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☆ Russian billionaires bid for stake in Yandex's local assets -Bloomberg News
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Technology company Yandex (YNDX.O) has received bids from Russian billionaires for a stake of about half of the company's local business, valuing it at over $7 billion, Bloomberg News reported on Friday. Billionaires Vladimir Potanin and Vagit Alekperov bid for at least a 51% controlling stake in Yandex's Russian business, which they value at about 560 billion roubles ($7.21 billion) to 600 billion roubles, the report said citing people familiar with the matter. The board of Yandex might discuss the bids next week when it meets in Dubai, the report added. Yandex's primary advertising competitor, Alphabet Inc's Google (GOOGL.O), stopped selling online advertising in Russia last year. The company also sold its news aggregator platform Yandex News and content recommendation service Yandex Zen to its Russian rival VK (VKCOq.L) in 2022.

☆ Krafton says India revoked ban on its battle-royale game
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

The government had in July blocked Krafton's title Battlegrounds Mobile India (BGMI), citing concerns about its data-sharing and mining in China. Following a government directive, the app was removed from Alphabet Inc's (GOOGL.O) Google Play Store and Apple Inc's (AAPL.O) App Store. A Facebook page for the title says the game will be available for download soon. New Delhi had, back in 2020, banned another Krafton title, PlayerUnknown's Battlegrounds (PUBG) following which the company launched BGMI. India had ramped up scrutiny of Chinese businesses since a 2020 border clash between the neighbours that led to a ban of more than 300 Chinese apps, including TikTok.

☆ Amazon's cloud unit to invest $13 billion in India by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

The latest investment will be used to build its cloud infrastructure in India and it will support over 100,000 full-time jobs annually, AWS said. AWS' total planned investment in India adds up to about $16.4 billion by 2030, the company said in a statement. The cloud platform offers more than 200 services, including storage, robotics and artificial intelligence. The country is currently in the process of drafting a cloud and data center policy to oversee the sector. A host of global companies, including Microsoft Corp (MSFT.O) and Alphabet Inc's (GOOGL.O) Google are ramping up cloud investments in India, betting on the rising digital consumption in one of the fastest-growing markets.

☆ Amazon's cloud unit to invest $12.7 billion in India by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Amazon Web Services (AWS), the cloud computing division of Amazon.com Inc (AMZN.O), said on Thursday it plans to invest $12.7 billion in India by 2030 to build its cloud infrastructure. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

May 18 (Reuters) - A Florida judge ruled in favor of Tiger Woods on Wednesday, rejecting his former girlfriend Erica Herman's request to nullify a non-disclosure agreement she signed when they began dating in 2017, U.S. media reported, citing court documents. Herman had asked a judge to void the agreement, citing a recent law that limits enforcing such agreements in sexual harassment and assault cases. Herman had not accused Woods of harassment or assault in court papers. In Wednesday's ruling, Circuit Judge Elizabeth Metzger said that Herman's claims had been “implausibly pled," granting Woods' requests to compel arbitration, the New York Times reported. The judge wrote that Herman could have provided factual specificity for any claim relating to sexual assault or sexual harassment, but "she has not done so,” according to the newspaper.

☆ Cyclone Mocha heads to Bangladesh, Myanmar coasts as thousands flee
▼ + stars: | 2023-05-13 | by ( Ruma Paul | ) www.reuters.com time to read: +2 min

DHAKA, May 13 (Reuters) - A powerful storm packing winds of up to 175 kph (109 mph) barrelled towards the coasts of eastern Bangladesh and Myanmar on Saturday, threatening around a million Rohingya refugees and others living in low-lying areas. Thousands of people in both countries have already fled to safer areas ahead of the storm. Cyclone Mocha is likely to intensify further and make landfall on Sunday between Cox's Bazar in Bangladesh and Myanmar, the Bangladesh Meteorological Department said in a bulletin. Cox's Bazar, a southeastern border district, is where more than a million Rohingya refugees live, most of them having fled a military-led crackdown in Myanmar in 2017. At least 10,000 have left their homes in Myanmar's Rakhine state for safer areas, local media reported.

☆ Musk says Twitter to soon allow calls, encrypted messaging
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Twitter Inc Chief Executive Elon Musk on Tuesday revealed details about new features including adding calls and encrypted messaging coming to the platform. Last year, Musk flagged plans for "Twitter 2.0 The Everything App", which he said would have features such as encrypted direct messages (DMs), longform tweets and payments. The call feature on Twitter will bring the micro-blogging platform into line with the likes of Meta's (META.O) social media applications, Facebook and Instagram, which have similar features. Musk said a version of encrypted direct messages will be available on Twitter starting Wednesday, but did not say if calls will be encrypted. Twitter this week said it will start a cleansing process by removing and archiving accounts that have been inactive for several years.

☆ Air France-KLM in talks with Apollo for $550 mln cash injection
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Air France-KLM (AIRF.PA) said on Thursday it engaged with private equity firm Apollo Global Management (APO.N) for a 500 million euro ($550.70 million) capital injection for one of its engineering and maintenance units. The new financing arrangement if complete will help strengthen Air France-KLM’s and Air France’s balance sheet, the group said in a press release. Air France-KLM and Apollo Global Management entered into a similar solution last year where the private equity firm invested 500 million euro in the company to help repay French state aid. Earlier in April, Air France KLM agreed to revolving credit facilities (RCF) worth 2.2 billion euros, adding that these are linked to environmental, social and governance (ESG) targets. Air France KLM is due to report its first quarter results on May 5.

☆ Software AG supports Silver Lake's improved bid
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Software AG has received multiple offers according to media reports but has chosen to go ahead with the first bidder - Silver Lake. Silver Lake in April offered 30 euros per share for Software AG. Following Silver Lake's increased bid, Software AG said it does not intend to enter into discussions with a "US competitor". Software AG said in a subsequent filing that the competitor's non-binding offer was subject to specific conditions that were "not achievable". Silver Lake previously said in a regulatory disclosure that it had acquired additional 5% stake in Software AG, bringing its total holding in the company to over 30%.

☆ Morgan Stanley to cut 3,000 jobs in second quarter - source
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Morgan Stanley (MS.N) is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months. Slow dealmaking and a tough economic environment are prompting the investment bank to look at its headcount, the source said. The latest move follows another quarter in which fees from the investment banking unit fell, dragging total revenue down nearly 2% to $14.5 billion. Last month, Morgan Stanley finance chief Sharon Yeshaya had said that "expense management" was a priority given the broader market uncertainty and elevated inflation. Morgan Stanley CEO James Gorman had said in December that the bank would make "modest" job cuts worldwide without giving an exact number.

☆ White House considers two key nominations at the Fed - NYT
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: 1 min

May 1 (Reuters) - U.S. President Joe Biden is closing in on two nominations for the Federal Reserve's Board and is likely to nominate Adriana Kugler for the position of governor and Philip Jefferson as the board's vice chair, the New York Times reported on Monday. Reporting by Mrinmay Dey in Bengaluru, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ IBM to pause hiring in plan to replace 7,800 jobs with AI - Bloomberg News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - International Business Machines Corp (IBM.N) expects to pause hiring for roles as roughly 7,800 jobs could be replaced by Artificial Intelligence (AI) in the coming years, CEO Arvind Krishna told Bloomberg News on Monday. Hiring specifically in back-office functions such as human resources will be suspended or slowed, Krishna said, adding that 30% of non-customer-facing roles could be replaced by AI and automations in five years. The reduction could include not replacing roles vacated by attrition, the PC-maker told the publication. IBM did not immediately respond to a Reuters request for comment. Reporting by Mrinmay Dey in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Jeff Shell out as NBCUniversal CEO after probe into inappropriate relationship
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] CEO of NBCUniversal Jeff Shell attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 6, 2022. REUTERS/Brendan McDermidApril 23 (Reuters) - NBCUniversal Chief Executive Jeff Shell is leaving after acknowledging an inappropriate relationship with a woman in the company, following a complaint that prompted an investigation, parent company Comcast Corp (CMCSA.O) said on Sunday. "I had an inappropriate relationship with a woman in the company, which I deeply regret," Shell said in a statement. Shell, previously chairman of NBCUniversal Film and Entertainment, took over as CEO in 2020, replacing Steve Burke. NBCUniversal is one of the world's largest media companies, encompassing movie and TV studios, theme parks, NBC News and cable TV networks.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ Bank of England considering urgent reform of deposit guarantee scheme, Financial Times reports
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

The UK’s Financial Services Compensation Scheme is being urgently reviewed after the rapid failure of Silicon Valley Bank last month, the FT added citing people briefed on the matter. The failure last month of Silicon Valley Bank and two other lenders in the United States, along with the forced takeover of Credit Suisse by UBS sent banking shares globally into a tailspin, but markets have since calmed. BoE Governor Andrew Bailey said last week that the British central bank was considering improvements to its approach to depositor pay-outs for smaller banks with a focus on the speed of the pay-outs. "As with all things relating to bank resolution, there is no free lunch." Reporting by Mrinmay Dey in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse has violated U.S. tax evasion deal, Senate Committee finds
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

LONDON, March 29 (Reuters) - Credit Suisse (CSGN.S) violated a 2014 plea deal with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government, the U.S. Senate Finance Committee found on Wednesday. After concluding a two-year investigation into Credit Suisse - which this month agreed to a rescue takeover by rival UBS (UBSG.S) - the committee said it had uncovered "major violations" of the 2014 agreement between the Swiss lender and the U.S. Department of Justice for enabling tax evasion. In an emailed statement, Credit Suisse said it did not tolerate tax evasion and had been cooperating with U.S. authorities. Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine to authorities for helping Americans evade taxes in a conspiracy that spanned decades. Swiss authorities engineered the rescue of Credit Suisse earlier this month as they scrambled to prevent the lender from collapsing.

☆ Credit Suisse still helping wealthy dodge U.S. taxes, U.S. Senate Committee finds
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Credit Suisse (CSGN.S) is still helping ultra-wealthy Americans evade taxes, the U.S. Senate Finance Committee said on Wednesday following an investigation into the Swiss bank. In an emailed statement, Credit Suisse said it did not tolerate tax evasion and that it had been cooperating with U.S. authorities. "Credit Suisse’s new leadership team has cooperated with the Committee’s inquiry and has supported the work of Senator Wyden, including in respect of suggested policy solutions to help strengthen the financial industry’s ability to detect undisclosed U.S. persons," the bank said. Reporting by Mrinmay Dey in Bengaluru and Tommy Reggiori Wilkes in London, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ India's Paytm wins regulator extension for payment aggregator licence application
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

March 26 (Reuters) - Indian financial technology company Paytm Payments Services Ltd has received an extension from the country's banking regulator to apply for a payment aggregator licence and aims to reapply in about 15 days, the company said on Sunday. Paytm Payments Services, in the meantime, can continue with the online payment aggregation business for its existing partners, without taking on any new merchants, the company said in a notification to stock exchanges on Sunday. Paytm Payments Services Ltd is a wholly owned subsidiary of One 97 Communications (PAYT.NS). Payment aggregators, platforms that bring together various online payment options, must be licensed by India's central bank and banking regulator, Reserve Bank of India. In November, India's banking regulator had declined a payment aggregator licence for the One 97 Communications unit that owns the popular Paytm brand.

☆ Mississippi tornado and storms kill at least 23
▼ + stars: | 2023-03-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +3 min

Search and rescue teams were also out in Rolling Fork, a town of 1,700 people that saw the brunt of the tornado, CNN reported. "My city is gone, but we are resilient," Rolling Fork Mayor Eldridge Walker said on CNN. According to Walker, 12 of the people who died were in Rolling Fork, adding several people were trapped in their homes. Terrell compared the destruction to a tornado in Joplin, Missouri, that killed 161 people in 2011. The reports stretched from the western edge of Mississippi north through the center of the state and into Alabama.

☆ At least 23 killed in Mississippi tornado and storms - state officials
▼ + stars: | 2023-03-25 | by ( Brendan O'Brien | ) www.reuters.com time to read: +1 min

March 25 (Reuters) - At least 23 people were killed and dozens injured as a tornado and strong thunderstorms swept across Mississippi late on Friday, the state's emergency management agency said after the twister left a trail of damage for more than 100 miles (160 km). Four people were missing as search and rescue teams combed through the destruction looking for survivors after the storm struck Silver City in Western Mississippi, the Mississippi Emergency Management Agency said in a series of tweets. Search and rescue teams were also out in Rolling Fork, a town that saw the brunt of the tornado, CNN reported. Search and rescue is active." Reporting by Mrinmay Dey in Bengaluru and Brendan Boyle in Chicago Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Elliott plans bid for parts of embattled Cineworld, Sky News reports
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

March 25 (Reuters) - Activist investor Elliott Management is planning a takeover of parts of the embattled British cinema operator Cineworld Group (CINE.L) , Sky News reported on Saturday. Elliott has tabled a bid to buy Cineworld's operations outside Britain and the United States, and is understood to have explored a bid for the whole of the London-based group, the report said. Elliott is interested in acquiring Cineworld's operations in eastern Europe and Israel, Sky said. Cineworld, which is currently under Chapter 11 bankruptcy protection, did not immediately respond to a Reuters request for comment. Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year.

☆ Circle says $3.3 bln USDC reserves to be fully available on Monday
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Cryptocurrency firm Circle said on Sunday all its depositors with the collapsed Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) will be made whole and the $3.3 billion USDC reserve deposit held at Silicon Valley Bank will be fully available when banks open Monday. Circle said it did not have any Stablecoin USD Coin (USDC) cash reserves at Signature Bank and that the token remained redeemable at 1:1 U.S. dollar peg. Further, the crypto firm announced an automated USDC minting and redemption through Cross River Bank, effective Monday, and said its expanded relationships also include USDC redemptions via BNY Mellon (BK.N). "Circle's USDC operations will open for business, including with new automated settlement via our new partnership with Cross River Bank," Chief Executive Officer Jeremy Allaire said in a tweet. USDC lost its dollar peg and slumped to an all-time low on Saturday before recovering most of its losses when Circle assured investors it would honor the peg despite exposure to failed Silicon Valley Bank.

☆ Caterpillar union workers vote in favor of six-year labor agreement
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

March 12 (Reuters) - The United Auto Workers (UAW) union said members at four local chapters working at Caterpillar (CAT.N) have voted in favor of a new six-year labor contract with the firm, preventing a strike at the world's largest construction and mining equipment-maker. The contract covers roughly 7,000 union workers at plants in central Illinois and a parts distribution center in York, Pennsylvania. It wasn't immediately clear how many members voted to ratify the contract. Rank and file union workers at the company have expressed anger and frustration over the deal, saying that wage increases weren't commensurate in the face of rising inflation. The UAW's contract ratification with Caterpillar comes just six months ahead of the deadline for the union and the three Detroit automakers concluding new master contracts covering roughly 143,000 workers.

☆ SAP-controlled Qualtrics accepts $12.5 bln offer from Silver Lake, CPPIB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Qualtrics International Inc (XM.O) said on Monday it will go private after the customer survey software maker's controlling shareholder, SAP SE (SAPG.DE), accepted a $12.5 billion bid from an investor consortium led by Silver Lake and Canada Pension Plan Investment Board (CPPIB). SAP agreed to the consortium's $18.15-per-share offer for Qualtrics, saying it would get about $7.7 billion for its stake. Qualtrics said earlier this month it would negotiate on an exclusive basis with Silver Lake and CPPIB until March 15 to see whether a deal could be finalized. Silver Lake Partners currently holds a 13.94% stake in Qualtrics. In 2018, SAP bought Qualtrics for $8 billion and three years later listed it in New York.

☆ U.S. Federal Reserve governors to hold closed-door Monday
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: 1 min

March 12 (Reuters) - The U.S. Federal Reserve said it will hold a closed-door meeting of its board of governors under expedited procedures on Monday. The meeting from 11:30 a.m. (0330 GMT) will primarily review and determine the advance and discount rates to be charged by the Federal Reserve banks, the Fed said in a statement. The central bank offered no further details, but the move follows Friday's collapse of Silicon Valley Bank (SIVB.O), was the biggest failure since the 2008 financial crisis. It roiled global markets, walloped banking stocks and left California tech entrepreneurs worrying about how to make payroll. Reporting by Mrinmay Dey in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

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