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BENGALURU, Feb 13 (Reuters) - India wants to more than triple annual defence exports to $5 billion by 2024/25 from $1.5 billion currently as it looks to ramp up domestic manufacturing, Prime Minister Narendra Modi said on Monday while inaugurating the Aero India show. "Today, India is not just a market for defence companies, it is also a potential defence partner," Modi said in his speech at the show. "I call on India's private sector to invest more and more in the country's defence sector." India, for decades one of the world's biggest importers of defence equipment, now exports to 75 countries, he added. India's airlines are also expanding, with Tata Group's Air India expected to announce a potentially record deal to buy nearly 500 jets from Airbus and Boeing, worth more than $100 billion at list prices.

☆ Ferrari CEO says Tesla's success was a 'wake up call' for the auto industry
▼ + stars: | 2023-02-13 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Ferrari is an "emotional car" while Tesla is a "functional car," he said. Ferrari plans to unveil its first fully electric car in 2025, taking it to market in 2026. And Tesla certainly got things moving for the electrification of the automotive industry, Ferrari CEO Benedetto Vigna told Bloomberg. While investing in electric cars, it will "keep offering a mix of technology for as long as it's feasible. As "functional" electric cars, to use Vigna's words, become more and more popular, luxury automakers like Ferrari are getting ready to enter the market.

[1/4] An Indian Air Force (IAF) light combat aircraft "Tejas" flies during the "Aero India 2021" air show at Yelahanka air base in Bengaluru, India, February 3, 2021. Indian carriers may buy 1,500 to 1,700 aircraft in coming years, CAPA said, including Air India and IndiGo. MILITARY, COMMERCIAL COMPETITION"The days of foreign companies selling directly to India are over," a defence industry source told Reuters. At the same time, airlines like Air India are seeking to go head-on with rivals like Emirates Airline (EMIRA.UL) for a bigger share of international passenger flow. India's pressing military air need is to shore up its fighter squadrons, which have fallen to 31 from the approved 42 as political and bureaucratic hurdles and lack of funds delay purchases.

☆ I asked ChatGPT to write a viral Super Bowl commercial. Here's what an advertising pro thought of the AI script.
▼ + stars: | 2023-02-11 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +6 min

The most generic beer commercial of all timeChatGPT writes a script for a beer commercial Screenshot/ChatGPTFor my first commercial, I told ChatGPT to "write me a beer commercial that would run during the Super Bowl." "This is the perfect beer for the Super Bowl," ChatGPT wrote as a line for one of the characters. The cast of 'Succession' sells a luxury SUVChatGPT writes a Lexus commercial ChatGPT/ScreenshotNext up, I asked ChatGPT to "write me a funny Super Bowl commercial for the newest Lexus SUV, starring the cast of Succession." Just like the beer commercial, Eastman told me this script seemed generic. A Skittles commercial that almost hits the markChatGPT writes a Skittles commercial ChatGPT/ScreenshotLast up, I asked ChatGPT to "write me a viral and crazy Super Bowl commercial for a candy of your choosing."

The jobless rate held steady at 5%, which is just a decimal point higher than the record low, Statistics Canada (Statscan) said. Analysts surveyed by Reuters had forecast a net gain of 15,000 jobs and for the unemployment rate to edge up to 5.1% in January. "However, that won't stop markets reacting to today's strong data by pricing in a greater probability of further hikes, and pricing out rate cuts," he said. Before the jobs numbers, markets had been betting that the Bank of Canada's next move would be to cut rates. When he announced a pause on rates, Governor Tiff Macklem said it was "conditional" and did not rule out further increases.

Internet celebrity Andrew Tate had offered her a new life. British-American Andrew Tate, 36, who's been based mainly in Romania since 2017, and his 34-year-old brother have denied all the allegations against them. Spokesperson Sue Beeby told Reuters that Andrew Tate "has never had" a creator account or received payments. In a separate YouTube video aimed at men who want to make money by putting women on OnlyFans, Tate called the platform "the greatest hustle in the world". The pair threatened to beat the women up if they did not do their job, according to the court document.

☆ Here's how a wildly outgunned US Navy pilot outfoxed one of the Soviet Union's best jets, scoring a string of kills in a legendary dogfight
▼ + stars: | 2023-01-31 | by ( Jake Epstein | ) www.businessinsider.com time to read: +9 min

An outgunned US Navy pilot downed four Soviet MiG-15 jets in a legendary dogfight over 70 years ago. This swept-wing Soviet aircraft was considered to be superior to the straight-wing American Panther in terms of overall performance. A Grumman F9F Panther fighter jet fires its guns during an attack on the North Korean port of Hungnam. "In the moment I was a fighter pilot doing my job," Williams said in an account of the fight, according to Pacific Fleet. Williams' dogfight isn't the only example of US planes battling enemy aircraft that are superior on paper.

☆ Breakingviews: TikTok’s trust-me tour will need at least 50 stops
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

The social media company run by Chief Executive Shou Zi Chew will appear in front of a U.S. House of Representatives committee in March. But Chew, a Harvard University alumnus, will have to travel far beyond Washington to make America comfortable. But late last year, Chinese parent company ByteDance found that some employees had improperly accessed it to snoop on journalists. That’s likely to take up considerable airtime when Chew faces the House Committee on Energy and Commerce. But the short-video app also faces the prospect of death by 50 cuts, as individual states weigh their own approaches.

☆ TikTok’s trust-me tour will need at least 50 stops
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

☆ America's hazy chip deal fogs market signals
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

Having unveiled sweeping new curbs targeting the People's Republic in October, American officials have lobbied friendly governments to follow suit. Companies like Dutch giant ASML and Tokyo Electron enjoy near-monopolies in chipmaking equipment, namely lithography machines and silicon-wafer coatings. Preventing them from selling to Chinese companies would deal a serious blow to Beijing’s technological progress. ASML and Tokyo Electron currently generate 15% and 26% of annual sales from China, respectively, and the People's Republic is Japan's top trading partner. Shares of Japanese suppliers including Tokyo Electron, ASML-rival Nikon and Canon all opened flat on Monday morning.

☆ L&G succession planning misses the mark
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Chief executives always like to see their company’s share price dip when they announce their departure. But it might also express mild discontent with the board’s succession planning. Even so, the smoothest way to sign off on Wilson’s tenure would have been to announce his successor now, rather than the news it might take up to a year to find one. After all, the L&G board had long enough to identify a suitable internal candidate. Chairman John Kingman’s reticence may reflect a preference for a big-hitting external candidate to grow the company beyond UK borders.

☆ Unilever’s new boss whets appetite for split
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Unilever’s new chief executive is arguably a bit low fat. The appointment of board member Hein Schumacher, CEO of Dutch dairy cooperative FrieslandCampina, will instead have investors wondering whether Unilever needs to split its food and non-food arms. Unilever’s current share price is barely 40 euros per share. (By Aimee Donnellan)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ New Gucci designer has big sneakers to fill
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 30 (Reuters Breakingviews) - Gucci’s new creative head Sabato De Sarno is stepping onto a wobbly catwalk. François-Henri Pinault’s conglomerate Kering (PRTP.PA) on Saturday picked the 39-year-old from smaller fashion house Valentino to lead its biggest brand and succeed star designer Alessandro Michele, who left abruptly in November. Michele’s daring designs, which he applied lavishly on anything from shirts to sneakers, helped Gucci sales shoot up to nearly 10 billion euros in 2019. But at around 10.5 billion euros in 2022, Gucci sales are expected to have risen only 10% since then. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Rolls-Royce slumps as new CEO warns of 'last chance' to change
▼ + stars: | 2023-01-27 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

According to the Financial Times, Tufan Erginbilgic told staff at Rolls-Royce's main British site in Derby, central England, that the company's performance was "unsustainable" and it faced a "last chance" to change. "He was honest about our financial underperformance compared with our peers," a Rolls-Royce spokesperson said in an emailed statement on Friday. Shares in Rolls-Royce, which before the Financial Times report were at their highest for about a year, lost 4% in morning trading. Rolls-Royce was plunged into crisis when most air travel stopped for months during the pandemic, and then recovered only slowly. Many rounds of restructuring and asset sales were already undertaken under prior CEO Warren East, putting to question just how much more can be implemented," Zhao said.

☆ Feds seized a party boat, a Rolls Royce, and a motorcycle from a man accused of using COVID loans to buy his way into a Texas yacht club
▼ + stars: | 2023-01-27 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

A deceased Texas man had his party boat, Rolls Royce, and yacht club membership seized by the feds. He secured the goods through a COVID PPP loan fraud scheme, seeking $23 million, feds alleged. Between April 2020 and May 2020, he received almost $1 million in PPP loans and started spending. McQuarn agreed to hand over the items he bought with some of the $23 million in COVID PPP loans he tried to secure, which included a Rolls Royce and a sizable boat. By June 2020, federal investigators had caught up to McQuarn and his associates, seizing all of the money and luxury items that they had amassed in their scheme.

☆ Artificial intelligence out-buzzes the blockchain
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Jan 27 (Reuters Breakingviews) - The blockchain is so last year. The newest craze to excite investors is artificial intelligence. It’s a welcome boost for the $300 million company, whose stock price has been in the dumps since it merged with a blank-check firm in 2021. In 2017 shares in beverage company Long Island Iced Tea almost quadrupled in value after it rebranded as Long Blockchain. In the internet craze of the late 1990s, companies enjoyed a stock price boost by adding “dot-com” to their nameplate.

☆ Rolls-Royce alarm is justified, if oddly expressed
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 27 (Reuters Breakingviews) - Rolls-Royce's (RR.L) new boss Tufan Erginbilgic has the right sentiments, but arguably the wrong words. Cue a 4% drop in Rolls’ share price. In fairness, the Turkish-British national’s alarm is justified. Rolls is a bit like that: its share price has dropped 70% since 2014. JPMorgan reckons the sum of its parts implies an equity value of only 70 pence a share, 30% below the current share price.

SAN GABRIEL, Calif. — The elderly gunman responsible for the dance hall massacre in Monterey Park was out of step with other Asian immigrants who found joy and companionship in venues like the Star Ballroom Dance Studio, former friends said. “His ex-wife also likes to dance, so, many times, they would bump into each other in the party or at events. I don’t think his ex-wife was the cause of his massacre.”Nevertheless, Tran often blamed his ex-wife for the demise of his trucking business. Records show that Tran registered a business called Tran’s Trucking in Monterey Park in 2002 and that it was dissolved two years later. He also recalled seeing a white van parked on the modest property, not unlike the one in which Tran died.

[1/2] A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. "We are turning the corner on inflation," Bank of Canada Governor Tiff Macklem told reporters. If the economy evolves as forecast, the bank "expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases," the statement announcing the rate hike said. "Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target," the statement said. "The Bank of Canada is back to using forward guidance," said Royce Mendes, director and head of macro strategy at Desjardins.

☆ NBA roundup: Thunder win on Shai Gilgeous-Alexander's late shot
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +6 min

Nnaji was fouled on an offensive rebound and hit two free throws to tie it at 99-all with 30.2 seconds left before Gilgeous-Alexander's late heroics. Clippers 112, Mavericks 98Kawhi Leonard had 30 points and nine rebounds, and visiting Los Angeles dominated the fourth quarter in a win over Dallas. Paul George scored 21 points and Norman Powell added 19 for Los Angeles, which outscored the Mavericks 33-19 in the final period. New Orleans' CJ McCollum took a 3-pointer with 7.6 seconds left that would've given the Pelicans a 99-98 lead, but the shot missed off the front of the rim. Dennis Schroder added 24 points, eight assists and six rebounds as Los Angeles won its second straight game.

☆ Strong Canada retail sales forecast adds fodder to rate hike argument
▼ + stars: | 2023-01-20 | by ( Ismail Shakil | ) www.reuters.com time to read: +1 min

The November monthly sales decline was less than the 0.5% drop analysts expected. By volume, retail sales were down 0.4% in November from October, Statistics Canada said. "Ongoing economic momentum will likely prompt the Bank of Canada to raise rates another 25bps next week," Royce Mendes, head of macro strategy at Desjardins Group, said in a note. Money markets see a roughly 70% chance of a quarter-point hike by the Bank of Canada next week. Reporting by Ismail Shakil and Dale Smith in Ottawa Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Taiwan and the United States reach consensus in trade negotiations, pledge to maintain 'ambitious negotiating schedule'
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +1 min

Flags of Taiwan and U.S. are placed for a meeting between U.S. House Foreign Affairs Committee Chairman Ed Royce speaks and with Su Chia-chyuan, President of the Legislative Yuan in Taipei, Taiwan March 27, 2018. The United States and Taiwan concluded four days of trade negotiations on Monday and reached consensus on several areas related to trade facilitation, anti-corruption, small and medium-sized enterprises and regulatory practices, the U.S. Trade Representative's office said. The first major negotiating round of the U.S.-Taiwan Initiative on 21st Century Trade saw the two sides exchange texts on those areas in Taipei, the office said in a statement. "Officials also reached consensus in a number of areas and pledged to maintain an ambitious negotiating schedule in the months ahead to continue this momentum," the statement said. Taiwan's top trade negotiator, John Deng, told reporters in Taipei he was "quite satisfied" with the outcome of the meetings.

☆ Rolls Royce and Porsche's gravity-defying sales numbers show the rich aren't cutting back on luxury spending just yet
▼ + stars: | 2023-01-16 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Ultra-wealthy shoppers meanwhile have kept up spending, driving record sales for Rolls Royce and Porsche. But the 2022 sales of brands like Rolls Royce and Porsche appear to defy this financial gravity. Rolls Royce CEO Torsten Müller-Ötvös. Porsche 2022 Taycan GTS and Taycan GTS Sport Turismo. While most average households are balancing the math of higher-priced eggs against shifting energy bills, an exclusive few are busy making sure the Rolls Royce they buy is one-of-a-kind.

☆ Romanian police seize Andrew Tate's luxury cars and assets
▼ + stars: | 2023-01-15 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Romanian authorities descended on a compound near Bucharest on Saturday to tow away a fleet of luxury cars and other assets worth an estimated $3.9 million in the case investigating Andrew Tate, the divisive social media personality who is detained in the country on charges of human trafficking. Romania’s National Agency for the Administration of Unavailable Assets said in a statement that it removed a total of 15 luxury cars, 14 designer watches and cash in several currencies. About a half-dozen masked law enforcement officers and other officials descended on the compound Saturday to take away the goods. A man waits to load onto a flatbed truck a luxury vehicle which was seized in a case against Andrew Tate, on the outskirts of Bucharest, Romania on Saturday. A day later, Tate lost another appeal that challenged assets seized by prosecutors in the case so far.

☆ Romanian authorities seize $4 million of assets in Andrew Tate case
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Andrew Tate and his brother Tristan are escorted by police officers outside the headquarters of the Bucharest Court of Appeal, in Bucharest, Romania, January 10, 2023. Inquam Photos/Octav Ganea via REUTERSBUCHAREST, Jan 15 (Reuters) - Romanian authorities said they have seized goods and money worth 18 million lei ($3.95 million) as a part of a criminal inquiry into alleged human trafficking that led to the arrest of divisive internet personality Andrew Tate. Andrew Tate, his brother and two Romanian female suspects were detained on Dec. 29 on charges of forming a criminal gang to exploit six women sexually. Andrew Tate, a former contestant on the UK reality show Big Brother, gained notoriety for misogynistic remarks and hate speech. Tate, who holds U.S. and British nationality, has said women are partially responsible for being raped and that they belong to men.

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