Business

Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai
Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, November 29, 2017. REUTERS/Danish Siddiqui/File Photo

May 25, 2019

(Reuters) – Indian carrier Jet Airways (India) Ltd founder Naresh Goyal and his wife Anita Goyal were stopped from leaving India on Saturday at Mumbai airport, according to an airport official who asked not to be named.

The couple were taken into custody by immigration officers, the Indian Express reported, citing sources.

The airport official did not confirm that the couple had been detained.

It was not immediately clear why the couple had been prevented from traveling, or whether it was related to reported regulatory probes into the airline.

It was not immediately possible to reach either the Goyals or Jet for comment late Saturday.

Local media said the Goyals had been traveling to Dubai for a connecting flight to London.

Local media, citing sources, reported earlier this month that the ministry of corporate affairs had been looking into Jet’s books and had asked for a corporate fraud investigation into the airline, suspecting that its promoters siphoned off funds.

Jet said at the time that it had complied with all regulations. The Goyals did not comment on the reports at the time.

Once one of India’s largest carriers, Jet was forced to ground all flights last month after running out of money and failing to secure funds, crippled by mounting losses as it attempted to compete with low-cost rivals.

The carrier is saddled with some $1.2 billion in bank debt, and Goyal and his wife stepped down from the airline’s board in March amid the crisis.

(Reporting by Maria Ponnezhath, Rajendra Jadhav, and Zeba Siddiqui; Editing by Frances Kerry)

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FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File Photo

May 25, 2019

LONDON (Reuters) – Fiat Chrysler is in advanced discussions to forge extensive ties with Frances’s Renault, the Financial Times reported on Saturday, citing multiple people informed on the talks.

The paper said the carmakers were seeking to join forces to tackle structural challenges facing the global auto industry.

An agreement might ultimately lead FCA to join the Renault-Nissan-Mitsubishi Alliance in the future, some of these people added, while also warning that this outcome would mean taking a complicated path that would involve winning over Japan’s Nissan.

The paper cited Renault and FCA as declining to comment and said a spokesman for Nissan did not reply to a request for comment.

Renault spokespeople did not return phone calls seeking comment.

(Additional reporting by Inti Landauro in Paris; Writing by Frances Kerry)

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Illustration picture showing U.S. dollar and China's yuan banknotes
A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China’s yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration picture taken May 20, 2019. REUTERS/Jason Lee/Illustration

May 25, 2019

BEIJING (Reuters) – The United States has called on China to curb the development of its state-owned enterprises (SOEs), a demand that China sees as an “invasion” on its economic sovereignty, Chinese state news agency Xinhua said on Saturday.

Trade tensions between Washington and Beijing escalated sharply earlier this month after the Trump administration accused China of having “reneged” on its previous promises to make structural changes to its economic practices.

Washington later slapped additional tariffs of up to 25% on $200 billion of Chinese goods, prompting Beijing to retaliate.

As trade talks stalled, both sides have appeared to be digging in. China has denied it had walked back on its promises but reiterated it would not make concessions to “matters of principles” to defend its core interests, although no full details were given.

“At the negotiating table, the U.S. government presented a number of arrogant demands to China, including restricting the development of state-owned enterprises,” Xinhua said in a commentary.

SOEs in China enjoy not only explicit subsidies but also hidden benefits such as implicit government guarantees for debts and lower interest for bank loans, analysts and trade groups say.

“Obviously, this is beyond the scope of trade negotiations and touches on China’s fundamental economic system,” Xinhua said.

“This shows that behind the United States’ trade war against China, it is trying to invade China’s economic sovereignty and force China to damage its core interests.”

The commentary added the United States has made unfounded accusations including that Beijing had forced technology transfers from foreign firms operating in China, saying this is all evidence that the U.S side is “forcing China to change its development path.”

(Reporting by Yawen Chen and Ryan Woo; Editing by Frances Kerry)

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A view shows the company logo of Caixa Economica Federal bank in downtown Rio de Janeiro
A view shows the company logo of Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares

May 25, 2019

By Tatiana Bautzer

SAO PAULO (Reuters) – Brazilian state lender Caixa Economica Federal has picked investment bank Morgan Stanley as co-advisor to help it find insurance partners, a source with knowledge of the matter said.

Morgan Stanley will manage the process alongside Caixa’s investment banking unit, the source said. Caixa Seguridade Participacoes, the insurance unit of the state lender, on Friday launched four processes to select insurance partners to sell health, dental, assistance and large risk policies.

Caixa had already sent invitations to insurers to offer other kinds of policies on May 10.

The insurance partners will have the right to underwrite policies for 20 years and sell them to Caixa’s 93 million clients through its more than 4,000 branches.

The bank intends the deals to increase Caixa Seguridade’s revenue before its initial public offering. The planned IPO is part of Caixa’s plan to raise up to 100 billion reais from the sale of assets it owns or manages.

Caixa and Morgan Stanley did not immediately respond to requests for comment.

(Reporting by Tatiana Bautzer; Editing by Alexander Smith)

Source: OANN

Boxes of Nike shoes are pictured in the warehouse of local footwear retailer
Boxes of Nike shoes are pictured in the warehouse of local footwear retailer “Pomp It Up” in Bussigny near Lausanne, Switzerland 24 Aprill, 2019. REUTERS/Denis Balibouse

May 25, 2019

(Reuters) – Sportswear giant Nike will waive performance-based targets for 12 months for any of their pregnant athletes after several runners revealed they had their payments frozen, according to a New York Times report on Friday.

American middle distance runner Alysia Montano and British distance runner Jo Pavey both said earlier this month that Nike had stopped their sponsorship payments while pregnant.

Sponsorship agreements with athletes typically include clauses that reduce payments if they do not reach performance-based targets.

The company told Reuters on May 16 it still had performance-based payment reduction clauses in their agreements, but they had changed their policy last year so that no female athletes would be “penalized financially for pregnancy”.

The New York Times added on Friday that Nike would waive performance-pay reductions for 12 months for athletes who have a baby and said they could do more.

“We’ve recognized Nike, Inc., can do more, and there is an important opportunity for the sports industry collectively to evolve to better support female athletes,” Sandra Carreon-John, a Nike spokeswoman, said in a emailed statement to the newspaper.

(Reporting by Greg Stutchbury in Wellington; Editing by Amlan Chakraborty)

Source: OANN

Boxes of Nike shoes are pictured in the warehouse of local footwear retailer
Boxes of Nike shoes are pictured in the warehouse of local footwear retailer “Pomp It Up” in Bussigny near Lausanne, Switzerland 24 Aprill, 2019. REUTERS/Denis Balibouse

May 25, 2019

(Reuters) – Sportswear giant Nike will waive performance-based targets for 12 months for any of their pregnant athletes after several runners revealed they had their payments frozen, according to a New York Times report on Friday.

American middle distance runner Alysia Montano and British distance runner Jo Pavey both said earlier this month that Nike had stopped their sponsorship payments while pregnant.

Sponsorship agreements with athletes typically include clauses that reduce payments if they do not reach performance-based targets.

The company told Reuters on May 16 it still had performance-based payment reduction clauses in their agreements, but they had changed their policy last year so that no female athletes would be “penalized financially for pregnancy”.

The New York Times added on Friday that Nike would waive performance-pay reductions for 12 months for athletes who have a baby and said they could do more.

“We’ve recognized Nike, Inc., can do more, and there is an important opportunity for the sports industry collectively to evolve to better support female athletes,” Sandra Carreon-John, a Nike spokeswoman, said in a emailed statement to the newspaper.

(Reporting by Greg Stutchbury in Wellington; Editing by Amlan Chakraborty)

Source: OANN

Boxes of Nike shoes are pictured in the warehouse of local footwear retailer
Boxes of Nike shoes are pictured in the warehouse of local footwear retailer “Pomp It Up” in Bussigny near Lausanne, Switzerland 24 Aprill, 2019. REUTERS/Denis Balibouse

May 25, 2019

(Reuters) – Sportswear giant Nike will waive performance-based targets for 12 months for any of their pregnant athletes after several runners revealed they had their payments frozen, according to a New York Times report on Friday.

American middle distance runner Alysia Montano and British distance runner Jo Pavey both said earlier this month that Nike had stopped their sponsorship payments while pregnant.

Sponsorship agreements with athletes typically include clauses that reduce payments if they do not reach performance-based targets.

The company told Reuters on May 16 it still had performance-based payment reduction clauses in their agreements, but they had changed their policy last year so that no female athletes would be “penalized financially for pregnancy”.

The New York Times added on Friday that Nike would waive performance-pay reductions for 12 months for athletes who have a baby and said they could do more.

“We’ve recognized Nike, Inc., can do more, and there is an important opportunity for the sports industry collectively to evolve to better support female athletes,” Sandra Carreon-John, a Nike spokeswoman, said in a emailed statement to the newspaper.

(Reporting by Greg Stutchbury in Wellington; Editing by Amlan Chakraborty)

Source: OANN

Volkswagen Group's annual general meeting in Berlin
FILE PHOTO: Board Member of Procurement Stefan Sommer speaks ahead of Volkswagen Group’s annual general meeting in Berlin, Germany, May 14, 2019. REUTERS/Hannibal Hanschke

May 25, 2019

FRANKFURT (Reuters) – Volkswagen is intensifying talks with Swedish startup Northvolt on plans to jointly build up battery cell production in Salzgitter, near its headquarters in Lower Saxony, one of its board members told a German newspaper.

Volkswagen earlier this month pledged to spend 1 billion euros ($1.12 billion) on the project, which it says depends on certain economic pre-conditions, such as subsidized electricity.

In an interview published on Saturday, Volkswagen board member Stefan Sommer told Boersen-Zeitung he was confident that battery cell production in Salzgitter would be realised.

“We will intensify our talks over the next weeks with regard to a more detailed planning,” he was quoted as saying, adding Volkswagen was also looking at other locations in Europe for potential battery cell production, not specifying further.

(Reporting by Christoph Steitz; Editing by Alexander Smith)

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FILE PHOTO: A SpaceX Falcon 9 carrying the Crew Dragon spacecraft sits on launch pad 39A prior to the uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral
FILE PHOTO: A SpaceX Falcon 9 carrying the Crew Dragon spacecraft sits on launch pad 39A prior to the uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, U.S., March 1, 2019. REUTERS/Mike Blake/File Photo

May 24, 2019

(Reuters) – Billionaire entrepreneur Elon Musk’s SpaceX has raised more than $1 billion in financing in the last six months as it aims to roll out an ambitious high-speed internet service by using a constellation of satellites to beam signals from space.

The company raised https://www.sec.gov/Archives/edgar/data/1181412/000118141219000004/xslFormDX01/primary_doc.xml $486.2 million in an equity offering, starting December, and another https://bit.ly/2W1QMJD $535.7 million in an offering that began in April, its regulatory filings on Friday showed.

The rocket company on Thursday launched the first batch of 60 small satellites into low-Earth orbit for Musk’s new Starlink internet service.

Musk sees the Starlink venture as an important new revenue stream for his California-based company, whose launch service income he expects to top out at around $3 billion a year.

At least 12 launches carrying similar payloads are needed to achieve constant internet coverage of most of the world, Musk said. For now, Starlink is only authorized for U.S. operations.

(Reporting by Akanksha Rana in Bengaluru; Editing by Anil D’Silva)

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Chinese Foreign Ministry spokesman Lu Kang answers questions about a major bus accident in North Korea, during a news conference in Beijing
Chinese Foreign Ministry spokesman Lu Kang answers questions about a major bus accident in North Korea, during a news conference in Beijing, China April 23, 2018. REUTERS/Jason Lee

May 24, 2019

By Michael Martina and Ben Blanchard

BEIJING (Reuters) – China on Friday accused U.S. officials of lying to the public about their trade war, as rising tensions between the world’s two largest economies kept financial markets in a state of unease.

Talks to end the trade dispute collapsed earlier this month, with the two sides in a stalemate over U.S. demands that China change its policies to address a number of key U.S. grievances, including theft of intellectual property and subsidies for state enterprises.

Washington has slapped higher tariffs on $200 billion in Chinese goods, prompting Beijing to retaliate, and effectively banned U.S. firms from doing business with Huawei Technologies Co Ltd, the world’s largest telecom network gear maker.

“Domestically in the United States there are more and more doubts about the trade war the U.S. side has provoked with China, the market turmoil caused by the technology war and blocked industrial cooperation,” Chinese Foreign Ministry spokesman Lu Kang said.

U.S. officials “fabricate lies to try to mislead the American people, and now they are trying to incite ideological opposition,” he said, when asked about U.S. Secretary of State Mike Pompeo’s recent criticism of Huawei.

In an interview with CNBC on Thursday, Pompeo said Huawei was connected to the Chinese government, dismissing Huawei chief executive Ren Zhengfei’s assertions that his company would never share user secrets.

“The company is deeply tied not only to China but to the Chinese Communist Party. And that connectivity, the existence of those connections puts American information that crosses those networks at risk,” Pompeo said.

Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services.

Pompeo said he believed more American companies would cut ties with the tech giant, while the United States has been rallying its allies to persuade them not to use Huawei for their 5G networks.

U.S. President Donald Trump said on Thursday that U.S. complaints against Huawei might be resolved within the framework of a U.S.-China trade deal, while at the same time calling the Chinese company “very dangerous.”

Lu said he did not know what Trump was talking about.

“Frankly, I’m actually not sure what the specific meaning of the U.S. leader, the U.S. side, saying this is,” he said.

World equity markets rebounded on Friday from heavy selling in the previous day’s session. The U.S. dollar was trading lower against a basket of currencies and prices of safe-haven U.S. government debt fell. [MKTS/GLOB]

NO TALKS SCHEDULED

With no further talks between Washington and Beijing scheduled, investors are nervously eyeing the prospect of an escalation in the tit-for-tat tariffs the two countries have slapped on each other’s products.

The seeds of the current impasse were sowed when Chinese officials sought major changes to the draft text of a deal that the Trump administration says had been largely agreed.

Trump, who has embraced protectionism as part of an “America First” agenda, has threatened to slap tariffs of up to 25% on an additional list of Chinese imports worth about $300 billion.

Meanwhile, China’s move to impose higher tariffs on a revised $60 billion list of U.S. goods is set to go into effect on June 1.

Financial markets fear the trade war could badly damage global supply lines and prompt a further slowdown of the world economy. Economists say the tariffs will curb growth in the United States and China, two of the more solid economies.

China can maintain healthy, sustainable economic growth even as it suffers some impact from the trade friction, a senior official from China’s state planner told state television on Friday.

“China’s healthy, steady and sustainable growth can be maintained in the medium- and long-term,” said Ning Jizhe, vice chairman of the National Development and Reform Commission.

The Trump administration says it is monitoring any possible impact of tariffs on U.S. consumers. It also announced this week a new aid package of about $15 billion to help U.S. farmers, exceeding the up to $12 billion that was rolled out last year.

American farmers, a key Trump constituency, have been among the hardest hit in the trade war. Soybeans are the most valuable U.S. farm export, and shipments to China dropped to a 16-year low in 2018.

(Reporting by Michael Martina and Ben Blanchard; Writing by Paul Simao; Editing by Rosalba O’Brien)

Source: OANN


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