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☆ Internal documents reveal new details of X stock awards to staff, including what happens if the company IPOs or is acquired
▼ + stars: | 2023-10-31 | by ( Kali Hays | ) www.businessinsider.com time to read: +13 min

The documents reveal the latest estimated valuation of X, when and how staff are getting equity awards, and how that stock vests over time. X stock doesn't trade daily like a public company, so the valuation disclosed is by definition vague. Most people who received X equity were granted 1,200 units, or increments thereof based on performance, according to one of the documents viewed by Insider. Any X Stock Awards you receive under the X Equity Plan will be provided to you in addition to and separate from any deferred cash awards. Stock Awards are typically earned over four years, with a 6 month cliff.

Persons: they'll, Elon Musk, Fortune, X, virality, Musk, there's, Will, Jan Organizations: Twitter, Musk's, SpaceX, X, Inc, Common, New York Stock Exchange, NASDAQ, IRS, Internal Revenue Locations: United States, Shareworks

The winner of the lucrative contract will then have an option to build three more nuclear reactors in the country. Last year, the Czech government excluded Russia’s energy giant Rosatom and China’s CNG from the tender process on security grounds. Political Cartoons View All 1227 ImagesPrime Minister Petr Fiala said Russian participation in the project, which is critical for the Czech Republic's energy security, was “unimaginable” following the Kremlin’s invasion of Ukraine. The Czech Republic already relies on six nuclear reactors to generate more than a third of its total electricity. In a separate deal, CEZ had signed a deal with U.S. energy giant Westinghouse Electric Co. to supply nuclear fuel for the Dukovany nuclear plant, eliminating dependence on Russia for such fuel.

Persons: Korea’s, CEZ, Petr Fiala Organizations: U.S, Westinghouse, France’s EdF, Union, Westinghouse Electric Co Locations: PRAGUE, Czech, Ukraine, Czech Republic, Dukovany, Austria, Germany, Central Europe, Slovakia, Hungary, Poland, Russia

ARCADIA, Calif. (AP) — A horse set to run in this weekend’s Breeders’ Cup died Tuesday at Santa Anita, and a short time later, Belmont Stakes winner Arcangelo dropped out of the $6 million Classic. Practical Move was returning from a morning gallop when he experienced a suspected cardiac event, according to a statement from Breeders’ Cup officials. Practical Move won the San Felipe and Santa Anita Derby on his home track before a fever forced him to miss the Kentucky Derby in May. He then took six months off and returned to win a race on Oct. 6 at Santa Anita. Another Breeders' Cup contender who was injured near the end of a workout last Saturday at Santa Anita is not recovering as well as his owner had hoped.

Persons: Arcangelo, Jena Antonucci, Arcangelo's, “ He's, ”, TVG, we've, ” Arcangelo, Mage, wasn’t, Santa Anita Derby, Tim Yakteen, Richard Mandella, ___ Organizations: Breeders ’, . Kentucky Derby, California Horse Racing Board, Racing, Breeders, San, Santa, Kentucky Derby, Equine Medical Hospital, of Fame Locations: ARCADIA, Calif, Santa, San Felipe, Santa Anita, Chino

☆ Beer giant AB InBev beats forecasts, but Bud Light boycott continues to hit U.S. revenues
▼ + stars: | 2023-10-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Anheuser-Busch InBev, the world's biggest brewing firm, on Tuesday beat expectations for the third quarter, despite an ongoing drag from controversy surrounding its online Bud Light campaign. Revenue rose 5% over the period to $15.57 billion, ahead of a company-compiled forecast of 4.7%. However, Bud Light — which lost its spot as the top-selling U.S. beer over the summer amid a conservative-led boycott, protesting its partnership with transgender influencer Dylan Mulvaney — weighed on U.S. performance, the company said. It marks the second quarter in which the Bud Light controversy, which includes criticism of the company for failing to support Mulvaney amid the backlash, has hit U.S. sales. Analysts at RBC Europe said the company's performance stood out within a "turbulent quarter" for earnings, noting beats on organic revenue growth and EDITDA growth expectations, despite a North America sales miss.

Persons: Bud, Bud Light, influencer Dylan Mulvaney — Organizations: Anheuser, Busch InBev, Revenue, RBC Europe, North, Brewers, Carlsberg, Heineken Locations: East, Africa, Asia, Europe, Brussels, U.S, North America, Southeast Asia

☆ $23,500 in Coins to Pay a Settlement? Judge Says Keep the Change and Try Again
▼ + stars: | 2023-10-30 | by ( Amanda Holpuch | More About Amanda Holpuch | ) www.nytimes.com time to read: 1 min

Pennies, nickels, dimes and quarters might be legal tender but more than 6,500 pounds of loose change is not a proper form of payment, a Colorado judge ruled last week after a defendant attempted to deliver $23,500 in coins to settle a legal dispute. The judge, Joseph Findley, of Larimer County, said that the delivery of more than three tons was done “maliciously and in bad faith,” and that the defendant, a welding company, must now pay more for its act. The welding company, JMF Enterprises LLC, and its owner John Frank, were sued by a custom fabrication company, Fired Up Fabrication LLC, which said it worked as a subcontractor for JMF Enterprises but did not get paid in full. The companies agreed in mediation to the settlement but the agreement did not specify the form of payment, according to Judge Findley’s order.

Persons: Joseph Findley, “, John Frank, Findley’s Organizations: JMF Enterprises Locations: Colorado, Larimer County

☆ French football again left reeling by rioting fans as Olympics loom
▼ + stars: | 2023-10-30 | by ( Julien Pretot | ) www.reuters.com time to read: +4 min

Grosso, a World Cup winner with Italy in 2006, sustained facial injuries during the incident, leaving league officials to deal with another episode of rioting fans. Some preliminary round Olympic matches will be played in Marseille, where violence erupted at the 1998 World Cup between England fans and French police. Marseille condemned the behaviour of their fans in a statement on Monday. Lyon condemned their fans' behaviour after some were seen making Nazi salutes at the Velodrome. "OL firmly condemns the unacceptable racist behaviour of individuals in the stands on Sunday," the club said in a statement.

Persons: Lyon, Fabio Grosso, Gerald Darmanin, Pablo Longoria, Marseille, Amelie Oudea, Castera, St Etienne, Julien Pretot, Sudip Kar, Tassilo Hummel, Michael Perry Organizations: Olympique de Marseille's Ligue, Olympique Lyonnais, Italy, Marseille's Stade Velodrome, French League, England, French, Olympique de Marseille, Stade Orange Velodrome, France, Stade Velodrome, Marseille, RC Lens, Lille, St, Thomson Locations: Grosso, Marseille's, Marseille, Nice, Montpellier, Angers

☆ In the Early Days of Lockdown, a Writer Considers a Perplexing Age
▼ + stars: | 2023-10-30 | by ( Dwight Garner | More About Dwight Garner | ) www.nytimes.com time to read: +2 min

Playing with Eureka makes her melancholy, because “animals having fun can be a poignant spectacle — I suppose partly because it narrows the gap between us and them.”I can do without animals, most of the time, in novels. “When men appear in fiction now,” she writes, “it’s usually to be criticized or denounced for something. I meet the same paragon in book after book: high I.Q., great personality, firm moral purpose, dazzling wit. And the trick is to get across that she’s also very attractive without ever appearing to be somehow disrespecting her. Every novel is about aging, in a way, but Nunez is especially attuned to old age’s tender humiliations.

Persons: Nunez, Bette Davis’s, Elizabeth Taylor, “, Virginia Woolf, Robert Hughes, ”, ” Nunez Organizations: Eureka

☆ Britney Spears and Jada Pinkett Smith demonstrate the delicate dance of the celeb memoir
▼ + stars: | 2023-10-28 | by ( Lisa Respers France | ) edition.cnn.com time to read: +4 min

Something to sip on…Jada Pinkett Smith and Britney Spears Santiago Felipe/Getty Images; Mario Anzuoni/ReutersBoth Britney Spears and Jada Pinkett Smith grasp the concept that drama sells. It should be said, though, that both Spears and Pinkett Smith are most probably used to a lot of attention by now. Can’t wait to watch…Fabrice Morvan attends the "Milli Vanilli" in June. Dia Dipasupil/Getty Images North AmericaReader you know it’s true – Milli Vanilli was the duo to beat back in the day. The “Milli Vanilli” documentary is streaming on Paramount+.

Persons: I’m, Jada Pinkett Smith, Britney Spears Santiago Felipe, Mario Anzuoni, Britney Spears, – Spears, ” –, ’, Spears, Justin Timberlake, Pinkett Smith, Will Smith, … David Beckham, Victoria Beckham, Bruno Vincent, Beckham, David Beckham’s, Fisher Stevens, David Beckham, Rebecca Loos, Loos, “, … Taylor Swift, Sarah Yenesel, Taylor Swift, ”, Swift, it’s Taylor Swift, Can’t, … Fabrice Morvan, Dia Dipasupil, Rob Pilatus, Morvan, It’s Organizations: CNN, Getty, Netflix, Spice Girls, North America, Paramount

☆ China rushes to swap Western tech with domestic options as U.S. cracks down
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +10 min

China spent 1.4 trillion yuan ($191 billion) replacing foreign hardware and software in 2022, marking a year-on-year increase of 16.2%, according to IT research firm First New Voice. Two firms awarded the Harbin tenders were subsidiaries of China Electronics Corporation and China Electronics Technology Group Corporation - both heavily targeted by U.S. sanctions. The U.S. Department of Commerce, China Electronics Corporation and China Electronics Technology Group Corporation did not return requests for comment. Despite heavy spending on domestic substitution, however, foreign firms are still dominant suppliers for banking and telecoms database management. Non-Chinese companies held 90% of market share for banking database systems at the end of 2022, according to EqualOcean, a tech consultancy.

Persons: Tyrone Siu, Kendra Schaefer, Mo Jianlei, Eric Zheng, Brenda Goh, Katerina Ang Organizations: REUTERS, Companies Beijing, Reuters, New, Trivium China, Liberation Army, Tech, Chinese Academy of Sciences, BMC, U.S, Cyberspace Security, China Telecommunications Corporation, Qualcomm, U.S . Treasury, Google, Apple, China Electronics Corporation, China Electronics Technology Group Corporation, Microsoft, Adobe, China Tobacco, Microsoft Windows, Chinese Academy of Engineering, European Union Chamber of Commerce, of Commerce, Shanghai, U.S . Department of Commerce, HUAWEI, Huawei, IDC, Financial, Lenovo, HK, Beijing, Thomson Locations: Dongguan, Guangdong province, China, BEIJING, Washington, State, Beijing, Gansu province, Harbin, Xiamen, U.S, American, Shanghai

☆ Javier Milei wants Argentina to swap the peso for the US dollar. Here's what that would mean
▼ + stars: | 2023-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

For years, Argentinians have preferred to pay for many goods and services in greenbacks, rather than with their own collapsing currency, as part of an informal “blue dollar” currency market. To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s. Practical headacheThere’s another significant snag in Milei’s plan: Argentina doesn’t have enough dollars to ditch the peso. “People would need to take wheelbarrows of cash to convert to dollars,” Sabatini said.

Persons: Javier Milei, Sergio Massa, Argentina’s, JP Morgan, Argentinians, Milei, Natacha, Matias Baglietto, Reuters “ That’s, ” Christopher Sabatini, Kimberley Sperrfechter, ” Sperrfechter, It’s, ” Sabatini, Luis Robayo, Sabatini, ” Organizations: London CNN, National Institute of Statistics, Argentina’s, US Federal Reserve, Economic, Reuters, America, Chatham House, CNN, Capital Economics, International Monetary Fund, Getty, IMF Locations: Argentina, greenbacks, Washington, El Salvador, Panama, Ecuador, United States, Buenos Aires, AFP

☆ Vietnam rare earths arrests include key figure in bid to build industry
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Luu Anh Tuan, Chairman of mining company VTRE in his Hanoi office with samples of rare earth oxides in Hanoi, Vietnam September 7, 2023. REUTERS/Francesco Guarascio/File Photo Acquire Licensing RightsHANOI, Oct 20 (Reuters) - Police in Vietnam have arrested six people accused of violating mining regulations, including the chairman of a company at the heart of efforts to develop Vietnam's rare earth industry, seizing 13,715 tons of rare earths ores. VTRE has partnered with Australian mining companies Australian Strategic Materials (ASM) (ASM.AX) and Blackstone Minerals LTD (BSX.AX), which were not involved in the investigation. ASM signed a binding agreement in April with VTRE for the purchase of 100 tons of processed rare earths this year, and committed to negotiating a longer-term supply deal. Vietnam is planning to organise auctions for concessions at its largely unexploited rare earths mines, which are considered to contain the world's second biggest deposits of the critical minerals used in electric cars and wind turbines.

Persons: Anh Tuan, Francesco Guarascio, Yen Bai, VTRE, Blackstone, Dong Pao, Tuan, Doan Van Huan, Khanh Vu, Edmund Klamann, Martin Petty Organizations: REUTERS, Rights, Police, Earth JSC, Duong Group, Ministry of Public Security, Strategic Materials, Blackstone Minerals LTD, Blackstone, ASM, Australian, Thai Duong Group, Thomson Locations: Hanoi, Vietnam, Rights HANOI, Vietnamese, Yen, Lai Chau, Yen Bai

☆ OpenAI in Talks for Deal That Would Value Company at $80 Billion
▼ + stars: | 2023-10-20 | by ( Cade Metz | More About Cade Metz | ) www.nytimes.com time to read: +1 min

OpenAI is in talks to complete a deal that would value the company at $80 billion or more, nearly triple its valuation less than six months ago, according to a person with knowledge of the discussions. The company would sell existing shares in a so-called tender offer led by the venture firm Thrive Capital that would make OpenAI the most valuable start-up in San Francisco, that person said. Amazon said last month that it would invest up to $4 billion in another San Francisco start-up, Anthropic, one of OpenAI’s primary competitors. Over the summer, Cohere, a company founded by former Google researchers, raised $270 million, bringing its total funding to more than $440 million. Inflection AI, founded by a former Google executive, raised a $1.3 billion round, bringing its total to $1.5 billion.

Persons: OpenAI, Amazon Organizations: Google Locations: San Francisco

☆ Venezuela Sets Referendum Date on Territory Dispute With Guyana
▼ + stars: | 2023-10-20 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

CARACAS (Reuters) - Venezuelans will vote on Dec. 3 in a referendum on "the rights" over a potentially oil-rich territory in dispute with its neighbor Guyana, authorities said on Friday. Both countries have been involved in a long-running dispute over their borders. Venezuela protested an oil tender announced by Guyana in September, arguing that the offshore areas are subject to dispute and the companies awarded the fields will not have the rights to explore them. The approximately 160,000 square kilometers under dispute along the countries' borders is mostly impenetrable jungle, and known as the "Esequiba region." Venezuela's claims extend over the territory was reactivated in recent years after the discovery of oil and gas near the maritime border.

Persons: Deisy Buitrago, Isabel Woodford, Alistair Bell Organizations: International Court of Justice Locations: CARACAS, Guyana, Venezuela

☆ The 'blue dollar' is booming: Argentina's lust for the buck pushed its black-market rate up 60,000% since peso parity ended in 2002
▼ + stars: | 2023-10-19 | by ( Anil Varma | ) www.businessinsider.com time to read: +5 min

For decades, the nation has been roiled by hyperinflation, sky-high interest rates, a growing mountain of debt, a string of sovereign defaults, and a cratering exchange rate. Rampant inflation has ravaged Argentina's currency over the years, wiping out much of its value against the dollar and ruining its appeal to consumers. The coveted bucks from the back alleys of Buenos Aires have their own price, even their own name: dólar blue, or the "blue dollar." AdvertisementAdvertisementUp 60,000% and going strongThe dollar's unofficial exchange rate smashed above 1,000 pesos for the first time last week, to hit levels almost three times as high as the official rate. That would almost certainly mean the blue dollar surging to new highs.

Persons: —, It's, Javier Milei, Manuel Cortina Organizations: Service, Spain's Santander Group, Cato Institute, Local, Argentine, Monetary Fund, BBVA Locations: Argentina, Buenos Aires, bluedollar.net, American, Brazil, Argentine, Spanish

Domestic equipment manufacturers, such as toolmaker Naura (002371.SZ) and etching equipment maker AMEC, are winning a much higher proportion of tenders from Chinese foundries than in previous years, as chipmakers race to replace foreign-made equipment with domestically made alternatives, research showed. "There is definitely huge progress happening in the Chinese semiconductor equipment space, as reflected in the strong revenue growth metrics," he said. The Huatai Securities report revealed that for the first eight months of 2023, only one tender for lithography equipment was awarded to a Chinese company, out of many bids. "Local players still lack capability to supply a full set of equipment, such as EUV," said Nori Chiou, investment director at White Oak Capital, saying Chinese manufacturers are focused on covering mature node equipment. "It’s a long way to go to see advanced semiconductor equipment made in China."

Persons: Florence Lo, Xi Jinping, Biden, Hua Hong, SMIC, Nori, Fanny Potkin, Yelin, Ellen Zhang, Brenda Goh, Sharon Singleton Organizations: REUTERS, Companies, Huatai Securities, Beijing, Reuters, HK, Hua Hong Semiconductor, CINNO Research, Analysts, Materials Inc, Lam Research Corp, U.S, Huawei Technologies, White Oak, Thomson Locations: China, SINGAPORE, BEIJING, Japan, Netherlands, U.S, ASML, Singapore, Yelin Mo, Beijing

☆ This Southern Staple Is Pure Gold
▼ + stars: | 2023-10-18 | by ( Eric Kim | More About Eric Kim | ) www.nytimes.com time to read: +2 min

Frankly, I’d rather sift flour into a small bowl, peel potatoes with a dull paring knife or winkle out pomegranate arils wearing a white T-shirt than sort through green beans. Cooked just a bit longer — all the way through — a green bean can become its fullest self. Of course, you could buy green beans, already stemmed, even washed and “ready to eat,” but they’ll have been slowly molding in their wet plastic bags, sitting on the grocery-store shelf. Cooked just a bit longer — all the way through — a green bean can become its fullest self. The resultant sauce was rich and deep, the same kind of magic that’s in a bowl of Scott’s braised green beans and potatoes.

Persons: Scott Locations: Southern, —, There’s

☆ OpenAI in talks to sell shares at $86 billion valuation - Bloomberg News
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 18 (Reuters) - ChatGPT creator OpenAI is in talks to sell existing employees' shares at an $86 billion valuation, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. Last month, the Wall Street Journal had said that OpenAI, which is backed by Microsoft (MSFT.O), was seeking a valuation of up to $90 billion for a sale of shares. The company had earlier this year made a $300 million share sale at a valuation of $30 billion. OpenAI is negotiating a tender offer with potential investors, Bloomberg reported, adding that the firm has not finalized allocations and terms could still change.

Persons: Dado Ruvic, OpenAI, Jaspreet Singh, Sriraj Organizations: REUTERS, Bloomberg, Wall Street, Microsoft, Thomson Locations: San Francisco, Bengaluru

☆ Putin and Orban reaffirm Russian-Hungarian ties amid international strains
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

[1/5] Russian President Vladimir Putin shakes hands with Hungarian Prime Minister Viktor Orban during a meeting ahead of the Belt and Road Forum in Beijing, China, October 17, 2023. Sputnik/Grigory Sysoyev/Pool via REUTERS Acquire Licensing RightsBEIJING, Oct 17 (Reuters) - Russian President Vladimir Putin and his closest ally among European Union leaders, Hungarian Prime Minister Viktor Orban, on Tuesday reaffirmed their commitment to bilateral ties amid international tensions over the war in Ukraine. The men met in the government guest house where Putin was staying before the start of an international forum on China's Belt and Road Initiative. One of these countries is Hungary,” Putin told Orban. In an emailed response to Reuters, Orban's press chief Bertalan Havasi said Orban and Putin had discussed gas and oil shipments and nuclear energy issues.

Persons: Vladimir Putin, Viktor Orban, Grigory Sysoyev, Orban, Putin, ” Putin, Bertalan Havasi, Havasi, Alexander Marrow, Kevin Liffey Organizations: Hungarian, Forum, Sputnik, REUTERS Acquire, Rights, European Union, Initiative, Kyiv, Reuters, Thomson Locations: Beijing, China, Rights BEIJING, Hungarian, Ukraine, Hungary, Russia, Brussels, Russian, Europe, Moscow, Budapest

☆ 2026 Milano-Cortina sliding events to be held outside Italy: organisers
▼ + stars: | 2023-10-16 | by ( Sudipto Ganguly | ) www.reuters.com time to read: +3 min

The sliding centre hosts the bobsleigh, luge and skeleton competitions during the Games and Italy's plan to reconstruct a sliding centre where an old, defunct venue existed had hit obstacles from the very start of preparations. To not go ahead with a sliding centre and move the sliding competition to an already existing and working venue. "It's the Olympic Games, so there's a lot of implications. It's not just renting a sliding centre and go and take the competition. Hong Kong, which returned to China in 1997 but still has its own separate National Olympic Committee, hosted the equestrian events of the 2008 Beijing Olympics.

Persons: Giovanni Malago, Denis Balibouse, Malago, it's, Andrea Varnier, It's, Sudipto Ganguly, Karolos, Karolos Grohmann, Peter Rutherford Organizations: National Olympic Committee, Milano, Cortina, Games, REUTERS, Rights, International Olympic Committee, Olympic Games, Olympic Committee, IOC, Thomson Locations: Lausanne, Switzerland, Rights MUMBAI, Italy, Austria, Germany, France, Stockholm, Melbourne, Australia, Hong Kong, China, Beijing

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - The International Monetary Fund's engagement with El Salvador has been "very productive" following a recent visit from a negotiating team, but an agreement is "not there yet" for a new financing program, an IMF official said on Friday. "The engagement with El Salvador has been very productive," Rodrigo Valdes, director of the IMF's Western Hemisphere Department, told Reuters. "We just had a mission there, a negotiating mission, but we knew that it would be a first step," he said. The IMF said in late September that it was working with El Salvador on "technical issues" and on minimizing the risks from the country's adoption of bitcoin as legal tender. "In other countries fragmentation, low popularity, are constraints for policy actions and here they have a very valuable opportunity," the IMF official said.

Persons: Western Hemisphere Department Rodrigo Valdes, Susana Vera, El Salvador, Rodrigo Valdes, Valdes, we're, Nayib Bukele, El, Bukele, Jorgelina, Rodrigo Campos, Nelson Renteria, Paul Simao Organizations: International Monetary Fund, Western Hemisphere Department, Reuters, IMF, World Bank, REUTERS, Rights, Monetary, El, Salvadoran, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, El Salvador, Salvadoran, Rosario, New York, San Salvador

☆ Toshiba to go private on Dec 20 after successful $13 bln takeover bid
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsCompanies Toshiba Corp FollowTOKYO, Oct 12 (Reuters) - Toshiba Corp (6502.T) said on Thursday it will hold an extraordinary shareholder's meeting on Nov. 22 to approve the consolidation of its shares, which will be delisted from the Tokyo Stock Exchange on Dec. 20. The Japanese conglomerate Toshiba last month announced the success of a 2 trillion yen ($13.4 billion) tender offer from private equity firm Japan Industrial Partners. ($1 = 149.2100 yen)Reporting by Kantaro Komiya; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Androniki, Kantaro Komiya, Edmund Klamann Organizations: Toshiba Corporation, REUTERS, Toshiba Corp, Tokyo Stock Exchange, Toshiba, Japan Industrial Partners, Thomson Locations: Kawasaki, Japan

☆ Vitesco shares soar on 3.64 bln euro Schaeffler deal
▼ + stars: | 2023-10-09 | by ( Ozan Ergenay | ) www.reuters.com time to read: +1 min

BERLIN, Oct 9 (Reuters) - Vitesco (VTSCn.DE) shares rose 19.8% on Monday morning on news that its largest shareholder Schaeffler AG (SHA_p.DE) will launch a tender offer valuing the powertrain supplier at 3.64 billion euros ($3.83 billion). EV components maker Schaeffler AG, controlled by Germany's billionaire Schaeffler family, already holds 49.9% of Vitesco, which has seen its shares rise 39% this year. Schaeffler shares were down 6.6% at 0713 GMT. Schaeffler said it would offer remaining shareholders 91 euros ($95.83) per share, a fifth above last week's closing price. Listed preference shares are to be converted into ordinary shares, and the remaining shareholders will be on an equal footing with the family holding ordinary shares.

Persons: Schaeffler, Vitesco, Ozan Ergenay, Christina Amann, Victoria Waldersee, Friederike Heine, Kim Coghill, Louise Heavens Organizations: Schaeffler AG, EV, Schaeffler, Thomson

☆ Schaeffler auto deal has multiple value drivers
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange during the vitesco IPO in Frankfurt, Germany, September 16, 2021. REUTERS/Staff Acquire Licensing RightsLONDON, Oct 9 (Reuters Breakingviews) - Gearing up to take over an auto company on the eve of a recession might look risky. The merger will be done through a tender for the 50% of Vitesco’s stock not held by the family, then a merger with what's left. Cost synergies on top could be worth 3.5 billion euros in present value terms. As part of the merger, Schaeffler will adopt a more shareholder-friendly structure with equal voting rights.

Persons: what's, Schaeffler, Neil Unmack, Sandoz, George Hay, Streisand Neto Organizations: REUTERS, Staff, Reuters, Vitesco Technologies, X, Alstom, Thomson Locations: Frankfurt, Germany, China, Brussels

☆ Make homemade pierogies for National Pierogi Day
▼ + stars: | 2023-10-08 | by ( Casey Barber | ) edition.cnn.com time to read: +13 min

It’s National Pierogi Day, so you have a marketing-mandated opportunity to indulge in a pile of pillowy dumplings. Making pierogi doughJust as there are many ways to refer to these dumplings, there are a wide range of recipes for pierogi dough. If you’re afraid of making any homemade dough, try my pierogi dough as your gateway recipe. Casey Barber, author of the cookbook “Pierogi Love: New Takes on an Old-World Comfort Food,” says pierogies are ideal to eat year-round. Apart from the 60 recipes in “Pierogi Love,” you can try “Everything Bagel” pierogies or pierogies with egg, cheese and Taylor ham for breakfast, or Ethiopian destaye-inspired dessert pierogies.

Persons: that’s, It’s, ”, Casey Barber, I’ve, Cook Organizations: CNN Locations: Turkey, Pittsburgh, Yukon

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

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