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☆ Man Accused in 9/11 Plot Is Not Fit to Face Trial, Board Says
▼ + stars: | 2023-08-25 | by ( Carol Rosenberg | More About Carol Rosenberg | ) www.nytimes.com time to read: +1 min

The finding is the latest setback to prosecution efforts to bring the long-running capital cases at Guantánamo Bay to trial. Last week, a military judge threw out the confession of a man accused of plotting the U.S.S. The question of Mr. bin al-Shibh’s sanity, and capacity to help his lawyers defend him, has shadowed the Sept. 11 conspiracy case since his first court appearance in 2008. He has disrupted pretrial hearings over the years with outbursts, and in court and in filings complained that the C.I.A. The five men are accused of conspiring in the plane hijackings in 2001 that killed nearly 3,000 people in New York City, at the Pentagon and in Pennsylvania.

Persons: Ramzi bin al, bin, Khalid Shaikh Mohammed Organizations: Pentagon Locations: Cole, New York City, Pennsylvania

☆ The 11 sports-betting and online-gambling startups that have raised the most VC funding so far in 2023
▼ + stars: | 2023-08-24 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +4 min

Sports betting and gambling companies have raised $150 million from VCs so far in 2023, according to PitchBook data. US sports betting and gambling startups have raised about $150 million in VC funding through mid-August of this year, per PitchBook, which tracked 25 deals during that time frame. Here are the top 11 companies that have gotten the most funding in 2023 through mid-August, according to PitchBook:1) Jackpot.com — $42 million. The more than 50-year-old casino technology and data company closed the investment from VCs. Oddsworks, a gaming company offering more than 100 games for online and land-based casinos, raised early-stage funding.

Persons: Joey Levy, Jake Paul, Roger Ehrenberg's, James Harden, Joel Embiid, PlayerProfile, Oddsworks Organizations: Roger Ehrenberg's Eberg Capital, Arctos Sports Partners, Bettor, Courtside Ventures, Dallas Cowboys, New York Yankees, Acres, Exchange, Boom Entertainment, Oyster Ventures, Touchdown Ventures, Eberg, IA Sports Ventures, Ikigai Ventures, Trinity West Ventures Locations: VCs

☆ TD expects penalties from US probes on money laundering
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies Toronto-Dominion Bank FollowTORONTO, Aug 24 (Reuters) - TD Bank Group (TD.TO) on Thursday said it expects fines and "non-monetary" penalties related to investigations by U.S. authorities over its anti-money laundering compliance program. "The bank is cooperating with such authorities and is pursuing efforts to enhance its Bank Secrecy Act/anti-money laundering compliance program," TD said in the filing. "What I can say ... we are pursuing efforts to enhance our U.S. AML compliance program," he told analysts. The lender scrapped its planned $13.4 billion acquisition of U.S. regional lender First Horizon earlier this year, a move that was cheered by investors amid the U.S. regional banking crisis.

Persons: Chris Wattie, Canada's, Bharat Masrani, TD, Gabriel Dechaine, Denny Thomas, Nivedita Balu, Deepa Babington Organizations: Dominion Bank, REUTERS, Rights Companies, TORONTO, Bank Group, U.S, U.S . Department of Justice, Bank, First, National Bank, DOJ, Thomson Locations: Toronto, Ottawa , Ontario, Canada, Rights Companies Toronto, U.S

☆ US SEC readies vote on regulatory overhaul for private funds
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. At the time it was proposed, SEC Chair Gary Gensler said the changes would benefit investors in such funds, typically wealthy individuals and institutional investors like pension funds, and companies raising capital from them. "Private fund advisers, through the funds they manage, touch so much of our economy. Private funds reported holding $20.4 trillion in gross assets by the end of 2022, versus $8 trillion about a decade earlier, according to data available on the SEC's website. "We don't see that the SEC is solving anything with this," said Jack Inglis, CEO of the Alternative Investment Management Association.

Persons: Andrew Kelly, Gary Gensler, Sherrod Brown, Elizabeth Warren, Jennifer Han, Jack Inglis, Chris Prentice, Douglas Gillison, Michelle Price, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Exchange, Fund, SEC, Democratic, Industry, Citadel LLC, Association, Alternative Investment Management Association, Carolina, Thomson Locations: Washington ,, New York, Washington

CNN —Japan on Thursday will begin releasing treated radioactive wastewater from its Fukushima nuclear plant, part of a controversial plan that has sparked fierce objections from some regional countries as well as many consumers. During a press conference Thursday morning, TEPCO said it expects to discharge only around 200 or 210 cubic meters of treated wastewater. It will send a boat later Thursday into the harbor to collect samples to monitor and ensure the discharged treated wastewater meets international safety standards. Japan’s devastating 2011 earthquake and tsunami caused water within the Fukushima nuclear plant to be contaminated with highly radioactive material. Hong Kong on Wednesday said it will ban food products imported from some parts of Japan following the release of the treated water.

Persons: Wang Wenbin, “, Wang Organizations: CNN, Tokyo Electric Power Company, TEPCO, United Nations, International Atomic Energy Agency, IAEA Locations: Japan, Asia, Taiwan, China, Fukushima, Hong Kong, Tokyo, Chiba, Tochigi

The private fund industry manages $20 trillion in assets. They would also require funds to perform annual audits. "Private fund advisers, through the funds they manage, touch so much of our economy," he said at the time. The rule would require fund managers to disclose so-called "side letters" - an industry practice through which funds can offer some investors special terms - when they are financially material. Earlier, the proposed rules would require investors and private funds to re-write all their contracts.

Persons: Jim Bourg, Exchange Commission's, Gary Gensler, Andreesen Horowitz, Michelle Price, Nick Zieminski, Mark Porter Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Securities, Exchange, Citadel, Industry, Association, Alternative Investment Management Association, Thomson Locations: Washington, U.S

☆ Exclusive: Argentina to use IMF money to pay back part of a currency swap with China -sources
▼ + stars: | 2023-08-23 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The cash-strapped economy has used money from the Chinese swap line to pay for imports as well as repay IMF debt. The swap line that the PBOC signed in 2009 with Buenos Aires was the first agreed with a Latin American country. Neither China nor Argentina have released much detail of the swap arrangement or any borrowing under it, so little is known about the currency line signed more than a decade ago. "The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line.

Persons: Yuri Gripas, PBOC, Jorgelina, Jorge Otaola, Karin Strohecker, Sandra Maler Organizations: Monetary Fund, REUTERS, International Monetary Fund, People's Bank of China, Fund, Buenos Aires, Development Bank of Latin, CAF, Qatar, Thomson Locations: Washington , U.S, Argentina, China, Buenos Aires, Buenos, American, Development Bank of Latin America, Qatar, SDRs, U.S, Rosario

☆ Factory slump and cost-of-living squeeze puts UK economy on course to shrink
▼ + stars: | 2023-08-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

The BoE said earlier this month it only saw inflation falling below 4% from the second quarter of 2024. The PMI survey recorded the slowest growth in output prices since February 2021. Manufacturers - who make up 10% of Britain's economy - reported the biggest fall in output prices since February 2016, echoing wider weakness in the sector. "Companies are reporting reduced orders for goods and services as demand is increasingly hit by the cost-of-living crisis, higher interest rates, export losses and concerns about the economic outlook," Williamson said. Manufacturers said this fall appeared to be an attempt to reduce the need for working capital at a time of rising interest rates.

Persons: Carl Recine, BoE, Queen, Chris Williamson, Sterling, James Smith, P's Williamson, Williamson, David Milliken, William Schomberg, Hugh Lawson Organizations: REUTERS, PMI, P, P Global Market Intelligence, Bank of England, ING, Manufacturers, Thomson Locations: Altrincham, Britain

☆ Ex-CEO of Brazil's Americanas says he did not expect to lead bankrupt firm
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - The former head of Brazilian retailer Americanas (AMER3.SA) quit two weeks into the job because he had not expected to take over a bankrupt firm, he told Brazilian lawmakers probing its $5 billion accounting fraud on Tuesday. Former Chief Executive Sergio Rial, who testified in a congressional investigation, resigned on Jan. 11, the same day Americanas revealed accounting inconsistencies that were later found to be fraud. I did not buy into an insolvent project," he told lawmakers, saying he had not expected Americanas' debt to exceed its assets. Rial in March testified before senators saying Americanas' previous management had created difficulties in disclosing information about the company's situation and the succession process. Reporting by Carolina Pulice and Peter Frontini; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Rial, Rial, Americanas, Carolina Pulice, Peter Frontini, Cynthia Osterman Organizations: SA, Jan, Santander Brasil, 3G, Thomson

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

☆ North Korean plane lands in China for first time in three years
▼ + stars: | 2023-08-22 | by ( Mihir Melwani | ) edition.cnn.com time to read: +1 min

CNN —Air travel between the Hermit Kingdom and the Middle Kingdom is possible once again. Air Koryo flight JS151 from Pyongyang, North Korea’s capital, arrived at Beijing’s PEK airport on Tuesday at 9:17 a.m. local time, according to the Beijing Capital International Airport website. The resumption of North Korean flag carrier Air Koryo’s regular flights between China and the DPRK was approved by Chinese authorities amid the changes in Chinese covid travel restrictions in January, according to a statement by China’s Ministry of Foreign Affairs. Meanwhile, regular flights between North Korea and Russia are set to resume on Friday, August 25, for the first time since the Covid-19 pandemic, as previously reported by CNN. The one-hour flights travel between Pyongyang and the southeastern Russian city of Vladivostok, where North Korean leader Kim Jong Un and Russian President Vladimir Putin met for a summit in 2019.

Persons: Kim Jong Un, Vladimir Putin, CNN’s Paula Hancocks, Lilit Marcus, Yoonjung Seo Organizations: CNN, Air, Beijing Capital International, Air Koryo’s, DPRK, China’s Ministry of Foreign Affairs, North Locations: Hermit, Kingdom, Pyongyang, North, Beijing’s PEK, North Korea, Korean, China, Russia, Russian, Vladivostok

The case is the latest example of the Federal Trade Commission cracking down on deceptive e-commerce consultancies that target consumers and fledgling online businesses. The Cresto brothers also took 35% of any profits from their "partners'" e-commerce stores, the complaint says. The suspensions left Empire's clients deeply in debt, the FTC alleged, "because Empire typically had its clients pay for inventory on credit cards." The scheme is ongoing and defrauding consumers of tens of thousands of dollars, according to the FTC. Amazon and Walmart did not immediately respond to CNBC's requests for comment.

Persons: John, Roman Cresto, Ecommerce Organizations: Amazon, Walmart, Federal Trade Commission, FTC, Southern, Southern District of Locations: U.S, Southern District, Southern District of California, Italy

☆ These banks are solid and cheap. But here's why investors should be cautious
▼ + stars: | 2023-08-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

But the Club is exercising caution when it comes to our two bank names: Wells Fargo (WFC) and Morgan Stanley (MS). Shares of Wells Fargo and Morgan Stanley have lost 8.52% and 13.73%, respectively, during the same period. Still, big banks will ultimately be able to manage any new regulatory hurdles, Oppenheimer's Chris Kotowski told CNBC. For Wells Fargo, the company is buying back the most stock of any of the big banks. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Wells, Morgan Stanley, Jim Cramer, Banks, Moody's, Chris Kotowski, Oppenheimer, Jim, Morgan, Charles Scharf, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, Wells, Valley Bank, UBS Group, UBS, Credit Suisse, Federal Reserve, Street, Bank of New York Mellon, BK, P Global, CNBC, Club, Big Tech, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Wells Fargo, Silicon, U.S

☆ S.African municipalities' unpaid dues to Eskom rise to $3.3 bln-minister
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Aug 20 (Reuters) - The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion rand since the start of this year. Eskom supplies power to 238 municipalities with the top 20 of them accounting for 77% or 48.9 billion rand of the total overdue debt, Ramokgopa said. The government is exploring ways to resolve the municipal debt crisis and is looking at funding from various means to upgrade the distribution infrastructure, Ramokgopa said, without giving any timeline. ($1 = 18.9890 rand)Reporting by Promit Mukherjee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Eskom, Promit Mukherjee, Susan Fenton Organizations: Thomson Locations: JOHANNESBURG, South Africa

☆ Tourists’ drinking misadventures up Eiffel Tower and in Trevi fountain
▼ + stars: | 2023-08-19 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +5 min

Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. CNN —In travel news this week, misbehaving tourists in Europe, the German couple who moved to Italy to open a restaurant and city vacation ideas from Seoul to Bratislava. In Paris, drunken Americans were trapped overnight up the Eiffel Tower. In a separate incident, a man was arrested after jumping off Gustave Eiffel’s crowning achievement with a parachute. They could have done with the help of our partners at CNN Underscored, a product reviews and recommendations guide owned by CNN.

Persons: Gustave Eiffel’s, isn’t, Frenchman, Sri Lankan Tharshan Selvarajah, it’s, Nicolas Chazee, Mathilde Vougny, they’ve Organizations: CNN, Bratislava . Law, Delta Air Lines, Fruit, Sri Lankan Tharshan, Paris ’, Prague, Rover, YouTube Locations: Europe, Italy, Seoul, Bratislava, Paris, Rome, Hayling, Germany, Munich, Sri Lankan, Here’s, Hiroshima, Slovakia, Vienna, United States, Norway, California, Belgian, Indonesian, American, Colorado

☆ Don’t Blame the Accounting Rule for the Manager’s Error
▼ + stars: | 2023-08-18 | by ( ) www.wsj.com time to read: 1 min

Peter Cappelli’s argument in “How a Common Accounting Rule Leads to More Layoffs and Less Job Training” (Journal Report, July 31) is like the argument that a hammer is the cause of bad construction. Accounting is a tool used to communicate some relatively reliable and objective information to aid in decision-making, such as allocating capital. If management chooses to misuse the tool and underinvest in employees to boost current accounting earnings at the expense of future accounting earnings, then perhaps the problem lies with management. Like a hammer, accounting rules don’t think, and like a good carpenter, good managers do.

Persons: Peter Cappelli’s

☆ The $1 trillion of high yield debt that's piled up in the last 5 years is about to have a 'day of reckoning,' Bank of America says
▼ + stars: | 2023-08-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

There's around $1 trillion of private debt that's headed for potential trouble, Bank of America warned. Most of that debt has been created by below-investment grade companies through high yield loans or bonds. The bank estimated around $1 trillion of high yield debt has been accumulated by companies over the past five years, which has largely been created by below-investment grade corporations. Around 25% consists of below-investment grade firms issuing risky high-yield bonds, while 35% consisted of broadly syndicated loans taken out by below-investment grade companies, the bank said. The remaining 40% was classified as private debt.

Persons: Yuri Seliger Organizations: Bank of America, Service, Moody's Investors Service Locations: Wall, Silicon

Nickel is a central component of the transition away from fossil fuels, making access to Indonesia’s stocks an objective of greatest urgency. “It’s frustrating.”Money and PowerAt 76, Mr. Luhut remains wiry, spry and prone to nationalist pique. He vehemently rejects the notion that Indonesia — a country of nearly 280 million people — must pick a side or imperil its business with the United States. The animosity between the United States and China was not the only issue causing him angst. Since the ban was introduced in 2014, Indonesia’s exports of nickel products have multiplied more than tenfold, exceeding $30 billion last year, according to government data.

Persons: Biden, ”, “, spry Organizations: National Security Council, Everything, European Union Locations: Jakarta, America, Indonesia, United States, China

☆ Warren Buffett missed a trick by not investing in Tesla at a rock-bottom valuation, Elon Musk says
▼ + stars: | 2023-08-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett could have invested in Tesla when it was worth almost nothing, Elon Musk said. Buffett passed on Tesla at a $200 million valuation in 2008, Musk previously said. Tesla is now worth about $700 billion, but that's down from a peak valuation of $1.2 trillion. Elon Musk often mentions Warren Buffett on Tesla earnings calls. As for Buffett, he's questioned why Musk tweets himself into trouble, and once challenged the tech billionaire to disrupt the candy business.

Persons: Warren Buffett, Elon Musk, Buffett, Musk, Tesla, could've, Charlie Munger, Munger, He's, he's Organizations: Tesla, Service, SpaceX, Berkshire Hathaway, Ford, General Motors, BYD, Getty Locations: Tesla, Wall, Silicon, Berkshire, Munger

☆ See the presentation that got a healthtech startup $7 million from Khosla Ventures to help patients find new treatments using AI
▼ + stars: | 2023-08-17 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

Eureka Health is building a platform to help patients with chronic conditions find new treatments. Eureka Health used this 11-slide pitch deck to land $7 million in a round led by Khosla Ventures. Eureka Health seeks to give patients with chronic conditions a community to find new treatments based on reports of what other patients have tried. Then, Eureka patients can log how effective a specific treatment was for their symptoms, as well as any side effects they may have experienced. Eureka Health provided Insider with the deck it used to raise $7 million in seed funding.

Persons: Zain Memon, Noah MacCallum, Memon, MacCallum, Anne Wojcicki, Susan Wojcicki, Eureka, we're Organizations: Eureka Health, Khosla Ventures, Health, South Park, SciFi, Able Partners, Bow, 23andMe, South Locations: Eureka, South Park

The one unanimous conclusion they came to was that Beijing wants a greater state presence in these sectors. Kroeber says the crackdowns are about "defining what the state does, what the private sector does, and creating a more limited sandbox for the private sector to play in." That has left investors now picking the state over the private sector. The CCP's July Politburo meeting reinforced the message, with the top policymaking body pledging to put a floor under the property sector, help indebted local governments heal and boost consumer demand. Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co, said Beijing will crack down on any sector seen as increasing people's economic burden.

Persons: Aly, Jack, Arthur Kroeber, Kroeber, Zhang Kexing, Xi Jinping, Mao Zedong's, Thomas Masi, Masi, Xi, Nuno Fernandes, Fernandes, Huang Yan, Huang, Kumar Pandit, Pandit, Jason Xue, Ankur Banerjee, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Rights, Ant Group, CSI Medical Services, Beijing Tongrentang, HK, Poly, Beijing Gelei Asset Management, Communist Party's, Investors, Mao Zedong's Marxist, Boston, K Investment Management, Shanghai QiuYang, Somerset Capital, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONGKONG, Beijing, New York, London, Singapore

☆ Zhongrong Trust's missed payments trigger fears among Chinese investors
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, March 7, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Aug 16 (Reuters) - Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system. Zhongrong managed assets worth 785.7 billion yuan ($107.69 billion) at the end of 2022, out of which 629.3 billion yuan were linked to trust products, according to its latest annual report. Its missed payments had added to stress in the financial sector from the country's worsening property crisis. One investor on Wednesday asked Shanghai-listed New China Life Insurance Company (601336.SS) - which owned 14 billion yuan ($1.92 billion) of products from Zhongrong at the end of last year - whether there was a risk of missed payments.

Persons: Aly, Huang Yan, Jason Xue, Tom Westbrook, Tomasz Janowski, Jason Neely Organizations: REUTERS, Rights, Zhongrong International, Co, Investors, Shanghai QiuYang, Zhongzhi Enterprise Group, Wednesday, Shanghai, China Life Insurance, KBC Corp, Bescient Technology, Shanghai New Vision Microelectronics, Nanhua, Jiangsu Azure Corp, Topsperity Securities, Thomson Locations: Shanghai, China, Shenzhen, Zhongrong, Jiangsu, Singapore

dowell | Moment | Getty ImagesIf you're sitting on profitable assets, there's a lesser-known tax-gain harvesting strategy, which can help rebalance your portfolio or trim future taxes. While tax-loss harvesting can be popular during a stock market downturn, tax-gain harvesting — or strategically selling appreciated brokerage account assets — can also be beneficial, depending on your financial goals, experts say. One of the key opportunities for tax-gain harvesting is for investors who fall into the 0% capital gains bracket, which applies to long-term capital gains, or assets owned for more than one year. The 0% bracket allows you to sell a certain amount of profitable assets without triggering capital gains taxes, which provides a chance to take the proceeds or rebalance your portfolio, according to Brown. While the so-called wash sale rule blocks investors from claiming a tax benefit after selling a losing asset and repurchasing within 30 days, the law doesn't apply when harvesting gains, Collado said.

Persons: dowell, Judy Brown, Brown, Marianela Collado, Collado Organizations: SC, H, D.C, Financial, CPA Locations: Washington, Baltimore, Plantation , Florida

☆ 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

☆ TPG approaches EY about buying stake in consulting arm - FT
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/file photo Acquire Licensing RightsAug 15 (Reuters) - Private equity group TPG Capital has approached accounting giant Ernst & Young (EY) about buying a stake in its consulting arm, Financial Times reported on Tuesday, citing a letter it had reviewed. TPG outlined its plan for a debt-and-equity deal to separate the consulting arm from EY's audit business in a letter sent to the firm's global and U.S. bosses, the FT report added. TPG and EY did not immediately respond to Reuters' requests for a comment. In September last year, EY announced its plans to split its audit and consulting units into two companies after regulators voiced concerns that the audit arm would not do its job fairly for its client if it also employed EY as a consultant.

Persons: Young, Arnd, EY, Manya Saini, Shilpi Majumdar Organizations: Ernst, REUTERS, TPG Capital, Financial, TPG, EY, Big, Thomson Locations: Zurich, Switzerland, U.S, Bengaluru

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