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☆ United Airlines pilots vote against new contract offer
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - United Airlines (UAL.O) pilots overwhelmingly voted against a tentative contract, the union representing the workers said on Tuesday, saying the proposal fell short of what members were seeking. The Air Line Pilots Association said 94% of the nearly 10,000 pilots voted to reject the contract offer and said pilots would immediately begin a series of pickets. The tentative agreement, announced in June, offered more than 14.5% cumulative pay increases and enhanced overtime and training pay. However, some pilots were not happy with the deal, prompting the union to renegotiate its terms. On Monday, pilots at Delta Air Lines (DAL.N) overwhelmingly voted in favor of a strike authorization vote.

The defaults, though less widespread than last year, have scrambled the coffee market, leaving traders reluctant to agree to forward sales for next year's crop or the one after. "We've been told to have less exposure with (Brazilian farmers). However, when farmers default, traders do not have the physical coffee to sell to offset the futures market. That's what happened in September, when Arabica coffee futures rose from around 2.16 cents per pound to 2.32 cents late in the month, a 7% increase. A lawyer working for one of the five largest coffee exporters in Brazil said the defaults concerned less than 10% of Brazil's total forward contracts.

☆ Indonesia to extend gas supply contract with Singapore by five years - minister
▼ + stars: | 2022-10-28 | by ( Bernadette Christina | ) www.reuters.com time to read: +1 min

Indonesian Energy and Mineral Resources Minister Arifin Tasrif speaks at the Sydney Energy Forum in Sydney, Australia July 12, 2022. Brook Mitchell/Pool via REUTERS/File PhotoJAKARTA (Reuters) - Indonesia will extend its gas supply contract with Singapore by five years, Energy Minister Arifin Tasrif told reporters on Friday, but the distribution volume is expected to be lower. The current contract for piped natural gas via the Grissik-Batam-Singapore Pipeline is due to expire next year. Tasrif told Reuters last week that the new contract might be signed as early as next week. Under the new contract Indonesia will likely supply a lower volume of gas to Singapore.

☆ Adidas ends Ye deal over hate speech, costing rapper his billionaire status
▼ + stars: | 2022-10-27 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +4 min

Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month. "Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said on Tuesday. Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion. On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

☆ Check Point Software sees further gains in Q4; CFO to take 6-month leave
▼ + stars: | 2022-10-27 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

For the fourth quarter, Check Point projected revenue of $608-$658 million, up from $599.1 million a year earlier and against analysts' expectations for $630.8 million. While Check Point forecasts a strong end to 2022, chief executive Gil Shwed said it was difficult to estimate next year's outlook. For all of 2022, Check Point expects revenue of $2.299-$2.349 billion, compared to a prior estimate of $2.2-$2.375 billion. Over the past quarter, cyber attacks increased by 28%, underscoring the critical need for cyber security, Shwed said. Check Point has moved to a prevention-first security system that includes securing corporate networks, the cloud and employees who work remotely.

☆ Citi CEO Fraser will not attend Hong Kong summit due to COVID - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 27 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser will not attend next week's Global Financial Leaders' Investment Summit in Hong Kong as she has tested positive for COVID-19, a person with knowledge of the matter told Reuters. It did not say if Chan would attend the summit. Citi's Fraser was set to join the heads of some of the world's top banks and asset managers at the summit. A Citi spokesperson confirmed the development and said that Fraser looked forward to visiting Hong Kong in the near future. Goldman Sachs (GS.N) CEO David Solomon, Morgan Stanley (MS.N) boss James Gorman and BlackRock (BLK.N) President Rob Kapito are among the speakers scheduled to attend, according to the summit organiser, the Hong Kong Monetary Authority (HKMA).

☆ South Africa's Telkom launches 5G network with Huawei
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Oct 27 (Reuters) - South African telecoms operator Telkom (TKGJ.J) has launched its 5G high-speed internet network using technology from China's Huawei Technologies [RIC:RIC:HWT.UL], the companies said on Thursday. "The COVID pandemic has driven significant lifestyle changes for South Africans, due to work from home or school from home, online shopping and an 'always on' kind of culture," said Fortune Wang, Carrier Business Director for Huawei South Africa. "At launch Telkom will primarily focus on providing super fast 5G fixed wireless access solutions, as the demand for mobile 5G increases, we will supplement this with suitable mobile propositions," said Lunga Siyo, chief executive officer of Telkom Consumer and Business. Shunned in the global north due to security concerns, which Huawei has denied, the Chinese company dominates in Africa as a supplier of equipment to many telecoms operators. Reporting by Nqobile Dludla Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ United States pledges further $30 million in aid to flood-hit Pakistan
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ISLAMABAD, Oct 27 (Reuters) - The United States will give Pakistan a further $30 million in aid to help millions of people whose lives were disrupted by severe flooding in recent months, the U.S. Embassy in Islamabad said on Thursday. The funding would take the total in disaster-related assistance from the U.S. to Pakistan this year to $97 million. Pakistani officials have estimated damage from torrential monsoon rains that killed over 1,000 people and displaced tens of millions at more than $40 billion. This month, the United Nations revised up its humanitarian aid appeal for Pakistan five-fold to $816 million from $160 million, as a surge of water-borne diseases and fear of growing hunger posed new dangers after weeks of unprecedented flooding. Reporting by Charlotte Greenfield Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Oct 27 (Reuters) - A federal jury in Detroit ordered Ford Motor Co (F.N) to pay Versata Software Inc $104.6 million in damages for breaching a 2004 licensing contract and misappropriating trade secrets. More than $82.2 million of the jury award was for breach of contract, with the remaining $22.4 million for trade secret misappropriation. Versata's damages expert testified that the company suffered $59.9 million in trade secret damages. The litigation began in April 2015, when Ford sought a court order that it did not infringe Versata's intellectual property. The case is Versata Software Inc et al v Ford Motor Co, U.S. District Court, Eastern District of Michigan, No.

☆ Harris Associates welcomes Credit Suisse's approach to improving performance
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Oct 27 (Reuters) - Harris Associates, a shareholder of Credit Suisse Group (CSGN.S), said on Thursday it welcomed the "aggressive" approach the Swiss bank was taking to improve its performance. "We welcome the aggressive approach CS (Credit Suisse) is taking to stabilize and improve the performance of both the investment bank and the group as a whole," the activist Chicago-based investor said in a statement. Harris said in another email it has consistently held a stake of around 10% in Credit Suisse. Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it. read moreReporting by Saeed Azhar Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Interpol's member countries have raised concerns about how to prepare for possible metaverse crime, Madan Oberoi, Interpol's executive director for technology and innovation, told Reuters. "Some of the crimes may be new to this medium, some of the existing crimes will be enabled by the medium and taken to a new level," he said. Phishing and scams could operate differently when augmented reality and virtual reality are involved, Oberoi said. Virtual reality could also facilitate crime in the physical world, Oberoi said. Users may also create virtual worlds with "extremist rules," the report said.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

CHICAGO, Oct 26 (Reuters) - Agricultural commodities trader Bunge Ltd (BG.N) on Wednesday raised its full-year earnings outlook after adjusted third-quarter profit topped expectations, sending its shares up more than 5%. "We delivered strong quarterly results against the backdrop of a shifting operating environment," Chief Executive Gregory Heckman said. Rival agribusiness Archer-Daniels-Midland Co on Tuesday reported its strongest ever third-quarter profit and raised its earnings outlook. Bunge lifted its full-year 2022 earnings guidance to $13.50 per share as the profit outlook for its core business segments improved. The refined and specialty oils segment however turned in stronger quarterly earnings.

☆ Carlsberg lifts 2022 profit outlook; shares trim losses
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, Oct 26 (Reuters) - Danish brewer Carlsberg (CARLb.CO) on Wednesday reported third-quarter sales broadly in line with expectations and lifted its profit forecast for the year despite weakening consumer sentiment. Sales in Asia grew 19% in the period, with volumes up 10%, but the firm cautioned that the outlook remained uncertain. Carlsberg's shares were down 2.5% at 1222 GMT, recouping much of its losses in early trading on the weak Heineken outlook. It also increased its share buy-back programme for the fourth quarter to 1.5 billion crowns from 1 billion crowns in the third quarter. The firm, which released the numbers one day earlier than planned, does not provide earnings in its third-quarter trading statements.

[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.

The Competition Commission of India (CCI) said Google (GOOGL.O) used its "dominant position" to force app developers to use its in-app payment system, noting the sale of in-app digital goods is a key means for developers to monetize their work. Google should ensure complete transparency in communicating with app developers and details about service fees charged, the CCI added. The investigation into Google's payment ecosystem was started in 2020, after an antitrust case was filed against Google. "The CCI order directing Google to allow alternate payment processing systems will remove the artificial barrier that Google had erected," Chopra said, declining to disclose the name of the complainant for whom he had filed the case. Of late, Google has begun to allow alternative payment systems in more countries.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Retailers Tesco and Lidl fight over logo's trademark in UK court
▼ + stars: | 2022-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

[1/3] The logo of retailer Lidl is seen in Schaenis, Switzerland April 3, 2019. He said in written arguments that Lidl’s underlying case is that Tesco has “copied Lidl’s logos ... to benefit from the association with Lidl’s reputation for high quality goods sold at a low price”. Documents provided to Lidl by Tesco in the course of the litigation also show that “many of their customers believe the Tesco [Clubcard Prices] logo to be the Lidl logo”, Brandreth added. A trial of Lidl’s initial lawsuit and Tesco’s remaining counterclaims is due to be heard at the High Court in London early next year. The case is Lidl Great Britain Limited and another v Tesco Stores Limited and another, CA-2022-001407.

[1/2] Boards displaying buying and selling rates are seen outside of currency exchange outlets in London, Britain, July 31, 2019. read moreRishi Sunak became Britain's third prime minister in two months on Tuesday, tasked with tackling a mounting economic crisis and a warring political party. The U.S. dollar was broadly weaker amid signs that Federal Reserve rate hikes are slowing the world's biggest economy. YEN AND YUANThe yen firmed against the dollar after suspected Bank of Japan (BOJ) intervention on Friday and Monday. At 147.665 yen, the dollar was down from a 32-year high of 151.94 on Friday, which appeared to trigger successive bouts of BOJ intervention.

The Competition Commission of India (CCI) said Google (GOOGL.O) used its "dominant position" to force app developers to use its in-app payment system, noting the sale of in-app digital goods is a key means for developers to monetize their work. Google should ensure complete transparency in communicating with app developers and details about service fees charged, the CCI order added. The investigation into Google's payment ecosystem was started in 2020, after an antitrust case was filed against Google. "The CCI order directing Google to allow alternate payment processing systems will remove the artificial barrier that Google had erected," Chopra said, declining to disclose the name of the complainant for whom he had filed the case. Of late, Google has begun to allow alternative payment systems in more countries.

☆ India fines Google $113 mln in second antitrust penalty this month
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The Competition Commission of India (CCI) said Google forced app developers to use its in-app payment system, noting selling of in-app digital goods makes up an important means for developers to monetize their work. Google is also facing a separate probe into its business conduct in the Indian smart TV market. "The Commission hereby directs Google to cease and desist from indulging in anti-competitive practices," CCI said in a statement on Tuesday. It said Google should not restrict app developers from using any third-party billing or payment processing services, either for in-app purchases or for purchasing apps. Google has faced criticism globally for mandating that software developers using its app store must use a proprietary in-app payment system that charges commissions of up to 30% on purchases made within an app.

☆ U.S. autonomous vehicle group picks ex-Senate aide as director
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director, the group told Reuters. U.S. lawmakers have been divided for years over how to amend current auto safety regulations to encompass self-driving cars, including the scope of consumer and legal protections. In August, U.S. House members launched a bipartisan effort to help revive stalled legislative efforts to boost self-driving vehicles. In July, the National Highway Traffic Safety Administration said GM's Cruise and Ford sought exemptions to deploy up to 2,500 self-driving vehicles annually without human controls. The Transportation Trades Department for the AFL-CIO, told U.S. lawmakers in 2021 that autonomous vehicles place "millions of jobs at risk" and any self-driving legislation should not apply to commercial trucks.

Wedbush analyst Dan Ives in a research note called the results a "major step in the right direction for the Detroit stalwart." GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76. The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. The automaker said higher volume in the quarter drove a $5-billion gain, with higher prices contributing a $2.1 billion gain, offset by $3.6 billion in additional logistics costs. GM's China income climbed to $330 million, compared with $270 million a year earlier.

☆ Adidas ends Kanye West partnership over antisemitism, hate speech
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

"Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said. Register now for FREE unlimited access to Reuters.com RegisterA lawyer representing Kanye West did not respond to a request for comment. Adidas put the partnership under review earlier in October "after repeated efforts to privately resolve the situation." Ye has courted controversy in recent months by publicly ending major corporate tie-ups and due to outbursts on social media against other celebrities. His Twitter and Instagram accounts were restricted, with the social media platforms removing some of his online posts that users condemned as antisemitic.

☆ Malaysia's deportation of Myanmar refugees violates international law - UN
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The deportations, which included former navy officers seeking asylum, expose those sent away to danger and are a violation of the international law on non-refoulement, according to UNHCR, referring to a law that protects refugees or asylum seekers from being deported. "In the last two months alone, hundreds of Myanmar nationals are reported to have been sent back against their will by the authorities," UNHCR spokesperson Shabia Mantoo told a Geneva press briefing. The latest incident involving an asylum seeker being sent back to conflict-torn Myanmar occurred on Oct. 21, Mantoo added, despite intervention by the UNHCR with authorities. Myanmar's embassy in Malaysia previously said in a post on Facebook that 150 Myanmar nationals were deported by plane on Oct. 6 in cooperation with Malaysian immigration authorities. So far, more than 150,000 refugees and asylum seekers, including many ethnic Rohingya Muslims, have fled to neighbouring Malaysia.

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