Big banks would get climate stress tests under proposed U.S. law
Yesterday, 19:18
By Katanga Johnson WASHINGTON (Reuters) - U.S. Democratic Senator Brian Schatz of Hawaii on Wednesday introduced a bill that would direct the Federal Reserve to subject large banks to so-called "stress tests" measuring their resilience to climate-related financial risks. The proposed Climate Change Financial Risk Act of 2019 underscores growing worries among policymakers over the risks posed to the financial system by the frequency and severity ..
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#MeToo drove rise in CEO firings in 2018: report
Yesterday, 19:15
(Reuters) - The number of corporate leaders fired for #MeToo-related misconduct rose in 2018 while the number of S&P 500 companies led by females fell 20%, according to a report from U.S. think-tank the Conference Board. Firings of S&P chief executive officers related to the social media movement accounted for five of 12 dismissals last year, according to the report, published on Wednesday. In contrast, just one CEO was dismissed for ..
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Daimler CEO says electric cars need incentives to become mainstream
Yesterday, 19:12
FRANKFURT (Reuters) - Daimler Chief Executive Ola Kaellenius on Wednesday said the resulting drop in sales of electric and hybrid vehicles in China after incentives were curbed shows that they are still needed. The China Association of Automobile Manufacturers (CAAM), said sales of new energy vehicles (NEVs) fell 45.6% in October from year-ago levels, following a 33% decline in September. "When China pulled back incentives for new energy ..
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Tesla needs safeguards to prevent drivers from sleeping on 'Autopilot': U.S. senator
Yesterday, 19:09
By David Shepardson (Reuters) - Democratic U.S. Senator Ed Markey asked Tesla Inc (O:TSLA) on Wednesday to disable its "Autopilot" driver-assistance system until it installs new safeguards to prevent drivers from evading system limits that could let them fall asleep. "Tesla should disable Autopilot until it fixes the problem, Markey said at a Senate Commerce Committee hearing on advanced vehicle technologies. Markey, who wrote to ..
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FCC chairman to propose dividing spectrum between auto safety, Wi-Fi use
Yesterday, 19:06
(Reuters) - Federal Communications Commission chairman Ajit Pai will propose on Wednesday splitting a key band of spectrum that had been set aside for auto safety between Wi-Fi use and automakers, sources said. A block of 75 megahertz of spectrum was reserved in 1999 in the 5.9 GHz band for automakers to develop technology to allow vehicles to talk to each other but it has gone largely unused, Pai has said. Pai plans to propose shifting 45 MHz ..
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Exclusive: ECB flags failings in dirty-money screening at Malta's top bank
Yesterday, 19:03
By Francesco Guarascio BRUSSELS (Reuters) - Malta's biggest bank failed for years to detect or address risks involving thousands of payments, the European Central Bank (ECB) said, detailing "severe shortcomings" that could have allowed money laundering or other criminal activities. A confidential ECB report seen by Reuters said Bank of Valletta (BoV) (MT:BOV) had not dealt with a litany of risk management failings despite repeated ..
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Trump says U.S. is still talking to China on trade
Yesterday, 18:18
WASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday the United States is continuing to talk to China but gave no other details, as both sides tried to hammer out a phase one trade deal ahead of looming U.S. tariffs due next month. "We continue to talk to China. China wants to make a deal. The question is: Do I want to make a deal? Because I like what's happening now," Trump told reporters at the White House. Trump ..
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GM sues FCA, alleging corruption of bargaining process with union
Yesterday, 18:15
By Nick Carey DETROIT (Reuters) - General Motors Co (N:GM) on Wednesday filed a racketeering lawsuit against Fiat Chrysler Automobiles NV (MI:FCHA) (N:FCAU), alleging that its rival engaged in bribery over many years to corrupt the bargaining process with the United Auto Workers (UAW) union and gain wage and work practices advantages over GM. GM said it will seek "substantial damages" from FCA, but did not specify an amount. FCA could not ..
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'Phase One' U.S.-China trade deal may not be completed this year: trade sources
Yesterday, 18:12
By Heather Timmons WASHINGTON (Reuters) - Completion of a "phase one" U.S.-China trade deal could slide into next year, trade experts and people close to the White House say, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. U.S. president Donald Trump and Treasury Secretary Steven Mnuchin said in an Oct. 11 news conference ..
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Nokia's head of software says 5G development progressing
Yesterday, 18:09
HELSINKI (Reuters) - The head of Nokia's software business Bhaskar Gorti defended the Finnish mobile network maker on Wednesday against market fears that it is lagging behind its peers Ericsson (BS:ERICAs) and Huawei [HWT.UL] in 5G development. "I don't think we have a 5G problem," Gorti told Reuters in an interview, calling its development a marathon where a lot of focus had been put on the first ten minutes of the race. Last month ..
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Micron relationship with Huawei 'very good', chief executive says
Today, 04:03
(Reuters) - American memory chipmaker Micron's relationship with China's tech giant Huawei [HWT.UL] 'continues to be very good', its chief executive, Sanjay Mehrotra, said on Thursday. He was speaking to broadcaster CNN on the sidelines of the Bloomberg New Economy Forum in Beijing. ..
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Apple, Intel file antitrust case against SoftBank-backed firm over patent practices
Today, 03:09
SAN FRANCISCO (Reuters) - Apple Inc (NASDAQ:AAPL) and Intel Corp (NASDAQ:INTC) on Wednesday filed an antitrust lawsuit against Softbank Group Corp-owned Fortress Investment Group, alleging the firm stockpiled patents to hold up technology companies with lawsuits. The suit follows an earlier case filed by Intel against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the U.S. District Court for the Northern ..
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Factbox: How social media services handle political ads
Today, 03:06
By Elizabeth Culliford SAN FRANCISCO (Reuters) - Online platforms including Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) Inc's Google face growing pressure to stop carrying political ads that contain false or misleading claims ahead of the U.S. presidential election. In the United States, the Communications Act prevents broadcast stations from rejecting or censoring ads from candidates for federal office once they have accepted ..
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Mexicans sue Walmart over Texas shooting that left victims on both sides of border
Today, 03:03
MEXICO CITY (Reuters) - Ten Mexican citizens have sued Walmart (NYSE:WMT) over the shooting at a store in the U.S. border town of El Paso, Texas, that killed eight Mexicans and left eight more injured, saying that Walmart did not do enough to protect its customers, Mexico said on Wednesday. The suspected gunman told police he was targeting "Mexicans" in the August shooting, which killed 22 people in total. Mexico's Foreign ..
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Oil dips on worries U.S.-China trade deal could slip to next year
Today, 02:09
By Koustav Samanta SINGAPORE (Reuters) - Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any U.S.-China trade deal, after posting steep gains in the previous session on bullish U.S. crude inventory data. The trade war between the world's two biggest economies has dominated the outlook for future oil demand, and trade experts have warned the completion of a "phase one" U.S.-China trade deal could slip ..
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Google to let sites block personalized ads under California privacy law
Today, 02:06
By Paresh Dave SAN FRANCISCO (Reuters) - Websites and apps using Google's advertising tools will be able to block personalized ads to internet users in California and elsewhere as part of the Alphabet (NASDAQ:GOOGL) Inc unit's effort to help them comply with the state's new privacy law, it told clients this week. The California Consumer Privacy Act (CCPA), which goes into effect on Jan. 1, requires large businesses to let ..
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Apple supplier Japan Display says executive embezzled $5.25 million
Today, 02:03
TOKYO (Reuters) - Japan Display Inc said on Thursday it dismissed an accounting executive last year for embezzling about $5.3 million over four years since the Apple Inc (NASDAQ:AAPL) supplier went public in 2014. JDI said in a statement it had filed a criminal complaint against the former employee and that it was cooperating with police. The embezzlement was first reported by the Asahi newspaper on Thursday. The employee had defrauded the ..
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Asian shares slide as Sino-U.S. spat on Hong Kong clouds trade deal outlook
Today, 01:15
By Hideyuki Sano TOKYO (Reuters) - Global shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) fell 0.16% while Japan's Nikkei (N225) dropped 0.25%. U.S. S&P500 futures (ESc1) dropped 0.2% in ..
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Alibaba to pay banks up to $32.3 million in fees for Hong Kong listing
Today, 01:12
By Scott Murdoch (Reuters) - China's Alibaba (N:BABA) will pay its investment banking syndicate up to $32.3 million for leading its Hong Kong listing which will raise up to $12.9 billion, according to documents filed with U.S. securities regulators. The e-commerce giant employed two co-sponsors, China International Capital Corp (CICC) and Credit Suisse (S:CSGN), to head the deal which has been carried out over the past week. The two lead ..
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Can he 'ride it out'? Pompeo future uncertain after impeachment testimony
Today, 01:09
By Jonathan Landay and Matt Spetalnick WASHINGTON (Reuters) - Testimony on Wednesday that U.S. Secretary of State Mike Pompeo played a more central role than previously known in President Donald Trump’s Ukraine dealings has fueled uncertainty within the administration about the top diplomat's future. Gordon Sondland, the U.S. ambassador to the European Union and a key figure in the Democratic-led impeachment inquiry against Trump, depicted ..
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