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☆ U.S. NHC sees 90% chance of cyclone for system over eastern Caribbean Sea
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: 1 min

Aug 20 (Reuters) - An area of low pressure over the eastern Caribbean Sea has a 90% chance of becoming a cyclone in the next two days, the U.S. National Hurricane Center (NHC) said on Sunday. "A tropical depression or storm could form as soonas later this afternoon," the Miami-based forecaster said. The system is forecast to move westward to west-northwestward at 10 to 15 miles per hour over the eastern and central Caribbean, before turning northward and potentially affecting the Dominican Republic and Haiti on Tuesday or Wednesday, the NHC said. The NHC defines a tropical cyclone as having a maximum sustained surface wind speed (using the U.S. 1-minute average) is 33 kt (38 mph or 62 kilometers per hour) or less. Reporting by Bharat Govind Gautam and Kanjyik Ghosh in Bengaluru; Editing by Elaine Hardcastle and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Bharat Govind Gautam, Kanjyik Ghosh, Elaine Hardcastle, Diane Craft Organizations: U.S, National Hurricane Center, NHC, Thomson Locations: Miami, Caribbean, Dominican Republic, Haiti, Bengaluru

[1/8] People walk along the beach in Pacific Beach area as Tropical Storm Hilary approaches San Diego, California, U.S., August 20, 2023. Hilary made landfall on Sunday morning over the northern parts of the Baja California peninsula, the National Hurricane Center (NHC) said in its latest advisory. It has been seven decades since the last tropical storm made landfall in California. MEXICO EVACUATIONSIn Mexico, nearly 1,900 people have been evacuated to shelters in the Baja California peninsula, according to the country's army. Around the coastal town of Mulege, on the eastern side of the Baja California peninsula, one person died after his family was swept away while crossing a stream on Saturday.

Persons: Hilary, Sandy Huffaker, Zack Taylor, Taylor, It's, Los Angeles Mayor Karen Bass, Kristin Crowley, Drazen Jorgic, Lizbeth Diaz, Bharat Govind Gautam, Rich McKay, Brendan O'Brien, Frances Kerry, Matthew Lewis Organizations: REUTERS, MEXICO CITY, U.S, National Weather Service, Center, National Hurricane Center, NHC, Los Angeles Mayor, Los Angeles Fire Department, Schools, Mexico's Navy, San Diego International, Major League Baseball's, Dodgers, Angels, Los Angeles FC, LA Galaxy, Thomson Locations: Pacific Beach, San Diego , California, U.S, MEXICO, Baja California, Mexico, United States, College Park , Maryland, Palm Springs , California, Southern California, Southern Nevada, Miami, Los, California, Tijuana, San Diego, Mulege, Major League Baseball's Los Angeles, Mexico City, Bengaluru, Atlanta, Chicago

☆ Striking Hollywood writers to hold first talks with studios in three months
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line during their ongoing strike outside Netflix, in Los Angeles, California, U.S., July 31, 2023. REUTERS/Mario AnzuoniAug 2 (Reuters) - Hollywood's striking writers and major studios have agreed to hold talks on Friday for the first time since their strike began over higher pay demands in May, the Writers Guild of America (WGA) said on Tuesday. An AMPTP spokesperson told Reuters that the alliance was committed to finding a mutually beneficial deal, without giving further details. Hollywood actors joined the writers on picket lines in July as they also demanded higher streaming-era pay and curbs on the use of artificial intelligence. The entertainment website Deadline reported on Tuesday that the WGA and the studios were on the verge of making a breakthrough in talks.

Persons: Mario Anzuoni, We'll, Walt Disney, Gokul Pisharody, Bharat Govind Gautam, Robert Birsel Organizations: Writers Guild of America, Netflix, REUTERS, Alliance, Television Producers, WGA, Reuters, Walt, Warner Bros Discovery, Hollywood, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. The Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Monday, another 128 union members at YRC Freight Canada, a unit of Yellow, were told not to report for work.

Persons: Sean M O'Brien, Donald Trump, Yana Gaur, Urvi, Bharat Govind Gautam, Chris Reese, Stephen Coates, Nivedita Organizations: Yellow Corp, Teamsters Union, YRC, Teamsters, Walmart, Uber, Street Journal, YRC Freight, Thomson Locations: Nashville , Tennessee, YRC Freight Canada, Bengaluru

☆ Fox likely to push Emmys to January due to strikes - reports
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Fox is expected to announce soon that television's Emmys will be rescheduled to air in January next year due to strikes by writers and actors in the United States, the Los Angeles Times reported on Thursday, citing a person familiar with the plans. The strikes were expected to delay the Emmys ceremony beyond its normal September date. Variety reported earlier on Thursday that vendors for the Emmys Awards had been informed of the imminent date change. Fox declined to comment while the Television Academy did not immediately respond to Reuters. Reporting by Shubhendu Deshmukh, Bharat Govind Gautam and Gokul Pisharody in Bengaluru; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Fox, Shubhendu Deshmukh, Bharat Govind Gautam, Gokul, Christian Schmollinger Organizations: Fox, Los Angeles Times, LA Times, Hollywood, Variety, Television Academy, Reuters, Thomson Locations: United States, Bengaluru

Let's do this," tweeted Yaccarino, who also posted a picture of the logo projected onto the company's offices in San Francisco. loadingloadingBoth Yaccarino's and Musk's Twitter handles feature the X logo, although the Twitter blue bird is still visible across the platform. He also referred to the "interim X logo," and tweeted that "soon we shall bid adieu to the Twitter brand and, gradually, all the birds". In response to a tweet asking what will tweets be called under X, Musk replied "x's". loadingThe original Twitter logo was designed in 2012 by a team of three.

Persons: Carlos Barria STOCKHOLM, Elon Musk, Linda Yaccarino, Yaccarino, Musk, adieu, Martin Grasser, Matt Rhodes, Drew Benvie, Battenhall, Supantha Mukherjee, Martin Coulter, Aiden Nulty, Bharat Govind Gautam, Barbara Lewis Organizations: REUTERS, Twitter, PayPal, NBCUniversal, SpaceX, Thomson Locations: San Francisco , California, U.S, San Francisco, Elon Musk's, Stockholm, London, Bengaluru

☆ Adidas swamped with $565 mln in orders for unsold Yeezy shoes- FT
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas Yeezy shoes are seen in a store on the day Adidas terminated its partnership with the American rapper and designer Kanye West, now known as Ye, in Garden City, New York, U.S., October 25, 2022. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks.

Persons: Ye, Kanye, Kanye West, Shannon Stapleton, Bharat Govind Gautam, Juby Babu, Savio D'Souza, Nivedita Organizations: Adidas, Financial Times, REUTERS, Thomson Locations: Garden City , New York, U.S, China, Bengaluru

July 21 (Reuters) - Alabama executed a man early on Friday for beating an elderly woman to death two decades ago, the state's first execution since Governor Kay Ivey lifted a suspension on capital punishment in February following a review. Barber argued to the United States Court of Appeals that his execution should be halted because he is at substantial risk of serious harm and "torture" under current protocols. Legal and ethical questions have swirled around capital punishment in the United States after several lethal injections have been botched in recent years. The number of executions in the United States has drastically fallen since 1999, when a record 98 executions were carried out. Capital punishment was reinstated in the United States in 1976.

Persons: Kay Ivey, James Barber, William Holman, Barber, Dorothy Epps, Ivey, Brendan O'Brien, Daniel Trotta, Gursimran Kaur, Bharat Govind Gautam, Sandra Maler, Andrew Heavens Organizations: William, William Holman Correctional, U.S, Supreme, Republican, Department of Corrections, United States, of Appeals, Thomson Locations: Alabama, . U.S, Atmore , Alabama, Harvest , Alabama, United States, Chicago

☆ Trump seeks to delay trial in classified documents case
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

July 11 (Reuters) - Former President Donald Trump and his aide Walt Nauta have asked a federal court in Florida to postpone their criminal trial in a classified documents case, saying Trump's busy presidential campaign schedule ahead of the 2024 election will make the current trial schedule "untenable." "President Trump is running for President of the United States and is currently the likely Republican Party nominee. In addition to citing his campaign schedule, Trump's lawyers also told the judge that the unprecedented indictment raises "significant" legal questions and challenges that will be posed by the classified nature of the evidence. The documents case will unfold under a strict set of rules prescribed by the Classified Information Procedures Act, which aims to protect classified evidence and manage disclosure of such records at a public jury trial. Nauta, Trump's aide, pleaded not guilty last week in a Miami federal courthouse to charges that he had helped Trump hide top secret documents taken when he left the White House.

Persons: Donald Trump, Walt Nauta, Trump's, Trump, Nauta, Wilkie D, Ferguson Jr, Chris Kise, Todd Blanche, Jane, Read, Aileen Cannon, Jack Smith's, Cannon, Sarah N, Lynch, Bharat Govind Gautam, Clarence Fernandez, Alistair Bell Organizations: Republican Party, Trump, U.S, United, REUTERS, White House, Thomson Locations: Florida, United States, Miami, Miami , Florida, U.S, Washington, Bengaluru

☆ Trump seeks to delay trial in Mar-a-Lago documents case
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jane... Read moreJuly 11 (Reuters) - Donald Trump and an aide, Walt Nauta, have asked a federal court in Florida to postpone the criminal trial in the Mar-a-Lago documents case and drop the current date, a filing by the former U.S. president's lawyers showed. But in the filing late on Monday, Trump's lawyers said a December trial date would deny them reasonable time to prepare, and described the government's requested schedule as "unrealistic." "The court should therefore withdraw the current order setting trial and postpone any consideration of a new trial date," the lawyers said, adding that a continuance was both necessary and appropriate. In the filing, Trump's lawyers said a December trial was untenable in view of the logistical demands of his presidential election bid, a potentially large amount of evidence they might need to review, and other cases he faces. Nauta, Trump's aide, pleaded not guilty last week in a Miami federal courthouse to charges that he had helped Trump hide top secret documents taken when he left the White House.

Persons: Trump, Wilkie D, Ferguson Jr, Walt Nauta, Chris Kise, Todd Blanche, Jane, Read, Donald Trump, Aileen Cannon, Trump's, Jack Smith, Bharat Govind Gautam, Clarence Fernandez Organizations: U.S, United, REUTERS, Prosecutors, U.S . Justice, Trump, White House, Thomson Locations: Miami , Florida, U.S, Florida, Miami, Bengaluru

☆ China foreign-exchange regulator Pan Gongsheng named central-bank party boss
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

July 1 (Reuters) - China's ruling Communist Party appointed central bank Deputy Governor Pan Gongsheng as the bank's party secretary on Saturday, a move the Wall Street Journal said would be a prelude to becoming governor. The party's Central Organization Department announced the decision at a meeting on Saturday afternoon, the People's Bank of China (PBOC) said in a statement on its website. The Journal reported hours earlier that Pan would be named to the party post before being appointed by the government to head the PBOC. The central bank said on Friday it would implement prudent monetary policy in a "precise and forceful manner" to support economic growth and employment. The current governor, Yi Gang, has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October.

Persons: Pan Gongsheng, Pan, Yi, Xi Jinping, Gokul Pisharody, Bharat Govind Gautam, Simon Cameron, Moore, William Mallard Organizations: Communist Party, Wall Street, party's Central Organization Department, People's Bank of China, The, Cambridge University, Harvard University, SAFE, Communist Party's, Thomson Locations: Bengaluru

☆ Canada's revenue agency investigates employees over pandemic benefits, 20 let go
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - The Canada Revenue Agency (CRA) on Friday removed 20 of its employees from services and said it was investigating about 1% of its total workforce thereby digging deeper into cases wherein workers may have inappropriately received pandemic benefits payments. The tax agency is investigating a "limited number" representing about 600 of its employees, CRA said in an emailed statement. CRA said the number of people being removed from service is "likely" to increase toward the completion of the review. The Canada Emergency Response Benefit was rolled out in 2020 to offer broad support to millions of Canadians who lost their jobs amid coronavirus shutdowns. It provided financial support to employed and self-employed Canadians who were directly affected by COVID-19.

Persons: Bharat Govind Gautam, Mrinmay Dey, Gokul, William Mallard, Edwina Gibbs, Franklin Paul Organizations: Canada Revenue Agency, Franklin Paul Our, Thomson Locations: Canada, Bengaluru

☆ Canada Revenue Agency investigating 600 employees over pandemic benefits -Globe and Mail
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - The Canada Revenue Agency is investigating about 600 of its employees in a review of cases in which workers may have inappropriately received pandemic benefits payments, the Globe and Mail said on Friday. Twenty employees are no longer with the tax agency and more may depart, the newspaper quoted the CRA as saying. The CRA said 600 employees represent less than 1% of its total workforce, according to the paper. The Canada Emergency Response Benefit was rolled out in 2020 to offer broad support to millions of Canadians who lost their jobs amid coronavirus shutdowns. Reporting by Bharat Govind Gautam in Bengaluru; Editing by William Mallard and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Globe and Mail, Bharat Govind Gautam, William Mallard, Edwina Gibbs Organizations: Canada Revenue Agency, Globe and, CRA, Thomson Locations: Canada, Bengaluru

☆ Thomson Reuters to acquire legal AI firm Casetext for $650 mln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Thomson Reuters (TRI.TO) said on Monday it had agreed to acquire Casetext, a legal startup with an artificial intelligence-powered assistant for law professionals, in a $650 million all-cash deal. One of Casetext's key products is CoCounsel, an AI legal assistant launched in 2023 and powered by GPT-4 that delivers document review, legal research memos, deposition preparation, and contract analysis in minutes, Thomson Reuters said in a statement. California-based Casetext employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments. The acquisition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters. Generative AI is a type of artificial intelligence that generates new content or data in response to a prompt, or question, by a user.

Persons: Thomson, Michael Eastwood, Casetext, Steve Hasker, Bharat Govind Gautam, Rashmi Organizations: Thomson Reuters, Thomson Locations: California, Casetext, Bengaluru

☆ Thomson Reuters to acquire legal tech provider Casetext for $650 mln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Thomson Reuters Corporation (TRI.TO) said on Monday it had agreed to acquire Casetext, a California-based company that provides technology solutions for legal professionals, in a $650 million all-cash deal. Casetext employs 104 employees, and its customers include more than 10,000 law firms and corporate legal departments, Thomson Reuters said on Monday. The acquisition of Casetext is another step towards bringing generative AI solutions to customers, said Steve Hasker, president and CEO of Thomson Reuters. Casetext was granted early access to OpenAI's GPT-4 large language model, allowing it to develop solutions with the new technology and refine use cases for legal professionals. Reporting by Bharat Govind Gautam in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomson, Michael Eastwood, Casetext, Steve Hasker, Bharat Govind Gautam, Rashmi Organizations: Thomson Reuters Corporation, Thomson Reuters, Thomson Locations: California, Casetext, Bengaluru

☆ Saudi sovereign wealth fund PIF sells McLaren stake to Bahrain -Sky News
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bahrain's state investment fund Mumtalakat is buying preference shares and warrants worth 400 million pounds ($510.48 million) in carmaker McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management (ARES.N), Sky News reported on Wednesday. The transaction will not lead to any new money being injected into McLaren, the Sky News report said, adding that an announcement from Mumtalakat on the deal will come on Thursday. The purchase will expand Mumtalakat's majority stake in McLaren group, which includes the British supercar maker as well as McLaren Racing. In July 2021, global investment firm Ares Management and Saudi's PIF provided much of a 550 million-pound equity investment in the McLaren group. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

Persons: carmaker McLaren, PIF, Ares Management, McLaren, Khalid Al Rumaihi, Bharat Govind Gautam, Chris Reese, Matthew Lewis Organizations: Saudi Arabia's Public Investment Fund, Ares Management, Sky News, McLaren, British, McLaren Racing, Reuters, Thomson Locations: Mumtalakat, Bengaluru

☆ AstraZeneca planning China business spin off, Financial Times reports
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

Companies AstraZeneca PLC FollowJune 18 (Reuters) - Drugmaker AstraZeneca (AZN.L) is drafting a plan to spin off its China business, and listing a separate unit in Hong Kong is being viewed as an option, the Financial Times reported on Sunday. The company would seek to be a patriotic company in China that "loves the Communist Party", its China president said in May. Last year, the country accounted for 13% of AstraZeneca's total sales, and the company is China's biggest drugmaker. The spin off could protect AstraZeneca from tensions between China and other global powers, while the company retained control of the business, the FT's report said. AstraZeneca said it did not comment on "rumours or speculations around future strategy or M&A."

Persons: Bharat Govind Gautam, Rishabh Jaiswal, Chris Reese, Diane Craft Organizations: AstraZeneca, Financial Times, Communist Party, Thomson Locations: China, Hong Kong, Shanghai, Bengaluru

☆ US can't yet compete with China on EVs, Ford chairman tells CNN
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - Ford Motor (F.N) Executive Chairman Bill Ford said the United States was not ready yet to compete with China in the production of electric vehicles. And now they're exporting them," Ford told CNN's 'Fareed Zakaria GPS' Sunday program. "They're not here but they'll come here we think, at some point, we need to be ready, and we're getting ready," Ford said. Bill Ford, who is the great-grandson of company founder Henry Ford, said in the program that the Michigan battery plant is a chance for Ford engineers to learn the technology and then use it themselves. Ford CEO Jim Farley said in May that Chinese electric vehicle makers are its main rivals in the sector, and that Ford needs distinctive branding or lower costs to beat Chinese automakers.

Persons: Bill Ford, Ford, CNN's, Fareed Zakaria, we're, Marco Rubio, Biden, Henry Ford, Jim Farley, Rishabh Jaiswal, Bharat Govind Gautam, Diane Craft Organizations: Ford, Toyota, Thomson Locations: United States, China, Michigan, Bengaluru

☆ UK's Sunak scraps plan for supermarket price cap after backlash - Telegraph
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

June 14 (Reuters) - British Prime Minister Rishi Sunak has abandoned plans to ask supermarkets to impose a voluntary price cap on basic goods after a backlash from retailers, the Telegraph reported on Wednesday. British ministers are pursuing other measures to deal with the country's sky-rocketing food inflation, and officials had reassured retailers there would be no intervention in prices, the Telegraph said on Wednesday, citing sources. Britain's competition regulator told supermarkets in late May it was looking at their earnings to identify which supply chains it needed to examine more closely as part of efforts to tackle food price inflation. Asda, Britain's third largest supermarket group, this week froze prices of over 500 products until the end of August, adding to signs that a surge in food inflation is set to abate and even reverse in the coming months. Reporting by Anusha S and Bharat Govind Gautamin Bengaluru; Editing by Diane Craft and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Anusha, Bharat Govind Gautamin, Diane Craft, Jonathan Oatis Organizations: British, Telegraph, British Retail Consortium, Asda, Thomson Locations: Bharat Govind Gautamin Bengaluru

June 15 (Reuters) - The International Monetary Fund (IMF) on Thursday expressed dissatisfaction with Pakistan’s recently presented budget, a blow for the cash-strapped country which has only two weeks left until its bailout programme expires. However, the draft FY24 Budget misses an opportunity to broaden the tax base in a more progressive way," Esther Perez Ruiz, the IMF's resident representative for Pakistan, said in a text message to Reuters. "The new tax amnesty runs against program’s conditionality and governance agenda and creates a damaging precedent," added Perez Ruiz. She said that measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy. Added Perez Ruiz: "The IMF team stands ready to work with the government in refining this Budget ahead of its passage," implying the country still has a chance to unlock its ninth IMF board review prior to the end of the EFF programme.

Persons: Pakistan’s, Esther Perez Ruiz, program’s, Perez Ruiz, Bharat Govind Gautam, Jonathan Oatis, Matthew Lewis Organizations: Monetary Fund, IMF, Fund, FX, Staff, Reuters, EFF, Thomson Locations: Pakistan, Bengaluru, Shahid, Karachi

☆ Telegraph faces sale after UK lender takes control of owners
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - The Telegraph group of newspapers could be sold after the Bank of Scotland appointed receivers for shares of the publisher's owners who failed to repay loans by the bank, restructuring group AlixPartners said on Wednesday. No operational changes are expected for the media businesses or their employees, and "neither the Telegraph Media Group (TMG) nor The Spectator are entering administration," AlixPartners added. The Barclay family owns shares of B.UK Ltd, a holding company within the Penultimate Investment Holdings Limited (PIHL) Group that indirectly owns Telegraph Media Group Limited (TMG) and The Spectator magazine. AlixPartners said the receivers may reach a resolution which could involve the Telegraph and Spectator businesses being sold. Sky News reported on Tuesday that Lloyds was set to launch a 600 million pound ($745.4 million) auction of the Telegraph newspapers and The Spectator magazine.

Persons: AlixPartners, Alastair Beveridge, Ben Browne, Barclay, Aidan Barclay, Howard Barclay, Philip Peters, Rigel Mowatt, Gokul Pisharody, Bharat Govind Gautam, Chiara Ellsei, Chris Reese, Richard Chang Organizations: Telegraph, Bank of Scotland, Lloyds Banking Group, Telegraph Media, B.UK Ltd, Investment Holdings, Group, Telegraph Media Group, Spectator, The Spectator, Sky News, Lloyds, Thomson Locations: Bengaluru

☆ UK's Sunak seeks stronger economic ties with U.S. on Washington trip
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 6 (Reuters) - Britain wants to put its economic ties with the United States on the same footing as the two countries' defence and security cooperation to help both counter global threats, Prime Minister Rishi Sunak will tell President Joe Biden this week. Having left the European Union, Britain is seeking to further align itself with Washington to help navigate a more volatile world driven by the rise of China, the aggression of Russia and the development of Artificial Intelligence. Sunak will meet Biden, U.S. business leaders and members of congress this week, arguing that the existing ties between the two countries mean they are better placed to take on the new challenges together. [1/3] Prime Minister Rishi Sunak arrives at Andrews Air Force Base in Prince George's County, Maryland, ahead of his visit to Washington DC. Writing by Kate Holton; additional reporting by Bharat Govind Gautam in Bengaluru Editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Joe Biden, Sunak, Niall Carson, Biden, Kate Holton, Bharat Govind Gautam, Elizabeth Piper Organizations: European Union, Artificial Intelligence, Biden, Andrews Air Force Base, Washington DC, Thomson Locations: United States, Britain, Washington, China, Russia, Prince George's County , Maryland, Brussels, London, Bengaluru

☆ FedEx reaches tentative deal with pilot union
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 30 (Reuters) - FedEx Corp (FDX.N) has reached a tentative agreement with pilots of its air delivery unit who had voted in favor of a strike earlier this month seeking higher pay, the package delivery company said in a statement on Tuesday. The Air Line Pilots Association (ALPA) had voted "overwhelmingly" in favor of a strike if needed, when it had entered the final stages of a contract negotiation with the company. FedEx did not provide any further details on the agreement. The agreement prevents a possible strike after 99% of about 6,000 FedEx Express pilots that ALPA represents voted in favor of one, as they asked the company to meet recently improved industry standards for pilot pay. Reporting by Bharat Govind Gautam and Priyamvada C in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: ALPA, Bharat Govind Gautam, Priyamvada, Shailesh Kuber, Sherry Jacob, Phillips Organizations: FedEx Corp, Air Line Pilots Association, FedEx, FedEx Express, Thomson Locations: Bengaluru

☆ India probes education platform Byju's over alleged forex law violations
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +3 min

April 29 (Reuters) - India's financial crime-fighting agency said on Saturday it had raided three premises linked to education platform Byju's and its billionaire CEO Byju Raveendran over suspected breaches of the country's foreign exchange laws. The searches under alleged foreign exchange law violations revealed that Think and Learn Private Limited, Byju's parent firm, had received foreign direct investment of nearly 280 billion rupees ($3.43 billion) during the period from 2011 to 2023, ED said. Byju's legal spokesperson said the visit by ED officials to one of the company's offices in Bengaluru was related to a routine inquiry under foreign exchange laws. The company reported a loss of 45.64 billion rupees ($558.49 million) in May for fiscal 2021. Byju's spent $2.5 billion in fiscal year ended March 2022 to acquire companies such as Aakash, U.S.-based Epic, kids' coding platform Tynker, professional education firm Great Learning and exam perpetration platform Toppr.

☆ India probes education platform Byju's over forex laws
▼ + stars: | 2023-04-29 | by ( ) www.reuters.com time to read: +2 min

April 29 (Reuters) - India's financial crime-fighting agency said on Saturday it had raided three premises of billionaire Byju Raveendran, the founder and CEO of education platform Byju's, over suspected breaches of the country's foreign exchange laws. Blackrock last month cut Byju's valuation by nearly half to $11.15 billion, according to a filing seen by Reuters. Byju's legal spokesperson said the visit by ED officials to one of the company's offices in Bangalore was related to a routine inquiry under foreign exchange laws. The statement issued by the agency said the company also remitted 97.5 billion rupees to various foreign jurisdictions between 2011 and 2023 in the name of overseas direct investments. Byju's spokesperson said the company had provided authorities with all the information they requested.

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