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☆ Celsius Network pivots to bitcoin mining after bankruptcy
▼ + stars: | 2023-11-21 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

[1/2] Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Crypto lender Celsius Network has scaled back its post-bankruptcy business plans to focus only on bitcoin mining, citing U.S. regulators' skepticism of its other planned business lines. A U.S. bankruptcy court in Manhattan had approved Celsius' Chapter 11 plan on Nov. 9, clearing the company to return cryptocurrency to customers and create a new company owned by Celsius creditors. The SEC did not definitively say during Celsius' bankruptcy case whether the new company's business plans would violate U.S. law, but it reserved the right to make that determination later. Bitcoin mining was always meant to be the "core business" of the new company, Celsius said.

Persons: Dado Ruvic, BlockFi, Dietrich Knauth, Alexia Garamfalvi, Richard Chang Organizations: REUTERS, U.S . Securities & Exchange Commission, SEC, Arrington Capital, Bitcoin Corp, Voyager, Thomson Locations: U.S, Manhattan, New Jersey

The market reaction reflects an expectation that a $4 billion payment would be manageable for Binance, four crypto investors and market participants said. Its status has for years left investors wary of risks to the wider market from a string of regulatory and legal headaches facing Binance. Any resolution of the DOJ probe would remove the risk to the crypto market of Binance's sudden collapse, said Sui Chung, CEO of crypto index provider CF Benchmarks. "Binance disappearing overnight remains a potential systemic risk to the crypto market," Chung said. Other investors cited the personal wealth of Zhao as being sufficient to cover any settlement with the DOJ.

Persons: Dado Ruvic, Bitcoin, Binance, Anatoly Crachilov, Crachilov, Changpeng Zhao, Zhao, Sui Chung, Chung, Tom Wilson, Elizabeth Howcroft, Susan Fenton Organizations: REUTERS, U.S . Justice Department, Bloomberg, Reuters, London, Asset Management, DOJ, U.S . Securities, Exchange Commission, Assets Fund, Thomson Locations: Binance, London

☆ The money you are saving at the pump this holiday season is probably only temporary
▼ + stars: | 2023-11-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Goldman Sachs researchers are projecting oil prices to jump nearly 20% next year. AdvertisementAs the holiday season approaches, drivers are experiencing a welcome respite at gas stations, but those savings will likely go away in the new year. Last week, West Texas Intermediate crude, a benchmark for oil prices, dipped to approximately $73 per barrel, a significant 20% drop from its late September peak of $94. "The big surprise of 2023 is stronger than expected non-OPEC supply growth, which we think will slow heading into 2024," Struyven said. And what the US economy doesn't need in the near future is Americans tightening their budgets after their summer of fun and the holiday spending season.

Persons: Goldman Sachs, —, GasBuddy, Daan Struyven, CNBC's, Dado Ruvic, Struyven, David Kelly, We're, Kelly Organizations: Service, West, AAA, OPEC, Reuters, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Morgan Asset Management Locations: West Texas, OPEC, Ukraine, Russia, Saudi Arabia

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. But the red-hot market for AI chips is playing out in the context of vastly expanded U.S. export controls on what Nvidia can sell to China. Jacob Bourne, analyst at Insider Intelligence, said that those China-focused chips could consume vital research resources at Nvidia for products that could end up banned just like its first round of China market chips. Rival Advanced Micro Devices (AMD.O) had earlier touted the quantity of high-bandwidth memory on one of its competing AI chips. Chinese tech company Huawei's (HWT.UL) AI chip is also gaining traction from local firms as U.S. pressure makes it hard to access Nvidia chips.

Persons: Dado Ruvic, Nvidia, Jesse Cohen, Colette Kress, Jacob Bourne, Bourne, Chavi Mehta, Max A, Stephen Nellis, Arun Koyyur, Sayantani Ghosh, Matthew Lewis Organizations: NVIDIA, REUTERS, Wall, Nvidia, LSEG, Insider Intelligence, Devices, Google, Microsoft, San, Thomson Locations: China, Israel, Gaza, United States, Bengaluru, Max, San Francisco

☆ Exclusive: China's state banks seen swapping and selling dollars for yuan
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - China's major state-owned banks were seen exchanging yuan for U.S. dollars in the onshore swap market and selling those dollars in spot currency markets this week, two sources told Reuters on Tuesday. Some market participants said state banks might be trying to speed the yuan's gains and spur exporters to convert more of their FX receipts into yuan. The selling of dollars by state banks caused the onshore spot yuan to briefly touch 7.1296 per dollar, firmer than its daily official guidance for the first time in four months. To me, it looks like they are doing preparatory work ahead of a policy rate cut," said Kiyong Seong, lead Asia macro strategist at Societe Generale.

Persons: Yuan, Dado Ruvic, Kiyong Seong, Zhi Xiaojia, Zhi, Simon Cameron, Moore, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, Federal, People's Bank of China, Societe Generale, Credit Agricole, Shanghai, Thomson Locations: Asia, China, United States

☆ US agency streamlines probes related to artificial intelligence
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 21 (Reuters) - Investigations of cases where artificial intelligence (AI) is used to break the law will be streamlined under a new process approved by the U.S. Federal Trade Commission, the agency said on Tuesday. The move, along with other actions, highlights the FTC's interest in pursuing cases involving AI. The agency, which now has three Democrats, voted unanimously to make it easier for staff to issue a demand for documents as part of an investigation if it is related to AI, the agency said in a statement. The agency announced a competition last week aimed at identifying the best way to protect consumers against fraud and other harms related to voice cloning.

Persons: Dado Ruvic, Rebecca Slaughter, Diane Bartz, Marguerita Choy Organizations: REUTERS, Rights, U.S . Federal Trade Commission, Democrat, Thomson

Miniatures of windmill and electric pole are seen in front of Siemens Gamesa logo in this illustration taken January 17, 2023. One Frankfurt-based trader said the investor event, where Siemens Gamesa disclosed around 400 million euros in cost cuts by 2026, was bringing "no new insights". At 1610 GMT, shares in Siemens Energy, in which Siemens AG (SIEGn.DE) owns a direct 25.1% stake, were still down 6.3%. Siemens Gamesa will likely cut onshore turbine capacity outside Europe and outsource the production of some components, the division's Chief Executive Jochen Eickholt said, outlining the group's restructuring roadmap. Reuters last month reported that Siemens Gamesa was considering shutting plants and sales offices as well as outsourcing some production.

Persons: Dado Ruvic, Siemens Gamesa, Christian Bruch, Jochen Eickholt, Eickholt, Christoph Steitz, Tom Kaeckenhoff, Danilo Masoni, Madeline Chambers, Miranda Murray, David Evans Organizations: Siemens, REUTERS, Siemens Energy, Siemens Gamesa, Siemens AG, Reuters, Thomson Locations: Europe, FRANKFURT, DUESSELDORF, Frankfurt

☆ India's TCS to take $125 mln hit to Q3 earnings over US lawsuit
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Figurines with computers and smartphones are seen in front of Tata Consultanct Services logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 21 (Reuters) - India's Tata Consultancy Services (TCS.NS) on Tuesday said it will make a provision of $125 million in its third-quarter results in relation to a 2014 trade secret lawsuit filed against the company by U.S.-based EPIC Systems. (This story has been corrected to say that the lawsuit was filed in 2014, not 2016, in paragraph 1)Reporting by Varun Vyas in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Varun Vyas, Varun Organizations: Tata Consultanct Services, REUTERS, Rights, India's Tata Consultancy Services, U.S, EPIC Systems, Thomson Locations: Bengaluru

☆ Canada tax rule curbs Airbnb deductions to ease rental shortage
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTORONTO, Nov 21 (Reuters) - Canada introduced tax measures on Tuesday to ease a severe rental housing shortage by limiting income tax deductions on short-term rentals on services such as Airbnb Inc (ABNB.O) and VRBO, joining many countries that are enacting similar laws. The new rules apply as of Jan. 1 in provinces and municipalities that bar short-term rentals, and affect deductions such as interest expenses, the federal government said in its fall economic statement. In Montréal, Toronto and Vancouver alone, an estimated 18,900 homes were being used as short-term rental properties in 2020, the report added, noting that the number "has almost surely increased in recent years." Starting in 2024, the government will spend C$50 million ($36 million) over three years to enable municipal enforcement of restrictions on short-term rentals. Gabriel Giguère, public policy analyst at Montreal Economic Institute, criticized the government's decision to modify the tax treatment of the expenses of owners of short-term rental apartments.

Persons: Dado Ruvic, Nathan Rotman, Gabriel Giguère, Giguère, Nivedita Balu, Richard Chang, Leslie Adler Organizations: REUTERS, Rights TORONTO, Inc, Canada, Montreal Economic Institute, British Columbia, Thomson Locations: Canada, Montréal, Toronto, Vancouver, Montreal, Australia, Italy, Canadian, U.S, Florence, Byron, British

The lawsuit is one of several that have been brought by groups of copyright owners, including authors John Grisham, George R.R. Martin and Jonathan Franzen, against OpenAI and other tech companies over the alleged misuse of their work to train AI systems. Sancton's complaint is the first author lawsuit against OpenAI to also name Microsoft as a defendant. "While OpenAI and Microsoft refuse to pay nonfiction authors, their AI platform is worth a fortune," Sancton's attorney Justin Nelson said in a statement. The complaint also said that Microsoft has been "deeply involved" in training and developing the models and is also liable for copyright infringement.

Persons: Dado Ruvic, OpenAI, Julian Sancton, John Grisham, George R.R, Martin, Jonathan Franzen, Justin Nelson, Sancton, Blake Brittain, David Bario, Aurora Ellis Organizations: REUTERS, Microsoft, Hollywood, Thomson Locations: Manhattan, Washington

☆ Trading in Nvidia ETFs shows traders preparing for upbeat earnings
▼ + stars: | 2023-11-21 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +4 min

In August, Nvidia stock soared to all-time highs after the company reported quarterly results. Tuesday's trading in the T-Rex NVDX reflects underlying optimism that Nvidia will deliver another blockbuster earnings report after the market close. Although its price has fallen, reflecting the decline in Nvidia's shares, trading volume has soared to 86 million shares, compared with an average of 26 million. On Wednesday morning, traders will be trading the ETFs based not on the immediate response to the earnings but on Wednesday's activity. "We've seen a 400% jump in average daily trading volume on the day ahead of and following Nvidia's earnings releases," he added.

Persons: Dado Ruvic, it's, Scott Acheychek, Rex NVDX, Direxion, Ed Egilinsky, NVDU, Egilinsky, Greg Bassuk, Suzanne McGee, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Rex, NVIDIA Daily Target ETF, AXS Investments, Thomson Locations: New York, Providence , Rhode

☆ US SEC sues Kraken crypto exchange over failure to register
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. In June, the SEC filed similar lawsuits against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest in the United States. Monday's lawsuit seeks a civil fine, disgorgement of ill-gotten gains, and a halt to acting as a crypto exchange without registering. The case is SEC v Payward Inc et al, U.S. District Court, Northern District of California, No.

Persons: Dado Ruvic, Gary Gensler's, Kraken, Gurbir Grewal, Binance, Jonathan Stempel, Chris Prentice, David Gregorio, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Binance, Payward Inc, Payward Ventures Inc, Blockchain, Digital Currency Group, Hummingbird Ventures, Tribe Capital, Payward, Court, Northern District of, Thomson Locations: San Francisco federal, United States, San Francisco, U.S, Northern District, Northern District of California, New York

☆ Zoom lifts annual results forecast as AI features boost demand
▼ + stars: | 2023-11-20 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

Zoom now expects annual adjusted profit per share between $4.93 and $4.95, higher than its prior forecast of $4.63 and $4.67. The company lifted its full-year revenue forecast to between $4.506 billion and $4.511 billion, from $4.485 billion to $4.495 billion earlier. The company's quarterly free cash flow grew 66.2% to $453.2 million, and Zoom expects $1.34 billion to $1.35 billion for the full year. The Phone segment grew to roughly 7 million paid seats while Contact Center reached about 700 customers as of quarter-end. For the third quarter, revenue grew 3.2% to $1.14 billion, slightly above estimates.

Persons: Dado Ruvic, Webex, Eric Yuan, Rishi Jaluria, Samrhitha, Devika Organizations: REUTERS, Communications, RBC, Contact, Thomson Locations: Bengaluru

☆ Dollar falls to 2-1/2 month low on Fed expectations, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has shown a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was last traded at 148.36 yen , down 0.84%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Richmond Federal, Central Bank, Thomson Locations: U.S

☆ US seeks more than $4 billion from Binance to end criminal case -Bloomberg News
▼ + stars: | 2023-11-20 | by ( Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | October | ) www.reuters.com time to read: +3 min

A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange's founder, Changpeng Zhao, would face criminal charges in the United States, the report said. The Bloomberg report said an announcement on the resolution could come as soon as the end of this month. A spokesperson for the Justice Department declined to comment. The DOJ probe is one of a string of legal and regulatory headaches the world's biggest crypto exchange faces in the United States.

Persons: Dado Ruvic, Changpeng Zhao, Sam Bankman, Binance, Zhao, Niket, Tom Wilson, Chris Prentice, Arun Koyyur, Maju Samuel, Bill Berkrot Organizations: REUTERS, U.S . Justice Department, Binance Holdings, Bloomberg, Justice Department, Binance, Reuters, DOJ, Securities and Exchange Commission, SEC, Futures Trading Commission, Thomson Locations: United States, Bengaluru, London, New York

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 20 (Reuters) - Crypto firm Tether said on Monday that it had frozen $225 million worth of its cryptocurrency which it said had been linked to a human trafficking group in Southeast Asia. The Secret Service did not immediately respond to a Reuters request for comment. Tether and OKX collaborated with the U.S. Department of Justice (DOJ) on the investigation, Tether said without elaborating. The crypto tokens were "linked to an international human trafficking syndicate in Southeast Asia responsible for a global “pig butchering” romance scam," Tether said. There are $87.9 billion tether tokens in circulation, making it the third biggest cryptocurrency after bitcoin and ether, according to CoinGecko data.

Persons: Dado Ruvic, OKX, Elizabeth Howcroft, Christina Fincher Organizations: REUTERS, Secret Service, U.S . Department of Justice, DOJ, United Nations, U.S ., Thomson Locations: Southeast Asia, The

☆ Dollar falls to two-month low on Fed view, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has showed a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was traded at 148.40 yen , down 0.81%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Reserve Bank of Richmond, Central Bank, Thomson Locations: U.S

But the real focus will be on whether widening U.S. curbs on sales of its high-end chips to China could hamper that run. The results will also be a major test for the AI-powered rally that has helped drive up the U.S. stock market this year, with the Philadelphia semiconductor index (.SOX) up nearly 50% in 2023. The Biden administration last month banned China sales of the H800 and A800 chips that Nvidia had created after previous curbs on exports to the country. Reuters GraphicsCHINA CHIPSBefore the latest China export curbs, demand for Nvidia's H800 chip, a slower version of its flagship AI chip, had outpaced rivals as it was better than the alternatives. "It's possible Nvidia's massive growth will make revenue from China less material over time," Morningstar analysts said.

Persons: Dado Ruvic, Kyle Rodda, Biden, Bernstein, Stacy Rasgon, Arsheeya Bajwa, Chavi Mehta, Devika Organizations: NVIDIA, REUTERS, Nvidia, Wall Street Journal, Reuters Graphics, LSEG, AMD, Web Services, Google, Microsoft, Oracle Cloud Infrastructure, Lambda, Morningstar, Thomson Locations: China, Philadelphia, Reuters Graphics CHINA, Bengaluru

☆ Dollar beaten to over two-month low as Fed cut bets take charge
▼ + stars: | 2023-11-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Against the weaker greenback, the euro hit its highest since August at $1.09365, while the yen firmed at a one-month high of 148.68 per dollar. The Japanese yen remained on the stronger side of 150 per dollar and was last 0.3% higher at 149.17. The onshore yuan rose 0.5% to an over three-month high of 7.1700 per dollar, while the offshore yuan similarly got a boost and jumped roughly 0.6% to an over three-month top of 7.1703 per dollar. The Aussie was last 0.5% higher at $0.6546, having struck a three-month high of $0.6563 earlier in the session, while the kiwi gained 0.54% to $0.6025.

Persons: Dado Ruvic, Carol Kong, Vishnu Varathan, CBA's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, New Zealand, Fed, Commonwealth Bank of Australia, Treasury, ., Mizuho Bank, Thomson Locations: Rights SINGAPORE, Asia, China

☆ Dollar stumbles to over two-month low as markets eye Fed cuts
▼ + stars: | 2023-11-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The yuan struck three-month highs in both the onshore and offshore markets, propped up by China's central bank, while the Australian dollar similarly scaled a three-month top against the falling greenback. "If we do see risk appetite improve again, then the dollar can definitely weaken further." Against the weaker dollar, the euro rose to an over two-month high of $1.0924, ahead of flash PMI readings in the euro zone due later this week. The risk-sensitive Australian dollar edged roughly 0.5% higher to $0.6546, its strongest level since August, while the New Zealand dollar rose 0.52% to $0.60235. The onshore yuan rose 0.5% to an over three-month high of 7.1753 per dollar, while the offshore yuan similarly got a boost and jumped roughly 0.6% to an over three-month top of 7.1745 per dollar.

Persons: Dado Ruvic, Carol Kong, Sterling, Vishnu Varathan, CBA's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, Fed, Commonwealth Bank of Australia, Treasury, ., Mizuho Bank, New Zealand, Thomson Locations: Rights SINGAPORE, Asia, China

OpenAI logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - OpenAI's staff has threatened to quit the artificial intelligence startup and join former boss Sam Altman at Microsoft's (MSFT.O) new division unless the board resigns, according to a letter seen by Reuters. Apart from Chief Technology Officer Mira Murati, Chief Data Scientist Ilya Sutskever and Chief Operating Officer Brad Lightcap, about 500 members of OpenAI staff said they would resign, a person familiar with the matter told Reuters. OpenAI did not immediately respond to a Reuters request for comment. Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sam Altman, Mira Murati, Ilya Sutskever, Brad Lightcap, OpenAI, Akash Sriram, Shweta Agarwal, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Microsoft's, Bengaluru

☆ Canada financial regulator seeks feedback on crypto disclosures
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Canada's financial watchdog said on Monday it was seeking feedback on the public disclosure of cryptocurrency assets by federally regulated financial institutions, joining global regulators in ramping up scrutiny on the volatile sector. The consultation by Canada's Office of the Superintendent of Financial Institutions (OSFI) comes after the agency in July proposed new guidelines for crypto assets citing a risky environment. The OSFI's consultation will be running alongside another from the Basel Committee on Banking Supervision (BCBS), a global supervisory body which has also sought feedback from internationally active banks on the disclosure of crypto-asset exposures. Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Arasu Kannagi Basil, Devika Organizations: REUTERS, Canada's Office, Banking, Thomson Locations: Basel, Bengaluru

☆ BHP train drivers to start 'restrained' industrial action on Friday
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

BHP's iron ore operations include four processing hubs and five mines that are linked by more than 1,000 km (621 miles) of rail and port facilities. BHP said that the proposed action would present logistical challenges but that it had put in place arrangements to mitigate the impact. Worries about a strike had lent support to iron ore prices, which are trading at the highest levels since February. "Concerns over disruptions on the supply side due to the looming strike at BHP in Australia contributed to higher iron ore prices today," said Pei Hao, a Shanghai-based analyst at international brokerage FIS. Drivers received an offer from BHP last Wednesday that did not meet their expectations around rostering, arbitration and camp standards, Busson added.

Persons: Dado Ruvic, Greg Busson, Busson, Pei Hao, BHP, Melanie Burton, Amy Lv, Gerry Doyle Organizations: BHP, REUTERS, Rights MELBOURNE, Reuters, Monday, Mining, Energy Union WA, Drivers, Thomson Locations: WA, Australia, Shanghai, rostering, Rio Tinto's, Beijing

☆ X's CEO tells staff data will show efforts to fight hate, as advertisers flee
▼ + stars: | 2023-11-20 | by ( Sheila Dang | ) www.reuters.com time to read: +2 min

The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Social media company X CEO Linda Yaccarino told employees that "data will tell the real story" about its efforts to battle antisemitism, according to a note to employees, amid growing outrage over the issue. On Thursday, and media watchdog group Media Matters said it had found that ads for major brands had appeared next to posts that touted Nazism. An X representative confirmed that the company would sue the nonprofit organization, possibly as early as Monday. After buying Twitter in October 2022 for $44 billion, Musk laid off thousands of employees, including many who worked to moderate content on the platform.

Persons: Dado Ruvic, Linda Yaccarino, Elon Musk, Yaccarino, Musk, Angelo Carusone, Sheila Dang, Jonathan Oatis Organizations: Twitter, REUTERS, Social, IBM, Comcast, White, Media, Reuters, Thomson Locations: United States, Israel, Gaza, Dallas

☆ How close are crypto markets to first spot bitcoin, ether ETFs?
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Word "Crypto" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 20 (Reuters) - A spate of filings for spot bitcoin and ether exchange-traded funds (ETFs), including from traditional finance heavyweights, has revived the crypto market that had been crushed by a series of meltdowns last year. A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency. The SEC has previously denied all spot bitcoin ETF applications citing potential for fraud, but that could soon change after it lost a legal battle in August. Here is a pipeline of filings for spot bitcoin ETFs awaiting approval:Reuters GraphicsHere is a pipeline of spot ether ETFs awaiting approval:Here are some ether futures-tied ETFs that have been approved recently:Sources: filings, media reports, company statementsReporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Michelle Price and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: magnifier, Dado Ruvic, Manya Saini, Niket, Michelle Price, Shounak Organizations: REUTERS, SEC, Thomson Locations: Bengaluru

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