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☆ Australia's Medibank faces fourth class-action lawsuit over cyberattack
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Australia's Medibank Private Ltd (MPL.AX) said on Thursday it was facing a fourth shareholder class-action lawsuit over a cyberattack incident last year that exposed the personal data of 9.7 million current and former customers. Earlier in the week, the country's banking regulator told Medibank to set aside A$250 million ($165.30 million) in extra capital, something analysts believe will affect the firm's ability to pay capital returns to shareholders. The proceedings were filed by Sydney-based law firm Phi Finney McDonald on behalf of people who held interest in Medibank shares between Sept. 10, 2020 and Oct. 25, 2022. The company intends to defend the proceedings, it said in a statement. ($1 = 1.5124 Australian dollars)Reporting by Poonam Behura in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Medibank, Phi Finney McDonald, Poonam, Anil D'Silva Organizations: Sydney, Thomson Locations: Bengaluru

☆ BlackRock says AI 'mega-force' to buck tough macro trend
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Shares of AI-focused companies will be a major driver of returns for developed markets in a tough economic environment, BlackRock Investment Institute said, citing an unusually concentrated rally in a handful of technology stocks. "We think this unusual equity market shows a mega force like AI can be a big driver of returns even when the macro environment is not your friend," BlackRock Investment Institute's team wrote in a mid-year outlook note. The institute, an arm of the world's biggest asset manager, has an over-weight allocation for AI-related shares in developed markets. "We think this is an environment that is going to persist," Jean Bovin, Head of the BlackRock Investment Institute told reporters on Wednesday. BlackRock said it expects central banks in developed economies to keep rates steady at a high level regardless of possible episodes of financial instability.

Persons: Jean Bovin, BlackRock, Susan Mathew, Davide Barbuscia, Sinead Carew, Anil D'Silva, Barbara Lewis Organizations: BlackRock Investment Institute, Investment, Thomson Locations: BlackRock, Japan, Bengaluru, New York

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

☆ Canada's grocery industry needs more players to tame inflation - competition bureau
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - More players in Canada's grocery sector are crucial to combat soaring prices of essential goods amid persistent inflation, the country's competition watchdog said in a report on Tuesday. The report is the result of a months-long investigation by the Competition Bureau Canada as stubbornly high grocery prices weigh on the cost of living. These operators have also faced pressure from Canada's opposition New Democrats Party (NDP) for high grocery prices. Domestic retail giants have benefited from demand for essential grocery items, even as the prices of store-bought food outpaced the annual inflation rate for 10 consecutive months last year. Government data on Tuesday showed that grocery prices continued to surge, rising 9% year-over-year in May, while remaining nearly unchanged from the increases recorded in April.

Persons: Juveria, Anil D'Silva Organizations: Competition Bureau Canada, Metro, New Democrats Party, Domestic, NDP, Thomson Locations: Australia, Bengaluru

☆ Manchester United raises annual forecast amid Champions League return
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

[1/4] Soccer Football - Carabao Cup - Final - Manchester United v Newcastle United - Wembley Stadium, London, Britain - February 26, 2023 Manchester United's Antony and Bruno Fernandes celebrate with the trophy after winning the Carabao Cup REUTERS/Hannah Mckay/File PhotoJune 27 (Reuters) - Manchester United (MANU.N) on Tuesday raised its forecasts for annual revenue and adjusted profit, betting on strong commercial and matchday income as the English football club returns to the UEFA Champions League. Manchester United, which is currently in talks to sell itself, said it was expecting revenue of between 630 million pounds ($801.6 million) and 640 million pounds, compared with its previous forecast of between 590 million pounds and 610 million pounds. There were no updates on the deal from Manchester United on Tuesday and its U.S.-listed shares fell 1.4% in premarket trading. Manchester United also raised its adjusted profit forecast to between 140 million pounds and 150 million pounds for the year, compared with its previous forecast of between 125 million pounds and 140 million pounds. For the third quarter ended March 31, net loss stood at 5.6 million pounds, compared with 27.7 million pounds in the same period last year.

Persons: Manchester United's Antony, Bruno Fernandes, Hannah Mckay, Glazer, Sheikh Jassim bin Hamad, Jim Ratcliffe, Thomas Zilliacus, Eva Mathews, Anil D'Silva Organizations: Soccer, Manchester United, Newcastle United, Wembley, Carabao, REUTERS, English, UEFA Champions League . Manchester United, Reuters, Thomson Locations: London, Britain, Manchester, U.S, Sheikh, Thani, Qatar, British, Qatari, Bengaluru

☆ Faraday Future investors commit $90 million in funding
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) has received $90 million in funding commitment from its existing investors, the electric-vehicle startup said on Tuesday, sending its shares up about 5%. The company, which had last year raised going-concern doubts, said its investors will also speed up the $15 million funding commitment made earlier. The production of FF 91 began in March in its California factory although there are concerns over potential delays in delivery. The funding support comes as peer EV start-up Lordstown Motors (RIDE.O) filed for bankruptcy protection and sued investor-partner Foxconn for failing to keep certain contractual promises. The company, which had last month announced plans to raise $100 million in debt, said in an exchange filing that it will continue to look for additional funding sources.

Persons: Foxconn, Faraday, Yuvraj Malik, Anil D'Silva Organizations: ATW Partners, Senyun International, FF, EV, Lordstown Motors, Thomson Locations: California, Bengaluru

☆ Fox News says Jesse Watters to succeed Tucker Carlson as host of key prime-time slot
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Fox News said on Monday that network veteran Jesse Watters would be the host of a key prime-time slot left vacant by the exit of top-rated host Tucker Carlson. Watters will move to the 8 p.m. slot, starting July 17, with his opinion program "Jesse Watters Primetime", which was launched last year as a 7 p.m. show, Fox News said. Carlson's talk show, "Tucker Carlson Tonight," was the highest-rated cable news program among the same demographic on the most-watched U.S. cable news network. In the weeks following Carlson's departure, Fox had filled the 8 p.m. slot with "Fox News Tonight," which was hosted by a rotating crew of Fox News personalities. Reporting by Akriti Sharma and Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jesse Watters, Tucker Carlson, Carlson, Watters, Fox, Donald Trump, Mark Cuban, Laura Ingraham, Greg Gutfeld, Sean Hannity, Akriti Sharma, Akash Sriram, Anil D'Silva Organizations: Fox News, Fox Corp, Dominion Voting Systems, Thomson Locations: Bengaluru

Goldman Sachs on Monday cut Tesla to "hold" equivalent rating, joining Morgan Stanley and Barclays, which downgraded the stock last week. The brokerages, however, raised their price targets to reflect the momentum in Tesla shares, which have soared 71% since late April and more than doubled this year. The EV maker's shares were last down 1.2% in morning trading on Monday. Tesla's market capitalization of $813.29 billion far outstrips that of Japan's Toyota (7203.T), which is the next biggest global car company by market value. However, the brokerages reiterated that they saw strong growth ahead with Tesla remaining a global EV leader.

Persons: Goldman Sachs, Tesla, Morgan, Japan's, Goldman, Mark Delaney, Morgan Stanley, Jefferies, Aniruddha Ghosh, Susan Mathew, Anil D'Silva Organizations: Tesla Inc, EV, Morgan Stanley, Barclays, EV maker's, Japan's Toyota, Intelligence, Ford, General Motors, Truist Securities, Tesla, Thomson Locations: China, Bengaluru

☆ Starbucks workers at over 150 stores to go on strike over Pride decor dispute
▼ + stars: | 2023-06-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

June 23 (Reuters) - More than 3,000 workers at over 150 Starbucks (SBUX.O) stores in the United States will go on strike next week, the union representing the coffee chain's baristas said on Friday, following claims that the company had banned Pride Month decorations at its cafes. The strikes were also aimed at protesting against employees' treatment at Starbucks and pushing for a fair labor contract covering better pay and benefits, the Starbucks Workers United union added. The call for a strike comes days after the union said Starbucks had taken down some Pride Month decorations and flags at several stores, a matter that was also discussed by some workers on social media. Starbucks Workers United said on Friday the company's Seattle Roastery - located just nine blocks from Starbucks' first ever store at the Pike Place Market - was kicking off the nationwide strike, dubbed "Strike with Pride". Pride Month celebrations, with Pride Parades set to take place on Sunday in several major cities including New York, San Francisco, Seattle and Chicago.

Persons: baristas, Busch, Bud, Deborah Sophia, Shinjini Ganguli, Anil D'Silva Organizations: Starbucks, Starbucks Workers United, ., Pride, U.S, Target, Anheuser, Starbucks Workers, Seattle, Thomson Locations: United States, Pike, New York, San Francisco, Seattle, Chicago, Bengaluru

☆ U.S. equity funds see biggest outflow in 12 weeks
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - U.S. equity funds recorded their biggest outflows in 12 weeks for seven days ended June 21 as the Federal Reserve's hawkish stance sparked worries of more rate hikes this year. Investors offloaded U.S. equity funds worth a net $16.47 billion in their biggest weekly net selling since March 29. They had bought into funds worth $19.7 billion just a week ago. U.S. equity funds of all sizes recorded outflows, with large caps losing $7.54 billion, small caps shedding $2.63 billion, multi caps giving up $1.04 billion and mid caps dropping $138 million. Reuters Graphics Reuters GraphicsU.S. money market funds also recorded $21.14 billion worth of outflows, in a second consecutive week of net selling.

Persons: Jerome Powell, financials, Gaurav Dogra, Anil D'Silva Organizations: Federal, Investors, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics U.S, Thomson Locations: U.S, Patturaja, Bengaluru

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, Russell Dreisenstock of Prosus, and Chan Zuckerberg Initiative's Vivian Wu mean Byju's board now only comprises the founder's family. In a statement to Reuters on Friday, Byju's said it is in discussions with investors about reshaping the board, including the addition of independent directors. A "few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said. The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently. On Friday, sources told Reuters that the edtech was asking its three global investors to reconsider their decision to quit its board.

Persons: Russell Dreisenstock, Chan Zuckerberg, Vivian Wu, Byju's, Akriti Sharma, Shivani Tanna, Shounak Dasgupta, Anil D'Silva Organizations: GV, XV Partners, Sequoia Capital, Blackrock, Reuters, Deloitte, Thomson Locations: Sequoia, Sequoia Capital India, Bengaluru

☆ Applied Materials to invest $400 million in India for new engineering center
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - U.S. semiconductor toolmaker Applied Materials (AMAT.O) will invest $400 million over four years in a new engineering center in India, the company said on Thursday. Indian Prime Minister Narendra Modi had met with the company's CEO Gary Dickerson in Washington on Wednesday and invited Applied to strengthen the chip industry in the country. Modi also met Tesla (TSLA.O) CEO Elon Musk after which the automaker's top boss said the company will try to be in India "as soon as humanly possible." Applied currently operates across six sites in India and works closely with Indian Institute of Science, Bangalore and the Indian Institute of Technology in Mumbai, two of the country's prestigious institutions. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Narendra Modi, Gary Dickerson, Electric's, Modi, Tesla, Elon Musk, Akash Sriram, Anil D'Silva, Sriraj Organizations: Indian, Hindustan Aeronautics Ltd, Indian Institute of Science, Indian Institute of Technology, Thomson Locations: India, Washington, Bengaluru, Bangalore, Mumbai

June 21 (Reuters) - Generative AI-related job postings in the United States jumped about 20% last month as companies look to harness a technology that has been widely touted as the next big growth driver, according to data from job portal Indeed. The May figure, at 204 per million job postings, was also more than double the 2021 level and underscored the buzz around AI, sparked by the runaway success of OpenAI's ChatGPT. Data scientist roles made up 5% of the AI job postings on Indeed's U.S. platform, while roles such as software engineer, machine learning engineer and data engineer were also in demand. Indeed's data showed that searches for generative AI jobs jumped to 147 per million total jobs searched in May from virtually zero a year earlier. Its U.S. website showed generative AI job listings from companies such as Meta Platforms (META.O), Apple (AAPL.O), Tiktok, Pinterest (PINS.N) and Amazon.com (AMZN.O).

Persons: OpenAI's, Nick Bunker, Chavi Mehta, Anil D'Silva Organizations: U.S, Amazon.com Inc, Apple, Reuters, Thomson Locations: United States, Bengaluru

☆ Cisco launches new AI networking chips to compete with Broadcom, Marvell
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Cisco Systems (CSCO.O) on Tuesday launched networking chips for AI supercomputers that would compete with offerings from Broadcom (AVGO.O) and Marvell Technology (MRVL.O). The chips are being tested by five of the six major cloud providers, Cisco said, without naming the firms. Cisco is a major supplier of networking equipment including ethernet switches, which connect devices such as computers, laptops, routers, servers and printers to a local area network. "G200 & G202 are going to be the most powerful networking chips in the market fueling AI/ML workloads enabling the most power-efficient network," Cisco fellow and formerly principal engineer Rakesh Chopra said. Cisco said the chips could help in carrying out AI and machine learning tasks with 40% fewer switches and a lesser lag, while being more power efficient.

Persons: Rakesh Chopra, Chavi Mehta, Stephen Nellis, Anil D'Silva Organizations: Cisco Systems, Broadcom, Marvell Technology, Cisco, Amazon Web Services, Microsoft, Google, Bofa Global Research, Thomson Locations: Bengaluru

☆ Indian police retain carrier pigeons as backstop against disasters
▼ + stars: | 2023-06-20 | by ( Sunil Kataria | ) www.reuters.com time to read: +2 min

Dating from the days of British colonial rule when police stations used the birds to communicate with each other, the state's carrier pigeon service employs more than 100 Belgian Homer pigeons. The pigeons usually carry messages written on lightweight onion paper, inserted into a capsule and then tied to a leg. As they get older, the pigeons are taken some distance away to be freed and fly back to the shelter by instinct. Carrier pigeons took news of the conquest of Gaul to Rome, brought to England the news of Napoleon’s defeat at Waterloo, and were widely used to carry messages during the two world wars. "Even in the unlikely event that every mode of communication breaks down tomorrow, the pigeons will never fail," he said.

Persons: Sunil Kataria, Belgian Homer, Satish Kumar Gajbhiye, Parshuram Nanda, Nanda, Gajbhiye, Anil Dhir, Sakshi Dayal, Clarence Fernandez Organizations: REUTERS, Police, Waterloo, Independence, Thomson Locations: Belgian, Cuttack, Odisha, India, Sunil Kataria CUTTACK, Gaul, Rome, England

☆ Neptune Retail to buy Coupons.com-parent for $430 mln
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Retail marketing firm Neptune Retail Solutions will acquire Coupons.com-parent Quotient Technology (QUOT.N) for $430 million in cash, the companies said on Tuesday. Quotient's shares jumped about 17% in the early session and were trading 9 cents shy of the $4 offer price. Its clients include some of the world's biggest consumer companies such as Kellogg's (K.N) and Coca-Cola (KO.N). Private investment firm Charlesbank Capital Partners, which is a major shareholder of Neptune, will be the majority investor in the combined company. Houlihan Lokey is serving as a financial adviser to Quotient, while PJT Partners is advising Neptune.

Persons: Quotient's, William Redmond, Houlihan Lokey, Samrhitha, Anil D'Silva Organizations: Retail, Neptune Retail, Reuters, Charlesbank Capital Partners, PJT Partners, Neptune, Thomson Locations: U.S, Bengaluru

The surge in deaths this months follows a warning from the country’s meteorological department about potential heat-related casualties. Temperatures in northern and eastern India have reached 46 degrees Celsius (114.8 degrees Fahrenheit) this week, AFP reported. A local health official acknowledged heat may have been a factor in the deaths of 25 people on June 16. Later, the Chief Medical Officer of Ballia, Dr. Jayant Kumar, said the spike in deaths was due to “various other ailments,” including old age. Not a single district hospital has been built in the last six years.

Persons: Diwakar Singh, Singh, Ballia, Jayant Kumar, ” Kumar, N Tiwari, “, ” Akhilesh Yadav, ”, Mansukh Mandaviya Organizations: CNN, AFP, BBC, heatwave, Express, India’s Locations: Uttar Pradesh, Ballia, India

☆ Humana joins UnitedHealth in flagging cost hit from rising surgeries
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

June 16 (Reuters) - Health insurer Humana Inc (HUM.N) joined larger rival UnitedHealth (UNH.N) in warning of a jump in medical costs this year due to higher-than-expected demand for surgeries and other medical procedures. Humana on Friday also pointed to elevated demand for outpatient surgeries and dental services, as well as strong inpatient demand in recent weeks, a trend it said was diverging from historical seasonality patterns. The health insurer generated more than 80% of its premiums and services revenue in 2022 from offering government-backed Medicare plans. UnitedHealth had flagged higher costs earlier this week following an increase in surgeries among older adults, wiping out billions in the market capitalization of health insurers including Humana. On the flip side, the rise in medical procedures is expected to help hospital operators and medical device makers, especially those in the orthopedic space.

Persons: UnitedHealth, Leroy Leo, Anil D'Silva Organizations: Humana Inc, Humana, Thomson Locations: Bengaluru

☆ Factbox: Makers of EVs, chargers adopt Tesla's charging standard
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

June 16 (Reuters) - General Motors (GM.N) and Ford (F.N) have in recent weeks said they would allow their electric-vehicle customers to use Tesla's (TSLA.O) charging network, in a move that could make the Elon Musk-led company's superchargers the industry standard. Tesla's North American Charging Standard (NACS) is more widely available and reliable than rival charging network CCS, which is backed by automakers such as Volkswagen (VOWG_p.DE) and Hyundai Motor (005380.KS)Analysts and industry experts expect more makers of EVs and chargers to forge partnerships with Tesla as they look to take advantage of its several thousand charging stations in the United States. Here is a list of the companies adopting NACS:Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: company's, Tesla, Akash Sriram, Jaspreet Singh, Anil D'Silva Organizations: General Motors, Ford, Elon, CCS, Volkswagen, Hyundai, Thomson Locations: KS, United States, Bengaluru

☆ Meta rolls back measures to tackle COVID misinformation
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - Meta Platforms (META.O) said on Friday a policy that was put in place to curb the spread of misinformation related to COVID-19 on Facebook and Instagram would no longer be in effect globally. Social media platforms such as Facebook and Twitter came under immense pressure to tackle misinformation related to the pandemic, including false claims about vaccines, prompting them to take stringent measures. Earlier in 2021, Facebook said it took down 1.3 billion fake accounts between October and December and removed more than 12 million pieces of content on COVID-19 and vaccines that global health experts flagged as misinformation. "We are consulting with health experts to understand which claims and categories of misinformation could continue to pose this risk," Meta said in a blog post. Earlier in November, Twitter also rolled back its COVID-19 misinformation policy.

Persons: Meta, Tiyashi Datta, Anil D'Silva Organizations: Facebook, Twitter, Thomson Locations: COVID, Bengaluru

June 14 (Reuters) - Anheuser-Busch InBev's (ABI.BR) Bud Light has lost its top spot in the U.S. beer market to Constellation Brands' (STZ.N) Modelo Especial, following a backlash from conservatives over a social media promotion with transgender influencer Dylan Mulvaney. Cans of AB InBev's Bud Light hard seltzer are displayed in a fridge in Jewel-Osco supermarket in Chicago, Illinois, U.S. October 21, 2020. REUTERS/Richa NaiduConstellation's Modelo Especial was the top-selling beer brand in the United States with an 8.4% share of overall beer sales through retail stores for the period ending June 3, data from Bump Williams showed. Bud Light came in second with a 7.3% share. AB InBev's overall sales growth declined 12% in the four weeks ended May 20, data from NielsenIQ and TD Cowen showed.

Persons: Busch, Bud Light, influencer Dylan Mulvaney ., Bump Williams, Michel Doukeris, Bud Light's, Dylan Mulvaney, Miller, Jon Reynolds, Bud, seltzer, Richa Naidu, TD Cowen, Cowen, Vivien Azer, Ananya Mariam Rajesh, Anil D'Silva Organizations: Anheuser, Constellation Brands, Modelo, Budweiser, Modelo Especial, InBev, Conservative, Target, Molson Coors, University of Vermont, REUTERS, Euromonitor International, Reuters, Thomson Locations: U.S, NielsenIQ, Chicago , Illinois, United States, Bengaluru

☆ Microsoft-Activision: Mega deal caught in crosshairs of antitrust regulators
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

June 14 (Reuters) - Microsoft Corp's (MSFT.O) $69 billion acquisition of video game maker Activision Blizzard (ATVI.O) faced another hurdle on Tuesday after a U.S. judge granted a request by the Federal Trade Commission (FTC) to temporarily block the deal. The acquisition has attracted scrutiny from several antitrust enforcers, including Britain's Competition and Markets Authority (CMA), over concerns it would hinder competition in the nascent cloud gaming market. If not for the court order, Microsoft could have closed the deal as early as Friday. Here is a snapshot of key events in the Microsoft-Activision saga:Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tiyashi Datta, Anil D'Silva Organizations: Microsoft, Activision, Federal Trade Commission, Britain's, Markets Authority, Thomson Locations: U.S, Bengaluru

☆ Archer Aviation hires former acting FAA administrator
▼ + stars: | 2023-06-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 13 (Reuters) - Air taxi maker Archer Aviation (ACHR.N) said on Tuesday former Federal Aviation Administration (FAA) acting administrator Billy Nolen had joined the company as chief safety officer. California-based Archer said in May it had completed final assembly of its first "Midnight" electric vertical takeoff and landing (eVTOL) aircraft. In March, Denver International Airport CEO Phil Washington withdrew his nomination to serve as FAA administrator after Republican criticism. Last week, the U.S. Transportation Department announced Deputy Secretary Polly Trottenberg was taking over as acting head of the FAA. She is also retaining her role as USDOT but focused on FAA, a department spokesperson said.

Persons: Billy Nolen, Archer, Billy, ” Adam Goldstein, Nolen, Phil Washington, Polly Trottenberg, Joe Biden, Katie Thomson, Bradley Mims, David Shepardson, Aishwarya Nair, Anil D'Silva, Emelia Organizations: Air, Archer Aviation, Aviation Administration, FAA, Reuters, Denver International, U.S . Transportation Department, Thomson Locations: California, Washington, Bengaluru

The Additional Chief Secretary, G. Anupama, said in a text message, "Enquiry is underway" and directed Reuters to the health minister for Haryana state, Anil Vij, for further details. Its chief minister and health minister, to whom Yashpal also sent his complaint, did not respond to requests for comment. Naresh Kumar Goyal, the founder of Maiden Pharmaceuticals, told Reuters in December his company did nothing wrong in the production of the cough syrup. The bribery allegation was one of about half a dozen claims of corruption by Yashpal against Taneja in the letter. Yashpal told Reuters he did not comply, because he did not feel comfortable bringing such details to the deputy of someone he had accused of corruption.

Persons: Sagnia, Edward McAllister, Yashpal, Manmohan Taneja, Taneja, Maiden, Yashpal –, –, Shatrujeet Kapur, Kapur, Anupama, Anil Vij, Vij, Naresh Kumar Goyal, Goyal, Narendra Modi, Taneja's, Lalit Kumar Goel, Goel, Krishna N, Jennifer Rigby, Sara Ledwith, Michele Gershberg Organizations: REUTERS, World Health Organization, WHO, Reuters, Corruption Bureau, Maiden Pharmaceuticals, pharma, Corruption, Taneja, EG, Thomson Locations: Yundum, Gambia, DELHI, Haryana, New Delhi, Vietnam, India, London

☆ Ryan Cohen scoops up GameStop stock worth $10 mln, shares rise
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - Ryan Cohen has bought GameStop (GME.N) stock worth $10 million, a securities filing showed on Tuesday, in a sign that the activist investor was trying to boost shareholder morale after the company lost its fifth CEO in five years last week. Shares of the company jumped 7.7% in early trading. They are down nearly 80% from their peak of $120.75 hit during the meme-stock frenzy of 2021. Cohen promised investors a digital pivot, with a focus on e-commerce, but the company has struggled to realize the goal. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Cohen, Matt Furlong, Cohen, Chavi Mehta, Anil D'Silva Organizations: GameStop, RC Ventures, Thomson Locations: Bengaluru

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