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☆ LSEG's Refinitiv Eikon platform suffers outage in Europe
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

Sept 25 (Reuters) - Users of London Stock Exchange's (LSEG.L) Refinitiv news and data platform Eikon said on Monday they experienced brief outages across some countries in Europe. LSEG said it was working to resolve the issue. We are working diligently to identify the problem and resolve it as soon as possible," a Refinitiv customer support executive said in an email. As of 1119 GMT live prices appeared to be updating and some Eikon users also said the service had resumed. Reporting by Danilo Masoni; Editing by Amanda Cooper and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: LSEG, Danilo Masoni, Amanda Cooper, Susan Fenton Organizations: London Stock, Thomson Reuters, Reuters, Thomson Locations: Europe, LSEG

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third-largest bank said. The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones analyst James Shanahan said.

Persons: Chris Wattie, Paul Hunsley, Edward Jones, James Shanahan, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton, Will Dunham, Diane Craft Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, The, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third largest bank said on Saturday. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. Under the indirect retail auto finance business, the bank provides financing to the vehicle seller instead of directly to the buyer, who makes monthly payments to the lender. The United States now accounts for more than two-thirds of BMO's overall profits.

Persons: Chris Wattie, Paul Hunsley, Gross, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

[1/2] White House National Security Advisor Jake Sullivan speaks during a press briefing at the White House in Washington, D.C., U.S., September 15, 2032. REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON/BEIJING, Sept 17 (Reuters) - White House national security adviser Jake Sullivan met with Chinese Foreign Minister Wang Yi in Malta this weekend, Beijing and Washington said on Sunday, as the world's two largest economies seek to stabilize troubled relations. Both sides held "candid, substantive and constructive" talks during multiple meetings held Sept. 16-17, according to separate statements from the White House and the Chinese foreign ministry published Sunday. China's foreign ministry said both sides agreed to maintain high-level exchanges and hold bilateral consultations on Asia-Pacific affairs, maritime affairs and foreign policy. Biden and Xi last met in 2022 on the sidelines of a G20 summit on Indonesia's resort island of Bali.

Persons: Jake Sullivan, Sarah Silbiger, Wang Yi, Wang, Joe Biden, Xi Jinping, Sullivan, Washington, Biden, Xi, Gina Raimondo, Antony Blinken, Janet Yellen, Steve Holland, Andrea Shalal, Laurie Chen, Jason Lange, Scott Malone, Will Dunham, Susan Fenton Organizations: White, National, Washington , D.C, REUTERS, WASHINGTON, White House, Foreign, Economic Cooperation, . Commerce, U.S, Thomson Locations: Washington ,, BEIJING, Malta, Beijing, Washington, Vienna, Asia, Pacific, Taiwan, United States, U.S, India, San Francisco, China, Bali

☆ World Court to Hear Russian Objections to Ukraine Genocide Case
▼ + stars: | 2023-09-17 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

Ukraine brought the case to the United Nations' highest court just days after the Russian invasion on Feb. 24 last year. Kyiv argues Russia is abusing international law by saying the invasion was justified to prevent an alleged genocide in eastern Ukraine. Russia wants the case to be thrown out and objects to the jurisdiction of the International Court of Justice (ICJ). Based on that, the court ordered Russia to cease military actions in Ukraine immediately. In the hearings the court will also hear from 32 other states, all supporting Ukraine's argument that the court has jurisdiction to move the case forward.

Persons: Stephanie van den Berg, Juliette McIntyre, McIntyre, Susan Fenton Organizations: HAGUE, Reuters, International Court, Justice, United Nations, International Court of Justice, University of South, ICJ Locations: Russia, Ukraine, Moscow, Kyiv, University of South Australia

[1/5] An aerial view shows rescue teams searching for dead bodies at a beach, in the aftermath of the floods in Derna, Libya September 17, 2023. Hamad Awad sat on a blanket on an empty street with a bottle of water and bedding alongside him. "I am staying in our area trying to clean it and trying to verify who is missing," he said. Entire districts of Derna, with an estimated population of at least 120,000, were swept away or buried in brown mud. Civil protection workers from Algeria combed through the rubble of multistorey buildings with a dog to help detect any survivors.

Persons: Ayman Al, Hamad Awad, Storm Daniel, spokespeople, Osama Al, OCHA, al, Mohammad Shaheen, Abdulnabi, Muammar Gaddafi, Abdulhamid, Mohammed, Menfi, Abdelaziz Boumzar, Ayman Sahly, Adam Makary, Thomas Perry, Maya Gebeily, Philippa Fletcher, Susan Fenton Organizations: REUTERS, Volunteers, United Nations, Sunrise, Humanitarian Affairs, Crescent, Libyan Red Crescent, Reuters, NATO, Thomson Locations: Derna, Libya, DERNA, Libyan, Algeria, al Badya, Ajaylat, Tripoli

☆ Ethiopian forces clash with al Shabaab in western Somalia, residents say
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

MOGADISHU, Sept 17 (Reuters) - Ethiopian forces engaged in fierce clashes with al Shabaab fighters near the town of Rab Dhuure in western Somalia on Sunday morning, local residents said. At around 9 a.m. (0600 GMT) local residents heard large explosions followed by a heavy near the town of Rab Dhuure in Bakool region, around 20 km (12 miles) from the Ethiopia border. Al Shabaab claimed to have ambushed a large convoy of Ethiopian troops, who are operating in the area as part of regional efforts to wipe out the al Qaeda-affiliated group. "We heard about three huge explosions and then an exchange of heavy guns followed," said local resident Hassan Abdulle. In February Djibouti, Ethiopia and Kenya agreed to begin what they described as "search and destroy" operations against al Shabaab, in addition to the African Union-mandated peacekeeping force, which is expected to leave Somalia by the end of next year.

Persons: al, Rab Dhuure, Al Shabaab, Hassan Abdulle, Fatuma Ali, Abdi Sheikh, Hereward Holland, Susan Fenton Organizations: African Union, Thomson Locations: MOGADISHU, al Shabaab, Rab, Somalia, Bakool, Ethiopia, Al, Qaeda, Djibouti, Kenya

☆ Foxconn aims to double jobs, investment in India over next 12 months
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsSept 17 (Reuters) - Apple (AAPL.O) supplier Foxconn (2317.TW) aims to double its workforce and investment in India by next year, a company executive said on Sunday. Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people. In August, the state of Karnataka said Foxconn will invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment. The company's Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: "several billion dollars in investment is only a beginning".

Persons: Ann Wang, V Lee, Narendra Modi's, Foxconn, Liu Young, Shivani Tanna, Susan Fenton Organizations: REUTERS, Indian, Thomson Locations: Taipei, Taiwan, India, China, Tamil Nadu, Karnataka, Bengaluru

☆ World Court to hear Russian objections to Ukraine genocide case
▼ + stars: | 2023-09-17 | by ( Stephanie Van Den Berg | ) www.reuters.com time to read: +2 min

THE HAGUE, Sept 17 (Reuters) - Russia and Ukraine will square off before the International Court of Justice on Monday in a case that centres around claims by Moscow that its invasion of Ukraine was done to prevent genocide. Ukraine brought the case to the United Nations' highest court just days after the Russian invasion on Feb. 24 last year. Kyiv argues Russia is abusing international law by saying the invasion was justified to prevent an alleged genocide in eastern Ukraine. Russia wants the case to be thrown out and objects to the jurisdiction of the International Court of Justice (ICJ). In the hearings the court will also hear from 32 other states, all supporting Ukraine's argument that the court has jurisdiction to move the case forward.

Persons: Juliette McIntyre, McIntyre, Stephanie van den Berg, Susan Fenton Organizations: HAGUE, International Court, Justice, United Nations, International Court of Justice, University of South, ICJ, Thomson Locations: Russia, Ukraine, Moscow, Kyiv, University of South Australia

[1/2] Grape leaves damaged by fungus favoured by a combination of drought followed by torrential spring rain are pictured in San Paolo di Civitate, Italy July 18, 2023. That means Italy is set to lose its position as the world's top wine producer to France, which had ceded the crown nine years ago. "Early in May we realised there would be no harvest, we cultivate organically and experienced the (fungus) attack sooner," he told Reuters. Italian output is forecast to fall to below 44 million hectolitres this year, according to the wine lobbies and ISMEA, from 50 million last year. Thanks to heavy rains and humidity, the fungus was able to attack the vines during these vulnerable periods, he added.

Persons: San Paolo di Civitate, Romolo, DI CIVITATE, Paolo Niro, di Civitate, Plasmopara, Andrea Luvisi, Niro, Fazil Dusunceli, Dusunceli, Gavin Jones, Susan Fenton Organizations: REUTERS, DI, Reuters, University of Salento, United Nations Food, Agriculture Organisation, FAO, Thomson Locations: San Paolo, Italy, France, Americas, Abruzzo, Molise, Puglia, San, Rome

☆ Poland's CD Projekt to release Cyberpunk 2077 update on Sept. 21
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Boxes with CD Projekt's game Cyberpunk 2077 are displayed in Warsaw, Poland, December 14, 2020. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsGDANSK, Sept 14 (Reuters) - Poland's biggest video game developer CD Projekt (CDR.WA) will release an update to its flagship game Cyberpunk 2077 on Sept. 21, a company representative said on Thursday during a livestream on YouTube. The update will launch just a few days before the premiere of Phantom Liberty, a highly-anticipated expansion of Cyberpunk 2077, set for Sept. 26. Cyberpunk 2077 2.0 will be available on PC, Xbox Series X|S and PlayStation 5. In September last year, CD Projekt said it had sold 20 million copies of the game.

Persons: Kacper, Phantom Liberty, Adrianna Ebert, Susan Fenton, Jane Merriman Organizations: REUTERS, YouTube, PlayStation, Thomson Locations: Warsaw, Poland, GDANSK

☆ Airline SAS extends deadline for equity fundraising
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

TT News Agency/Johan Nilsson via REUTERS/File Photo Acquire Licensing RightsSept 11 (Reuters) - Scandinavian airline SAS (SAS.ST), battling to emerge from bankruptcy protection, said on Monday it was extending the deadline for final bids for its equity fundraising by a week to Sept. 25 at the request of bidders. SAS said in May the U.S. court had approved a revised plan to raise equity. Denmark has said it is willing to increase its stake in SAS to around 30% from around 22%, if others investors were to take a majority stake. Reuters reported in May that U.S. asset manager Apollo Global Management Inc (APO.N) planned to apply for approval from Swedish and Danish regulators to take a majority stake in SAS as part its rescue plan. Earlier this month, SAS, which has been under bankruptcy protection since July 2022, posted its first quarterly pretax profit since late 2019.

Persons: Johan Nilsson, Jacob Pedersen, Pedersen, Urvi Dugar, Gokul, David Evans, Mark Potter, Susan Fenton Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Scandinavian, SAS, Reuters, Apollo Global Management Inc, Marie Mannes, Thomson Locations: Kastrup, Denmark, Sweden, Bengaluru, Stockholm

☆ Abu Dhabi's Mubadala commits $1 billion to Blue Owl Capital's credit platform
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 11 (Reuters) - Abu Dhabi state fund Mubadala Investment Company has committed $1 billion to U.S.-based Blue Owl Capital's credit platform under a strategic partnership announced by the two companies on Monday. The investment will initially focus on providing financing for technology companies, Mubadala and Blue Owl said in a statement. Blue Owl is an alternative investment manager with $150 billion in assets under management. Private credit funds are increasingly competing with banks, including for financing large company buyouts. I would advise that for the next maybe one year, the credit space would be an interesting space to deploy some investment," al-Mahmoud said at the time.

Persons: Fabrizio Bocciardi, QIA, Mansoor Ebrahim Al, Mahmoud, al, Hadeel Al Sayegh, Susan Fenton Organizations: Mubadala Investment Company, Asia Pacific, Qatar Investment Authority, Thomson Locations: DUBAI, Abu Dhabi, North America, Europe, Asia

Hedge funds and other money managers purchased the equivalent of 98 million barrels of futures and options based on crude over the seven days ending on Sept. 5. Short positions in NYMEX WTI had been reduced to just 30 million barrels on Sept. 5 from 136 million barrels on June 27. In the last 10 shorting cycles, shorts have fallen to an average of 24 million barrels. Following their repeated extension, the cuts are set to remove a total of 245 million barrels by the end of December if implemented in full. Related columns:- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)John Kemp is a Reuters market analyst.

Persons: Bing Guan, Brent, NYMEX WTI, Cushing, bullishness, John Kemp, Susan Fenton Organizations: Angeles Refinery, California Air Resources Board, OPEC ⁺, ICE, bearishness, Henry, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Saudi Arabia, Brent, WTI, NYMEX, Chartbook, Russia, Saudi, Cushing, Oklahoma

"I will match your offer and commit today to open an office," Saudi Investment Minister Khalid Al Falih said after India's trade minister Piyush Goyal invited Saudi Arabia to set up an office of its sovereign wealth fund, Public Investment Fund (PIF), in GIFT City. Goyal also said he would suggest that his ministry starts an investment promotion office in Riyadh. During the Crown Prince's visit India and Saudi Arabia signed 50 initial pacts in various fields and agreed to form a joint task force for $100 billion in Saudi investment in India, originally announced by the Crown Prince in 2019. Half of the planned $100 billion is earmarked for a delayed refinery project along India's western coast, an Indian foreign ministry official said. He said Saudi Arabia is looking to invest in sectors including oil, gas, petrochemicals, new energy, technology, manufacturing and defence.

Persons: Amit Dave, Narendra Modi, Khalid Al Falih, Piyush Goyal, Prince Mohammed bin Salman's, Goyal, Crown Prince, Falih, Shivangi Acharya, Nidhi Verma, Blassy Boben, Ed Osmond, Susan Fenton Organizations: Gujarat International Finance Tec, REUTERS, Indian, Saudi Investment, Public Investment Fund, Crown, United Arab Emirates, Saudi Aramco, Thomson Locations: Gujarat, Gandhinagar, DELHI, Saudi Arabia, New Delhi, Dubai, Hong Kong, City, Falih, Delhi, Saudi, Riyadh, India, Indian, Maharashtra

European Central Bank (ECB) President Christine Lagarde speaks to the media following the Governing Council's monetary policy meeting at the ECB headquarters in Frankfurt, Germany, July 27, 2023. "It's such a close call between the pause and the rate hike," said ING's global head of macro Carsten Brzeski. Traders are torn but favour an ECB pause, pricing in around a 40% chance of a hike. For many economists, one thing is clear: if the ECB has further tightening to deliver, September is likely its last chance. Even the hawks, keeping a hike on the table, say fresh ECB projections on Thursday are key to the decision.

Persons: Christine Lagarde, Kai Pfaffenbach, Reinhard Cluse, Mario Centeno, Isabel Schnabel, Austria's Robert Holzmann, Iain Stealey, Philip Lane, Kaspar Hense, Yoruk Bahceli, Stefano Rebaudo, Dhara Ranasinghe, Susan Fenton Organizations: European Central Bank, ECB, REUTERS, Central Bank, Traders, UBS, JPMorgan Asset Management, Reuters, ING, BlueBay Asset Management, Reuters Graphics Reuters, Thomson Locations: Frankfurt, Germany, Italy

☆ All of UK retailer Wilko's stores to shut, with over 9,000 job losses
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A branch of the discount retail homeware store Wilko is seen in Altrincham, Britain, September 11, 2023. PwC confirmed that 124 Wilko stores were set to close by Sept. 21, while the timing for the closure of the remaining 222 stores has yet to be announced. Some job losses in addition to those set out on Monday had been announced in recent weeks. Earlier this month London-listed retailer B&M (BMEB.L) struck a deal to buy 51 Wilko stores for up to 13 million pounds ($16.26 million). "Wilko should have thrived in a bargain retail sector that is otherwise strong, but it was run into the ground by the business owners."

Persons: Molly Darlington, PwC, Wilko, Doug Putman, Nadine Houghton, James Davey, Muvija, Sachin Ravikumar, Paul Sandle, Susan Fenton Organizations: REUTERS, HMV, Thomson Locations: Altrincham, Britain, Leicester, England, Wilko, London

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNEW YORK, Sept 8 (Reuters) - Oil prices gained almost 1% to a nine-month high on Friday on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. "Crude prices continue to trade on supply-side drivers. This week, OPEC member Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day to the end of the year. Rising U.S. diesel prices also supported crude prices with heating oil futures up about 3%. Interest rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, Edward Moya, Baker Hughes, Nicolas Maduro, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio, Leslie Adler Organizations: Midland , Texas U.S, REUTERS, U.S, West Texas, of, Petroleum, Energy, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, OPEC, U.S, China, Venezuela, CHINA, Hong Kong, Germany, Europe, Riyadh, London, Tokyo, Singapore

Brent futures rose 76 cents, or 0.9%, to $90.68 a barrel by 12:08 p.m. EDT (1608 GMT). U.S. West Texas Intermediate (WTI) crude rose 67 cents, or 0.8%, to $87.54. Rising U.S. diesel also lent support to crude futures with heating oil prices up about 3% and on track for their highest close since January. Separately, the U.S. confirmed that it disrupted in April a multimillion-dollar shipment of crude oil by Iran's Islamic Revolutionary Guard Corps, seizing more than 980,000 barrels of contraband crude oil that violated U.S. sanctions. Rate hikes can slow economic growth and reduce oil demand.

Persons: Nick Oxford, Brent, WTI, John Evans, Natalie Grover, Robert Harvey, Yuka Obayashi, Xu, Ros Russell, Jason Neely, Susan Fenton, David Gregorio Our Organizations: Midland , Texas U.S, REUTERS, U.S, . West Texas, U.S ., Islamic Revolutionary Guard Corps, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, CHINA, China, Hong Kong, Chevron's, Australia, Germany, U.S, Europe, Riyadh, London, Tokyo, Singapore

☆ Global money market funds attract biggest weekly inflows in three months
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Investors poured about $57.38 billion into global money market funds in their most significant weekly net purchases since June 7, LSEG data showed. By region, U.S., European and Asian money market funds drew $32.18 billion, 20.75 billion and $1.64 billion, respectively, in inflows. Reuters Graphics Reuters GraphicsOn the other hand, global bond funds drew $9.24 billion worth of inflows, the biggest amount in nine weeks. Among commodities, precious metal funds saw $518 million worth of net selling, the 15th weekly outflow in a row, but energy funds received inflows for a second week, worth about $101 million. Data for 28,201 emerging market funds showed equities suffered outflows for a fourth successive week, valuing $1.81 billion on a net basis.

Persons: Gaurav Dogra, Patturaja, Susan Fenton Organizations: Reuters Graphics Reuters, Investors, Thomson Locations: China, Europe, Britain, U.S, Bengaluru

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

☆ EV batteries will have to be 50% lighter in future, Stellantis tech chief says
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsMILAN, Sept 8 (Reuters) - Carmaker Stellantis (STLAM.MI) aims to develop lighter electric vehicle batteries, cutting weights in half to improve sustainability, the group's technology chief said on Friday. Ned Curic said current electric vehicle (EV) batteries were "just too heavy", making vehicles "not compatible" with sustainability purposes. "So what I have in mind and a very hard goal for my team by 2030 is to change the battery weight to at least 50% lighter battery," Curic said during the inauguration of the group's Battery Technology Center in Turin, Italy. "We will have to think about completely new materials, new chemistry, new way of replacing this heavy, heavy, heavy materials to something much lighter," he said. "We are consuming a lot of carbon-based energy in existing systems so moving to electric vehicle systems does allow for a lot more sustainable a future," he added.

Persons: Carlos Barria, Ned Curic, Curic, Stellantis, Giulio Piovaccari, Susan Fenton Organizations: FIAT, Los Angeles Auto Show, REUTERS, group's Battery Technology, Fiat, Peugeot, Battery Technology Center, Thomson Locations: Los Angeles , California, U.S, Turin, Italy, North America, Windsor , Canada

☆ Japan PM Kishida plans Sept 13 cabinet reshuffle, coalition partner says
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

Japan's Prime Minister Fumio Kishida speaks during the leaders talk of the ASEAN-Indo Pacific Forum (AIPF) in Jakarta, Indonesia September 6, 2023. Adek Berry/Pool via REUTERS/File photo Acquire Licensing RightsTOKYO, Sept 8 (Reuters) - Japanese Prime Minister Fumio Kishida plans to reshuffle his cabinet on Sept. 13, the head of the junior partner in Kishida's ruling coalition said on Friday. On Thursday, there was further bad news when former ruling Liberal Democratic Party member Masatoshi Akimoto was arrested on suspicion of taking bribes. 56% of people thought Kishida should renew his cabinet and shake up the senior executives of the ruling party. Reporting by Kantaro Komiya, Sakura Murakami, Kiyoshi Takenaka; editing by John Stonestreet and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio Kishida, Adek Berry, Natsuo Yamaguchi, Kishida, Masatoshi Akimoto, Akimoto, Kantaro Komiya, Sakura Murakami, Kiyoshi Takenaka, John Stonestreet, Susan Fenton Organizations: Japan's, ASEAN, Pacific, Rights, Public, NHK, Liberal Democratic Party, Asahi, Yomiuri, Thomson Locations: Jakarta, Indonesia, India

☆ Higher-for-longer rate bets lift dollar, sap stocks
▼ + stars: | 2023-09-07 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Long-term Treasury yields hovered at a two-week high of nearly 4.28% and close to last month's post-financial crisis highs. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. "While the markets are still feeling around for where that rate may be, it's going to weigh on equities and support the U.S. The dollar index - which measures the currency against six developed-market peers, including the yen and euro - ticked up 0.07% to 104.93. Reporting by Marc Jones; Additional reporting by Kevin Buckland in Tokyo; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Robert Alster, Brent, Europe's, hasn't, Kyle Rodda, Kit Juckes, Marc Jones, Kevin Buckland, Susan Fenton Organizations: Tokyo Stock Exchange, REUTERS, U.S, for Supply Management, Federal, Asset Management, Japan's Nikkei, Reuters, Traders, Federal Reserve, Capital.com, U.S ., Treasury, Generale, People's Bank of China, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe, U.S, New York, Asia, Melbourne, China

☆ Lotus launches electric GT model as mass expansion plan rolls on
▼ + stars: | 2023-09-07 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/4] British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car." Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion. Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O). Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.

Persons: Caitlin Ochs, Mike Johnstone, Johnstone, Emeya, Geely, Nick Carey, Susan Fenton Organizations: Lotus, REUTERS, HK, Automotive, Reuters, Geely, Lotus Technology, Asia, Corp, Volvo, London Electric Vehicle Company, Thomson Locations: British, New York City, U.S, New York, Wuhan, China, Tesla

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