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☆ 'We can’t allow the cultural infrastructure to literally crumble': One of London's most popular arts attractions needs a $200 million fix
▼ + stars: | 2024-09-19 | by ( Lucy Handley | In | ) www.cnbc.com time to read: +7 min

The exterior of the Hayward Gallery, part of the Southbank Centre. "We can't allow the cultural infrastructure to literally crumble in our hands, because ... without investment, it won't be here," Ball told CNBC. (The neighboring National Theatre and British Film Institute Southbank are not part of the Southbank Centre.) During his first year at the Southbank Centre, he oversaw more than 5,400 events and shows. "Thinking Fountains," an installation by German artist Klaus Weber, outside the Hayward Gallery at the Southbank Centre.

Persons: Norman Engleback, Michelle Obama, Anish Kapoor, Tracey Emin, Nina Simone, Elaine Bedell, Mark Ball, —, Ball, Queen Elizabeth Hall, Purcell, Jack Taylor, Lisa Nandy's, it's, Richard III, Antony Sher, Antony, Gilbert Prousch, George Passmore, Gilbert, George, Marina Abramovic, Elizabeth Hall, Daniel Leal, Igor Levit, Cillian Murphy, Klaus Weber Organizations: Hayward, Southbank Centre, Universal, Getty, Southbank, Conservative, Labour, CNBC, Royal Festival Hall, Queen, National Theatre, British Film Institute, Former U.S, Royal, Hall, Manchester International, Association of, of Britain, Apple, London's Southbank, Ball, Science and Industry, Royal Shakespeare Company, AFP, Artists, Royal Philharmonic Orchestra Locations: London, Manchester, Serbian

☆ Big investors worry the star managers they trust to run billions are getting distracted as the presidential election enters the homestretch
▼ + stars: | 2024-09-10 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

Hedge fund managers and private equity executives have become the go-to sources for donations for both parties. AdvertisementBut for the industry's biggest names who have become involved in politics, personal interests and values drive their giving. Advertisement'It's a people business'Mercer's global chief investment strategist, Rich Nuzum, advises institutional investors with more than $16 trillion to invest. "You're probably alienating some potential investors," he said, and that puts all investors at risk if it impacts a manager's business health. While LPs prefer their managers stay out of the headlines, Griffin has not been shy in recent years about picking fights.

Persons: —, Ken Griffin, Donald Trump, Ron DeSantis, Griffin, Timothy Mellon, George Soros, Lone, Stephen Mandel, Jim Simons, Elliott's Paul Singer, Blackstone, Steve Schwarzman, Singer, Andrew, Rudy Koitchev, Rich Nuzum, Brian Payne, Payne, Chris Walvoord —, Nuzum, Soros, David Tepper, Mandel, Griffin waded, Zia Ahmed, Koitchev Organizations: Service, Republicans, Florida Gov, Business, SEI, BCA Research, Carolina Panthers, Appaloosa Management, Citadel, Citadel Securities, mater, Miami, city's Museum of Science, Industry, LCH Investments, Teachers Locations: Florida, Lone Pine, Washington, Harvard, Chicago, Afghanistan, Illinois

☆ I've been to 48 states, but there's one US city I want to visit every summer
▼ + stars: | 2024-07-25 | by ( Latifah Al-Hazza | ) www.businessinsider.com time to read: +6 min

After visiting 48 of the 50 US states, Chicago is my favorite place to be in the summer. Here's why I love Chicago summers. Latifah Al-HazzaThe city prides itself on being home to over 20 Michelin-starred restaurants and having a diverse food culture. The city's public Divvy bikes are easy to rent and a great way to see the city in the summer. The event offers incredible city views and access to the indoor aquarium, providing a cool respite from the heat.

Persons: —, Latifah Al, Chiya Chai, Café Tola, Lou Malnati's, Diego, Jackson, Ping, Fulton Organizations: Service, Windy City, Business, Chicago Architecture, Chicago Riverwalk, Michelin, Café Tola, Indienne, Chicago café, Hazza, Art Institute of Chicago, Field Museum, Museum of Science, Industry, Chicago World's Fair, Art, Logan Square Arts, Pitchfork, Chicago Blues Festival, Lakeview Taco Fest, NASCAR, Chicago Air, Water, Chicago Locations: Chicago, Café, Lake Michigan, Beach, Ping Tom, Windy City Smokeout, Lakeview, Sueños

Speaking at a Cabinet retreat, Trudeau said that Trump “represents uncertainty. Trudeau said that his industry and trade ministers will lead the “Team Canada approach” with the business community. Trump as president called Trudeau “weak” and “dishonest” and attacked Canada’s vital trade. Nelson Wiseman, a political science professor at the University of Toronto, said the Trudeau government is anxious about the prospect of another Trump presidency. "The impact would be greater on Canada than on any other country with the possible exception of Mexico,” Wiseman said.

Persons: —, Donald Trump, Justin Trudeau, Trudeau, ”, “, Trump, ” Trudeau, Kirsten Hillman, Washington's, ” François, Philippe Champagne, ” Daniel Béland, ” Béland, Nelson Wiseman, Wiseman, ” Wiseman Organizations: TORONTO, Trump, New, Republican, Trudeau’s, “ Team Canada, American Free Trade, U.S, Trade, Canada’s, Innovation, Science, Industry, McGill University, University of Toronto, “ Locations: Canada, U.S, Iowa, Montreal, Mexico, United States

☆ My kids are from 3 different generations. They teach me about memes and TikTok trends, which helps us connect with each other.
▼ + stars: | 2024-01-18 | by ( Heather Labay | ) www.businessinsider.com time to read: +5 min

All together under one roof, the differences between Gen X, millennial, Gen Z, and Gen Alpha could have split our family apart. I've also learned TikTok trends , why Fortnite is both appalling and amazing, and how Minecraft is an educational tool. Courtesy of the authorWhen he was 11, his younger brother Noah — my Gen Z'er — came along. With the boundless adoration and hero worship of a younger sibling , Noah wanted to spend all his time hanging around an increasingly surly tween. Heather Labay's kids, Noah and Charlotte.

Persons: Gen X, Z, Alpha, I've, Adam, didn't, Heather Labay's, Noah, Noah —, Z'er —, Kim, Underpants, Heather Labay, Charlotte —, Alpha —, Alpha — Noah, Charlotte, I'm Organizations: Museum of Science, YouTube, DJ

☆ China takes on Elon Musk's Starlink with hundreds of low-orbit satellites
▼ + stars: | 2023-11-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

The 300 satellites will orbit at a much lower altitude than their competitors. AdvertisementA Chinese company plans to launch the first of 300 very low orbit satellites next month in a rival constellation to Elon Musk's Starlink network. China Aerospace Science and Industry Corp plans to put 192 satellites in orbit by 2027, with 300 by 2030, the outlet reported. But for now China remains far behind Elon Musk's Starlink constellation. It will be able to carry the new generation of larger Starlink satellites.

Persons: Elon Musk, —, Elon Musk's, Chance Saltzman, Elon, Musk, gIpnubscWa — Elon Organizations: Elon, Service, China Aerospace Science, Industry Corp, Bloomberg, SpaceX, Space Operations Locations: China

AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. Britain's technology minister Michelle Donelan said "the right people with the right expertise" would be around the table to discuss how to mitigate the risks of AI. China will be a key participant, given the country's role in developing AI technology, although questions have been raised by some lawmakers in Britain about its presence. The U.S. ambassador to Britain, Jane Hartley, said the AI conversation should be global, but added that the invitation to China had come from London. Reporting by Paul Sandle and Martin Coulter Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Rishi Sunak, Sam Altman, Sceptics, Kamala Harris, Ursula von der Leyen, Antonio Guterres, Michelle Donelan, Jane Hartley, Francois, Philippe Champagne, Paul Sandle, Martin Coulter, Mark Potter Organizations: REUTERS, Safety, European Union, Elon, Bletchley, European, U.S, United Nations, Reuters, Thomson Locations: Britain, United States, China, European Union, U.S, London

☆ Wireless cellular service to be made available to all Toronto subway riders from October
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/3] The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 14, 2022. François-Philippe Champagne, minister of innovation, science and industry, also said all carriers operating in Toronto must expand their existing network coverage to provide full voice, text and data services throughout the subway system. The lack of reliable cellular connectivity across the transit system has been a pain point for metro riders in Toronto, hampering access to emergency services when commuting via public transit, leaving passengers frustrated. Currently, only some carriers, including Rogers Communications (RCIb.TO) and Freedom Mobile, provide customers with wireless service in the subway system. "Cellular connectivity on the subway is about more than just convenience.

Persons: Chris Helgren, Philippe Champagne, Champagne, Deborah Sophia, Shailesh Organizations: Rogers, Rogers Communications, REUTERS, Canadian, Monday, Champagne, Freedom Mobile, Thomson Locations: Toronto, Ontario, Canada, François, Bengaluru

☆ One family may have to travel 185 miles to Chicago to get gender-affirming care after Indiana banned treatment for trans minors
▼ + stars: | 2023-07-15 | by ( Arleigh Rodgers | Michael Goldberg | Associated Press | ) www.businessinsider.com time to read: +10 min

An expert said trans kids need what all young people need: "to feel included and part of a family." The following afternoon, Flower and Jennilyn Nichols would see a doctor at the University of Chicago to learn whether they could keep Flower, 11, on puberty blockers. At least 20 states have enacted laws restricting or banning gender-affirming care for trans minors, though several are embroiled in legal challenges. Flower Nichols hugs her mom, Jennilyn Nichols, as they watch the Pride Parade, Saturday, June 10, 2023, in Indianapolis. Flower Nichols, middle, watches the Pride Parade with her parents Kris and Jennilyn Nichols, Saturday, June 10, 2023, in Indianapolis.

Persons: Flower Nichols, Jennilyn Nichols, Eric Holcomb, Darron Cummings Jennilyn Nichols, Nichols, Parker, Kris, Darron Cummings, Robert Marx, Marx, Krisztina Inskeep, Inskeep, Indiana University's Riley, Flower, Jennilyn, —, Teresa Crawford, She's, ___ Arleigh Rodgers, Michael Goldberg, Rodgers, Goldberg Organizations: Indiana, Service, University of Chicago, Republican Gov, AP, of Science, Industry, Republican, San José State University, Indiana University's Riley Children's Hospital, Hoosier, Red, Indiana Statehouse, Scout, Chicago's Museum of Science and, Associated Press, America Statehouse News Initiative, America Locations: Indianapolis, Chicago, Wall, Silicon, Indiana, Indiana , Mississippi, babysit, brightened, Chicago's, Jackson

☆ Chicago business executive and philanthropist Jim Crown killed in Colorado racetrack crash
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: +4 min

Crown, a grandson of industrialist Henry Crown and the chief executive of Henry Crown & Co., was involved in a single-vehicle accident at the Aspen Motorsports Park in Woody Creek, the Pitkin County coroner's office said in a news release. Crown's father, financier Lester Crown, said his son "was driving a race car, and it hit a wall going around a curve," the Chicago Sun-Times reported. "There never was a finer human being in every way," Lester Crown said. Crown's family business, Henry Crown & Co., invests in public and private securities, real estate, and operating companies. "The Crown family is deeply saddened by the sudden passing of Jim Crown in an accident earlier (Sunday)," his family said.

Persons: James, Jim Crown, Henry Crown, Lester Crown, Jim, Barack Obama, Michelle Obama, Brandon Johnson, Obama, Salomon, Lester, Renée Organizations: James Crown, University of Chicago, Chicago . Crown, Co, Aspen Motorsports, Chicago Sun, Times, Commercial Club of Chicago, Sun -, Chicago, Aspen Skiing Co, General Dynamics, JPMorgan Chase, The Aspen Institute, Museum of Science, Industry, President's Intelligence, Hampshire College, Stanford Law School, Salomon Brothers Inc, Capital Markets Service Locations: Chicago ., Chicago, Colorado, Woody Creek, Pitkin County, It's, Amherst , Massachusetts, New York

☆ James Crown, Chicago Businessman and Avid Philanthropist, Dies at 70
▼ + stars: | 2023-06-27 | by ( Daniel E. Slotnik | ) www.nytimes.com time to read: +1 min

An avid philanthropist, Mr. Crown met Mr. Obama in 2003, when he was preparing to run for the U.S. Senate in Illinois, and became an enthusiastic supporter. They also said he needed money, Mr. Crown provided both. “I was just taken with his sensibility, his intelligence, his values and how he conducted himself during that campaign,” Mr. Crown told The New York Times in 2007. Mr. Crown and his family donated a total of $112,500 to Mr. Obama during the Democratic primary, and Chicago’s Jewish leaders raised hundreds of thousands more during the campaign. A few years later, Mr. Crown became Mr. Obama’s chief presidential fund-raiser in Illinois.

Persons: Crown, Obama, Mr, “, ” Mr, Alan Keyes, Obama’s, Henry Crown Organizations: U.S . Senate, Democratic, New York Times, Mr, Senate, Museum of Science, Industry Locations: Illinois, Chicago

☆ James Crown, a billionaire JPMorgan board member who belonged to one of the US' richest families, died in a racing crash on his 70th birthday
▼ + stars: | 2023-06-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Billionaire businessman James "Jim" Crown died in a racing crash in Aspen, Colorado on Sunday. Crown collided with an impact barrier in an accident, the coroner's office told The Colorado Sun. Forbes ranked the Crown family as the US' 34th richest in 2020 with an estimated wealth of $10.2 billion. Billionaire businessman James "Jim" Crown died in a racing crash in Aspen, Colorado on Sunday, multiple news outlets reported. "The official cause of death is pending autopsy although multiple blunt force trauma is evident," the coroner's office told the publication.

Persons: James, Jim, Crown, Henry Crown, Junius Mayer Schine, Jamie Dimon, Joe Biden, Narendra Modi, Biden, Brandon Johnson, Jim Crown Organizations: Sunday . Crown, Colorado Sun, Forbes, Morning, Aspen Motorsports, The Colorado Sun, Pitkin County Coroner's, Aspen Times, Bloomberg, Henry Crown and Company, Aspen Institute, Aspen Skiing, General Dynamics, White, Indian, America, Chicago, Museum of Science and Industry, University of Chicago Locations: Aspen , Colorado, Pitkin County, Colorado, Chicago

☆ JPMorgan, General Dynamics board member Jim Crown dies in accident
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 26 (Reuters) - JPMorgan Chase & Co (JPM.N) and General Dynamics Corp (GD.N) board member Jim Crown died on Sunday in a vehicle accident in Colorado, a county coroner said. Crown, 70, was the chairman and chief executive officer of Henry Crown and Co., a privately owned company that invests in public and private securities, real estate and operating companies. Crown was involved in a single vehicle accident at the Aspen Motorsports Park in Woody Creek, Colorado, the Pitkin County Coroner's office said in a statement. Bank CEO Jamie Dimon said in a memo to directors seen by Reuters that Crown was an "integral part" of JPMorgan Chase. Crown was also the chairman of The Aspen Institute and trustee of the Museum of Science and Industry and the University of Chicago.

Persons: Jim Crown, Henry Crown, Jamie Dimon, Crown, Nupur Anand, Lananh Nguyen, Tatiana Bautzer, Cynthia Osterman Organizations: YORK, JPMorgan Chase &, General Dynamics Corp, Aspen Motorsports, Bank, Reuters, JPMorgan Chase, The Aspen Institute, Museum of Science, Industry, University of Chicago, Thomson Locations: Colorado, Woody Creek , Colorado, Pitkin County, New York

☆ Billionaire killed in race car crash
▼ + stars: | 2023-06-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —James Crown, a billionaire businessman who held several leadership roles including board member of JPMorgan Chase, died Sunday in a racing accident in Colorado. Crown, who also turned 70 on Sunday, died in the single-vehicle crash after colliding with an impact barrier at Aspen Motorsports Park in Woody Creek, Colorado, The Colorado Sun reported. Among his many roles, Crown was chairman and CEO of his family business, the investment firm Henry Crown and Company. In addition to serving on the JPMorgan board, he was also a board director at General Dynamics. “We extend our deepest condolences to Jim’s family and loved ones during this incredibly difficult time,” Jamie Dimon, CEO of JPMorgan Chase, said in a statement.

Persons: James Crown, JPMorgan Chase, Crown, Henry Crown, Jim’s, ” Jamie Dimon, Jim, ”, Jim Crown, Barack Obama Organizations: DC CNN, JPMorgan, Colorado . Crown, Aspen Motorsports, The Colorado Sun, Henry Crown and Company, General Dynamics, JPMorgan Chase, ”, Aspen Skiing Co, Aspen Institute, Museum of Science and Industry, Civic Committee, University of Chicago, Crown, President’s Intelligence, Local, Pitkin County Coroner’s, Forbes Locations: Washington, Colorado, Woody Creek , Colorado, The, Chicago, Pitkin County

☆ The future of travel: 10 concepts that will change the way we experience the world
▼ + stars: | 2023-06-20 | by ( Kate Springer | ) edition.cnn.com time to read: +22 min

Concepts that feel plucked from sci-fi novels and films are quickly making their way into mainstream travel, shaping every step of the journey. Seamus PayneLike air travel, eco-conscious hotels are paving the way for more sustainable travel in the future. HyperloopTTUS entrepreneur Elon Musk has been talking about hyperloop technology – an ultra-high-speed transport system in a low-pressure vacuum tube – for years. Meanwhile, Toronto-based TransPod hopes to bring hyperloop technology to Canada with its eponymous tube-based transportation system powered by renewable energy. By 2025, the company plans to build a 620-mile-per-hour TransPod link between Calgary and Edmonton, connecting the two cities in 45 minutes.

Persons: Elijah Nouvelage, Indira Gandhi, Paris Charles de Gaulle, Austin Farmer, we’ll, don’t, David ”, you’ll, Alexander the Great, ” Michael Breer, KAWS, collectables –, Breer, ” Breer, You’ve, ” Jetson, Peter Ternstrom, Apollo, Cruise, ”, what’s, Boom’s, –, Seamus Payne, room2, Marcel Breuer, Tesla, charades, Yusaku Maezawa, Elon Musk, hyperloop, Virgin Hyperloop, HyperloopTT, Hardt Hyperloop Organizations: CNN, Travel, Hartsfield, Jackson Atlanta International Airport, Bloomberg, Getty, Dubai International Airport, Hong Kong International Airport, Indira, Indira Gandhi International, European Union, Emirates, Dubai International, American Airlines, United, Delta, Bluetooth, Alaska Airlines, Lufthansa, Qatar Airways, Specterras Productions, CNN Travel, VR, Aircraft, Federal Aviation Administration, Baidu, Hyundai, Las, CNN Travel ., Alphabet Inc, Beta, International Civil Aviation Organization, Alice, DHL, Air New, Concorde, Japan Airlines, Bauhaus, CEH Technologies, Origin, SpaceX, International Space, NASA, Galactic, Space Training Academy, Nastar Center, Boring Company, Virgin, Hyperloop Transportation Technologies, China Morning Post, China Aerospace Science, Industry Corporation, European Hyperloop Center Locations: Singapore, Dubai, Tokyo Narita, Tokyo Haneda, Delhi, London Heathrow, Paris, Dutch, Europe, Florence, Palmyra, Machu Picchu, New York, Ehang, China, Boston, Las Vegas, Motional, Phoenix, San Francisco, Los Angeles, North America, Austin, Beijing, Chongqing, Wuhan, Shanghai, Guangzhou, Mexico, Air New Zealand, Denver, New York City, Frankfurt, LA, Sydney, London, New Haven , Connecticut, Hungarian, Norway, Red, Saudi Arabia, Amsterdam, Chicago, Cleveland, Pittsburgh, Shanxi province, Netherlands, Toronto, Canada, Calgary, Edmonton

[1/2] Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Rogers' deal for Shaw was politically sensitive due to the sky-high wireless bills Canadians pay, which are among the highest in the world. Yet, the competition bureau failed to block the merger, losing their protracted battle when a federal court dismissed the case. Now, dealmakers worry the government could intervene in other politically sensitive M&A. "There are not a lot of things people in competition law disagree on.

☆ Timeline: Canada gives final nod on C$20 bln Rogers-Shaw merger
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: 1 min

March 31 (Reuters) - Canada on Friday gave the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. The green light came as Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc (QBRb.TO) under some conditions. Here is the snapshot of key events in Rogers-Shaw merger:Reporting by Yuvraj Malik, Aditya Soni, Tiyashi Datta and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Canada clears C$20 billion Rogers-Shaw deal to create No.2 telecom company
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Canada on Friday granted the final approval for Rogers Communications Inc’s C$20 billion ($15 billion) buyout of Shaw Communications Inc, clearing the deal that will create the country’s No. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. Freedom Mobile’s proposed C$2.85 billion sale to Quebecor-owned Videotron has been crucial in addressing the antitrust concerns over the deal, given the overlap between Rogers and Shaw’s wireless divisions. It is the biggest in the Canadian telecoms industry since BCE’s spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion in 2000. Canada’s top telecom company by market value is BCE Inc.U.S.-listed shares of Shaw were up 3% in premarket trading.

☆ Canada's decision on Rogers-Shaw deal may come on Friday -source
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -The Canadian government is set to announce on Friday a decision on Rogers Communications Inc’s C$20 billion ($15 billion) bid for Shaw Communications Inc, a person familiar with the matter told Reuters on Thursday. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement is about the government’s decision on whether to allow the transfer of Shaw’s wireless licences to Quebecor Inc’s Videotron Ltd., which has agreed to acquire Shaw’s Freedom Mobile wireless carrier for C$2.85 billion, the source told Reuters. To address the issue, Rogers and Shaw agreed to sell Freedom Mobile to Quebecor, which is also expected to close by March 31. Rogers, Shaw and Quebecor did not immediately respond to a Reuters request for comment.

☆ Canada's decision on Rogers-Shaw deal may come on Friday
▼ + stars: | 2023-03-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) - Canadian Minister of Innovation, Science and Industry Francois-Philippe Champagne is set to rule on Rogers Communications Inc’s C$20 billion ($15 billion) deal to buy Shaw Communications Inc on Friday, The Globe and Mail reported on Thursday, citing two sources. FILE PHOTO: Ethernet cables are seen in front of Rogers and Shaw Communications logos in this illustration taken, July 8, 2022. The announcement relates to the minister’s review of the takeover deal, The Globe and Mail reported. Both Rogers and Shaw did not immediately respond to a Reuters request for comment on the report. Champagne’s approval is needed to transfer spectrum licenses of Freedom Mobile unit to Quebecor’s Videotron.

☆ Canada clears C$20 billion Rogers-Shaw deal with tough conditions
▼ + stars: | 2023-03-31 | by ( Aditya Soni | Chavi Mehta | ) www.reuters.com time to read: +3 min

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw’s wireless divisions. Rogers made 21 conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$5.5 billion to expand 5G coverage and services. If it breaches the commitments, Rogers will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. And it’s subject to arbitration.”Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. The combined company will benefit from Rogers’ strong presence in urban Ontario and Shaw’s dominance in the sparsely populated regions of Western Canada.

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw's wireless divisions. Rogers reaffirmed its conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$6.5 billion to upgrade connectivity. If it breaches the commitments, Rogers (RCIb.TO) will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. Rosa Addario, a spokesperson for internet advocacy group OpenMedia, said the concessions sought by the government were unlikely to result in lower prices.

☆ Factbox: Canada clears Rogers-Shaw deal but with conditions
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada on Friday granted the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc's (QBRb.TO) Videotron under some conditions. CONDITIONS ACCEPTED BY ROGERS* Will have to create 3,000 new jobs in Western Canada and maintain them for a minimum of 10 years after the closing date* Invest at least C$2.5 billion to enhance its 5G network in Western Canada, and C$3 billion in additional network service expansion projects* Expand access to low-cost broadband internet plans and launch a new low-cost mobile offering for low-income Canadians* Invest C$1 billion to expand broadband internet access, at speeds of at least 50/10 megabits per second, and 5G mobile service in areas where it is not currently available* Establish a western headquarters in Calgary and maintain it for a minimum of 10 years after the closing date* To report to Innovation, Science and Economic Department and to the public every year on specific progress it has made towards commitments in the agreement* Will have to offer wireless plans to Shaw Mobile customers at Shaw's current prices for 5 years after deal close* To pay C$100 million for every year in which any "material element" of any commitment is not metCONDITIONS ACCEPTED BY VIDEOTRON* Will need to offer plans that are comparable to those currently available in Quebec, and offer options at least 20% cheaper than that of major players* Cannot transfer Freedom Mobile licenses for 10 years* Will have to expand its 5G wireless network in Freedom Mobile's pre-existing operating territory within 2 years* Will increase data allotments of existing Freedom Mobile customers by 10% as a near-term bonus, while investing to bring down prices overall* Will expand mobile service into the Canadian province of Manitoba via the use of a signed Mobile Virtual Network Operator (MVNO) agreement and offer plans comparable to what it offers in Quebec* To pay C$25 million for every year in which any "material element" of any commitment is not metCompiled by Eva Mathews in Bengaluru; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada set to approve Rogers takeover of Shaw with transfer -Globe and Mail
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada is set to approve on Friday a transfer of wireless licenses that will finally settle Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) bid for Shaw Communications Inc (SJRb.TO), the Globe and Mail reported. Rogers and Shaw agreed to sell Freedom Mobile to Quebecor for C$2.85 billion to win government approval for the merger. The minister will approve the transfer of Shaw's licenses to Quebecor's Videotron Ltd with a number of conditions attached, as well as financial penalties associated with breaking those conditions, the Globe and Mail said. The sale of Freedom Mobile to Quebecor is expected to close by March 31. Rogers in February extended the deadline for the deal to March 31 for the fourth time, as the companies awaited the final nod from Champagne.

China's defence ministry did not respond to a request for comment about the researchers' findings. Reuters could not determine how closely the conclusions reflect the thinking among China's military leaders. A U.S. defence official told Reuters that despite differences with the situation in Taiwan, the Ukraine war offered insights for China. The conflict has also forged an apparent consensus among Chinese researchers that drone warfare merits greater investment. Beyond the battlefield, the work has covered the information war, which the researchers conclude was won by Ukraine and its allies.

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