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☆ First ship to use Ukraine's corridor arrives in Istanbul - Reuters witness
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Aug 18 (Reuters) - The first vessel that used Ukraine's Black Sea corridor is crossing through Turkey's Bosphorus Strait, a Reuters witness said on Friday. The Hong-Kong-flagged Joseph Schulte container ship that left the Russian-blocked Ukrainian Black Sea port of Odesa earlier this week had been in the port since Feb. 23, 2022, the day before the start of Russia's full-scale invasion of Ukraine. Moscow has not indicated whether it would respect the shipping corridor, and shipping and insurance sources have expressed concerns about safety. Ukraine said the corridor will be primarily used to evacuate ships that were stuck in Ukrainian ports. Local broadcasters have said the ship will anchor at Ambarli port in the south of Istanbul.

Persons: Joseph Schulte, Murad Sezer, Kim Coghill, Raju Gopalakrishnan Organizations: Local, Thomson Locations: ISTANBUL, Turkey's Bosphorus, Hong, Kong, Ukraine, Moscow, Istanbul

☆ Container ship leaves Russian-blocked Ukrainian port of Odesa - Kyiv
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

[1/3] Hong Kong-flagged container ship Joseph Schulte leaves the sea port, amid Russia's attack on Ukraine, in Odesa, Ukraine, in this handout picture released August 16, 2023. "A first vessel used the temporary corridor for merchant ships to/from the ports of Big Odesa," Deputy Prime Minister Oleksandr Kubrakov said on Facebook. He identified the container ship as the Hong-Kong-flagged JOSEPH SCHULTE and said it had been in the port since Feb. 23, 2022, the day before the invasion. He said the ship was carrying more than 30,000 metric tons of cargo in 2,114 containers. "The corridor will be primarily used to evacuate ships that were in the Ukrainian ports (Chornomorsk, Odesa and Pivdennyi) at the time of the full-scale invasion of the Russian Federation," the deputy prime minister said.

Persons: Joseph Schulte, Oleksandr Kubrakov, JOSEPH SCHULTE, Pavel Polityuk, Jacqueline Wong, Philippa Fletcher Organizations: Facebook, REUTERS Acquire, Rights, Russian Federation, Thomson Locations: Hong Kong, Ukraine, Odesa, Ukrainian, Russia, Moscow, Big, Hong, Kong

☆ Ukraine reports new attack on grain silos but cargo ship sets sail
▼ + stars: | 2023-08-16 | by ( Pavel Polityuk | ) www.reuters.com time to read: +7 min

[1/2] Hong Kong-flagged container ship Joseph Schulte leaves the sea port, amid Russia's attack on Ukraine, in Odesa, Ukraine, in this handout picture released August 16, 2023. Russia has made regular air strikes on Ukrainian ports and grain silos since mid-July, when it pulled out of the U.N.-backed deal for Ukraine to export grain. Bernhard Schulte Shipmanagement (BSM), which owns the ship jointly with a Chinese bank, confirmed that the ship was en route to Istanbul. Kubrakov said it was carrying more than 30,000 metric tons of cargo in 2,114 containers, adding that the corridor would primarily be used to evacuate ships from the Black Sea ports of Chornomorsk, Odesa and Pivdennyi. DANUBE PORTSUkraine turned to its Danube river ports after Russia pulled out of the Black Sea grain deal seeking better terms for exports of its own food and fertilizer.

Persons: Joseph Schulte, Oleksandr Kubrakov, Bernhard Schulte Shipmanagement, Kubrakov, Urozhaine, Hanna Maliar, Izmail, Lidia Kelly, Gus Trompiz, Matthias Inverardi, Gabrielle Tétrault, Farber, Philippa Fletcher, Angus MacSwan Organizations: Facebook, REUTERS Acquire, Benchmark, United Nations, Reuters, United Nations Conference, Trade, Development, Thomson Locations: Hong Kong, Ukraine, Odesa, Russia, KYIV, Russian, Hong, Kong, Reni, Moscow, Big, Istanbul, Chornomorsk, Pivdennyi, Ukrainian, Urozhaine, Azov, Constanta, Romania, Black, Turkey, Nairobi

☆ Ships backed up in Black Sea lanes as Russia warning shots raise tensions
▼ + stars: | 2023-08-14 | by ( Jonathan Saul | ) www.reuters.com time to read: +3 min

LONDON, Aug 14 (Reuters) - Merchant ships remained backed up in lanes around the Black Sea on Monday as ports struggled to clear backlogs amid growing unease among insurers and shipping companies a day after a Russian warship fired warning shots at a cargo vessel. After an inspection, the vessel continued its journey towards the Ukrainian port of Izmail along the Danube river, Russia said. Palau-flagged vessel Sukru Okan transits Bosphorus on its way to the Black Sea in Istanbul, Turkey August 13, 2023 this screen grab from a video. Romania on Monday said that it aimed to double the monthly transit capacity of Ukrainian grain to Constanta to 4 million tonnes in the coming months. Sunday's incident cast a pall over plans announced by Ukraine last week for a "humanitarian corridor" in the Black Sea to release cargo ships trapped in Ukraine's ports since the outbreak of war.

Persons: Vasily Bykov, Kviv, Izmail, Gard, Tayyip Erdogan, Vladimir Putin, Joseph Schulte, BSM, Jonathan Saul, Conor Humphries Organizations: Merchant, Insurance, REUTERS, UN, Group, Reuters, Thomson Locations: Russian, Russia, Palau, Izmail, Musura, Romanian, Constanta, Istanbul, Turkey, Romania, Ukraine, Moscow, Ukrainian, Norwegian, Odesa

☆ SEC seeks rule change that could cause fund managers to take less risk
▼ + stars: | 2023-07-07 | by ( Leslie Picker | ) www.cnbc.com time to read: +3 min

A sweeping change sought by the Securities and Exchange Commission would take fund managers' culpability a step further than current standards if they don't effectuate a greater standard of care. The rule change involves lowering the bar for indemnification of fund managers to "ordinary negligence" from "gross negligence." "It would monumentally change the relationship between fund managers and investors," said Marc Elovitz, partner and chair of the regulatory practice at Schulte Roth & Zabel, in an interview for the Delivering Alpha Newsletter. And investment managers are going to have a hard time protecting themselves from being on the hook for those risks." However, ILPA said that, "an ordinary negligence standard as applied to breach of contract would assure meaningful progress."

Persons: Marc Elovitz, Schulte Roth, Zabel, Schulte's Elovitz, ILPA, Gary Gensler Organizations: New York Stock Exchange, Securities and Exchange, Alpha, Institutional Limited Partners Association, SEC, Fund Advisers Locations: New York City

[1/4] Liquified petroleum gas vessel Zita Schulte is seen docked at the port of Corpus Christi, Texas, U.S., May 15, 2023. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. Peter Zanoni, the city manager for Corpus Christi, said the hydrogen project, if approved, all but requires the adoption of seawater desalination. And seawater desalination plants are energy intensive and expensive to build and maintain, energy experts say. Corpus Christi first proposed seawater desalination in 2017 to supply its rapidly growing energy and petrochemicals industries.

Persons: Zita Schulte, Joe Biden's, Read, Jennifer Granholm, Biden, Minh Khoi, Radhika Fox, Peter Zanoni, Zanoni, Paul Montagna, Christi, Errol Summerlin, Brandon Marks, Marks, Charles Zahn, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Investment, Jobs, Biden, Coastal Alliance, Corpus, U.S . Energy, Reuters, Rystad Energy, Department of Energy, DOE, Environmental, Corpus Christi, ExxonMobil, Saudi Arabia's Basic Industries Corporation, M University, Harte Research, Gulf of, Gulf of Mexico Studies, EPA, Texas Commission, Texas Campaign, Thomson Locations: Corpus Christi , Texas, U.S, Gulf, Christi , Texas, Corpus Christi, Southern California , Colorado , Kansas, New Mexico, Texas, Corpus, United States, Gulf of Mexico, San Diego , California, Hillcrest, San Antonio

☆ The man convicted of the biggest CIA leak in history says he doesn't have enough typewriter ribbon to craft his own defense for a separate child pornography trial
▼ + stars: | 2023-06-17 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +3 min

The man convicted of the biggest leak in CIA history faces a separate federal trial in September. Joshua Schulte is facing child pornography charges, a case where he is representing himself. According to court documents first shared by CourtWatch, ex-CIA staffer and convicted leaker Joshua Schulte is set to stand trial in a separate child pornography case in September. Federal prosecutors alleged that as Schulte represented himself in those cases, he stored up to 2,400 images of "likely" child pornography on the laptop he used while detained, Law and Crime reported. In the latest court filing, prosecutors said his requests for more materials threaten to delay his new September trial.

Persons: Joshua Schulte, —, CourtWatch, leaker Joshua Schulte, Schulte —, Schulte, Mr Organizations: Service, WikiLeaks, CIA, Metropolitan Detention, Wikileaks, The New York Times Locations: New York

☆ Boeing rival Airbus nears record order for 500 planes from India's largest airline, report says
▼ + stars: | 2023-06-04 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Airbus is near a deal to sell 500 A320 narrow-body planes to IndiGo, Reuters reported. That would make it the largest order ever by volume, topping Air India's 470-plane deal in February. Boeing rival Airbus is near a deal to sell 500 planes from the A320 narrow-body family of jets to India's largest airline, IndiGo, Reuters reported on Sunday. Meanwhile, Airbus and Boeing are also in talks to sell 25 wide-body jets to IndiGo, the report added. That's in contrast with Air India's massive order, which was split between 220 Boeing planes and 250 Airbus planes.

Persons: isn't, IndiGo didn't, Dave Schulte Organizations: Airbus, Reuters, Air, archrival Boeing, Morning, Boeing, IndiGo, Insider, Reuters . Budget, Max, Asia Pacific Locations: IndiGo, Istanbul, India

May 28 (Reuters) - Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. "That's where the debt ceiling matters." In that case, "the impact on broader financial markets would likely be relatively muted," Daniel Krieter, director of fixed income strategy, BMO Capital Markets, said in a report. Some bankers said they fear financial markets may not have accounted for the risk of a liquidity drain from banks' reserves. Bankers put it to hope that the debt ceiling impasse would be resolved without significant dislocation to markets, but warn that's a risky strategy.

☆ Kansas farmers abandon wheat fields after extreme drought
▼ + stars: | 2023-05-22 | by ( Tom Polansek | ) www.reuters.com time to read: +4 min

[1/4] Romulo Lollato, a wheat agronomist for Kansas State University, examines wheat in a field, as part of an annual crop tour, near Clay Center, Kansas, U.S., May 16, 2023. REUTERS/Tom PolansekWICHITA, Kansas, May 22 (Reuters) - Farmers in Kansas, the biggest U.S. producer of wheat used to make bread, are abandoning their crops after a severe drought and damaging cold ravaged farms. Kansas farmers are expected to abandon about 19% of the acres planted last autumn, up from 10% last year and 4% in 2021, according to the report. Soaring prices for hay also pressure wheat farmers not to harvest their fields for grain so they can be fed to cattle, Gilpin said. Kansas farmers are expected to produce just 191.4 million bushels of wheat this year, the smallest since 1963, according to the latest monthly government forecast.

☆ This trader's got the 'perfect' job for full-time travel — and he's teaching others how to do it
▼ + stars: | 2023-05-18 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +7 min

So they sold their belongings, bought a boat and set off to sail around the world, despite having no sailing experience, he said. He called trading the "perfect" job for full-time travel because "all I need is a laptop, an internet connection, and I can be anywhere in the world." Source: BumfuzzleDuring their first trip around the world, Schulte said he and his wife kept track of every dollar they spent, which averaged about $3,100 a month. "Plus, there's not always something to do — we're not day trading … so there's plenty of talk about life and travel." The Schulte family approaching the Marquesas Islands after spending 21 days at sea crossing the Pacific Ocean.

☆ Meet the 'new' Elizabeth Holmes: She's ditched the turtlenecks, abandoned the weird voice, and wants you to call her Liz
▼ + stars: | 2023-05-08 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Elizabeth Holmes gave a series of pre-prison interviews to the New York Times. There's a new Elizabeth Holmes in town, at least according to The New York Times — but no one's really falling for it. New York Times Helps Elizabeth Holmes Launder Her Reputation Before Prison" to people putting the story on blast on Twitter. "God forbid I get in any more back and forth on here today but I…..didn't hate the Elizabeth Holmes profile? Elizabeth Holmes did not immediately respond to Insider's request for comment sent via her legal representative Lance Wade after regular business hours.

☆ In the Digital Age, Wedding Film Photography Has a Resurgence
▼ + stars: | 2023-05-04 | by ( Emma Grillo | ) www.nytimes.com time to read: +1 min

Taylor Dafoe and Alex Schulte’s relationship has always included film photography. It was the catalyst for their relationship: after leaving his rangefinder film camera at Ms. Schulte’s house during a party in 2015, Mr. Dafoe went back a few days later to pick it up. “That was part of the appeal, for sure,” Mr. Dafoe said. In recent years, more and more couples are seeking out photographers who can shoot film photos for their weddings. This means that photographers and couples can’t look at the photos until they’ve been developed days or weeks after the wedding.

Strikes have rolled through France, Portugal, Britain and Germany in recent weeks and could cause air travel disruption in parts of Europe through the Easter holidays, officials at airlines, airports and air traffic authorities told Reuters. There's no doubt about it," said Steven Moore, who is in charge of air traffic management operations at Eurocontrol. Airlines say they have to pay compensation without themselves getting compensated for air traffic delays. Consumer groups say air traffic control strikes are not new and airlines should be quicker to react and pay compensation. He called last week on the European Commission to do more to stop such strikes hitting overflights, by introducing minimum service rules, though industry experts say strikes are a national issue.

☆ Why some Silicon Valley CEOs don't blame SVB for its crash: 'I still fundamentally believe' nothing was 'wrong with the bank'
▼ + stars: | 2023-03-23 | by ( Megan Sauer | ) www.cnbc.com time to read: +6 min

SVB was a great partner to all the innovation that's happened in Silicon Valley," Varun Badhwar, CEO and co-founder of Palo Alto, California-based security software startup Endor Labs, tells CNBC Make It. "I still fundamentally believe there was nothing foundationally wrong with the bank." Before the crash, SVB counted nearly half of the country's venture-backed startups as clients, according to its website. CNBC Make It spoke with a group of startup bosses across a variety of industries, all of whom lost access to some, or all, of their company's money during the crash. But as investors' and other founders' attitudes changed throughout the afternoon, he decided to get the company's money out.

☆ This CEO halved her personal savings to meet payroll after SVB collapse: 'I don't really know yet what the repercussions will be'
▼ + stars: | 2023-03-15 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

The Flex Co. CEO Lauren Schulte Wang and her husband took out half of their personal savings to fund employees' paychecks after SVB crashed. They withdrew half of the money in their personal savings account, and deposited it into a brand-new account set up last Friday. Wang and her husband are The Flex Company's co-founders, and serve as CEO and CFO, respectively. When Wang tried to transfer her company's money, which she says represented 100% of its liquid capital, the bank's website crashed. On Monday, the last of The Flex Company's 30,000-plus retail locations finally switched over to the new account.

☆ High jump pioneer and icon Fosbury dies at 76
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +3 min

March 13 (Reuters) - Olympic high jump champion Dick Fosbury, who revolutionised the event with a radically different jumping technique that was eventually named after him, died on Sunday aged 76, his agent Ray Schulte said on Monday. The straddle or scissor jump were common techniques in the high jump. "With his groundbreaking "Fosbury Flop" technique, Dick Fosbury not only won Olympic gold at Mexico City 1968 but also revolutionized the high jump. "I am deeply saddened by the passing of Dick Fosbury, a true legend and pioneer in the world of track and field. Dick's innovative technique of the 'Fosbury Flop' revolutionized the high jump event and forever changed the sport," said Max Siegel, CEO of USA Track & Field.

☆ From Apple to Boeing, India is being put to the test as China manufacturing alternative
▼ + stars: | 2023-03-12 | by ( Vikram Barhat | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesThe ties between American companies and India as a manufacturing and supply chain partner are getting deeper. The Boeing deal is indicative of the wider trend among global manufacturers including Apple, Samsung and Nokia, to accelerate manufacturing in India. As far back as 2014 it launched the "Make in India" campaign to raise the profile of India as a global manufacturing hub and encourage multinational companies to produce in India. Boeing, Air India issues The partners have their internal issues to work through. That's on top of the hurdles foreign companies can expect to face in India's accleration as a manufacturing and supply chain partner.

☆ Insurers count the cost of ships snagged in Ukraine crisis
▼ + stars: | 2023-02-24 | by ( Jonathan Saul | ) www.reuters.com time to read: +4 min

Curtailed shipments from major grain exporter Ukraine played a role in the resulting global food crisis. According to shipping and insurance industry assessments, there are still between 40 and 60 ships stranded, and ship owners can claim a total loss for vessels stuck for a year from their insurers. A senior industry source said exposure for the ships currently stuck was estimated at $500 million. "The liabilities for those people who have ships stuck there, to get those ships out - it’s a real headache." "There is going to be some form of constructive agreement I suspect, but then that owner will have to buy war risk insurance all over again."

☆ Drought threatens U.S. wheat production despite acreage bump
▼ + stars: | 2023-02-02 | by ( Julie Ingwersen | ) www.reuters.com time to read: +5 min

[1/2] Mark Nelson, a scout on the Wheat Quality Council's Kansas wheat tour, checks a winter wheat field north of Minneapolis, Kansas, U.S., May 17, 2022. 3 winter wheat producer last year. Winter wheat typically represents about two-thirds of U.S. production, with the remainder planted in the spring, and the U.S. has lost market share to other wheat exporters, including Russia, in recent years. U.S. soft red wheat acres rose by 20% year-on-year and planting jumped by 45% in Illinois, the No. 8 U.S. winter wheat state by acreage.

☆ Lender Popular Bank Fined Over Bad Covid Relief Loans
▼ + stars: | 2023-01-25 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Popular Bank has been fined $2.3 million for allegedly failing to stop fraud by applicants to the Paycheck Protection Program, the federal government’s massive Covid-related bailout for struggling small businesses. The Federal Reserve announced the fine Tuesday, saying New York-based Popular Bank, a subsidiary of Puerto Rico-based Popular Inc., had processed six PPP loans worth about $1.1 million despite having detected significant signs of potential fraud. The federal government used PPP loans to help businesses that experienced hardship during the Covid-19 pandemic, leaning on banks to dole out the money. The bank consented to the fine, a Popular Bank spokeswoman said, though the Fed order said the bank didn’t formally admit to or deny the allegations. The loans at issue originated with Popular Bank in August 2020, during a year in which millions of applicants sought access to the government money to try to keep their struggling enterprises afloat.

☆ Popular Medicare Advantage plans have 'clear cases of overpayments and improper billing of US taxpayers,' advocates and analysts say
▼ + stars: | 2022-12-05 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The original Medicare program is offered directly through the federal government. "There hasn't been enough of an indictment of Medicare Advantage plans," Mary Johnson, a Social Security and Medicare policy analyst at the Senior Citizens League, told Insider. The Congressional Budget Office estimates that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will grow to 61% by 2032. The politics of Medicare AdvantagePoliticians, primarily Republicans, have done their part to promote Medicare Advantage over the original Medicare plans since President George W. Bush overhauled the program in 2003. Johnson said Medicare Advantage was so popular among conservatives because it shifted financial responsibility from the government to patients.

☆ Corporate America is bracing for a rise in activist investing. Meet the 13 lawyers on speed-dial when companies and investors fight for boardroom control.
▼ + stars: | 2022-11-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Law firms including Olshan Frome Wolosky LLP and Schulte Roth & Zabel are go-tos for activist investors looking to change how companies do business. Kai Liekefett, who co-chairs Sidley's shareholder activism practice, last year successfully defended cloud company Box Inc. in a proxy fight by Starboard. Liekefett has also defended clients against major activist investors including Carl Icahn and Trian Partners. He has advised clients against major activist investors including Trian, Carl Icahn, Starboard Value and the billionaire Paul Singer. Lawrence Elbaum and Patrick Gadson, Vinson & ElkinsPatrick Gadson (L) and Lawrence Elbaum (R), co-heads of Vinson & Elkins' shareholder activism group.

☆ Microsoft, Apple, Meta, other big U.S. firms run ads urging Congress to protect 'Dreamers' as DACA fades
▼ + stars: | 2022-10-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Julia-Ainsley-Circle-Byline-Template.Jpg | Julia Ainsley | ) www.nbcnews.com time to read: +6 min

“Collectively, we represent the backbone of an American economy facing tremendous workforce challenges as a result of the pandemic. Circuit Court of Appeals recently ruled that DACA was illegal but allowed more than 600,000 current DACA recipients to keep their status while a lower court reviewed a new DACA rule the Biden administration put forward. He is predicted to rule against the new DACA rule ultimately, because he found its previous iteration illegal. “Tragically, the 5th Circuit and courts have made it clear that not only did they rule the current DACA rule is illegal, but the new DACA rule will be illegal, too,” said Todd Schulte, the president and executive director of FWD.US, a group that has advocated for DACA to continue. “Now, no one trusts Democrats of the Biden administration to actually enforce the law and crack down on illegal immigration.

☆ Gold rush: Lawyers are flocking to Arizona to take advantage of new rules resulting in a flood of outside investments in law firms
▼ + stars: | 2022-10-19 | by ( Jack Newsham | ) www.businessinsider.com time to read: +10 min

In 2021, Arizona changed its rules to let non-lawyers co-own law firms, many of which are highly profitable: They collectively made an estimated $320 billion in the US last year. Today, 47 states — all but Arizona, Utah, and Washington — ban anyone but lawyers from owning law firms. Some of the firms Arizona has approved have said they plan to advertise nationwide, and refer cases to other law firms that will actually do the work. Pre-settlement funding, which is one of the riskier kinds of loan for plaintiffs' law firms, often has interest rates of 12 to 20 percent, Ziser said. The UK has allowed outside investment in law firms since 2007 without major scandal, he said, but it also takes a loser-pays approach to lawsuits that can cut down on frivolous claims.

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