DIRS.INFO The most relevant business & tech news

☆ Chaos as U.S. soldier Travis King bolted into North Korea -witness
▼ + stars: | 2023-07-19 | by ( Ju-Min Park | ) www.reuters.com time to read: +2 min

SEOUL, July 19 (Reuters) - American and South Korean guards shouted "get him" as they scrambled unsuccessfully to stop U.S. Army soldier Travis King from sprinting into North Korea, a New Zealand woman who was on the same tour to the border area said on Wednesday. "I don't think anyone who was sane would want to go to North Korea, so I assumed it was some kind of stunt." The U.S. military was scrambling on Wednesday to determine King's fate after what officials said was a wilful, unauthorised crossing of the border into North Korea, throwing Washington into a new crisis in its dealings with the state. One American soldier shouted "get him," and other American and South Korean guards ran after King, but he was already on the north side of the border, Leslie said. "It was too late," she said, adding that he disappeared from sight and she didn't see him enter any buildings or be detained by North Korean guards.

Persons: Travis King, Sarah Leslie, King, Leslie, Travis T, Handout, REUTERS King, Hyunsu Yim, Josh Smith, Bernadette Baum Organizations: U.S, Army, Joint Security Area, Reuters, Security Area, REUTERS, North, Thomson Locations: SEOUL, North Korea, New Zealand, Washington, U.S, Panmunjom, South Korea, American

Swedish Foreign Minister Tobias Billstrom said staff at the Swedish embassy in Baghdad were safe but Iraqi authorities had failed in their responsibility to protect the embassy. Thursday's demonstration was called by supporters of Shi'ite cleric Muqtada al-Sadr to protest at the second planned Koran burning in Sweden in weeks, according to posts in a Telegram group linked to the influential cleric and other pro-Sadr media. He stood by the embassy storming on Thursday, telling a press conference the U.S. "has no right to condemn the burning of the Swedish embassy but should have condemned the burning of the Koran". "Yes, yes to the Koran," protesters chanted. Sweden has seen several Koran burnings in recent years, mostly by far-right and anti-Muslim activists.

Persons: Tobias Billstrom, Sayyed Hassan Nasrallah, Mohammed Shia Al, Billstrom, Muqtada al, Moqtada al, Read, Tayyip Erdogan, Ulf Kristersson, Timour Azhari, Anna Ringstrom, Supantha Mukherjee, Johan Ahlander, Marie, Louise Breusch Rasmussen, Ahmed Rasheed, Tom Hogue, Tom Perry, Lincoln, Bernadette Baum, William Maclean, Alison Williams, Cynthia Osterman Organizations: NATO, Sweden's Ericsson, State Department, Telegram, Turkish, Sweden's, Islam, Marie Mannes, Thomson Locations: Iraq, BAGHDAD, STOCKHOLM, Swedish, Stockholm, Baghdad, Iraqi, Sweden, Tehran, Turkey, Washington, Sadr, Copenhagen

☆ Morning Bid: Big Tech weighs in, UK relieved
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File PhotoJuly 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike DolanJuly is heating up and cooling down at the same time - and it's not just the extraordinary weather. Red-hot, Big Tech mega caps that have driven Wall St stocks to their highest in more than year start to clock second-quarter updates later on Wednesday, while world markets were buoyed again as Britain finally starts to join the disinflation club. Tesla and Netflix - both part of New York's 10-stock FANG+TM index (.NYFANG) of leading tech and digital giants that has almost doubled so far this year - will report after the bell on Wednesday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Blake, Mike Dolan, it's, Goldman Sachs, Morgan Stanley, Tesla, Kinder Morgan, Baker Hughes, Bernadette Baum Organizations: REUTERS, Big Tech, Netflix, IBM, United Airlines, Halliburton, T Bank, Northern Trust, Zions Bancorp, US Bancorp, Citizens Financial, Nasdaq, Discover Financial, Steel Dynamics, U.S, Treasury, Reuters Graphics Reuters, Reuters, Thomson Locations: Los Angeles , California, U.S, Britain, New, United

BRUSSELS, July 18 (Reuters) - French President Emmanuel Macron on Tuesday criticised EU antitrust chief Margrethe Vestager's decision to hire a U.S. economist over a European to help oversee Big Tech, adding her previous work could lead to conflicts of interest. Macron added he was "attached to reciprocity", and noted that the U.S. and China would not have appointed an overseas national in such a role. Scott Morton will advise the European Commission on its investigations into Big Tech and its enforcement of a series of landmark rules to rein in tech giants. Macron pointed to her previous work for "many companies" as something that could also result in conflicts of interest. She said previous chief economists at the Commission had also done consulting work without posing any issues.

Persons: Emmanuel Macron, Margrethe Vestager's, Vestager, Fiona Scott Morton, Barack Obama's, Macron, Scott Morton, Jean Tirole, Scott Morton's, Sudip Kar, Bernadette Baum, Sharon Singleton, Jan Harvey Organizations: Big Tech, U.S . Department of Justice, European Union, Commission, Thomson Locations: BRUSSELS, Europe, China

Summary BOJ has kept easy policy with eye on market functionSustained achievement of BOJ's price goal still distantUeda's remarks come amid speculation of July policy tweakJuly 18 (Reuters) - Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being. "We have patiently continued our ultra-loose monetary policy under yield curve control (YCC)," with due consideration to the impact on financial intermediation and market function, Ueda told a news conference after attending a G20 finance leaders' meeting in India. Ueda said the BOJ will scrutinise at each policy meeting the pace of progress Japan was making in sustainably achieving its 2% target. "If our assumption (that sustained achievement of 2% inflation remains distant) is unchanged, our overall narrative on monetary policy remains unchanged," he said. Reporting by Leika Kihara and Tetsushi Kajimoto in Tokyo; Editing by Bernadette Baum and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Kazuo Ueda, Ueda, Leika Kihara, Bernadette Baum, Christina Fincher Organizations: Bank of Japan, Reuters, Thomson Locations: India, Japan, Tokyo

☆ Saudi Arabia buys Turkish drones during Erdogan's visit
▼ + stars: | 2023-07-18 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Erdogan and Saudi Crown Prince Mohammed bin Salman attended the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, Saudi state news agency SPA reported. Erdogan arrived in the Saudi Red Sea city of Jeddah on Monday for the first stop of a Gulf tour. Saudi Arabia will acquire the drones "with the aim of enhancing the readiness of the kingdom's armed forces and bolstering its defense and manufacturing capabilities," Defence Minister Prince Khalid bin Salman said in a tweet on Tuesday. SPA said Erdogan and Prince Mohammed attended the signing of a defense cooperation plan by Prince Khalid and Turkish Defence Minister Yasar Guler. Developing a local military industry has been part of an ambitious plan by Prince Mohammed to diversify the kingdom's economy away from oil.

Persons: Tayyip Erdogan, Erdogan, Saudi Crown Prince Mohammed bin Salman, Baykar, Prince Khalid bin Salman, Haluk Bayraktar, Jamal Khashoggi, Prince Mohammed, Prince Khalid, Yasar Guler, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Enas Alashray, Daren Butler, Jamie Freed, Lincoln, Tomasz Janowski, Bernadette Baum Organizations: Saudi Crown, Defence, Investments, United, United Arab Emirates, Turkish Defence, Turkish, Thomson Locations: RIYADH, Saudi Arabia, Saudi, Saudi Red Sea, Jeddah, Ankara, United Arab Emirates, Turkey, East, North Africa, Istanbul, Qatar, United Arab, Riyadh, UAE, Nahyan, Cairo

☆ Switzerland fights to contain forest fire near Italy border as winds pick up
▼ + stars: | 2023-07-18 | by ( Denis Balibouse | ) www.reuters.com time to read: +2 min

BITSCH, Switzerland, July 18 (Reuters) - Swiss firefighters on Tuesday were battling a forest fire that has forced more than 200 people to evacuate, and authorities warned winds were making the blaze difficult to contain. The fire broke out on Monday on the forested flank of a mountain in Bitsch in the Valais canton near the Italian border. An helicopter carries water to a wildfire on the flank of a mountain in Bitsch near Brig, Switzerland, July 18, 2023. REUTERS/Denis BalibouseThe situation could deteriorate further if winds grow stronger, said Adrienne Bellwald, spokesperson for the cantonal police. Its Federal Office for the Environment has warned forest fires could become more frequent, especially in summer, due to an increase in hot, dry weather caused by climate change.

Persons: Mario Schaller, Denis Balibouse, Adrienne Bellwald, Noele Illien, Emma Farge, Gabrielle Tétrault, Farber, Janet Lawrence, Conor Humphries, Bernadette Baum Organizations: Helicopters, REUTERS, Federal Office, Environment, Reuters, World Meteorological Organization, Thomson Locations: Switzerland, Bitsch, Valais, Brig, Europe, Asia, United States

☆ Ukraine says situation 'complicated' in east, Russia reports advancing
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +3 min

Russia and Ukraine differed in their accounts of the latest battles since Kyiv launched a counteroffensive early last month, but both sides signalled that fighting was fierce. "The situation is complicated but under control (in the east)," Syrskyi said on the Telegram messaging app. But Russia still holds vast swathes of territory following its full-scale invasion in February 2022, and Ukrainian troops have encountered heavily defended positions and minefields. Russian troops were also continuing to send reserves to the Bakhmut sector in eastern Ukraine to try to stop Ukrainian forces advancing, Syrskyi said. The spokesperson reported heavy fighting for the settlement of Staromayorske southwest of the city of Donetsk, and said Ukrainian troops had the advantage there.

Persons: Read, Oleksandr Syrskyi, Syrskyi, Lyman, Hanna Maliar, Vladimir Putin, Anna Pruchnicka, Timothy Heritage, Bernadette Baum Organizations: 420th Battalion, Kyiv, TASS, Reuters, Lyman, Thomson Locations: Ukraine, Bakhmut, Donetsk Region, Ukrainian, KYIV, Moscow, Kupiansk, Russia, Kharkiv, Lyman, Staromayorske, Donetsk

☆ Fugitive Wirecard executive Marsalek contacts German court through lawyer
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

MUNICH, July 18 (Reuters) - Former Wirecard (WDIG.H) board member Jan Marsalek, who has been on the run since the implosion of the German payments company in 2020, has contacted a Munich court through his lawyer, according to the court and the public prosecutor's office. The turn of events comes amid a trial of Wirecard's former chief executive and marks the first known official communication from Marsalek, Wirecard's former chief operating officer, whose exact whereabouts have been unknown for several years. German police have been conducting an international search and had issued an arrest warrant for Marsalek, whom they accuse of "fraud in the billions". Spokespeople for the public prosecutor's office and the court confirmed on Tuesday that a letter from Marsalek's lawyer had been received, but did not comment on the content of the letter. ($1 = 0.8910 euros)Reporting by Alexander Huebner, writing by Tom Sims; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Marsalek, Marsalek, Wirecard, EY, WirtschaftsWoche, Alexander Huebner, Tom Sims, Bernadette Baum Organizations: Thomson Locations: MUNICH, Munich, Marsalek

☆ Olympic chief: Don't punish athletes for their govts' acts
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

Asked about the participation of Russians and Belarusians at next year's Paris Summer Olympics, IOC President Thomas Bach said: "We have a mission to unite all the athletes of the world in a peaceful competition. We have the responsibility not to punish athletes for the acts of their governments." Bach said the IOC was in no hurry to decide on their participation, joking that the deadline was "before the Games." Bach presented the IOC's position as an attempt to safeguard athletes' rights. The IOC said it was confronted with the "irreconcilable positions" of Russia and Ukraine on the participation of Russians and Belarusians at the Games.

Persons: Thomas Bach, Bach, Gabrielle Tétrault, Farber, Bernadette Baum Organizations: International Olympic Committee, IOC, Hangzhou, Games, Paris Olympics, Thomson Locations: LAUSANNE, Russia, Belarus, Ukraine, Russian

☆ Swiss watchmaker Swatch sues Malaysia for seizure of Pride watches
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +3 min

In May, Malaysian authorities confiscated watches from Swatch's 'Pride collection' because of the presence of the letters 'LGBTQ' on the watches, the home minister said. Home ministry officials "illegally" seized 172 watches from 16 outlets, Swatch said in court documents seen by Reuters. The seizure notices served to Swatch described the watches as having elements of or promoting LGBTQ rights and potentially breaching Malaysian law, the company said. Most of the seized watches, which have a combined retail value of 64,795 ringgit ($14,250.05), did not contain the 'LGBTQ' lettering, Swatch said. He has also said LGBT rights will not be recognised by his administration.

Persons: Swatch's, Anwar Ibrahim's, Anwar, Rozanna, John Revill, Kanupriya Kapoor, Bernadette Baum Organizations: Swatch, Malaysian, Reuters, Malay Mail, Swatch Group, Malaysia, Thomson Locations: KUALA LUMPUR, Swiss, Malaysia, Kuala Lumpur, Malaysian, Zurich

☆ Italy shuts main Sicily airport until Wednesday due to fire
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

ROME, July 17 (Reuters) - The airport in the Sicilian city of Catania, close to some of the main tourist hot spots in eastern Sicily, has been shut down until Wednesday due to a fire, its management company wrote on Twitter. The fire broke out late on Sunday and there were no injuries, the airport said. Firefighters said they managed to contain the blaze about 90 minutes after it was called in, but provided no details on possible causes or any link to current high temperatures in the region. Flights at the Sicilian airport, which according to the Assoaeroporti sector group, ranked fifth for traffic in Italy last year and first on the island, have been suspended until 1200 GMT on Wednesday, the company said. The Catania airport is regularly used by tourists heading to places like Mount Etna and Taormina, which is about 70 kilometers (43.5 miles) away, and Siracusa, with its Greek Theatre and the historical centre on the Ortigia island.

Persons: Firefighters, Angelo Amante, Bernadette Baum Organizations: Twitter, Greek Theatre, Thomson Locations: Sicilian, Catania, Sicily, Palermo, Messina, Italy, Mount Etna, Taormina

In the most recent week, funds were major buyers of Brent (+48 million barrels), NYMEX and ICE WTI (+33 million), European gas oil (+17 million), U.S. gasoline (+12 million) and U.S. diesel (+5 million). Across all six contracts, funds purchased a total of 163 million barrels in the two most recent weeks after Saudi Arabia extended its cut of 1 million barrels per day (b/d) for an extra month. Funds had been buyers in each of the five most recent weeks, purchasing a total of 822 billion cubic feet since June 6. The surplus was little changed from +279 billion cubic feet (+12% or +0.69 standard deviations) on June 6 and was actually up from +44 billion cubic feet (+2% or +0.14 standard deviations) at the end of January. Related columns:- Saudi output cut removes downside risk from oil market (July 12, 2023)- Oil investors less bearish after Saudi output cut extended (July 10, 2023)- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- Is oil market’s glass half-full or half-empty?

Persons: Brent, repurchases, John Kemp, Bernadette Baum Organizations: ICE, U.S ., Saudi, Fund, Funds, Thomson, Reuters Locations: Saudi, China, Europe, U.S, Saudi Arabia

☆ A new dangerous long-lasting heat wave could set dozens of heat records, even in hot places like Arizona and California
▼ + stars: | 2023-07-10 | by ( Jennifer Gray | ) edition.cnn.com time to read: +3 min

CNN —Phoenix is supposed to be hot, but the severity of the upcoming heat wave will bring a level of heat that will test even heat-hardy places and do so for longer durations than have ever been observed before. The latest heat wave is really an extension of a continuous heat wave, which has never really stopped and has been affecting the South since mid-June. The duration of the current heat wave has meteorologists and climate scientists concerned. Forty high temperature records and more than 50 record high minimum temperatures could fall over the weekend across the US. With temperatures staying hot overnight, heat stress and heat exhaustion will set in much faster.

Persons: Bernadette Woods Placky, ” Placky, Placky Organizations: CNN, Southwest, Climate, National Weather Service, Las Locations: South Texas, South Florida, Phoenix, California, Florida, Miami, Houston, San Antonio, Texas, Las Vegas

☆ Indonesia's Pertamina, Electrum sign battery packs development deal
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, June 27 (Reuters) - Indonesia's state energy company Pertamina said late on Monday it plans to develop battery packs for electric motorcycles with Electrum, a firm that aims to put millions of electric two-wheelers on the roads of the Southeast Asian country. The agreement was signed during a groundbreaking ceremony for Electrum's electric scooter plant on Friday, where the company, which is a joint venture between coal miner TBS Energi Utama (TOBA.JK) and giant tech firm GoTo Gojek Tokopedia (GOTO.JK), aims to produce 250,000 units of electric scooters per year. The planned battery packing facility run by Pertamina's renewables unit and Electrum could cover a capacity of about 300 megawatts, Pertamina official Dicky Septriadi said. Indonesia has the world's largest reserves of nickel - a key element in electric vehicle (EV) batteries - and is keen to utilise the mineral to create a full supply chain for the industry. Reporting by Fransiska Nangoy, Bernadette Christina; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Pertamina, GoTo Gojek Tokopedia, Dicky Septriadi, Fransiska Nangoy, Bernadette Christina, Kanupriya Kapoor Organizations: TBS, Utama, Thomson Locations: JAKARTA, Indonesia

☆ Hot UK labour market raises pressure on BoE to act again
▼ + stars: | 2023-06-13 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Employment and wage growth soared during the three months to April while the unemployment rate fell, according to the Office for National Statistics. Outside of the COVID-19 pandemic, when wage statistics were skewed by furlough schemes, it was the highest reading on record. Including bonuses, wage growth jumped to 6.5% from 6.1% previously, but it still lagged inflation, meaning Britons are suffering declining pay in real terms. "With the possibility of higher-for-longer rates, a UK recession looks unavoidable as tight monetary policy filters into the real economy - including the housing market," Medhi said. BoE officials are likely to note that the headline employment and wages data came in above all forecasts, while the unemployment rate was below all forecasts.

Persons: BoE, Sterling, Hussain Mehdi, Medhi, Andy Bruce, Sachin Ravikumar, Sarah Young, Kate Holton, Bernadette Baum Organizations: Reuters, Bank of England, Office, National Statistics, RBC, HSBC Asset Management, Thomson

Chris Christie laid into Donald Trump in a CNN town hall Monday night, calling the former president “angry” and “vengeful” and accusing him of “vanity run amok” within the event’s opening minutes. Chris Christie greets CNN's Anderson Cooper at the start of the CNN Republican Presidential Town Hall in New York on Monday, June 12. Christie speaks during the town hall. I’ve done it in the toughest state,” Christie said, allowing that perhaps New York, California and Illinois might be tougher on Republicans. “Let’s leave it to the states and if a consensus emerges, we’ll know it.”Christie speaks to the audience during the town hall.

Persons: Chris Christie, Donald Trump, “, ”, Christie –, –, Christie, ” Christie, Joe Biden, CNN's Anderson Cooper, Laura Oliverio, CNN’s Anderson Cooper, Trump, ’ ” Christie, “ They’re, CNN Christie, Christie Christie, “ You’ve, ” Christie –, New Jersey –, “ I’ve, he’s, ” Chris Christie, you’ve, Trump’s, Cooper, Roe, Wade, – Trump, “ We’re, DeSantis, Nikki Haley, Bernadette Tuazon, he’d, Warren, Christie’s, I’ll, TikTok Organizations: CNN, Former New Jersey Gov, Republican, Trump, GOP, ” Former New Jersey Gov, CNN Republican Presidential Town, Trump –, District of, Justice Department, Democratic, Biden, South, United Nations, Social Security, actuaries, North Koreans, China, Facebook, Twitter Locations: New York, Christie’s, York, District of New Jersey, Iran, Trump, New Jersey, New York , California, Illinois, Washington, legislating, Oklahoma, Kansas, South Carolina, China, Russia, Beijing, United States

☆ Boy George says he still wants to startle people 'a little bit'
▼ + stars: | 2023-06-08 | by ( Marie-Louise Gumuchian | ) www.reuters.com time to read: +2 min

[1/4] Boy George poses for a photograph during the UK premiere of the Elton John biopic 'Rocketman' in London, Britain, May 20, 2019. REUTERS/Simon Dawson/File PhotoLONDON, June 8 (Reuters) - More than 40 years after bursting onto the music scene and making headlines, Culture Club frontman Boy George says he still wants to startle people "a little bit". "I wanted people to get upset, I wanted them to be a little bit startled. I love America, I love being there. "And if I do, I deal with them in the minute," said George.

Persons: George, Elton John, Simon Dawson, Boy George, George O'Dowd, Rod Stewart, America, ”, Marie, Louise Gumuchian, Bernadette Baum Organizations: REUTERS, Culture Club, Reuters, Club, Culture, Thomson Locations: London, Britain, British, United States, America

☆ Oil prices rise as Saudi output cuts outweigh weak demand signals
▼ + stars: | 2023-06-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

U.S. crude stocks fell by about 450,000, according to data from the Energy Information Administration, compared with estimates for a 1 million build. Diesel inventories rose by 5.1 million barrels, while markets had estimated a build of 1.33 million. Gasoline inventories also rose more-than-expected at 2.8 million barrels, compared with estimates for a build of 880,000 barrels. Wednesday's data also showed that crude oil imports into China, the world's largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories. A weaker greenback helps demand as oil becomes cheaper for foreign buyers.

Persons: Dennis Kissler, refiners, Morgan, Arathy Somasekhar, Ahmad Ghaddar, Yuka Obayashi, Muyu Xu, David Goodman, Mark Potter, Bernadette Baum, Sharon Singleton Organizations: Brent, U.S, West Texas, Saudi, OPEC, BOK Financial, Energy Information Administration, Federal, Organisation for Economic Cooperation, Development, Thomson Locations: HOUSTON, Saudi, China, Houston, London

☆ OECD sees limited growth pick-up as rate hikes weigh
▼ + stars: | 2023-06-07 | by ( Leigh Thomas | ) www.reuters.com time to read: +3 min

Growth would then accelerate only slightly next year to 2.9% - unchanged from March's forecast - as the impact of rate hikes by major central banks over the last year increasingly drags on private investment, starting with housing markets. The U.S. Federal Reserve's main interest rate was seen peaking soon at 5.25-5.5%, with "modest" rate cuts in the second half of 2024. The OECD forecast the U.S. economy would grow 1.6% this year before slowing to 1% in 2024, with the lagged effect of rate hikes hitting the world's biggest economy particularly hard. In March, the OECD saw growth of 0.8% in 2023 and 1.4% in 2024. Similarly, UK growth was seen rising from 0.3% in 2023 to 1% in 2024 as real income growth starts to improve.

Persons: nudging, Leigh Thomas, Mark Potter, Bernadette Baum Organizations: OECD, Organisation for Economic Cooperation, Development, World Bank, Reuters, U.S, Federal, ECB, The Bank of Japan, Thomson Locations: Central, PARIS, Paris

[1/7] Britain's Prince Harry, Duke of Sussex walks outside the Rolls Building of the High Court in London, Britain June 7, 2023. REUTERS/Hannah McKayLONDON, June 7 (Reuters) - Prince Harry said phone-hacking was carried out on an industrial scale across the British press and he would feel a sense of injustice if the High Court in London ruled he had not been a victim. I believe phone-hacking was on an industrial scale across at least three of the papers at the time and that is beyond doubt. In response to Green's suggestion that Harry wanted to have been a victim, the prince replied: "Nobody wants to be phone hacked." As on Tuesday, Harry again appeared relaxed, speaking firmly but softly, as Green quizzed him in detail over 33 newspaper articles whose details Harry claims were obtained unlawfully.

Persons: Prince Harry, Duke of Sussex, Hannah McKay LONDON, Harry, Andrew Green, Green, Rupert Murdoch's, HARRY, Princess Diana, Michael Holden, Bernadette Baum, Alex Richardson Organizations: Court, REUTERS, Mirror Group, Daily, Sunday People, Reach, Buckingham, MGN, Thomson Locations: London, Britain, British

Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco

☆ Sequoia to separate China, India and Southeast Asia operations by March 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai

LONDON, June 6 (Reuters) - Nestle (NESN.S) is piloting a scheme to give cash to coffee farmers who grow beans sustainably as part of its plan to halve greenhouse gas emissions in its coffee business by 2030, the food company said on Tuesday. The move comes as major consumer goods companies face increased reputational and legal pressure to clean up their supply chains globally. Nestle, the world's largest packaged food company has pledged to spend $1 billion by 2030 on its plan to source coffee sustainably, which now includes efforts to boost farmer income. The company said it has, under the plan, offered some 3,000 coffee farmers in developing countries like Ivory Coast, Indonesia and Mexico conditional cash incentives to encourage them to transition to regenerative agricultural practices. These include using organic fertilisers to improve soil fertility, planting shade trees that protect coffee beans and intercropping to preserve biodiversity.

Persons: Maytaal Angel, Bernadette Baum Organizations: Nestle, Rainforest Alliance, European Union, Fairtrade, Technoserve, Thomson Locations: Ivory Coast, Indonesia, Mexico

☆ Euro zone consumers hopeful of slowing inflation - ECB survey
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 6 (Reuters) - Euro zone consumers lowered their inflation expectations for the next 12 months and three years in April, a fresh European Central Bank survey showed on Tuesday, an event that would relieve policymakers after an unexpected surge a month earlier. Inflation has slowly come down from double-digit territory last autumn but it could still take until 2025 for prices to fall back to the ECB's 2% target as underlying pressures appear stubborn, driven by the fastest nominal wage growth in years. "Thus, the increases observed in March have largely been reversed," the ECB said. "Inflation perceptions and expectations continued to be closely aligned across income classes, with younger respondents reporting lower inflation perceptions and expectations and sharper declines than older respondents," the ECB said. Consumers also saw more modest wage growth ahead, reduced their unemployment expectations and were less pessimistic about the bloc's growth prospects, even if they still saw a contraction ahead.

Persons: Balazs Koranyi, Bernadette Baum Organizations: European Central Bank, ECB, Consumers, Thomson Locations: FRANKFURT

Search resuls for: "Bernadette"

25 mentions found