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☆ Fruit harvest faces ruin after floods hit Italy's Emilia-Romagna
▼ + stars: | 2023-05-22 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

[1/3] A vineyard is flooded after heavy rains hit Italy's Emilia Romagna region, in San Giorgio near Forli, Italy, May 18, 2023. Coldiretti said the region was Italy's largest producer of pears, peaches, nectarines, apricots and plums, and the second largest producer of cherries and kiwi. In all, it accounted for a third of Italy's total fruit harvest. A Coldiretti spokesperson said the floodwater could rot the roots of almost 15 million fruit trees, killing them. Italian media said the government would initially announce some 100 million euros ($110 million) in spending and tax breaks for Emilia-Romagna.

☆ Ford recalls 422,000 SUVs because rear view camera display may fail
▼ + stars: | 2023-05-19 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera. The National Highway Traffic Safety Administration (NHTSA) said the loss of the rear view camera image can reduce the driver's rear visibility, increasing the risk of a crash. Ford said Thursday it had 29 claims of vehicles exhibiting symptoms of malfunctioning screens after getting the 2023 recall repair. The NHTSA in August 2021 opened an investigation after Ford in 2020 recalled 620,246 vehicles for another rear camera issue. The investigation is reviewing if Ford had recalled the vehicles in a timely fashion and if it recalled enough vehicles.

India's antitrust body in October fined Google $275 million in two cases, which involved abusing its dominant position in the Android operating system market, and pushing developers to use its in-app payment system. "The ministry has to take action," Chandrasekhar said. India's competition watchdog has begun another inquiry into Google after Tinder owner Match Group (MTCH.O) and many startups alleged that a new service fee system Google uses for in-app payments breaches the competition commission's October decision. Google has previously said the service fee supports investments in the Google Play app store and the Android mobile operating system, ensuring it can distribute it for free. About 97% of India's 620 million smartphones run on Android, and the company counts India as a critical growth market.

☆ Chile's state miner launches subsidiaries to manage lithium takeover plan
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, May 19 (Reuters) - Chilean state miner Codelco, the world's largest copper producer, said on Friday it had created two subsidiaries to run a newly mandated lithium business amid a government plan to increase state control over the industry. The government instructed Codelco in April to begin talks with companies running lithium mining operations in Chile's Atacama salt flats as part of a new lithium strategy that will see the state take majority stakes in all "strategic" projects. As well as talks with the world's two largest lithium miners, Albemarle (ALB.N) and SQM (SQMA.SN), Codelco has also been tasked by President Gabriel Boric's government with developing new alliances. On Thursday, SQM said it expected to begin talks with Codelco in the coming weeks. Reporting by Fabian Andres Cambero; Writing by Sarah Morland; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

A super-charged two-year rally, which saw Chinese spot lithium carbonate prices rise by tenfold, went into brutal reverse over the first part of this year. The slump in China's spot price dragged down the whole lithium pricing chain from spodumene concentrate to hydroxide, albeit to highly varying degrees. But lithium's roller-coaster ride highlights the important role China's spot market and the Wuxi futures exchange play in the fast-growing industry's price discovery process. Many lithium buyers, in other words, will be paying higher prices this year whatever happens in the Chinese spot market. The collapse in China's spot price has far exceeded the decline in the price of Australian spodumene, another closely tracked market indicator.

☆ Her son said his stepdad was sexually abusive. A judge gave the stepdad custody anyway. Then she found the photographs.
▼ + stars: | 2023-05-18 | by ( Olivia Gentile | ) www.businessinsider.com time to read: +58 min

Robert confronted Winenger with the allegations that November, and within weeks Winenger denied the claims in family court. In a family court hearing in Vista, California, on October 28, 2021, Commissioner Patti Ratekin chastised Jill Montes for allegedly alienating her kids from her ex-husband. From a list provided by the Delaware Family Court, Kelly chose a psychologist, William Northey. Their father cited the report in asking a Delaware family court judge to order the boys to change schools. Family Court of the State of Delaware, New Castle CountyCiting the email and a subsequent report, Michael pressed Ostroski to order the transfer.

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☆ 'People are getting too excited about the debt ceiling in the short-term', says Wells Fargo's Harvey
▼ + stars: | 2023-05-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'People are getting too excited about the debt ceiling in the short-term', says Wells Fargo's HarveyChris Harvey, Wells Fargo Securities head of equity strategy, joins 'Closing Bell Overtime' to discuss current market drivers, investing opportunities, and debt ceiling optimism.

☆ MLB roundup: Jorge Soler's walk-off HR pushes Marlins past Nats
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +12 min

Washington's Josiah Gray threw 104 pitches in seven innings, allowing two runs (one earned) and striking out five. Miami's Jesus Luzardo, who threw 93 pitches in six innings, allowed one run and struck out seven. Blue Jays right-hander Kevin Gausman allowed three runs (two earned), five hits and two walks while striking out 10 in seven innings. Pirates starter Luis Ortiz (0-2) allowed four runs (three earned) and seven hits in three-plus innings. White Sox right-hander Lance Lynn (2-5) allowed three runs (one earned) and seven hits in seven-plus innings.

☆ Stock futures are little changed as traders hope for a debt ceiling deal: Live updates
▼ + stars: | 2023-05-17 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

U.S. stock futures were flat on Wednesday night as Wall Street hoped that the debt ceiling crisis would soon see a resolution. Futures linked to the S&P 500 and Nasdaq 100 futures declined by 0.05% and 0.02%, respectively. Investors' sentiment seemed to rise after Washington leaders indicated that they are moving forward on debt ceiling talks. Meanwhile, Wells Fargo's head of equity strategy Chris Harvey was skeptical that progress has been made in Washington on the debt ceiling talks. We think people are getting too excited about the debt ceiling in the short term.

NEW DELHI, May 16 (Reuters) - Senior Tesla Inc (TSLA.O) executives will meet Indian government officials on Wednesday and Thursday to discuss local procurement of parts and other issues, a source with direct knowledge of the matter told Reuters. Tesla and an Indian government spokesperson did not immediately respond to a request for comment. The electric carmaker had hired a local team and begun a search for showroom space, but that was also abandoned last year. The meeting comes weeks ahead of Prime Minister Narendra Modi's visit to the United States in June. Reporting by Aditya Kalra; Additional reporting by Aditi Shah; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone, Thomson Reuters consortium looks to sell further $3 bln in LSEG shares
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

The accelerated stock offering, unveiled after the market close, includes some 28 million shares representing a voting interest of approximately 5.5% in the market infrastructure group. The news follows an earlier sale of more than $2 billion shares in March by Blackstone and Thomson Reuters, which became LSEG shareholders when they sold financial data firm Refinitiv to the bourse operator in 2021. As of April 30, Thomson Reuters owned 47.4 million shares of LSEG, worth $5 billion, which it had indicated it would begin selling in tranches this year. It also follows the publication of LSEG's first-quarter earnings at the end of April, which showed an almost 14% jump in gross profit to 1.8 billion pounds ($2.27 billion) from a year ago. LSEG has separately committed to buy up to 750 billion pounds of shares from the consortium through a targeted buy-back programme expected to be completed by April 2024.

May 16 (Reuters) - French video game producer Ubisoft (UBIP.PA) posted the biggest operating loss in company's history on Tuesday but stuck to its guidance for the current financial year, citing a renewed focus on blockbuster titles. The maker of the hit "Rainbow Six" franchise posted a full-year non-IFRS operating loss of 500.2 million euros ($550.6 million), in line with a target announced in its January profit warning. The family-run firm has been dogged by game cancellations and delays in recent years, booking a writedown estimate of around 500 million euros in 2022 due to research and development expenses. The Paris-listed publisher confirmed its estimate for a full-year core profit of around 400 million euros, while forecasting first-quarter net bookings of around 240 million euros. ($1 = 0.9084 euros)Reporting by Victor Goury-Laffont and Enrico Sciacovelli; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: UBS set to gain EU nod for Credit Suisse deal, sources say
▼ + stars: | 2023-05-16 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 16 (Reuters) - UBS (UBSG.S) is expected to secure unconditional European Union antitrust approval for its planned takeover of struggling Credit Suisse (CSGN.S), people familiar with the matter said on Tuesday, putting the Swiss bank closer to completing the deal. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and to assume up to 5 billion francs in losses in March, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. The European Commission, which is scheduled to finish its preliminary review of the deal by June 7, and Credit Suisse declined to comment. UBS, which is twice as big as Credit Suisse by assets, did not immediately respond to a request for comment. Both UBS and Credit Suisse are in a group of the 30 global systematically important banks watched closely by regulators, and Credit Suisse's failure would ripple throughout the entire financial system.

☆ SAP raises 2025 outlook, launches 5 bln euro share buyback
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 16 (Reuters) - SAP (SAPG.DE) on Tuesday raised its 2025 total revenue outlook for continuing operations by around 4 billion euros ($4.40 billion) and announced a share buyback of up to 5 billion euros, boosted by strong demand for its cloud business. For 2025, the company now expects revenue of more than 37.5 billion euros with cloud revenue of more than 21.5 billion euros. It now sees non-IFRS operating profit of around 11.5 billion euros. "Our strong, resilient cloud growth drives accelerating total revenue and operating profit growth," Chief Executive Christian Klein said in a statement. Last month, SAP reported first-quarter revenue above analysts' expectations, backed by 24% growth in its cloud business revenue.

☆ MLB roundup: Mets post 8-run inning, whip Nats in Max Scherzer's return
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +12 min

For seven innings, the game was a pitchers' duel between Cleveland rookie Tanner Bibee and the Angels' Patrick Sandoval. Zach Elfin (5-1) got the win after allowing four runs on seven hits in his six innings, striking out nine and walking one. Royals starter Jordan Lyles (0-7) was tagged for seven runs in 2 1/3 innings, allowing four hits and three walks. The loss overshadowed another strong outing by Giants starter Logan Webb, who allowed one run on three hits over seven innings. Boston's Corey Kluber (2-5) surrendered four runs on seven hits in five innings.

Outright short positions have mushroomed by 68% to 58,157 contracts in the space of three weeks. Outright long positions have been scaled back to 41,987 contracts, almost half the level of the February peak when investors were betting on a full-throttle post-COVID recovery in China. Fund managers are now net short of CME copper to the tune of 16,170 contracts, the largest collective bear bet since August last year. Investment funds have slashed their net long positioning from 25,737 contracts on April 14 to just 4,813 contracts as of May 5. Investment funds slash LME copper long positions as mood turns bearishWEAK RECOVERYChina's recovery from the stringent zero-COVID policy of last year has so far fallen short of expectations from a metals perspective.

☆ A 31-year market vet who called the current bear market warns an impending credit crunch and recession will sink stocks by 45% as valuations remain higher than dot-com bubble levels
▼ + stars: | 2023-05-13 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

Indicators like initial and continuing unemployment claims and loan demand show weakness. A recession paired with high valuations spells trouble for stocks, he said. For example, the number of initial unemployment claims is starting to jump at a recessionary pace, Wolfenbarger said. The four-week moving average of initial unemployment claims has risen 29% over the last eight months. Hussman FundsWhat others are sayingMany market onlookers have highlighted high stock market valuations in recent weeks.

☆ Welcome to the Era of Very Earnest Parenting
▼ + stars: | 2023-05-13 | by ( Caitlin Moscatello | ) www.nytimes.com time to read: +2 min

Another popular account is Big Little Feelings, created by two longtime friends, Kristin Gallant, 36, and Deena Margolin, 33, a licensed psychotherapist. Started just before the pandemic began, Big Little Feelings now has more than three million followers on Instagram, and the mood is more moms-in-survival-mode. Solid Starts, which helps parents safely introduce new foods and avoid picky eating, has 2.6 million followers on Instagram. Taking Cara Babies, a sleep training guide for exhausted parents, has 2.4 million followers. Busy Toddler, an account dedicated to thoughtful play, has two million followers.

☆ Wells Fargo says the S&P 500 is topping out and a correction is ahead
▼ + stars: | 2023-05-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The S & P 500 may take a leg down as shorting becomes more attractive and investors move attention beyond earnings season. Equity analyst Christopher Harvey said the index is "topping out" after nearing a 4,200-point target in what he called a pattern of "fits-and-starts." .SPX YTD mountain The S & P 500 A move to 3,700 would mark a low not seen since last fall for the S & P 500, though he still believes the bear market ended in February. Artificial intelligence could also help the S & P 500 avoid a downturn if it prompts a productivity spike that can help cool inflation and send technology stocks in the S & P 500 up, he said. For those interested in shorting, Harvey recommended using income to fund a risk-mitigated call option as a way to reduce tail risk.

Persons: Christopher Harvey, Harvey, — CNBC's Michael Bloom Organizations: Federal Reserve, Fed Locations: shorting

The Boston Chase Sapphire Lounge will open on May 16, and if you have a Sapphire Reserve you get unlimited access. That's about to change with today's announcement of a new Chase Sapphire Lounge opening at Boston Airport on May 16, 2023. This is exciting news for Chase Sapphire Reserve® cardholders, as it's the first domestic Sapphire Lounge location. The food at the Chase Sapphire Lounge Boston is much more upscale than your average cheese and crackers at other lounges. ChaseChase Sapphire Lounge accessBank-branded luxury airport lounges aren't new, and the Boston Chase Sapphire Lounge looks to be just as good, if not better than competitors like Amex Centurion lounges and Capital One lounges.

NEW YORK, May 9 (Reuters) - Donald Trump must pay $5 million in damages for sexually abusing magazine writer E. Jean Carroll in the 1990s and then defaming her by branding her a liar, a jury decided on Tuesday. Its six men and three women awarded Carroll $5 million in compensatory and punitive damages, but Trump will not have to pay so long as the case is on appeal. Trump has cited the Carroll trial in campaign fundraising emails as evidence of what he portrays as a Democratic plot. TRUMP MISTAKES CARROLL FOR EX-WIFECarroll testified that she bumped into Trump at Bergdorf's and agreed to help him pick out a gift for another woman. Jurors were tasked with deciding whether Trump raped, sexually abused or forcibly touched Carroll, and were separately asked if Trump defamed Carroll.

The jury deliberated for just under three hours before rejecting Trump's denial that he assaulted Carroll. Trump has cited the Carroll trial in campaign fundraising emails as evidence of what he portrays as a Democratic plot to damage him politically. Jurors were tasked with deciding whether Trump raped, sexually abused or forcibly touched Carroll, any one of which would satisfy her claim of battery. Kaplan, Carroll's lawyer, told jurors during closing arguments on Monday that the 2005 video was proof that Trump had assaulted Carroll and other women. Previously Trump had said he could not have raped Carroll because she was "not my type."

Jurors were tasked with deciding whether Trump raped, sexually abused or forcibly touched Carroll, any one of which would satisfy her claim of battery. The trial featured testimony from two women who said Trump sexually assaulted them decades ago. Carroll's lawyer, Roberta Kaplan, told jurors during closing arguments on Monday that the 2005 video was proof that Trump had assaulted Carroll and other women. Carroll testified that she bumped into Trump at Bergdorf's while he was shopping for a gift for another woman. Trump has cited the Carroll trial in campaign fundraising emails as evidence of what he portrays as a Democratic plot to damage him politically.

☆ Opinion | The Fury of #MeToo Finally Comes for the Man Who Inspired It
▼ + stars: | 2023-05-09 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +2 min

With the $5 million verdict against Donald Trump for sexual abuse and defamation in the E. Jean Carroll trial, the #MeToo movement comes full circle. Trump’s election in 2016, after he’d been heard boasting of sexual assault on the “Access Hollywood” tape and accused of sexual assault by more than a dozen women, set off a tsunami of female fury. The #MeToo movement is why E. Jean Carroll wrote the memoir in which she revealed that Trump violated her in a Bergdorf Goodman changing room in the mid-1990s. And because of her perseverance, Trump will, for the first time, face legal accountability for his treatment of women. Because of the #MeToo movement, the man who started it all gets some measure of comeuppance.

☆ Hurricanes of Data: The Tiny Craft Mapping Superstorms at Sea
▼ + stars: | 2023-05-09 | by ( Porter Fox | ) www.nytimes.com time to read: +35 min

The Tiny Craft Mapping Superstorms at Sea Shortly after dawn on Sept. 30, 2021, Richard Jenkins watched a Category 4 hurricane overrun his life’s work. That August, a sister ship, SD 1031, successfully entered Tropical Storm Henri, but only in its early stages. Hurricane research, modeling and forecasting requires many terabytes of data for every square mile the storm passes through, including vitally important sea-level data from inside a storm. The next day, the depression was upgraded to a tropical storm and officially given the name Sam. And four months later, Tropical Storm Megi killed more than 150, wiped out several villages with landslides and displaced more than a million people.

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