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☆ GE to sell $2.44 bln stake in aircraft leasing provider AerCap
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

AerCap said GE Capital U.S. Holdings will sell about 40.7 million shares of the company at $59 per share. The offering was upsized from the previously announced 32.4 million shares. The transaction follows a sale of 18 million shares by GE in March. In March 2021, GE said it would "over time" sell its stake - 33.6% as per latest LSEG data - after AerCap bought the conglomerate's aircraft leasing unit in a $30 billion deal. AerCap also agreed on Monday to repurchase about 15.3 million shares, worth about $878 million, at $57.53 per share.

Persons: Aly, AerCap, Goldman Sachs, Morgan, Kannaki Deka, Sriraj Kalluvila Organizations: Electric, GE, Artificial Intelligence, REUTERS, AerCap Holdings, General Electric Co, GE Capital U.S . Holdings, GE Capital, underwriters, Citigroup, Barclays, BofA Securities, Thomson Locations: Shanghai, China, Dublin, Bengaluru

☆ Miners boost FTSE 100 on China optimism; Vistry jumps
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.6%, FTSE 250 adds 0.4%Sept 11 (Reuters) - The UK's exporter-heavy FTSE 100 index opened higher on Monday boosted by miners after positive China data signalled stability in the world's second-largest economy, while Vistry shares jumped after the homebuilder kept its annual profit outlook. The blue-chip FTSE 100 index (.FTSE) rose 0.6% in early trade, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%. Vistry Group (VTYV.L) jumped 14.4% after the British homebuilder said it would merge its affordable-housing business 'Partnerships' with its Housebuilding operations, while maintaining its annual profit forecast. Reporting by Siddarth S in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, British homebuilder, Pascal Soriot, Siddarth, Rashmi Organizations: London Stock Exchange, REUTERS, Vistry, AstraZeneca, The Mail, Barclays, Reuters, Thomson Locations: Canary Wharf, London, Britain, China, British, Bengaluru

☆ Tesla jumps as analyst predicts $600 billion value boost from Dojo
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsSept 11 (Reuters) - Tesla rallied 6% on Monday after Morgan Stanley said its Dojo supercomputer could power a near $600 billion surge in the electric-car maker's market value by helping speed up its foray into robotaxis and software services. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and replaced Ferrari's U.S.-listed shares with it as "top pick". That is about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate for Tesla's network services business to $335 billion in 2040 from $157 billion earlier.

Persons: Matthew Childs, Tesla, Morgan Stanley, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Aich, Anil D'Silva Organizations: REUTERS, Dojo, Ford, Motors, Thomson Locations: London, Britain, Ferrari's U.S, Bengaluru

☆ Citigroup cuts 2023 euro area real GDP growth forecast to 0.4%
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo/File Photo/File Photo Acquire Licensing RightsSept 8 (Reuters) - Citigroup downgraded its 2023 economic growth forecast for the euro area to 0.4%, and said it expected the region's economy to shrink "gently" over the next three quarters. The Wall Street brokerage had earlier forecasted that the real gross domestic product (GDP) of the euro area, which includes Germany, France, Italy and Spain among others, to grow at 0.8%. They also expect the economy to shrink by 0.1% in 2024, compared to 0.8% growth expected earlier. Cyclical and structural headwinds to euro area growth are "too strong," Citigroup economists, led by Christian Schulz, said in a note dated Thursday.

Persons: Chris Helgren, Christian Schulz, Schulz, Roshan Abraham, Rashmi Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Thomson Locations: Toronto , Ontario, Canada, Germany, France, Italy, Spain, China, Bengaluru

☆ Canada's Rogers to sell $2.2 bln in bonds to repay debt
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSept 7 (Reuters) - Canada's Rogers Communications (RCIb.TO) said on Thursday it is pricing in a C$3 billion ($2.19 billion) bond offering to repay short-term debt and other borrowings. Rogers is selling its Canadian dollar-denominated senior bond in four parts, the telecoms company said in a statement, adding that the longest tranche of the offering, due for 2033, is priced at C$1 billion of 5.9% senior bonds. In March, Canada approved Rogers' buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network. ($1 = 1.3685 Canadian dollars)Reporting by Nilutpal Timsina in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Rogers, Nilutpal, Rashmi Aich, Sherry Jacob, Phillips Organizations: Rogers, Rogers Communications, REUTERS, Canada's Rogers Communications, Shaw Communications, Thomson Locations: Toronto, Ontario, Canada, Bengaluru

☆ Goldman Sachs plans fresh round of job cuts for underperformers - FT
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 7 (Reuters) - Goldman Sachs (GS.N) is planning for another round of job cuts for employees who are deemed underperformers, which could come as soon as late October, the Finanical Times reported on Thursday, citing people familiar with the matter. The bank cut 500 employees in September 2022, Reuters had reported earlier, citing sources. Goldman Sachs did not immediately respond to a Reuters request for comment on the report. Reporting by Juby Babu in Bengaluru and Saeed Azhar in New York; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Juby Babu, Saeed Azhar, Rashmi Organizations: New York Stock Exchange, REUTERS, Finanical Times, Reuters, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - Singapore's investment firm Temasek led a $140 million funding round in India's Ola Electric at a valuation of $5.4 billion, two sources with the direct knowledge said, the latest funding for the e-scooter maker before its initial public offering. Ola did not respond to a Reuters request for comment, while Temasek, which is an existing investor in Ola Electric, declined to comment. Ola Electric, founded by Bhavish Aggarwal and backed by Japan's SoftBank Group (9984.T), has become India's e-scooter market leader with a 32% share, competing with Ather Energy as well as companies such as TVS Motor (TVSM.NS) and Hero Electric. Valued at $5 billion last year, Ola sold around 95,000 e-scooters during April-August 2023, industry data showed.

Persons: Ola, VarunVyas, Ola Electric, Bhavish Aggarwal, Japan's, Aditya Kalra, Aditi Shah, Yantoultra Ngui, Dhwani Pandya, Rashmi Organizations: REUTERS, Temasek, Japan's SoftBank, Ather Energy, TVS, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, DELHI, India's, Temasek, Ola

☆ Elon Musk borrowed $1 bln from SpaceX in same month of Twitter deal - WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

SpaceX approved the $1 billion loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, according to the report, citing documents. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents. Both SpaceX and X did not immediately respond to a Reuters request for comment. Elon Musk sold a massive chunk of his Tesla shares in 2022, both before and after the Twitter deal, bringing his total sales to about $40 billion which frustrated investors in the EV maker. In addition to Tesla and X, Musk is a co-founder of brain-chip startup Neuralink.

Persons: Porte, Gonzalo Fuentes, Elon Musk, Musk, Tesla, Nilutpal Timsina, Mrinmay Dey, Sherry Jacob, Phillips, Eileen Soreng Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Twitter, Wall Street, Federal Communications Commission, Thomson Locations: Paris, France, Bengaluru

The deal would give privately held C&S, primarily a supplier rather than an operator of grocery stores, a much more significant footprint. The stores that Kroger and Albertsons plan to shed are primarily in the Pacific Northwest and the Mountain states, along with some in California, Texas, Illinois, and the East Coast, the sources said. Bloomberg News reported about the talks between C&S, Kroger and Albertsons on Monday, as well as SoftBank's involvement but gave no information about the deal terms. Previously, Kroger and Albertsons said they may divest between 100 and 375 stores by placing them in a new company that Albertsons shareholders would own. In a regulatory filing Kroger said the upper limit for divestitures was 650 stores.

Persons: Rick Cohen, Cohen, SoftBank, Kroger, Ahold, Anirban Sen, Abigail Summerville, Juby Babu, Sherry Jacob, Phillips, Rashmi Aich, David Gregorio Our Organizations: Kroger, Albertsons Cos Inc, S Wholesale Grocers, Grand Union, Piggly, SoftBank Group Corp, Symbotic Inc, Albertsons, Bloomberg News, Thomson, & $ Locations: Pacific Northwest, California , Texas , Illinois, East Coast, New York, Bengaluru

☆ C&S, SoftBank near deal to buy stores from Kroger, Albertsons - source
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The deal value and the number of stores included in the transaction could not be immediately learned. C&S lost one of its largest customers, Ahold Delhaize (AD.AS), when the supermarket group decided to transition to self-distribution in 2019. Kroger, Albertsons, C&S and SoftBank did not respond to Reuters' request for a comment. Reuters had reported in February that Kroger and Albertsons were advancing their plans to sell between 250 and 300 stores that they hope will alleviate U.S. antitrust concerns over their combination. In March, the companies reiterated that they would divest some stores to win the regulatory clearance required to go ahead with the merger.

Persons: Ahold, SoftBank, Kroger's, Juby Babu, Anirban Sen, Abigail Summerville, Sherry Jacob, Phillips, Rashmi Organizations: S Wholesale Grocers, SoftBank, Kroger, Albertsons Companies Inc, Reuters, Bloomberg, Albertsons, Federal Trade Commission, Thomson Locations: Pacific Northwest, Southern California, Phoenix, Chicago, Bengaluru, New York

☆ Elon Musk borrowed $1 billion from SpaceX in same month of Twitter deal, Wall Street Journal reports
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Sept 5 (Reuters) - Elon Musk withdrew a loan of $1 billion from SpaceX - the two-decade-old rocket company run by the billionaire - around the same time he was acquiring Twitter, now known as X, for $44 billion, the Wall Street Journal reported on Tuesday. SpaceX approved the $1 billion loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, according to the report, citing documents. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents. REUTERS/Gonzalo Fuentes Acquire Licensing RightsBoth SpaceX and X did not immediately respond to a Reuters request for comment. In addition to Tesla and X, Musk is a co-founder of brain-chip startup Neuralink.

Persons: Elon Musk, Musk, Tesla, Porte, Gonzalo Fuentes, Nilutpal Timsina, Mrinmay Dey, Sherry Jacob, Phillips, Eileen Soreng Organizations: SpaceX, Twitter, Wall Street, Federal Communications Commission, Tesla, Viva Technology, Porte de, REUTERS, Thomson Locations: Paris, France, Bengaluru

☆ Qualcomm to supply BMW and Mercedes with chips for displays, voice features
▼ + stars: | 2023-09-05 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSAN FRANCISCO/MUNICH, Sept 5 (Reuters) - U.S. semiconductor company Qualcomm (QCOM.O) on Tuesday said it will supply chips to power in-car infotainment systems to luxury automakers Mercedes (MBGn.DE) and BMW (BMWG.DE). Qualcomm is the leading supplier of the chips used in smartphones, a market that has slumped over the past year. Qualcomm said in a statement it will supply BMW with chips that will help power voice commands inside the car. It also said it will supply chips for the next version of the Mercedes E class models, which will be available in the U.S. in 2024. "One of the things we're very focused on the company is to find new areas for growth... automotive is one of those areas," Amon said.

Persons: Dado Ruvic, Cristiano Amon, Amon, Stephen Nellis, Victoria Waldersee, Christina Amann, Rashmi Aich, Kim Coghill Organizations: Qualcomm, REUTERS, FRANCISCO, BMW, Mercedes, Arm Holdings, SoftBank Group Corp, Thomson Locations: MUNICH, U.S, Munich, Britain, San Francisco

☆ Goldman Sachs cuts chances of US recession in next one year to 15%
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 5 (Reuters) - Goldman Sachs on Tuesday lowered its probability that a U.S recession would start in the next 12 months to 15% from an earlier 20% forecast. The continued positive inflation and labor market data led to the cut, Goldman Sachs Chief Economist Jan Hatzius wrote in a note. It also noted the drag from monetary policy tightening will continue to diminish before "vanishing entirely" by early 2024. Goldman added that it expected "very gradual" cuts of 25 basis points per quarter starting in second quarter of 2024. Reporting by Aniruddha Ghosh and Roshan Abraham in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Goldman Sachs, Goldman, Jan Hatzius, Jerome Powell's, Aniruddha Ghosh, Roshan Abraham, Rashmi Organizations: REUTERS, Federal Reserve, GS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ LSEG explores blockchain for cross-asset digital 'ecosystem'
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - London Stock Exchange Group (LSEG.L) is looking into using blockchain to build what it described on Monday as "an end-to-end digital market ecosystem to raise and transfer capital across asset classes". Blockchain, best known as the technology underpinning cryptocurrencies such as bitcoin and other crypto assets, is a digital ledger which records and verifies transactions. LSEG's move comes as a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets. "The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent .

Persons: Toby Melville, Murray Roos, Roos, LSEG, Akanksha, Radhika Anilkumar, Savio D'Souza, Rashmi Aich, Alexander Smith Organizations: London Stock Exchange, REUTERS, Financial Times, Reuters, Treasury, Thomson Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ Qantas apologises after Aussie regulator alleges ticket sale for cancelled flights
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO: A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport in Australia, November 29, 2021. REUTERS/Loren Elliott/file photo/File Photo/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australia's Qantas (QAN.AX) apologised for its service standards falling short and acknowledged it was suffering reputational damage, after the country's competition regulator sued it for allegedly selling tickets for thousands of cancelled flights. The regulator alleged that Qantas kept selling tickets for an average of 16 days after it had cancelled flights for reasons often within its control. Qantas clarified that its practice is that when a flight is cancelled, customers are offered an alternative flight close to the original departure time, or a refund. "The ACCC's allegations come at a time when Qantas' reputation has already been hit hard on several fronts.

Persons: Loren Elliott, Himanshi, Rashmi Organizations: Qantas, Sydney Airport, REUTERS, Australian Competition, Consumer Commission, Australia, Thomson Locations: Australia, Bengaluru

☆ LSE Group draws up plans for blockchain-based digital assets business - FT
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire Licensing RightsSept 4 (Reuters) - The London Stock Exchange Group (LSEG.L) has drawn up plans for a new digital markets business to offer extensive trading of traditional financial assets on the blockchain technology known for powering cryptocurrency, the Financial Times reported. LSEG is considering using a separate legal entity for the digital markets business, the report said on Monday, adding that it hoped to have it running within the next year, subject to regulatory approvals. The London Stock Exchange Group did not immediately respond to a Reuters request for comment. The reported move comes at a time when a number of mainstream financial institutions are talking about the potential for blockchain to streamline the process of issuing and trading financial assets.

Persons: Toby Melville, Murray Roos, Blockchain, Roos, Akanksha, Savio D'Souza, Rashmi Organizations: London Stock Exchange, REUTERS, Financial Times, LSE Group, LSE, Treasury, London Stock Exchange Group, Thomson Reuters, Reuters, Thomson Locations: Canary Wharf, London, Britain, LSEG, Bengaluru

☆ Google DeepMind co-founder calls for US to enforce AI standards - FT
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsSept 1 (Reuters) - The U.S. should allow Nvidia's (NVDA.O) artificial intelligence (AI) chips only to buyers who agree to ethically use the technology, Google DeepMind's co-founder Mustafa Suleyman told the Financial Times on Friday. The US should enforce minimum global standards for the use of AI, and companies should at a minimum agree to abide by the same pledge made by leading AI firms to the White House, Suleyman said. "The US should mandate that any consumer of Nvidia chips signs up to at least the voluntary commitments — and more likely, more than that," Suleyman said. Mustafa Suleyman is also the chief executive of Inflection AI, a Microsoft-backed AI startup that raised $1.3 billion in June from Nvidia and other firms. In May, Inflection released an AI chatbot named Pi that uses generative AI technology to interact with users through conversations, in which people can ask questions and share interests.

Persons: Dado Ruvic, Mustafa Suleyman, Suleyman, Lavanya, Rashmi Organizations: NVIDIA, REUTERS, Google, Financial, White, Nvidia, Microsoft, Thomson Locations: U.S, China, Bengaluru

☆ Australia regulator sues Qantas alleging sale of tickets on cancelled flights
▼ + stars: | 2023-08-31 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble//File Photo Acquire Licensing RightsCompanies Qantas Airways Ltd FollowSYDNEY, Aug 31 (Reuters) - Australia's competition regulator sued Qantas Airways (QAN.AX) on Thursday, accusing it of selling tickets to thousands of flights after they were cancelled, putting the airline at risk of huge fines and reputational turbulence. The airline kept selling tickets for an average of 16 days after it had cancelled flights for reasons often within its control, such as "network optimisation", the ACCC added. Qantas kept selling tickets to one Sydney-to-San Francisco flight 40 days after it had been cancelled, the regulator said. At the Senate hearing, Joyce confirmed Qantas had written to the federal government in 2022 asking it to deny a request from Qatar Airways, a Qantas competitor on international routes, to increase flights to Australia.

Persons: Phil Noble, Rico Merkert, Alan Joyce, Joyce, Gina Cass, Gottlieb, Byron Kaye, Poonam, Shailesh Kuber, Rashmi Aich, Gerry Doyle, Edmund Klamann Organizations: Qantas, Melbourne International Airport, REUTERS, Rights Companies Qantas Airways Ltd, SYDNEY, Qantas Airways, Australian Competition, Consumer Commission, ACCC, Sydney University's Institute of Transport, Logistics Studies, Australia, Senate, Qatar Airways, Qatar, Thomson Locations: Melbourne, Australia, Sydney, Francisco, Bengaluru

☆ Aussie regulator takes Qantas to court for selling cancelled flights' tickets
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Australian competition regulator has taken Qantas Airways (QAN.AX) to court, alleging the flagship carrier in mid-2022 kept selling tickets for more than 8,000 cancelled flights for an average of over two weeks after the flights were called off. "We have commenced these proceedings alleging that Qantas continued selling tickets for thousands of cancelled flights, likely affecting the travel plans of tens of thousands of people," ACCC Chair Gina Cass-Gottlieb said. "However, this case does not involve any alleged breach in relation to the actual cancellation of flights, but rather relates to Qantas' conduct after it had cancelled the flights." ACCC said it would pursue orders including penalties, injunctions, declarations, and costs against the airline for its conduct after flight cancellations. Reporting by Poonam Behura in Bengaluru; Editing by Shailesh Kuber and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Gina Cass, Gottlieb, Poonam, Shailesh Kuber Organizations: Qantas Airways, Qantas, Australian Competition, Consumer Commission, Airlines, ACCC, Qantas Group, Jetstar, Thomson Locations: Australian, Bengaluru

☆ Cleveland-Cliffs, USW union reach tentative labor agreement
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: 1 min

A United Steelworkers sign is seen in front of the U.S. Steel Great Lakes Works plant in Ecorse, Michigan, U.S., September 24, 2019. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsAug 29 (Reuters) - U.S. steel producer Cleveland-Cliffs Inc (CLF.N) said on Tuesday it had reached a tentative agreement with the United Steelworkers (USW) union on a new 3-year labor agreement for its Northshore mining operations. The agreement will cover about 430 workers at Cliff's Northshore Mine in Minnesota and is pending ratification by USW's local union membership, the steel producer said in a statement. The company did not disclose additional details on the labor agreement pending ratification. Reporting by Chandni Shah in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Chandni Shah, Rashmi Organizations: Steelworkers, U.S . Steel, Lakes, REUTERS, Cliffs Inc, United Steelworkers, Thomson Locations: Ecorse , Michigan, U.S, Cleveland, Minnesota, Bengaluru

☆ Lordstown hopeful to find buyer for all or some parts of business - Bloomberg News
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 28 (Reuters) - Lordstown Motors is formulating a debt repayment plan and is hopeful that it will find buyers in Chapter 11 for all or parts of its business, Bloomberg News reported, citing the electric truck manufacturer's attorney Thomas Lauria. Judge Mary Walrath refused to dismiss Lordstown's bankruptcy petition. Several investor groups have also brought claims against Lordstown, alleging that the Lordstown misled consumers and investors. Lordstown and Foxconn did not immediately respond to Reuters' request for comment on the ruling.

Persons: Dado Ruvic, Thomas Lauria, Taiwan's Foxconn, Lauria, Judge Mary Walrath, Lordstown's, Foxconn, Lordstown, Kanjyik Ghosh, Jahnavi, Rashmi Organizations: Lordstown Motors, REUTERS, Lordstown, Bloomberg News, Bloomberg, Hai Precision Industry, U.S . Securities, Exchange Commission, Reuters, Thomson Locations: U.S, Bengaluru

☆ Genesis, DCG reach in-principle deal with creditors - court filing
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February. DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. Reporting by Lavanya Ahire in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Genesis, Barry Silbert, Lavanya, Akanksha Khushi, Rashmi Aich, Sohini Organizations: Genesis, Digital Currency Group, Gemini, Thomson Locations: U.S, York, DCG, New York, Bengaluru

☆ China communications firm Guodong raises $150 mln from Middle Eastern sovereign fund
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Guodong Network Communication Group, a Chinese communications infrastructure and service provider, has raised $150 million from a Middle Eastern country's sovereign wealth fund, the deal's adviser China Renaissance said on Tuesday. The statement did not identify the sovereign wealth fund. A China Renaissance spokesperson declined to comment, while Guodong didn't immediately respond to a Reuters request to comment. Guodong, founded in 1997, has 40,000 communications base stations and provides data centres that can support cloud computing in China, according to its website. It has received funds from investors including Morgan Stanley, the investment arms of top Chinese investment banks CICC and CITIC and a sovereign wealth fund from Abu Dhabi, said the website.

Persons: Guodong didn't, Ji Xiaoling, Morgan Stanley, Roxanne Liu, Kane Wu, Rashmi Organizations: Communication, China Renaissance, Thomson Locations: Eastern, China, U.S, Abu Dhabi

☆ Social media platform X down for thousands of users - Downdetector
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsAug 28 (Reuters) - Social media platform X, formerly known as Twitter, is down for thousands of users in the U.S. on Monday, according to outage tracking website Downdetector.com. Downdetector, which tracks outages by collating status reports from several sources including users, said there were more than 17,000 reports of outages, as of 19:24 ET (23:24 GMT). Reporting by Nilutpal Timsina in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Barria, Nilutpal, Rashmi Organizations: REUTERS, Thomson Locations: San Francisco , California, U.S, Bengaluru

A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

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