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☆ Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small," Nansen analysts said. Investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry.

Persons: Dado Ruvic, Nansen, Changpeng Zhao, Zhao, Richard Teng, Binance, Zhao's, Lisa Pauline Mattackal, Jonathan Stempel, Chris Prentice, Michelle Price, Anil D'Silva Organizations: REUTERS, Investors, U.S, U.S . Securities, Exchange Commission, Justice Department, Thomson Locations: Nansen, Dubai, Seattle, United States, Bengaluru, New York

☆ Alphabet wants to invest in British fintech bank Monzo before it goes public
▼ + stars: | 2023-11-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Monzo, a British fintech bank, is in talks with Alphabet's private investment arm Capital G to raise what is primed to be its last funding round before a public listing. The bank touts around 8.5 million customers in the UK and is best known for its bright coral pink bank cards. Fintech funding in Europe dropped 70% to $5 billion from $17.1 billion in the first half of 2023, compared with 2022, according to Finch Capital. The prospective funding round is set to be the fintech's last private raise before a mooted public debut that would likely take place in late 2024 or 2025. The British bank reported £116.3 million in losses last year despite more than doubling its revenue.

Persons: Monzo, Catalyst, Monzo's, Cash, Conor Walsh, Anil Organizations: Business, Sky News, Abu Dhabi Growth Fund, Silicon, VC, fintech, Finch, London, Starling Bank Locations: British, London, Abu Dhabi, New York, Europe, Monzo, Starling

☆ Who are OpenAI's new board members as Sam Altman returns?
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria Acquire Licensing RightsNov 22 (Reuters) - ChatGPT-maker OpenAI on Tuesday said it reached an agreement for Sam Altman to return as CEO days after his ouster, and also agreed in principle to partly reconstitute the board of directors that had dismissed him. Bret Taylor, formerly co-CEO of Salesforce and Larry Summers, former U.S. Treasury Secretary, along with Quora CEO and current director Adam D'Angelo will be part of the board, OpenAI said. Here's what we know about them:* Taylor, 43, is an American computer programmer and entrepreneur, who is also a board member at Shopify (SHOP.TO). Taylor will chair the OpenAI board* Summers, 68, is an American economist who has served as U.S. Secretary of the Treasury from 1999 to 2001* A professor at Charles W Eliot University, Summers is also President Emeritus at Harvard* Summers is also on the board of Jack Dorsey's Block Inc (SQ.N) and Skillsoft Corp (SKIL.N)* D'Angelo, 39, is an American internet entrepreneur, best known as founder of California-based social question-and-answer website and online knowledge market Quora* A Computer Science graduate, D'Angelo was previously CTO of Facebook for nearly two years till June 2008(Sources: TechCrunch, Reuters reporting and LinkedIn)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, Carlos Barria, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Taylor, Charles, Summers, Jack Dorsey's, D'Angelo, Aby Jose Koilparambil, Anil D'Silva Organizations: Economic Cooperation, REUTERS, U.S . Treasury, Quora, Treasury, Charles W Eliot University, Harvard, Skillsoft Corp, Science, Facebook, Thomson Locations: Asia, San Francisco , California, U.S, American, Shopify, California, Bengaluru

☆ Lowe's sees steeper drop in annual sales as DIY demand stumbles
▼ + stars: | 2023-11-21 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual same-store sales than previously expected, as inflation-hit consumers cut spending on home-improvement projects, hitting the company's key do-it-yourself (DIY) business segment. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending" particularly in categories including appliances, home decor, kitchen and bath where customers even postponed some purchases, CEO Marvin Ellison said. Average spending at Lowe's - particularly on big-ticket items - was under pressure in the quarter, resulting in a 7.4% drop in same-store sales while analysts expected a 5% decline, according to LSEG IBES data. Meanwhile, larger rival Home Depot's (HD.N) bigger customer base of "Pro-customers" like builders and contractors helped the retailer ride out the weakness in DIY spending and beat expectations for quarterly results. It expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Ellison, John Tomlinson, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Bengaluru

☆ Broadcom plans to close $69 billion VMWare deal on Wednesday
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 21 (Reuters) - Broadcom (AVGO.O) said it planned to close its $69 billion acquisition of cloud computing firm VMWare (VMW.N) on Wednesday, wrapping up one of the biggest takeover deals in the technology industry that was closely scrutinized by regulators globally. Some investors in the companies had feared about the outcome of the deal after reports said last month that rising Sino-U.S. tensions could lead China's regulator to scuttle the deal. Broadcom shares were down more than 1%, while VMware was down 4.6%. The deal was previously expected to close by Nov. 26.

Persons: Dado Ruvic, Biden, Bernstein, Zaheer Kachwala, Mary Varghese, Siu, Anil D'Silva, Shounak Organizations: VMware, REUTERS, Broadcom, VMWare, Thomson Locations: China, U.S, Beijing, Washington, Bengaluru, Hong Kong

☆ Lowe's sees steeper drop in annual comparable sales on weak demand
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Shoppers load a box of merchandise into a truck after visiting a Lowe's hardware store in Philadelphia, Pennsylvania, U.S. November 4, 2020. REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual comparable sales than previously expected and trimmed its profit forecast as inflation-hit consumers cut back spending on home-improvement projects, sending its shares down 6%. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories" in the third quarter, CEO Marvin Ellison said. The company reported a 7.4% drop in same-store sales for the three months ended Nov. 3, compared with analysts' average estimate of a 5% drop, according to LSEG IBES data. Lowe's now expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Home, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Placer.ai, Bengaluru

Ford said it would restart construction of the factory near Marshall, Michigan, after being paused two months ago. Ford is pushing for the U.S. Treasury Department to approve lithium-iron, or LFP, batteries made at the Michigan factory to qualify for Inflation Reduction Act EV subsidies. Ford now plans to cut the Michigan battery plant's capacity to 20 gigawatt hours and reduce hiring to 1,700 jobs. Ford said in October that it would cut future electric vehicle investments overall by $12 billion compared to previous plans. The company has previously postponed construction of a battery factory in Kentucky and another in Turkey.

Persons: Ford, CATL, Mark Truby, Truby, Joe White, Anil D'Silva Organizations: DETROIT, CATL, United Auto Workers, U.S . Treasury Department, Ford, Blue, Battery Park Michigan, Michigan, Thomson Locations: Michigan, U.S, Marshall , Michigan, Kentucky, Turkey

The startup's newly appointed interim head moved quickly to dismiss speculation that OpenAI's board ousted Altman due to a spat over the safety of powerful AI models. It was not clear why Murati had stepped down as interim CEO. [1/4]Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. Some of those joining Altman at Microsoft include senior researchers Szymon Sidor and Jakub Pachocki, according to Brockman. Microsoft had supported a return by Altman to the startup, according to sources, a move that seemed likely only hours prior to Monday's announcements.

Persons: OpenAI, Emmett Shear, Sam Altman, Greg Brockman, OpenAI's, Altman, Shear, Ilya Sutskever, we've, Sutskever, Mira Murati, reinstates Altman, Brockman, Bret Taylor, Will Hurd, Murati, Carlos Barria, Richard Windsor, Satya Nadella, Szymon Sidor, Jakub Pachocki, Russ Mould, AJ Bell, Nadella, Jeffry Dastin, Anna Tong, Krystal Hu, Akash Sriram, Aditya Soni, Urvi, Shubham, Stephanie Kelly, Nivedita Bhattacharjee, Miyoung Kim, Sam Holmes, Susan Fenton, Chizu Nomiyama, Anil D'Silva Organizations: Microsoft, FRANCISCO, Google, OpenAI, Reuters, Economic Cooperation, REUTERS, Radio Free Mobile, Thomson Locations: OpenAI, Texas, Asia, San Francisco , California, U.S, San Franciso, New York, Bengaluru

☆ Wells Fargo employees at two branches mount unionization campaign
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 20 (Reuters) - Wells Fargo (WFC.N) employees at two of the bank's branches filed for union elections on Monday, laying the groundwork for potential unionization in an industry that has largely been immune to such labor campaigns. In a petition to the National Labor Relations Board (NLRB), bankers and tellers at Wells Fargo branches in Albuquerque, New Mexico and Bethel, Alaska declared their intent to join the Communications Workers of America's Wells Fargo Workers United (WFWU). "While we are the first Wells Fargo workers to file for union elections, we will not be the last," said Sabrina Perez, a senior premier banker at Wells Fargo's Albuquerque branch. "We have a deep commitment to invest in and support everyone who works at Wells Fargo ... have significantly improved compensation and benefits for our lower paid employees in recent years," he said.

Persons: Stephanie Keith, Wells, Sabrina Perez, Wells Fargo's Saul Van Beurden, Niket, Anil D'Silva, Shounak Organizations: REUTERS, National Labor Relations Board, Communications Workers, America's Wells Fargo Workers United, Labor, Detroit Three, Wells, Wall Street, Thomson Locations: New York City, U.S, Wells Fargo, Albuquerque , New Mexico, Bethel , Alaska, America's Wells, United States, Wells, Albuquerque, Bengaluru

☆ Who is Emmett Shear, OpenAI's new interim CEO replacing Sam Altman?
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Twitch CEO Emmett Shear speaks in a still image taken from a video interview with Reuters in San Francisco, U.S. which was broadcast in May 2018. REUTERS TV via REUTERS/File Photo Acquire Licensing RightsNov 20 (Reuters) - ChatGPT-maker OpenAI has named ex-Twitch boss Emmett Shear as its interim chief executive officer after the startup ousted former head Sam Altman in a move that rocked the tech industry. Shear, who was part of the first batch of startup accelerator Y Combinator along with Altman, is known as an outspoken advocate of safety in the development of artificial intelligence. Some facts about Emmett Shear:* Shear, 40, stepped down as CEO of Amazon.com (AMZN.O)-owned Twitch this March after more than 16 years at the live video streaming platform* The platform was co-founded by Shear as Justin.tv in 2006, before its name was changed to Twitch in 2011. The platform quickly gained traction in the gaming community and was acquired by Amazon for just under $1 billion in 2014.

Persons: Emmett Shear, OpenAI, Sam Altman, Altman, Shear, Justin Kan, Emmett, Aby Jose Koilparambil, Anil D'Silva Organizations: Reuters, REUTERS, Amazon, Yale University, LinkedIn, Forbes, Thomson Locations: San Francisco , U.S, Seattle, Bengaluru

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

OpenAI logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - OpenAI's staff has threatened to quit the artificial intelligence startup and join former boss Sam Altman at Microsoft's (MSFT.O) new division unless the board resigns, according to a letter seen by Reuters. Apart from Chief Technology Officer Mira Murati, Chief Data Scientist Ilya Sutskever and Chief Operating Officer Brad Lightcap, about 500 members of OpenAI staff said they would resign, a person familiar with the matter told Reuters. OpenAI did not immediately respond to a Reuters request for comment. Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sam Altman, Mira Murati, Ilya Sutskever, Brad Lightcap, OpenAI, Akash Sriram, Shweta Agarwal, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Microsoft's, Bengaluru

☆ MGM's Detroit Casino Workers Reject New Labor Deal
▼ + stars: | 2023-11-20 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Workers at MGM Resorts International's Detroit casino have rejected a tentative five-year labor contract and will continue with their month-long strike, union officials said on Monday. However, about 2,100 union members at Hollywood Casino at Greektown and MotorCity Casino voted on Monday to ratify the new contract, ending a 34-day strike. The council reached a tentative agreement on Nov. 17 for a new contract covering 3,700 workers at MGM Grand Detroit, Hollywood Casino at Greektown operated by Penn Entertainment and MotorCity Casino. Despite the continuation of the strike at MGM Grand, operations will continue as usual, the casino said. About 40,000 hospitality workers in the Las Vegas Strip also reached a tentative labor deal with casinos operated by Wynn Resorts, Caesars Entertainment and MGM earlier this month.

Persons: Ananta Agarwal, Anil D'Silva Organizations: Reuters, Workers, MGM Resorts, Detroit Casino Council, MGM, Hollywood, MotorCity, MGM Grand Detroit, Penn Entertainment, United Auto Workers, UAW, Teamsters, Las Vegas, Wynn Resorts, Caesars Entertainment Locations: Detroit, Greektown

☆ Global economy to slow down but likely avoid recession in 2024
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Dollar, Euro and Pound banknotes are seen in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 16 (Reuters) - Some of the major banks in the world expect global economic growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world's two largest economies. The global economy is forecast to grow 2.9% this year, a Reuters poll showed, with next year's growth seen slowing to 2.6%. Most economists expect the global economy to avoid a recession, but have flagged possibilities of "mild recessions" in Europe and the UK. China's growth is seen weakening, exacerbated by companies seeking alternative cost-efficient production destinations.

Persons: Dado Ruvic, Saumyadeb Chakrabarty, Anil D'Silva Organizations: REUTERS, Federal, Broker Research, Thomson Locations: Europe, United States, Bengaluru

☆ Cyberattack on ICBC's US unit to not have material impact on parent bank - Fitch
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing RightsNov 16 (Reuters) - Ratings agency Fitch on Thursday said the recent cyberattack at ICBC Financial Services will not have a material impact on its Chinese parent, although it highlights growing threats to global payment networks from such incidents. "We do not expect the incident to have any immediate impact on the parent bank's viability rating, nor will the bank's issuer default rating change as it remains driven by our expectation of support from the Chinese sovereign," the ratings firm said. The U.S. unit primarily engages in providing global clearing, execution and financing services to institutional clients. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Fitch, Manya Saini, Anil D'Silva Organizations: Industrial, Commercial Bank of China, REUTERS, ICBC Financial, Commercial Bank of China Ltd, Thomson Locations: Beijing, China, U.S, Bengaluru

☆ UAW members ratify labor deal with Mack Trucks
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Mack Trucks is seen on a truck in a yard in Mejicanos, El Salvador, August 16, 2018. REUTERS/Jose Cabezas Acquire Licensing RightsNov 16 (Reuters) - The United Auto Workers (UAW) union said on Wednesday that about 3,900 of its members working at Mack Trucks ratified a new five-year contract, ending a month-long strike at the Volvo Group (VOLVb.ST)-owned company. "After 39 days on strike, UAW members at Mack Trucks have voted by 93% to ratify their new contract with significant local improvements," the union said in a post on messaging platform X, previously known as Twitter. Mack Trucks said the new contract covered its employees at facilities in Pennsylvania, Maryland and Florida. Mack Trucks, which was bought by Volvo in 2000, is one of North America's largest makers of medium-duty and heavy-duty trucks.

Persons: Mack Trucks, Jose Cabezas, Maria Ponnezhath, Shubham Kalia, Mrinmay Dey, Gokul Pisharody, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Mack, Volvo Group, Twitter, Detroit's Big, General Motors, Ford, Volvo, Thomson Locations: Mejicanos, El Salvador, Pennsylvania , Maryland, Florida, North, Bengaluru

☆ Elon Musk denies report of potential Starlink IPO in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] SpaceX Starlink 5 satellites are pictured in the sky seen from Svendborg on South Funen, Denmark April 21, 2020. Ritzau Scanpix/Mads Claus Rasmussen via REUTERS Acquire Licensing RightsNov 15 (Reuters) - Elon Musk on Wednesday denied a report that his rocket company SpaceX was discussing an initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024. The billionaire entrepreneur has previously said he intended to list Starlink when revenue growth and cash flow became smooth and predictable. The Starlink unit is the world's largest satellite operator. "I believe he (Musk) will take Starlink out, not next year, but maybe 2025, 2026.

Persons: Ritzau Scanpix, Mads Claus Rasmussen, Elon Musk, Starlink, Jeff Bezos, He's, Justus Parmar, Parmar, Niket Nishant, Akash Sriram, Anil D'Silva, Arun Koyyur Organizations: SpaceX, REUTERS Acquire, Bloomberg, Fortuna Investments, Thomson Locations: Svendborg, South Funen, Denmark, Mexico, Bengaluru

☆ Chinese EV maker Xpeng's operating loss widens on costs tied to production ramp-up
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A sign of Chinese electric vehicle (EV) maker XPeng Motors is pictured at its booth in a shopping mall in Beijing, China November 3, 2023. Its year-earlier operating loss was 2.18 billion yuan. Revenue for the quarter came in at 8.53 billion yuan, missing analysts' estimates of 8.55 billion yuan. Chinese EV makers have been exporting vehicles to Europe where they get higher prices on their cars than in the domestic market. ($1 = 7.2423 Chinese yuan renminbi)Reporting by Harshita Mary Varghese in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Xpeng, Harshita Mary Varghese, Anil D'Silva Organizations: XPeng, REUTERS, HK, U.S, Tesla, Visible Alpha, Revenue, EV, European Commission, Thomson Locations: Beijing, China, Europe, Bengaluru

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - The U.S. health regulator's staff on Wednesday flagged concerns that data on Merck's (MRK.N) chronic cough drug might not be enough to prove the treatment's meaningful benefit, documents released ahead of a meeting of independent experts showed. The concerns were raised after the company had submitted additional efficacy data to the U.S. Food and Drug Administration (FDA), which declined to approve the drug in January last year. A panel of expert advisers to the FDA is set to meet on Friday to discuss the efficacy of Merck's drug gefapixant. Staff assessment of the data submitted by Merck showed a small reduction in cough frequency and side effects such as loss of taste in patients who were administered the drug. The European Union and Japan have approved Merck's drug for the condition and it is sold under the brand name Lyfnua.

Persons: Brendan McDermid, Mara Goldstein, Christy Santhosh, Shinjini Ganguli, Anil D'Silva, Shailesh, Shounak Organizations: Merck, Co, REUTERS, U.S . Food, Drug Administration, FDA, Staff, European Union, Thomson Locations: Rahway , New Jersey, U.S, United States, Japan, Bengaluru

☆ United Airlines will not resume flights to Israel
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: 1 min

A United Airlines passenger jet takes off with New York City as a backdrop, at Newark Liberty International Airport, New Jersey, U.S. December 6, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsNov 13 (Reuters) - United Airlines (UAL.O) will not resume flights to Tel Aviv, Israel, from Newark, New Jersey, on Nov. 24, a company spokesperson said. A previous statement that flights were resuming was made in error by its public relations agency, the airline said. (This story has been officially corrected to say that United Airlines is not resuming service to Israel)Reporting by Steve Scheer and Shivansh Tiwary; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Steve Scheer, Shivansh, Anil D'Silva Organizations: United Airlines, Newark Liberty International Airport, REUTERS, Airlines, Thomson Locations: New York City, New Jersey, U.S, Tel Aviv, Israel, Newark , New Jersey

For Indian families, a modest wedding is an oxymoron. It was no different for Arti Kumari’s parents, despite their limited means as an NGO worker and a subsistence farmer. As the wedding day grew closer, Arti was still waiting for notice of the date of her athletic test for the federal security force job she hoped to win. She would be marrying without a job — not the future she and her mother had worked so hard for. Nevertheless, her wedding would be an ornate, multiday affair.

Persons: Arti Kumari’s, Meena, Anil, Arti Locations: India’s

☆ Honda hikes production workers' pay 11% after UAW deals with Detroit Three
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay hike for production workers at its U.S. facilities from January, days after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts. Non-unionized automakers such as Honda have come under pressure to improve pay and benefits following record contracts the UAW won at the Detroit Three automakers. "Union auto workers own this victory," Biden said in a Friday post on X. Honda's pay hike comes after Toyota (7203.T) said last week it was raising the wages of its non-union U.S. factory workers. Honda had told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive.

Persons: David, Dee, Delgado, Joe Biden, Biden, carmakers Tesla, Priyamvada C, Nathan Gomes, David Shepardson, Anil D'Silva, Krishna Chandra Eluri, Aurora Ellis Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, U.S, Toyota, autoworkers, General Motors, Ford Motor, Chrysler, UAW . Union, Detroit, Tesla, Reuters, Thomson Locations: Manhattan , New York City, U.S, Illinois, America, United States

The new five-year agreement covers 5,000 employees at two Wynn Resorts properties and follows similar deals for 35,500 workers with rivals Caesars Entertainment (CZR.O) and MGM Resorts International (MGM.N) earlier this week. The deal with Wynn and the Culinary Workers and Bartenders Unions marks the end of negotiations between the unions and the largest casino operators in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the Super Bowl, which is scheduled to take place in February.

Persons: Wynn, Daniel, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur, Rod Nickel Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Las, Vanderbilt University, Las Vegas Convention, Visitors Authority, Las Vegas, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Honda gives US production workers 11% pay hike
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay increase for production workers at its U.S. facilities from January. The company also said it would cut the time it takes for a worker to get to the top wage tier to three years from six, confirming an earlier Wall Street Journal report. The move comes as non-unionized automakers such as Honda come under pressure to improve pay and benefits following record contracts that the United Auto Workers (UAW) union won at the Detroit Three automakers. Reporting by Priyamvada C and David Shepardson; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Priyamvada C, David Shepardson, Anil D'Silva Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, Thomson Locations: Manhattan , New York City, U.S

☆ India's ONGC posts 20% drop in quarterly profit on lower crude prices
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. REUTERS/Amit Dave/File Photo Acquire Licensing RightsBENGALURU, Nov 10 (Reuters) - India's state-run Oil and Natural Gas Corp (ONGC) (ONGC.NS) on Friday posted a more than 20% drop in second-quarter profit, dragged down by lower prices for crude oil. The company's profit fell to 102.16 billion Indian rupees ($1.23 billion) for the quarter ended Sept. 30, compared with 128.26 billion rupees a year earlier. ONGC's total crude oil production fell 2.1% to 5.25 million metric tons (MMT), while total gas production dropped 2.8%. Oil India (OILI.NS) reported a more than 80% drop in second-quarter profit on Wednesday as it set aside 23.63 billion rupees for an ongoing litigation.

Persons: Amit Dave, Nishit Navin, Anil D'Silva Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Oil, Sethuraman, Thomson Locations: Ahmedabad, India, Oil India, Bengaluru

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