an OCBC spokesperson said in a response to Reuters. "We are on standby to deploy additional resources at branches and extend branch banking hours," the spokesperson added. "Our channels were impacted by a technical problem, affecting consumer and business banking customers." On May 5, the digital banking services of larger peer DBS (DBSM.SI) faced a 6-1/2-hour disruption.

Persons: Tharman Shanmugaratnam, Lavanya Ahire, Yantoultra Ngui, Kim Coghill, Clarence Fernandez Organizations: OCBC Bank, DBS, Chinese Banking Corp, Reuters, Monetary Authority of Singapore, Thomson Locations: Oversea, Bengaluru, Singapore

[1/2] A police officer holds up crime scene tape to allow people to leave after a shooting incident at the West Edmonton Mall in Edmonton, Alberta, Canada August 21, 2023. REUTERS/Kyaw Soe Oo Acquire Licensing RightsAug 22 (Reuters) - Three people suffered serious injuries in a shooting incident at a mall in Edmonton, the capital of the Canadian province of Alberta, city police said on Monday in a post on X, formerly known as Twitter. The victims of Monday's incident at the West Edmonton mall have been taken to hospital for treatment, although the injuries are not life-threatening, the police said. Other staff asked people to gather in a safe area away from doors and windows, another mall visitor said. Reporting by Anirudh Saligrama and Kyaw Soe Oo; Editing by Christian Schmollinger and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Anirudh Saligrama, Soe, Christian Schmollinger, Clarence Fernandez Organizations: West Edmonton Mall, REUTERS, Twitter, West, Reuters, Thomson Locations: Edmonton , Alberta, Canada, Edmonton, Canadian, Alberta, West Edmonton

☆ Intel terminates plan to buy Tower Semiconductor
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Tower Semiconductor is seen on smartphone in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAug 16 (Reuters) - Intel (INTC.O) said on Wednesday it has terminated its plans to acquire Israeli contract chipmaker Tower Semiconductor (TSEM.TA) as it was unable to get timely regulatory approvals for the $5.4 billion deal. Intel, which signed a deal to buy Tower last year, will pay a termination fee of $353 million to the latter, according to a statement. Intel, however, did not mention the details about the regulatory approvals. Reporting by Anirudh Saligrama in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirudh, Savio D'Souza, Nivedita Organizations: Semiconductor, REUTERS, Intel, chipmaker, Reuters, Thomson Locations: Bengaluru

☆ Canada guarantees up to $2.2 billion in fresh loans to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Companies Kinder Morgan Inc FollowAug 5 (Reuters) - A Canadian government agency has guaranteed fresh commercial loans of up to C$3 billion ($2.2 billion) to the controversial Trans Mountain pipeline expansion project that has suffered repeated cost overruns. Prime Minister Justin Trudeau's Liberal government bought the Trans Mountain pipeline in 2018 from Kinder Morgan Inc (KMI.N) to ensure the expansion project got built and provided a C$10 billion loan guarantee to TMC. It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee.

Persons: Justin Trudeau's, Chrystia Freeland, Anirudh, Alistair Bell Organizations: Kinder Morgan, Canadian, Export Development Canada, Justin Trudeau's Liberal, Kinder Morgan Inc, TMC, Finance, Liberal, Thomson Locations: United States, Burnaby , British Columbia, Bengaluru

☆ Canada govt body guarantees up to $2.2 bln fresh loan to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. Critics have also slammed the ownership of a pipeline project by the Liberal government, which they argue runs counter to Trudeau's ambitious climate goals. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee. In June, a finance ministry spokesperson said the loan guarantee was "common practice" and did not reflect any new public spending.

☆ Battery maker IBC to set up plant in India's Karnataka for nearly $1 bln
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - International Battery Company (IBC) has signed an investment pact worth 80 billion rupees ($971.89 million) with India's southern state of Karnataka to build a battery manufacturing facility, the state's minister said on Tuesday. The manufacturing facility will be spread across 100 acres in the state, Minister for Commerce & Industries, Infrastructure MB Patil said in a post on messaging platform X.Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility. IBC plans to begin production by 2025, Bloomberg News reported, citing Gunjan Krishna, commissioner at Karnataka's Industries and Commerce Department, adding that the private company is aiming to ramp up capacity to 10 gigawatt by 2028. The company, which met state government officials in June, had then expressed an interest in investing on battery production in Karnataka, Patil had said in a post in June. ($1 = 82.3140 Indian rupees)Reporting by Anirudh Saligrama in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Gunjan Krishna, Patil, Anirudh, Shailesh Organizations: International Battery Company, Commerce & Industries, Patil, Bloomberg, IBC, Bloomberg News, Karnataka's Industries, Commerce Department, Thomson Locations: Karnataka, Bengaluru

☆ Tropical storm Don becomes hurricane, NHC says
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 22 (Reuters) - Tropical storm Don became a hurricane on Saturday, the U.S. National Hurricane Center (NHC) said in its latest advisory. Hurricane Don, which is moving in a northwest direction over the central Atlantic, is located about 775 kilometers (481.56 miles) south-southeast of Cape Race Newfoundland and packing maximum sustained winds of 75 miles per hour, the Miami-based forecaster said. Don is forecast to become a post-tropical cyclone Sunday night, NHC said, adding that steady weakening should begin Saturday night or early Sunday. The hurricane is expected to turn northeastward later tonight or early Sunday, and a northeastward to east-northeastward motion should continue until the system dissipates Monday night or early Tuesday, the forecaster said. The Miami-based forecaster did not provide any warnings or coastal watches for the hurricane.

Persons: Don, Hurricane Don, Anirudh Saligrama, Baranjot Kaur, Jason Neely, Richard Chang Organizations: U.S, National Hurricane Center, Hurricane, Cape Race, NHC, Thomson Locations: Cape, Cape Race Newfoundland, Miami, Bengaluru

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