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Tesla models, prices, charging, stock: A complete guide to the electric car maker 2023-07-25 - Tesla has introduced innovative features and products, from its lineup of models to Autopilot. Tesla also faces competition from other electric vehicle startups. The company's future products include an 18-wheeler, a pickup truck, and a humanoid robot. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Since Tesla was founded in 2003 and its IPO in 2010, Elon Musk's electric-car company has contended with high highs and low lows. And throughout Tesla's history, the automaker managed to put electric vehicles on the map and become the most valuable car company on the planet. Working at Tesla Tesla CEO Elon Musk has led the company to outperform traditional automakers over the last few years. But that doesn't mean the carmaker is immune to economic headwinds. Tesla has been through periods of rapid growth — and five rounds of Tesla layoffs in the last six years. Musk has also been very critical of work-from-home and starting in the summer of 2022, all but killing the Tesla WFH policy, telling executive staff that they needed to return to the office or resign. Musk moved Tesla headquarters from California to Austin, Texas officially in December 2021. However, it still employs thousands of workers in California. In February 2023, Musk said the company is moving into office space in Palo Alto that was previously occupied by Hewlett-Packard. Tesla currently has six massive gigafactories in the US, Europe, and Asia, where it builds batteries and electric vehicles. Elon Musk spoke at Tesla's 2022 annual meeting about wanting to 10-12 more in the next several years. Expanding the Tesla Gigafactory network would boost the company's manufacturing capabilities. TSLA Stock Tesla's stock price was essentially flat for several years after its 2010 IPO. But in 2013, Motor Trend named the Model S its Car of the Year. At that point, Tesla's share price took off. If you bought Tesla stock right after the IPO and held on, you'd be looking at a 1,000%-plus return today. Tesla revenue was $81.5 billion last year, putting the company in 50th place on the Fortune 500. The vast majority of its revenues come from sales of its EVs. But 17.5% of its revenue stemmed from activities like selling regulatory credits and energy products. Investors have recently been most concerned about price cuts and lower margins. The latest Tesla earnings call revealed revenue rose 47% to $24.93 billion. Musk indicated the company's priority, for now, is growth over profit and said the company is navigating through an "uncertain'" macro environment. "[It's] better to ship a large number of cars at a lower margin and subsequently harvest that margin in the future as we perfect autonomy," Musk told analysts. Tesla Products From least to most expensive, the Tesla models are Model 3, Model Y, Model S, and Model X. The names of the models spell out the word "S3XY." Leave it to Musk to sprinkle in some juvenile humor wherever possible. The Model 3 and Model S are sedans, while the Model Y and Model X are SUVs. The vehicles fall in a price range of $40,240 to $108,490. Because Tesla sells direct to consumers, its prices have been known to change. The entry-level Tesla Model 3 cost is one that often fluctuates. The current starting price is $40,240, and all Model 3 versions are eligible for a $7,500 federal tax credit in the US. Tesla's Model S, a luxury family sedan, is the EV maker's oldest vehicle still in production. It costs nearly $90,000 for the most basic version, and Tesla claims it's the most aerodynamic production car on Earth. Tesla delivered the first Model S to a customer in June 2012. For a buyer comparing Tesla Model 3 vs. Model S, the Model 3 will be more accessible to more buyers because of its lower cost. For drivers looking to splurge, the Model S delivers a high-end luxury vehicle with more space and better performance than the Model 3. The Model X SUV is the biggest and most expensive vehicle Tesla sells to everyday drivers. At a starting price of $98,490, it comes with five seats, but you can pay extra for a third row with six- or seven-seat layouts. The Model X's falcon-wing rear doors swing up instead of out, making it look like some kind of spaceship. Tesla's smaller SUV is the Model Y, which is one of Tesla's cheaper offerings alongside the Model 3 sedan. It recently became the best-selling vehicle in the world. EV features Some Tesla features are what you might expect from a modern electric car, like the app and keycard. Others reflect Musk's unique sense of humor and have added to Tesla's cult following. While Autopilot gets a lot of attention, the cars come equipped with many more, including the "frunk," "Dog mode," and "Ludicrous Plus Mode." The carmaker brought minimalist and unique interior design to the auto industry. Tesla interiors were among the first to cut the instrument cluster and introduce a steering yoke. Tesla's Full Self-Driving software beta was first released in 2020 and is now available to anyone who pays for the software upon request. It's currently in about 400,000 cars in the US, according to the company. Tesla FSD is not self-driving, despite the name. The tech enables Teslas to automatically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. Charging and batteries Superchargers are the fastest way to charge a Tesla and the closest you can get to gas station-like refueling times. The company says the best Superchargers can add 162-200 miles of range in 15 minutes. The company offers a Tesla Supercharger map where users can look up locations of chargers. Today, there are roughly 45,000 worldwide— a big gain from the 10,000 that existed in 2018. Where possible, Tesla Supercharger cost is charged per kilowatt hour (kWh) used. Where Tesla is unable to bill per kilowatt hour, they will instead charge a per-minute fee. To access the Tesla network as a non-Tesla owner, you will need the Tesla smartphone app. A Tesla destination charger lets users charge their cars at locations like hotels, malls, and restaurants. Unlike Supercharging, destination charging is designed more for overnight stopovers or to stay topped up while running errands, as opposed to short breaks in a road trip. There are ways to charge your Tesla without stopping to charge — some are more realistic than others. One YouTuber's experiment involved a Tesla with a generator, powering his Model S during an 1,800-mile road trip through the Midwest without stopping to plug in. (He did have to stop for gas for his generator, ironically.) How long does it take to charge a Tesla at home? A full charge can be achieved in 8-10 hours if you install a 240-volt outlet, like the kind used to power clothes dryers. You can also charge with a $230 Tesla mobile connector plugged into any standard outlet and get from three to 30 miles of range per hour charged. Tesla guarantees its batteries for eight years or 100,000-150,000 miles— whichever comes first. The cost of Tesla battery replacement would be steep. In 2019, Elon Musk put the cost between $5,000 and $10,000. EV competitor comparisons Tesla isn't the EV game in town, with new competitors popping up all the time. But are any worth considering over a Tesla car? One up-and-coming electric car brand gunning for some of Tesla's success is Polestar. The Tesla Model 3 competes directly with the Polestar 2. Putting Tesla vs Polestar head to head reveals that the brands have a lot in common, including online ordering, simple interiors, and an emphasis on performance. The Polestar 2 has a more user-friendly touchscreen setup and is more expensive. Rivian, one of the most successful electric vehicle startups in the US, is another Tesla competitor. The Tesla Model X and upcoming Cybertruck pickup will compete with Rivian's R1T pickup and R1S SUV. When comparing Tesla vs. Rivian, Rivian, whose brand is all about getting outdoors, is catering to buyers who want a larger vehicle and better off-road capability. Tesla's cars are more about on-road performance, and they deliver that in spades, particularly if you choose a sportier model, like the Tesla Model S Plaid. Lucid is a promising EV startup based in California. Lucid's CEO, Peter Rawlinson, was previously a top engineer at Tesla. Lucid's entry-level Air Pure starts at $87,400. The model's pricing goes all the way up to $249,000 for the Air Sapphire, a super-powerful speed monster. In a Tesla vs. Lucid matchup, Tesla's closest competitor would be its Model S sedan, which also delivers tons of range, awe-inspiring quickness, and lots of advanced technology. Future Products EV fans are patiently waiting on several future Tesla models, including a pickup, semi-truck, supercar, and self-driving taxi. Many of these vehicles have already faced long delays. The Tesla 18-wheeler semi-truck is the company's first offering beyond passenger vehicles. Tesla announced the product in 2017 and made its first Semi delivery five years later to Pepsi after several 18-wheeler production delays. The long-awaited Tesla truck, a pickup called the Cybertruck, is set to finally enter production this year. Its exoskeleton-based body is the opposite of how trucks are usually produced — and how they usually look. The original Tesla Roadster was the company's first vehicle and was a limited-production sports car. The new Tesla Roadster was first announced in 2017, but its release has been delayed. The new Roadster base model will cost $200,000, Tesla said when it announced the car's return. Whether or not the company makes a Tesla tiny house has been a source of confusion for some fans. The company does not offer housing of any kind in its product lineup. However, Elon Musk has spoken about owning a tiny house from the company Boxabl. Musk does, however, have Tesla robots in the works. In 2021, Elon Musk announced a Tesla humanoid robot named Optimus. It is designed to help reduce the labor shortage, according to Musk, and keep workers safer. Optimus will use Tesla's Autopilot software connected to eight cameras feeding into its neural network. Tesla Drivers A study that analyzed drivers of several Tesla models found that the typical Tesla owner is a white man with a household income over $130,000 per year. Tesla owners are also more likely to own a home. In 2023, more than a dozen Tesla owners told Insider the best and worst parts of owning their cars. They said cost, performance, technology, the Supercharger network, and home charging were among the best Tesla features. Cons of Tesla ownership, according to this group of drivers, include a stiff ride, build quality, association with Elon Musk, and customer service. Experts have said that Tesla customer service complaints could tarnish the brand's reputation. Electric vehicle owners who spoke to Insider have had mixed reviews, commenting that their experiences ranged from frustrating to quick and easy. Tesla car insurance costs more than other cars, partly due to expensive repairs. Tesla launched its own cheaper insurance product in 2019 to squeeze other insurance providers. However, it's only available in 12 states. A Tesla tax credit is currently available for two of the company's cars, the Model 3 and the Model Y, alongside other models from Chevrolet, Ford, Rivian, and more. The tax credit for EVs, which can be up to $7,500, was introduced to encourage electric car production and adoption in the US. Tesla has won some praise for pushing electric and self-driving vehicles to new heights, but its cars have also been involved in hundreds of deaths. According to the Tesla Deaths database, which cites news articles as well as reports from the National Highway Traffic Safety Administration, a total of 393 people have died in incidents involving a Tesla. That figure largely consists of pileups, DUIs, medical emergencies, and other collisions that could've occurred in any Tesla model. But as many as 95 people have died in Teslas that either caught fire or were using the Autopilot feature, according to reports from the online database. That's nearly one in every four deaths involving Elon Musk's EV brand.
The 'bougie broke' guide for living the high life started out as a joke. But it's getting embraced on TikTok — and it says a lot about the world we live in. 2023-07-25 - The Sunday Times released a comical guide on mastering the 'Bougie Broke' lifestyle. The guide has split Twitter and TikTok users, who are both deriding and championing the trend. Originating from TikTok, "bougie broke" caught on as a humorous yet critical response to the cost of living crisis. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy A new guide on embracing a "Bougie Broke" lifestyle — a personal finance trend crafted as a humorous yet critical response to the cost of living crisis — has stirred a cocktail of amusement and ridicule online. Recently published by the UK's Sunday Times, the guide's comical tips for maintaining a luxurious lifestyle on a budget include "canceling a few osteopath appointments" and tricking hotels into doing your laundry for you despite not being a guest. And now, these tips have become a lightning rod for social media commentary. User @mel_buer tweeted on Sunday, "Losing it at the weirdo who dyes his scrambled eggs so they look more posh." The commenter were referring to the Times' mention of a man who used orange food dye to make his eggs appear as though they has been bought from an upmarket store. Another user @writerbxtch tweeted: "Tag yourself: I'm taking Xanax to suffer through flying coach," seemingly responding to the author of the guide, Sophia Money-Coutts, writing about a friend who now avoids flying business class by taking the pill before takeoff and upgrading himself to a "business class of the mind." However, not everyone is ridiculing the trend — "bougie broke" is getting a far warmer reception on TikTok. One user, Freddothecat, commented in reaction to a video about going broke for an expensive meal. "I'll wear my socks till they're thin, but I'll eat like queen. Priorities." Another user, Home Decor Decorator, commented on a video of cheap finds from Walmart and Target, "Bougie broke is my favorite kind 👌🏽👌🏽. Finding the lowest price or best deal is the best kind of high #iykyk." "Iykyk" refers to internet slang for "If You Know, You Know." The "bougie broke" trend originated from TikTok, where users bemoaned about how broke they were while pursuing a luxury lifestyle. Though much-derided on Twitter now, Emily Irwin, the managing director of advice and planning at Wells Fargo's Wealth & Investment Management, told CNBC in a report published July 8 that the "bougie broke" trend was helping to spark rare discussions about money — typically a taboo topic. The Times' guide comes as Brits face a cost of living crisis, with the UK-based Economics Observatory's Michelle Kilfoyle writing in March, "The prices of food and non-alcoholic drinks in the UK have risen at the fastest rate since 1977 in the past year." Even in the US, more than a third surveyed American adults using social media said they felt negatively about their finances after seeing others' posts on social media, according to a survey published on July 18 by financial services company Bankrate.
I've used the $15-an-hour private gym-in-a-box in Singapore. It's not perfect, but it helps me get fitter without my workout anxiety getting in the way. 2023-07-25 - The private gym-in-a-box concept is so popular it's now expanding across the world. I balked at the price at first but came to love it as a space for working out without anxiety. Now that I'm further along in my fitness journey though, I can't quite justify the price of using it regularly. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy The private gym in a box is a concept that's popular and going global now, but it began in Singapore. I balked at the concept at first, but now think it fills a unique niche. I first stumbled upon one of these distinctive yellow boxes in a local mall. Downloading the Gym Pod app, I was intrigued by the concept but taken aback by the price tag — at $11 to $14 an hour, it amounts to nearly $290 a month if you use the box four times a week for hour-long sessions. In comparison, the average cost of gym memberships in Singapore is around $150 a month, according to Value Champion. But after visits to the nearby not-in-a-box gym and enduring the long waiting times for popular workout equipment. I was frustrated enough to book a slot with the Gym Pod. My first impression was that the yellow box comes chock-full of useful amenities: From weight racks to yoga mats, air conditioning, a smart mirror for displaying guided workout routines and selecting playlists, and a Bluetooth speaker. And I loved it. Not just because there were no queues, but because no queues also meant no workout anxiety. Anyone who's a fitness novice understands the anxiety of going to the gym when they're just starting out. Being surrounded by people who are way more fit than you are and the irrational inadequacy of it all. My workout buddy, Elliot, seems to agree: "It's gym anxiety that stops me going to the regular gym, and to be able to go there really helped with that. I didn't feel like I didn't belong." Using the Gym Pod with a workout buddy Kai Xiang Teo But now that I'm further along in my fitness journey, where workout anxiety no longer bothers me as much as it used to, I can't quite justify the price of going to a private gym in a box. Plus, the gym in a box doesn't always lend itself to consistency. While you'd always be able to visit your regular gym, securing peak-time slots with the Gym Pod — such as the pre-work morning hours — often requires booking days in advance. And the concept is still in its infancy, even here in Singapore. While two of Gym Pod's boxes are within walking distance of where I live, friends I know have complained they've never come across one in their neighborhoods. Still, it's a great option when you have a friend who's just starting out and would prefer a little more privacy while learning the ropes.
France's Thales to buy Imperva in $3.6 bln cybersecurity deal 2023-07-25 - PARIS, July 25 (Reuters) - France's Thales (TCFP.PA) said on Tuesday it would buy U.S. cybersecurity company Imperva in a deal worth $3.6 billion as it steps up expansion away from its historic defence business to the war against hacking. Thales, which will be buying Imperva from software investor company Thoma Bravo, said the deal would result in a medium-term boost to its earnings per share and would add close to $500 million of revenue. Shares in Europe's largest defence electronics provider, which also makes civil aircraft parts and digital security systems, fell about 1.5% in early trading. "This really changes our scale in civil cybersecurity," Thales Chief Executive Patrice Caine told analysts, adding that the deal represented a rare opportunity to become a premium player on a global scale in cybersecurity. Cyberattacks have become the top worry of global corporate executives, according to a recent survey by PwC. France last year opened a dedicated campus outside Paris to tackle the scourge of hacking. Thales said the price of the deal implied an enterprise value of 17 times 2024 operating earnings. "These are punchy multiples for the aerospace & defence industry but much more typical for the cybersecurity space," Jefferies analysts Chloe Lemarie said in a note. Thales said buying Imperva would generate around $110 million of pretax synergies, including $50 million of cost savings and $60 million linked to revenue opportunities. The deal will be financed by a mixture of cash and new debt. The acquisition - which comes days after Thales announced talks to buy Cobham Aerospace Communications for $1.1 billion - is the company's biggest expansion since it bought digital identity company Gemalto in 2019 for $5.6 billion. Thales officials said their main priority now would be to integrate those two businesses. However, the company did not rule out further "bolt-on" acquisitions within its core business. Under CEO Caine, Thales has boosted its civil cybersecurity activities to grow beyond its core defence businesses and has said it is seeking to become the market leader in Europe, against rivals such as Orange Cyberdefense and Atos. Thales said the deal would close in 2024 subject to approvals, and did not anticipate significant hurdles. CenterView and Morgan Stanley acted as financial advisers to Thales. Reporting by Sudip Kar-Gupta; Editing by Muralikumar Anantharaman, Kim Coghill and Bernadette Baum Our Standards: The Thomson Reuters Trust Principles.
What Japan’s Economy Can Tell Us About China - The New York Times 2023-07-25 - And while this is hard to quantify, lots of people I’ve talked to say that Japanese society is far more dynamic and culturally creative than many outsiders realize. The economist and blogger Noah Smith, who knows the country well, says that Tokyo is the new Paris. Given the language barrier, I mostly have to take his word for it, although having been taken around Tokyo by locals, I can confirm that the city has a lot of vitality. True, that same language barrier means that Tokyo likely can’t play the same role in global culture that Paris once did. But the Japanese are clearly having great success with sophisticated urbanism; if you think of Japan as a tired, stagnant society, you’re getting it wrong. Which brings me to the question that I raised at the beginning of this newsletter: Will China be the next Japan? There are some obvious similarities between China now and Japan in 1990. China has a wildly unbalanced economy, with too little consumer demand, kept afloat only by a hypertrophied real estate sector, and its working-age population is declining. Unlike Japan in 1990, most of the Chinese economy is still well behind the technological frontier, so it should have better prospects for rapid productivity growth, but there are growing concerns that China may have fallen into the “middle-income trap” that seems to afflict many emerging economies, which grow rapidly but only up to a point, then stall out. Yet if China is headed for an economic slowdown, the interesting question is whether it can replicate Japan’s social cohesion — its ability to manage slower growth without mass suffering or social instability. I am very definitely not a China expert, but is there any indication that China, especially under an erratic authoritarian regime, is capable of pulling this off? Note that China already has much higher youth unemployment than Japan ever did.
Tesla Is Lapping Germany’s Automakers in the Global EV Race 2023-07-24 - (Bloomberg) -- Germany’s automakers announced bold plans the last several years to shift to electric cars and challenge Tesla Inc.’s dominance. Instead, they’re only falling further behind. Most Read from Bloomberg Tesla delivered 889,015 cars in the first half of this year, more electric vehicles than Volkswagen AG, BMW AG, Mercedes-Benz Group AG and Porsche AG sold combined. The Germans are struggling as software issues delay key models and contribute to waning sales in China, their biggest market, where Tesla and local champion BYD Co. have raced ahead. They’re even playing second fiddle in their home market, where Tesla remains the top EV brand. Investors will hear from three of the German companies this week, with Porsche reporting quarterly earnings Wednesday, followed by Mercedes and VW on Thursday. As Tesla pushes for more volume with aggressive price cuts, it’s dialing up the pressure on legacy manufacturers that are struggling to keep pace. Tesla’s EV sales increased 30 percentage points more than VW’s in the three months that ended in June, widening its lead. While the Germans are mired in difficult talks with unions about retooling their combustion-era production sites, Tesla plans to expand its German factory and is preparing to build a new plant in Mexico. “Tesla is still miles ahead of the German carmakers in all the major markets,” said Matthias Schmidt, an auto analyst based near Hamburg. “They’re under pressure to boost volumes to reach the kind of economies of scale needed to make EVs profitable.” Germany’s automakers thrived in the past because they perfected the production of vehicles running on gasoline and diesel, with hundreds of high-quality local parts makers supplying them with gearboxes, fuel injectors and crankshafts. Now that the battery is taking over, their “Vorsprung durch Technik” has evaporated. In Europe’s biggest economy, inflationary pressures, a dearth of skilled workers and high energy prices are adding to the structural challenges posed by the EV shift. German automakers’ expectations are at their worst since the 2008 financial crisis, according to a survey the Munich-based Ifo Institute published this month. Read more: Europe’s Economic Engine Is Breaking Down The Germans’ biggest threat is their weakening position in China. VW, BMW and Mercedes dominated combustion-car sales in the world’s biggest auto market for decades, but recently have fallen behind Chinese brands that have been better at churning out affordable EVs with technology and software geared to local tastes. Mercedes slashed prices in China for its flagship electric sedan, the EQS, late last year after disappointing sales. VW, in particular, has come under pressure, with BYD outselling the company in China during the first quarter. The German manufacturer’s EV sales in China dipped in the first half in a market that grew 20%. EVs are expected to make up 90% of the Chinese market by 2030, adding urgency for the Germans to accelerate more competitive EV offerings. Europe’s biggest automaker last month replaced the CEO of Audi partly because it wants to halt the brand’s slide in the country. The current EV leaders in China “will tighten their grip on the market,” analysts from HSBC said in a report this month. “With the exception of Tesla, we think they will all be China EV brands.” Read more: Tesla and BYD Set the Pace With Surge in EV Sales All is not lost. Elon Musk has left open a window of opportunity for incumbents looking to catch up, having launched his last new passenger vehicle — the Model Y — in 2020. Tesla hasn’t redesigned the Model 3 since it went into production six years ago, though work on a refresh is underway. BYD meanwhile is steering clear of the US market because of trade barriers, and several smaller Chinese EV startups may not survive the industry’s price war. The German companies still generate healthy profits selling combustion-engine models, including in China. Mercedes and BMW aren’t following Tesla out of premium price segments and are still roughly doubling EV sales, year-over-year. Plans by the Germans to introduce EV-focused platforms around the middle of the decade to lower the cost of their electric cars and equip them with new technology could alter the dynamic. VW is readying a compact EV priced at less than €25,000 — a people’s car for the electric age — that’s a couple of years away from production. Europe’s largest carmaker recently bolstered its rolling five-year spending plan to €180 billion, with more than two-thirds going to software and EVs. Its ID.7 sedan that will hit showrooms later this year comes with an augmented-reality display that beams information into the driver’s field of vision. Read more: VW Doubles Down on China With New Models to Stem Slide Mercedes will introduce an electric version of its compact CLA sedan in the US next year to better compete with Tesla’s Model 3, according to an Automotive News report. It’s also electrifying the iconic G-Wagon. BMW is betting that its “Neue Klasse” underpinnings, due to arrive around 2025, will help accelerate sales. The manufacturer aims to cut battery costs by half and increase range and charging speed 30% compared to current models. “The next-generation EV platforms from the Germans could change things,” said Bloomberg Intelligence analyst Michael Dean. “That’s when you’ll see a big push from them, also in China.” --With assistance from Monica Raymunt and Linda Lew. Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
The Great M&A Slump Is Shaking Up Giants of Investment Banking 2023-07-24 - (Bloomberg) -- A few years ago, top investment bankers at Goldman Sachs Group Inc. wouldn’t even bother picking up phone calls from recruiters at smaller rivals. This year, managers at Jefferies Financial Group Inc., Evercore Inc. and PJT Partners Inc. say they’ve been inundated with CVs from the likes of Goldman, Barclays Plc and Credit Suisse. Most Read from Bloomberg Never in their careers have they seen so much interest from senior Goldman staffers, the bankers said, asking not to be identified discussing competitors. Those smaller firms are talking to dozens of partners and managing directors across the industry at any given time and selecting the best from that crop, they said. Welcome to the new normal in the world of investment banking. A slump in mergers and acquisitions and the collapse of Credit Suisse have sparked an epic turnover of senior managers across the industry spanning trading and advisory services. It goes all the way to the top: of last year’s eight top merger advisory firms, seven have changed their investment bank chiefs or shuffled their M&A leadership in 2023. Having expanded aggressively during the boom years, Goldman, Morgan Stanley and Citigroup Inc. are among those cutting jobs in some of the biggest downsizing rounds the industry has seen in the past decade. At the same time, lower-ranked rivals such as Deutsche Bank AG and Banco Santander SA are on a hiring spree, while boutiques are poaching top talent they’ve eyed for years, betting the next M&A boom cycle is just around the corner. But the current downturn remains the elephant in the room and prospects for a revival still seem hazy. Higher finance costs, volatility spurred by geopolitical tensions and threats of a global recession have sent deal volumes down about 40% to roughly $1 trillion this year through July 20 from the same period in 2022. The record $3.83 trillion reached in 2021 is all but a distant memory now. In London, bankers’ pay fell at every level of seniority last year. The highest tier of vice presidents, for instance, made 13% less, according to a Dartmouth Partners survey. Many transactions are stuck because of wrangling over valuations or regulatory hurdles. Private equity, a key fee generator for Wall Street, has also gone into a retreat mode. Though some such as Moelis & Co. are predicting a recovery, they aren’t sure when. Morgan Stanley Chief Executive Officer James Gorman has said deals will pick up but likely not until next year. The churn across the industry this time has gone beyond what you’d normally see after a dismal bonus season or the occasional annual pruning exercise undertaken by banks to trim costs. Wall Street’s biggest banks shrank their ranks by about 21,000 people in the first half of this year, Bloomberg News reported this month. Goldman posted a 58% drop in second-quarter earnings as merger fees slid and revenue from investment banking missed estimates. Some at Goldman — which has ranked as the top merger adviser for each of the last six years — have been surprised to see several colleagues leave for Evercore in just the last few months. Neil Wolitzer, a partner in real estate investment banking, is the latest of at least half a dozen senior bankers to leave Goldman and land at the firm run by John Weinberg this year, according to people familiar with the matter. Evercore isn't actively looking to poach Goldman bankers but instead has seen more rainmakers become open to a move, according to an executive at the boutique advisory firm. Weinberg himself was a senior Goldman leader, responsible for running the banking franchise alongside now Goldman CEO David Solomon for the better part of a decade before he joined Evercore in 2016. Representatives for Goldman, Jefferies, PJT and Evercore declined to comment. Sensing Opportunity With the big industry shakeup flooding the market with talent, many investment banks that have lagged far behind their Wall Street peers in M&A rankings are sensing an opportunity to either rebuild their teams or simply fill the gaps in their coverage for a shot at the league tables. Even boutique firms that depend on M&A fees are ramping up recruitment. Their strategy could either prove prescient or end up as a costly error in hindsight if the M&A market fails to bounce back. “We’re seeing big team lifts because of the current difficulties at various places,” said Genevieve Fraser, a partner at global executive headhunting firm Maven Search in New York. Also, “institutionally, some banks are expecting a boom to follow this depression. When that comes, they want to be well-positioned to capitalize on it,” she said. The turbulence is seen across the board: UBS Group AG, which acquired Credit Suisse in a government-brokered rescue deal in March, is planning to slash its smaller rival’s 45,000-strong workforce, Bloomberg News has reported; Morgan Stanley eliminated about 3,500 jobs this year following an earlier round in December; Goldman is letting go of 125 managing directors, including many in investment banking; and, Citigroup has been eliminating hundreds of positions, with its investment banking division among those affected. Cost savings during the downturn seems to be the overarching reason behind the job reductions at the Wall Street firms. But lenders such as Barclays have had their own internal shakeups. The UK lender, one of Europe’s last remaining global investment banks, has seen a series of departures, especially in the US, since naming Cathal Deasy and Taylor Wright as co-heads of investment banking earlier this year. A few months into the job, former Credit Suisse veteran Deasy has seen Barclays bankers leave for UBS — now the owner of his former employer. Act of Revolt Some of the exits were an act of revolt against the management reshuffle that saw a relatively new European manager brought in above the old guard comprising a tight-knit group of ex-Lehman bankers, including John Miller and Marco Valla — two key dealmakers at Barclays investment bank, according to people familiar with the matter. The worst compensation cycle since at least 2008 was another reason, the people said. Some were approaching the end of their careers and decided to leave so they could pick up guaranteed pay packages before retirement, one person said. The people asked not to be identified discussing sensitive matters. The reshuffle was intended to introduce fresh ideas and boost Barclays’ European investment banking franchise, some of the people said. And the lender has hired a slew of senior bankers to replace exiting staffers. In a June interview with Bloomberg Television, Chief Executive Officer C.S. Venkatakrishnan said the turnover was only slightly higher than usual and called it “a little bit of musical chairs” and a “time-honored tradition” that follows the bonus season. A representative for Barclays declined to comment. Earmarking Resources The exit of bankers at places like Credit Suisse and Barclays and cuts at Goldman and Morgan Stanley mean hiring opportunities for others. Santander, the Spanish bank which has never been near the league tables, has earmarked resources for a hiring spree, which it is betting may pay off if deal volumes recover, according to a person with knowledge of the plans. The expansion mainly focuses on the US and the UK, the person said. The bank has already brought aboard some top bankers jumping ship at Credit Suisse and is planning to recruit dozens more, people familiar with the matter have said. A spokesperson for Santander declined to comment. Deutsche Bank, Germany’s largest lender, has hired more than 50 coverage dealmakers this year on top of a surprise acquisition of UK corporate broker Numis Corp. The purchase is expected to give the bank instant access to a long list of corporate clients that need advice on everything from debt to equity issuance, M&A and hostile takeovers. “It hasn’t been a good year for investment banking,” said Matthias Schulthess, a managing partner at search firm Schulthess Zimmermann & Jauch. “But there’s also a lot of hiring, which is telling us that it’s a good time to fill the leadership or succession gaps in your global coverage for those who are catching up.” Read More: Deutsche Bank on M&A Hiring Spree in Push to Win Market Share Credit Suisse Woes Plenty of those hires have come from Credit Suisse, which is now part of UBS. Many dealmakers have already left and some of those still around are upset with the integration process, according to people familiar with the matter. Only a handful of Credit Suisse staffers have been picked for leadership roles, while others are concerned they’ll be passed over for jobs despite possessing what they view as better credentials than their UBS peers, they said. UBS is also hiring from Barclays at the same time, adding to concerns that may alienate more Credit Suisse employees, they said. A UBS spokesperson declined to comment. Rivals have benefited from Credit Suisse’s troubles even before its ultimate collapse in March. The exodus of employees started in 2021 when the firm was grappling with losses stemming from the debacles of Bill Hwang’s Archegos Capital Management and supply-chain finance firm Greensill Capital. Jefferies in 2021, for instance, scooped up a big team of Credit Suisse financial-services dealmakers. Other banks adopted that playbook. Most of the hires at the moment are “idiosyncratic decisions” by individual banks showing interest to buy the “talent dip” as compensation packages shrink, said Ronan O’Kelly, who heads the corporate and institutional banking group for Europe at management consultancy Oliver Wyman. Read more: London Bank Bonuses Plunged Across Board in 2022 M&A Drought ‘Employer’s Market’ For some firms, the job situation has now flipped to an “employer’s market” from what used to be a “candidate’s market” during the boom years, said Miguel Hernandez, who heads investment banking at Alantra, a Spanish boutique that’s hired 20 senior bankers in IB this year. Bonuses are often tied to the firm’s stock price. With shares down, it’s cheaper to hire. Junior bankers who are still building out their client list may have to take downgrades in brand and compensation to find a new role, and it’s especially challenging if their focus is more into M&A than coverage, Maven Search’s Fraser said. Still, top US talent remains “incredibly expensive,” she said, adding that the most sought-after bankers in the market are those who have 10 to 15 years of managing director-level experience with the ability to bring their clients and relationships to the new firm. “Most firms do not want a project in the current market, they want someone who can bring a book of business,” she said. In many cases, they get a guaranteed bonus for two years in compensation for what they may have lost at their previous employers. Despite the upheaval in the industry, Christoph Zeiss, a partner at Europe-based executive search firm Heads! International, also sees reason for optimism. There’s been intense hiring happening especially in sectors such as telecommunications, technology, media and pharmaceuticals, Zeiss said. Companies looking to recruit the top of the top know such candidates expect high salaries, and are prepared to meet their demands as they position themselves for the next growth cycle, he said. “There’s no crisis in investment banking,” Zeiss said. --With assistance from Sridhar Natarajan, Liana Baker, Matthew Monks, Katherine Doherty, Fion Li and Fareed Sahloul. Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
Posco Jumps Most Ever on Bumper Profits and EV Battery Bets 2023-07-24 - (Bloomberg) -- Posco Holdings Inc. shares jumped as much as 24% on Monday, the most on record, on strong quarterly profits and frenzied retail buying of stocks related to electric-vehicle batteries. Most Read from Bloomberg The stock also appears to have gotten a boost by short sellers rushing to cover their bearish bets. At the same time, a report that US House committees are investigating Ford Motor Co.’s partnership with a major Chinese battery maker spurred buying of South Korean rivals. Posco’s shares surged to the highest level since 2007 as the company notched the biggest quarterly profit in a year. It was the biggest contributor of gains to the MSCI Asia Pacific Index on Monday. The stock has been one of the best gainers in Asia this month, climbing as much as 76%. Retail investors have been driving the gains in Posco, South Korea’s largest steelmaker that has been betting big on battery materials, amid indiscriminate buying of companies related to the EV supply chain. While the surge looks “somewhat excessive,” Posco seemed “very much confident” that it could beat cathode rivals such as Ecopro BM Co. and L&F Co. in the long-term battery materials race with its massive cash investment, said Yoon Joonwon, a fund manager at DS Asset Management. The gains have thwarted investors betting on a drop in the shares. Posco has seen a big jump in short selling volume and turnover this month, and so “short covering is partly driving the rally,” according to An Hyungjin, chief executive officer at Billionfold Asset Management. Posco’s bumper operating profit in the second quarter follows a major investment plan announced earlier this month. The company plans to invest a total of $92 billion through 2030 to take its business beyond its mainstay steel operations. The investment will mainly go into expanding its production of EV battery materials, as well as hydrogen. The company’s operating income was 1.3 trillion won ($1 billion) in the three months ended June 30. While that’s down from a year earlier, it’s nearly double the 705 billion won in the first quarter, the country’s largest steel producer said Monday. That beat analyst expectations for 1.12 trillion won. Separately, Reuters reported that two US House of Representatives committees said Friday they are investigating Ford’s partnership with Chinese battery company Contemporary Amperex Technology Co. Ford said in February that it and CATL plan to build a battery plant in Michigan, and Republican chairs of the House Ways and Means Committee and the Select Committee on China are demanding that Ford answer questions about the deal, Reuters reported. Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
Stellantis, Samsung SDI set plan to build second US battery plant 2023-07-24 - FILE PHOTO: The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris (Reuters) -French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the U.S. to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalized, and where the plant will be located is under review. Also, how much will be invested at the site and how many people it will employ will be announced later. The plant will have an initial production capacity of 34 gigawatt hours (GWh). "This new facility will contribute to reaching our aggressive target to offer at least 25 new battery electric vehicles for the North American market by the end of the decade," Stellantis CEO Carlos Tavares said in a statement. Stellantis, whose brands include Peugeot, Jeep, Ram, Alfa Romeo, Citroen and Opel, has announced plans to reach 100% electric passenger car sales in Europe and 50% car and light truck electric mix in the U.S. by 2030. To achieve that, it has said it wants to secure about 400 GWh of battery capacity. In 2021, Stellantis said it planned to pump $35 billion into EV production and software globally through 2025. Stellantis said the second U.S. battery plant will be the sixth to support the company's goals. "The second plant will accelerate our market penetration into the U.S.," Samsung SDI CEO Yoon-ho Choi said in the statement. In May 2022, Stellantis and Samsung SDI said they would invest more than $2.5 billion to build their first joint battery plant, to open in the first quarter of 2025 in Kokomo, Indiana. That plant will have an initial capacity of 23 GWh, and eventually rise to 33 GWh. The companies said then the Indiana plant would employ 1,400 people and investment could gradually rise to $3.1 billion. Stellantis is also building a joint-venture battery plant in Windsor, Ontario, in Canada with South Korea's LG Energy Solution. That plant is set to open in 2024, creating 2,500 jobs and sporting an annual production capacity of over 45 GWh. In April, Samsung SDI and General Motors said they would invest over $3 billion to build a joint-venture battery plant in U.S., to open in 2026 with an annual capacity of 30 GWh. That plant will also be built in Indiana and employ 1,700 people. The United Auto Workers union, which has opened negotiations with Stellantis for a new labor agreement covering the automaker's U.S. hourly workers, wants employees at these joint-venture plants being built by GM, Stellantis and Ford Motor to be union-represented and paid higher wages. Samsung SDI shares extended gains after Monday's announcement, rising to as much as 4.1% versus a 0.8% increase in the benchmark KOSPI. (Reporting by Ben Klayman in Detroit and Heekyong Yang in Seoul; Editing by Christopher Cushing)
Dollar Bearish Bets Climb to Record High Among Asset Managers 2023-07-24 - (Bloomberg) -- Asset managers boosted bearish dollar bets to a record amid speculation slowing US inflation will hasten the end of the Federal Reserve’s 16-month run of policy tightening. Most Read from Bloomberg Institutional investors — including pension funds, insurers and mutual funds — increased net short position on the greenback by 18% to 568,721 contracts in the week through July 18, according to data on eight currency pairs from the Commodity Futures Trading Commission and aggregated by Bloomberg. The Bloomberg Dollar Spot Index slid the most in six months on July 12 when US government data showed inflation slowed more in June than economists forecast. The Fed will raise its key rate by 25 basis points this week but may start cutting its benchmark early next year, overnight-indexed swaps indicate. “We have been gaining this confidence that inflation will come down quite significantly over the coming quarters in the US,” Rodrigo Catril, a senior foreign-exchange strategist at National Australia Bank Ltd., said on Bloomberg Television. “That in itself will encourage the market to believe the Fed not only is done but it will be contemplating rate cuts toward the turn of the year, and that will be a significant downturn for the US dollar.” Asset managers boosted dollar net shorts by the most against the euro and pound among the eight currencies, the data compiled by Bloomberg show. At the same time, they cut yen shorts by the most since March 2020. The market is positioning for a number of key central bank policy decisions this week, including the Fed on Wednesday, the European Central Bank Thursday, and Bank of Japan Friday. --With assistance from Haidi Lun and Matthew Burgess. Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
Oil Drops as Likely Fed Hike Weighed Against Tightening Market 2023-07-24 - (Bloomberg) -- Oil fell after four weekly gains as traders weighed prospects for another hike from the Federal Reserve against signs of a tighter market. Most Read from Bloomberg West Texas Intermediate dropped below $77 a barrel after closing at a three-month high Friday. That upswing was driven by expectations that supply cuts by OPEC+ would reduce inventories, with International Energy Agency Executive Director Fatih Birol saying at the weekend the market could return to a deficit. US central bank policymakers are widely expected to deliver another rate increase at this week’s meeting in their push to rein in inflation, and give guidance on the likelihood of additional moves. The tightening cycle risks tipping the world’s largest economy into recession, potentially harming demand. Oil remains lower this year despite the recent run of gains and production cuts by the Organization of Petroleum Exporting Countries and its allies including Russia. On the demand side, China’s stalled recovery has been a persistent headwind for industrial commodities including crude. “Expectations of a Fed rate hike may be putting some pressure on the market but this hike should already be largely priced in,” said Warren Patterson, head of commodities strategy at ING Groep NV. “Ultimately, we believe oil prices will break out to the upside given the tightening fundamentals. However, there is some strong technical resistance nearby in the short term, in the form of the 200-day moving average.” US benchmark WTI neared the 200-day moving average in April but failed to manage a close above that level. Prices have again approached the figure this month, which is less than 30 cents away. A similar challenge looms for Brent. Among other metrics, there are signs of strength in the market’s underlying structure. WTI’s prompt spread — the difference between its two nearest contracts — was 28 cents a barrel in backwardation, a bullish pattern that’s near the widest since mid-November on a closing basis. To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here. Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
Bitcoin reclaims US$30,000, Ether gains, Cardano leads winners as top 10 crypto rise 2023-07-24 - Bitcoin rose in early Monday morning trading in Asia to reclaim the US$30,000 support level, but later retreated. Ether moved higher to near US$1,900, while most other top 10 non-stablecoin cryptocurrencies logged gains. Cardano’s ADA token led the winners. In other markets, NFTs traded flat, while U.S. equity futures did the same. The week ahead brings lots more earnings in the U.S. for investors to get a picture of the state of the economy, while the Federal Reserve has a two-day meeting where it’s expected to raise interest rates. Crypto Bitcoin rose 1.33% over the 24 hours to US$30,059 as of 07:30 a.m. in Hong Kong, according to data from CoinMarketCap. Ether gained 1.73% to US$1,887. However, both tokens have yet to make up losses for the past seven days, with Bitcoin off 0.37% for the week, while Ether is sitting on a weekly loss of 1.73%. Bitcoin fell back later in the morning. Trading in Bitcoin and Ether will remain rangebound until the Fed decision on rates on July 27, Mark Wong, senior trader at Hong Kong-based digital asset platform Hashkey Group, said in a Friday newsletter. “A rate hike is all but priced in with an implied probability of 99.8% from the futures market,” Wong said. Most other top 10 non-stablecoin cryptocurrencies also traded higher Monday, with Cardano’s ADA token leading the winners with a gain of 3.01% to US$0.3169 and up 0.59% for the week. Input Output Global, one of the developers behind the Cardano blockchain, last week said Mithril – a Cardano stake-based signature scheme – was nearing its mainnet launch to improve the node syncing and security of the Cardano network. On the regulatory front, a portion of the court’s recent verdict in the Ripple case was “wrongly decided,” said the U.S. Securities and Exchange Commission (SEC) on Friday in documents filed in its on-going lawsuit against Singapore-based Terraform Labs, hinting that the SEC would challenge the Ripple ruling. The SEC in February charged Singapore-based Terraform Labs Pte and its co-founder Do Hyeong Kwon with orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities. The total crypto market capitalization rose 1.14% in the past 24 hours to US$1.20 trillion, while trading volume rose 13.56% to US$24.5 billion. Forkast 500 flat, OpenSea starts NFT swapping The indexes are proxy measures of the performance of the global NFT market. They are managed by CryptoSlam, a sister company of Forkast.News under the Forkast.Labs umbrella. The main Forkast 500 NFT index edged up 0.08% in the past 24 hours to 2,674.69 as of 10:10 a.m. in Hong Kong. Forkast’s Ethereum, Solana and Polygon NFT market indices moved lower, while the Cardano index logged gains. Total NFT sales volume rose 1.30% in the past 24 hours to US$17.24 million, according to data from CryptoSlam, with the volume on Ethereum totaling US$12.02 million or more than two thirds of the total. Among all NFT collections, Ethereum-based Bored Ape Yacht Club topped the 24-hour sales volume at US$1.60 million, edging up 1.19%. Volumes traded mixed in the top five NFT collections. OpenSea, the world’s second-largest NFT marketplace by trading volume, launched its “Deals” function on Friday, which allows its NFT holders to directly swap their collections with each other and include wrapped Ether (WETH) in their offers to sweeten up the transactions. Elsewhere, the slump in value of Twitter Co-Founder Jack Dorsey’s first NFT caught the attention of mainstream media including CNBC and the Economic Times on Sunday. The NFT, based on Dorsey’s first Twitter post, sold at over US$2.1 million in 2021, but the highest offer for the NFT is now 1 ETH (US$1,875), according to OpenSea. “The NFT market is looking rather flat in the Forkast 500 index, (which) reflects that continued downtrend we’ve been watching most of the year,” Yehudah Petscher, NFT Strategist at Forkast Labs, said on Friday. The Forkast 500 NFT index has dropped over 35% since the start of the year. “With the exception of January, the market almost completely slants right,” said Petscher. US equities await Fed, earnings Federal Reserve Chairman Jerome Powell|Image: Getty Images U.S. stock futures traded mixed as of 12:30 p.m. in Hong Kong, with Dow Jones Industrial Average and S&P 500 futures dipping and Nasdaq futures edging higher. The three major U.S. indexes closed mixed in regular trading on Friday. Asia’s main stock indexes also traded mixed on Monday morning. China’s Shanghai Composite, Japan’s Nikkei and South Korea’s Kospi all gained, while Hong Kong’s Hang Seng fell. The U.S. Federal Reserve meets Wednesday and Thursday this week on interest rates and analysts overwhelmingly expect another 25-basis-point rate hike. The European Central Bank (ECB) is also expected to raise its rates later this week. The CME FedWatch Tool predicts a 99.8% chance the Fed will raise rates to the range of 5.25% to 5.5% on July 26, the highest since January 2001. With a rate hike priced into many markets, the focus on the Fed meeting will be forward guidance on monetary policies. Both Federal Reserve Chair Jerome Powell and ECB President Christine Lagarde have flagged stubborn inflation as a concern, according to Bloomberg on Saturday. Along with the Fed and ECB, Japan’s central bank will also meet this week, but there is little likelihood of any change to its ultra-loose monetary policy. In the U.S. this week, more than 150 U.S. corporations, including Microsoft, Alphabet and Meta Platforms, will release second-quarter results. (Updates with equity section.)
Fukushima nuclear plant water release within weeks raises worries about setbacks to businesses 2023-07-24 - IWAKI, Japan (AP) — Beach season has started across Japan, which means seafood for holiday makers and good times for business owners. But in Fukushima, that may end soon. Within weeks, the tsunami-hit Fukushima Daiichi nuclear power plant is expected to start releasing treated radioactive wastewater into the sea, a highly contested plan still facing fierce protests in and outside Japan. The residents worry that the water discharge 12 years after the nuclear disaster could deal another setback to Fukushima’s image and hurt their businesses and livelihoods. “Without a healthy ocean, I cannot make a living.” said Yukinaga Suzuki, a 70-year-old innkeeper at Usuiso beach in Iwaki about 50 kilometers (30 miles) south of the plant. And the government has yet to announce when the water release will begin. It’s not yet clear whether, or how, damaging the release will be. But residents say they feel “shikataganai” — meaning helpless. Suzuki has requested officials to hold the plan at least until the swimming season ends in mid-August. “If you ask me what I think about the water release, I’m against it. But there is nothing I can do to stop it as the government has one-sidedly crafted the plan and will release it anyway,” he said. “Releasing the water just as people are swimming at sea is totally out of line, even if there is no harm.” The beach, he said, will be in the path of treated water traveling south on the Oyashio current from off the coast of Fukushima Daiichi. The government and the operator, Tokyo Electric Power Company Holdings, or TEPCO, have struggled to manage the massive amount of contaminated water accumulating since the 2011 nuclear disaster, and announced plans to release it to the ocean during the summer. They say the plan is to treat the water, dilute it with more than a hundred times the seawater and then release it into the Pacific Ocean through an undersea tunnel. Doing so, they said, is safer than national and international standards require. Suzuki is among those who are not fully convinced by the government’s awareness campaign that critics say only highlights safety. “We don’t know if it’s safe yet,” Suzuki said. “We just can’t tell until much later.” The Usuiso area used to have more than a dozen family-run inns before the disaster. Now, Suzuki’s half-century old Suzukame, which he inherited from his parents 30 years ago, is the only one still in business after surviving the tsunami. He heads a safety committee for the area and operates its only beach house. Suzuki says his inn guests won’t mention the water issue if they cancel their reservations and he would only have to guess. “I serve fresh local fish to my guests, and the beach house is for visitors to rest and chill out. The ocean is the source of my livelihood.” The March 11, 2011, earthquake and tsunami destroyed the Fukushima Daiichi plant’s cooling systems, causing three reactors to melt and contaminating their cooling water, which has since leaked continuously. The water is collected, filtered and stored in some 1,000 tanks, which will reach their capacity in early 2024. The government and TEPCO say the water must be removed to make room for the plant’s decommissioning, and to prevent accidental leaks from the tanks because much of the water is still contaminated and needs retreatment. Katsumasa Okawa, who runs a seafood business in Iwaki, says those tanks containing contaminated water bother him more than the treated water release. He wants to have them removed as soon as possible, especially after seeing “immense” tanks occupying much of the plant complex during his visit few years ago. An accidental leak would be “an ultimate strikeout ... It will cause actual damage, not reputation,” Okawa says. “I think the treated water release is unavoidable.” It’s eerie, he adds, to have to live near the damaged plant for decades. Fukushima’s badly hit fisheries community, tourism and the economy are still recovering. The government has allocated 80 billion yen ($573 million) to support still-feeble fisheries and seafood processing and combat potential reputation damage from the water release. His wife evacuated to her parents’ home in Yokohama, near Tokyo with their four children, but Okawa stayed in Iwaki to work on reopening the store. In July, 2011, Okawa resumed sale of fresh fish — but none from Fukushima. Local fishing was returning to normal operation in 2021 when the government announced the water release plan. Fukushima’s local catch today is still about one-fifth of its pre-disaster levels due to a decline in the fishing population and smaller catch sizes. Japanese fishing organizations strongly opposed Fukushima’s water release, as they worry about further damage to the reputation of their seafood as they struggle to recover. Groups in South Korea and China have also raised concerns, turning it a political and diplomatic issue. Hong Kong has vowed to ban the import of aquatic products from Fukushima and other Japanese prefectures if Tokyo discharges treated radioactive wastewater into the sea. China plans to step up import restrictions and Hong Kong restaurants began switching menus to exclude Japanese seafood. Agricultural Minister Tetsuro Nomura acknowledged some fishery exports from Japan have been suspended at Chinese customs, and that Japan was urging Beijing to honor science. “Our plan is scientific and safe, and it is most important to firmly convey that and gain understanding,” TEPCO official Tomohiko Mayuzumi told The Associated Press during its plant visit. Still, people have concerns and so a final decision on the timing of the release will be a “a political decision by the government,” he said. Japan sought support from the International Atomic Energy Agency for transparency and credibility. IAEA’s final report, released this month and handed directly to Prime Minister Fumio Kishida, concluded that the method meets international standards and its environmental and health impacts would be negligible. IAEA Director General Rafael Grossi said radioactivity in the water would be almost undetectable and there is no cross-border impact. Scientists generally agree that environmental impact from the treated water would be negligible, but some call for more attention on dozens of low-dose radionuclides that remain in the water, saying data on their long-term effect on the environment and marine life is insufficient. Radioactivity of the treated water is so low that once it hits the ocean it will quickly disperse and become almost undetectable, which makes pre-release sampling of the water important for data analysis, said University of Tokyo environmental chemistry professor Katsumi Shozugawa. He said the release can be safely carried out and trusted “only if TEPCO strictly follows the procedures as planned.” Diligent sampling of the water, transparency and broader cross-checks — not just limited to IAEA and two labs commissioned by TEPCO and the government — is key to gaining trust, Shozugawa said. Japanese officials characterize the treated water as a tritium issue, but it also contains dozens of other radionuclides that leaked from the damaged fuel. Though they are filtered to legally releasable levels and their environmental impact deemed minimal, they still require close scrutiny, experts say. TEPCO and government officials say tritium is the only radionuclide inseparable from water and is being diluted to contain only a fraction of the national discharge cap, while experts say heavy dilution is needed to also sufficiently lower concentration of other radionuclides. “If you ask their impact on the environment, honestly, we can only say we don’t know,” Shozugawa, referring to dozens of radionuclides whose leakage is not anticipated at normal reactors, he says. “But it is true that the lower the concentration, the smaller the environmental impact,” and the plan is presumably safe, he said. The treated water is a less challenging task at the plant compared to the deadly radioactive melted debris that remain in the reactors, or the continuous, tiny leaks of radioactivity to the outside. Shozugawa, who has been regularly measuring radioactivity of groundwater samples, fish and plants near Fukushima Daiichi plant since the disaster, says his 12 years of sampling work shows small amounts of radioactivity from the Fukushima Daiichi has continuously leaked into groundwater and the port at the plant. He says its potential impact on the ecosystem also requires closer attention than the controlled release of the treated water. TEPCO denies new leaks from the reactors and attributes high cesium in fish sometimes caught inside the port to sediment contamination from initial leaks and a rainwater drainage. A local fisheries cooperative executive Takayuki Yanai told a recent online event that forcing the water release without public support only triggers reputational damage and hurts Fukushima fisheries. “We don’t need additional burden to our recovery.” “Public understanding is lacking because of distrust to the government and TEPCO,” he said. “The sense of safety only comes from trust.”
After decades of delays and broken promises, coal miners hail rule to slow rise of black lung 2023-07-24 - CHARLESTON, W.Va. (AP) — A half-century ago, the nation’s top health experts urged the federal agency in charge of mine safety to adopt strict rules protecting miners from poisonous rock dust. The inaction since — fueled by denials and lobbying from coal and other industries — has contributed to the premature deaths of thousands of miners from pneumoconiosis, more commonly known as “black lung.” The problem has only grown in recent years as miners dig through more layers of rock to get to less accessible coal, generating deadly silica dust in the process. One former regulator called the lack of protection from silica-related illnesses “stunning” and one of the most “catastrophic” occupational health failures in U.S. history. Now the federal Mine Safety and Health Administration has proposed a rule that would cut the current limit for silica exposure in half — a major victory for safety advocates. But there is skepticism and concern about the government following through after years of broken promises and delays. James Bounds, a retired coal miner from Oak Hill, West Virginia, said nothing can be done to reverse the debilitating illness he was diagnosed with at 37 in 1984. But he doesn’t want others to suffer the same fate. “It’s not going to help me — I’m through mining,” said Bounds, 75, who now uses supplemental oxygen to breathe. “But we don’t want these young kids breathing like we do.” The rule, published in the Federal Register this month, cuts the permissible exposure limit for silica dust from 100 to 50 micrograms per cubic meter of air for an 8-hour shift in coal, metal and nonmetal mines such as sand and gravel. The proposal is in line with exposure levels imposed by the Occupational Safety and Health Administration on construction and other non-mining industries. And it’s the standard The Centers for Disease Control was recommending as far back as 1974. Silicosis is an occupational pneumoconiosis caused by the inhalation of crystalline silica dust present in minerals like sandstone. The U.S. Department of Labor began studying silica and its impact on workers’ health in the 1930s, but the focus on stopping exposure in the workplace largely bypassed coal miners. Instead, regulations centered on coal dust, a separate hazard created by crushing or pulverizing coal rock that also contributes to black lung. In the decades since, silica dust has become a major problem as Appalachian miners cut through layers of sandstone to reach less accessible coal seams in mountaintop mines where coal closer to the surface has long been tapped. Silica dust is 20 times more toxic than coal dust and causes severe forms of black lung disease even after a few years of exposure. An estimated one in five tenured miners in Central Appalachia has black lung disease; one in 20 has the most disabling form of black lung. Miners are also being diagnosed at younger ages — some in their 30s and others with the advanced kind in their 40s. “That’s just nuts,” said Dr. Carl Werntz, a West Virginia physician who conducts black lung examinations and described cases as “skyrocketing.” United Mine Workers of America President Cecil Roberts said there’s no reason a 35-year-old miner should be diagnosed with a disease “that’s going to cost him his life.” “Nobody should be dying because of a job they have,” Roberts said. MSHA’s existing silica standards were developed in the 1970s, around the time of the U.S. Coal Mine Health and Safety Act of 1969 and the Federal Mine Safety and Health Act of 1977. West Virginia University law professor Pat McGinley, who was part of a state team investigating the 2010 Upper Big Branch mining disaster that killed 29 miners, called the resurgence of black lung “unparalleled” when it comes to occupational health failures. In the Upper Big Branch mine, 71% of the 24 miners who received autopsies were found to have black lung. “I can’t think of any occupation where there has been such devastation that’s been ignored” by corporations and the government, he said. “It’s stunning.” The new rule is supported by Democratic Sens. Joe Manchin of West Virginia, Sherrod Brown of Ohio, Bob Casey and John Fetterman of Pennsylvania, and Mark Warner and Tim Kaine of Virginia, who pushed for the change and released a joint statement saying protecting miners from “dangerous levels of silica cannot wait.” MSHA will be collecting comments on the proposal through Aug. 28, with three hearings scheduled in Arlington, Virginia, Beckley, West Virginia, and Denver. One issue expected to come up: the use of respiratory protection equipment. The National Mining Association, which represents mine operators, wants workers to be permitted to use respirators as a method of compliance with the rule. “These are recognized industrial hygiene practices utilized by″ federal regulators in other industries, “but not in mining,″ spokesman Conor Bernstein said, adding that better ventilation controls, safety awareness and regulations on coal dust have all contributed to ”exponentially lower dust levels” inside U.S. mines in recent years. The mine workers’ union and others, however, say respirators are ineffective while performing heavy labor in hot, confined spaces common in mines. The proposed rule allows for the use of respirators on a temporary basis while operators are implementing engineering controls. But advocates say inspectors aren’t present often enough to ensure they don’t become a permanent solution. “The history of miner safety and health enforcement teaches us that exceptions become the rule,” said Sam Petsonk, a West Virginia attorney who represented miners who were diagnosed with black lung after operators knowingly violated regulations. The proposed rule also includes a provision that allows companies to self-report silica levels. Federal inspectors conduct spot checks to ensure accuracy, but mine operators still have leeway to manipulate reporting data, said Willie Dodson, Central Appalachian field coordinator for Appalachian Voices, an advocacy group. “Ideally, MSHA inspectors would take samples day after day after day in a given mine to determine compliance,″ he said. A coal dust examiner who worked for a Kentucky mining company was sentenced to six months in prison last month for falsifying dust samples and lying to federal officials. In rural Nickelsville, Virginia, near the Tennessee border, Vonda Robinson says miners and their families are owed more accountability from the federal government and mine operators. Her husband John was diagnosed with black lung about a decade ago at 47. Now, his doctors say he will need a lung transplant. Vonda Robinson said her husband doesn’t know what to say when his 5-year-old granddaughter asks why he can’t run and play with her, why even walking down the end of the driveway leaves him physically spent. “He’ll tell her ‘Honey, papaw can’t do that,’ ” she said. During his 28 years mining, John Robinson would come home with his face covered with dust. But she tried not to worry. Everyone in the community mined coal. “He was one of those that wanted to go in the mines to give his family the American dream — the nice house, vehicles, put our kids through college,” she said. “And this is what he got.” ___ Daly reported from Washington.
They’re the names you don’t know. Hollywood’s ‘journeyman’ actors explain why they are striking 2023-07-24 - NEW YORK (AP) — Jason Kravits gets a lot of this: People recognize him – they’re just not sure how. “I’m that guy who looks like the guy you went to high school with,” says Kravits. “People think they’ve just seen me somewhere.” Actually, they have — on TV, usually as a lawyer, or a doctor. “I’ve had enough roles that I’ve been in your living room on any given night,” the veteran actor says. “But mostly people don’t know my name.” Kravits is one of those actors union leaders refer to as “journeymen” — who tend to work for scale pay, and spend at least as much time lining up work as working. They can have a great year, then a bad one, without much rhyme or reason. “We’re always on the verge of struggling,” says Kravits. And they, not the big Hollywood names joining the picket lines, are the heart of the actors’ strike. Many say they fear the general public thinks all actors get paid handsomely and are doing it for love of the craft, almost as a hobby. Yet in most cases it’s their only job, and they need to qualify for health insurance, pay rents or mortgages, pay for school and college for their kids. “All of us aren’t Tom Cruise,” says Amari Dejoie, 30, who studies acting, does background jobs (as an extra) and modeling to keep afloat, and is considering waitressing during the strike. “We have to pay rent and bills, and they’re due on the first. And your apartment does not care that your check wasn’t as high as you expected it to be.” In interviews, a few journeyman actors at different stages of their careers discussed their lives and their reasons for striking: THAT ONE-PENNY CHECK Recently Jennifer Van Dyck got a couple residual checks in the mail — one for 60 cents, one for 72 cents. But she’s seen worse. “The joke is when you get the one-cent check that cost 44 cents to be mailed to you,” says the veteran New York actor. Still, Van Dyck counts herself lucky. With many appearances on network shows like “The Blacklist,” “Madam Secretary” and especially ”Law & Order,” where she’s appeared as a guest star 13 times, plus voiceover work, she’s been able to make a living for more than 30 years without having to take a job outside the industry. “You just keep jumping around,” she says. “When things get dry in one area you move to the next. It’s keeping all the balls in the air: theater, film, television, voiceover, audiobooks. Call us journeypeople: Half the job requirement is looking for work.” Van Dyck says the emergence of streaming has cut into an actor’s income alarmingly, because streamers give tiny residuals, if that. And when it comes to negotiating a rate to appear on a show, the studios don’t seem to care if you have 37 years of experience. “They say, “This is what we’re offering, take it or leave it.’” .She’s still struck by the common misperception that actors must be rich and famous. “The majority of us aren’t,” she says. “But all those other parts (in a hit show), and all those other shows that get sidelined or disappear — that’s work, too. And those stories can’t be told without (us).” “No one wants to strike,” Van Dyck adds. But she feels the industry is at an inflection point. And, “at a certain point you have to say, ‘No Mas.’” ___ THIS IS NOT A HOBBY Growing up in the Washington, D.C., area, Kravits was bitten by the theater bug early, performing in community theater by the time he was 10 or 11. He studied theater in college, and eventually made his way to New York and then Los Angeles. In LA, he got lucky, winning a recurring role on David E. Kelley’s “The Practice.” Kravits quips he’d make a lot more money as an actual lawyer, but enjoys playing them. “I like to say I play a lot of lawyers, but never the same lawyer. I play a mean lawyer, a dumb lawyer, a funny lawyer, a hateful lawyer, an incompetent lawyer. Every role is different to me.” Most of the time, he’s on a show for one or two episodes. Kravits says there used to be room for negotiation on everything, including billing and dressing rooms, but no longer: “You’re negotiating with Wall Street. And Wall Street is all bottom line.” The toughest change has been with the all-important residuals. “I don’t think people realize outside the business how important residuals are to being able to afford being an actor,” he says. And because of how meager streaming residuals are, Kravits says he has network shows he did 10, 15 even 20 years ago that still yield more residuals than buzzy shows he’s done for streamers the last few years — like HBO’s “The Undoing” or Netflix’s “Halston.” “I didn’t get into this as a hobby,” Kravits says. “I can’t afford to do it as a hobby.” ___ PUTTING OUR MONEY WHERE OUR MOUTHS ARE The series finale of the show that transformed actor Diany Rodriguez’s career – NBC’s “The Blacklist” – aired the same day Hollywood came to a standstill. Rodriguez, who played Weecha, bodyguard of star James Spader’s character, would have loved to take to social media and celebrate her character’s final appearance, but the strike made that impossible. She had several new projects booked, but is now throwing herself into her duties as a strike captain. She sees the strike as part of a larger labor movement in the country: “I’m so in favor of this because it feels overwhelmingly (like) we are ready to put our money where our mouths are for the greater good.” Rodriguez, 41, was born in Puerto Rico, grew up in Alabama, and moved from New York to Atlanta in 2009 for theater work. Around that time, Georgia lawmakers passed generous film tax credits — incentives that brought in business but ensured a lengthy strike would be acutely felt there. “Atlanta’s economy is funded in large part based on the film and TV tax breaks,” she says. Rodriguez feels financially secure, thanks largely to her two-season stint on “The Blacklist,” the network residuals and the roles the show has helped her book since then. But she says she could easily have been in the same situation as so many of her fellow actors who are on the verge of losing their health coverage, unable to earn enough in recent months to be eligible for SAG-AFTRA insurance plans. —- WHAT WILL THIS MEAN FOR ACTING? Amari Dejoie’s father didn’t want her to follow him into the entertainment business. “They never do,” she quips. But Dejoie, growing up in Los Angeles, got the bug, and started pursuing acting and modeling at 17. Now 30, she studies acting, paying $400 a month for classes, and takes whatever side jobs she can, including working as an extra on sets. She’s appeared in music videos, and at events as a booth model. She’s considering a waitress job to tide her over during the strike. “My dad was part of SAG back in the day and his residuals paid for a home,” says Dejoie, who was manning the picket lines in Los Angeles last week. “It’s the same business, and (yet) it’s completely different now.” Her father, Vincent Cook, was a boxing double for Will Smith on “Ali,” and had a role in “B.A.P.S.,” with Halle Berry. “He was not a main character, but his residuals were great and they still are,” Dejoie says, nothing that recently, after undergoing a medical issue, he discovered that SAG had a check waiting for him. “If it’s up to the studio, they’re not going to hunt you down to pay you. SAG will,” Dejoie says. Dejoie also is concerned about how artificial intelligence will affect the industry and her work as an extra, where she makes about $150 a day to be available for background shots. Actors fear studios want to scan their images and use them repeatedly after paying for just one day of work. “Also, if I’m not present on the set, I’m not there making connections for other jobs,” Dejoie says. More broadly, the idea of actors’ images being replicated artificially makes her afraid for the future of the industry she is just getting started in. “What will this mean for acting?” she says. “Did I just spend all this time and money for a craft that will one day be obsolete?” —- Rico reported from Atlanta. AP journalists Krysta Fauria and John Carucci contributed to this report.
Australia to buy 20 C-130 Hercules aircraft from the US for $6.6 billion 2023-07-24 - CANBERRA, Australia (AP) — Australia said Monday it will buy 20 new C-130 Hercules from the United States in a 9.8 billion Australian dollar ($6.6 billion) deal that will increase by two-thirds the size of the Australian air force’s fleet of its second-largest heavy transport aircraft. The announcement follows the U.S. Congress’ approval last year of a larger sale of 24 of the Lockheed Martin-manufactured propellor-driven aircraft. The United States and Australia are currently conducting their biennial Talisman Sabre military exercise along the Australian coast that this year involves 13 nations and more than 30,000 personnel as global concerns intensify over an increasingly assertive China. The first of the new four-engine Hercules is expected to be delivered in 2027 and the new aircraft will eventually replace the fleet of 12 Hercules currently operated by the Royal Australian Air Force from RAAF Base Richmond near Sydney, Defense Industry Minister Pat Conroy said. The purchase “will almost double the fleet and represents a massive uplift in capability, in mobility and transport for the Royal Australian Air Force,” Conroy told reporters. “Almost doubling the fleet gives us more capacity to deploy them on multiple operations at the same time, and that’s the critical driver,” Conroy added. The Australian air force also operates eight of the larger Boeing C-17A Globemaster heavy transport jet aircraft. The deal was confirmed ahead of U.S. Defense Secretary Lloyd Austin and Secretary of State Antony Blinken meeting with their Australian counterparts for annual talks late this week in the Australian city of Brisbane. It is Blinken’s third trip to Asia in less than two months, highlighting U.S. efforts to counter growing Chinese influence in the region. A closer bilateral military relationship with Australia was underscored Saturday when the USS Canberra was commissioned in Sydney. The Independence-variant littoral combat ship, built by Australian manufacturer Austal, became the first U.S. warship to be commissioned in a foreign port. The original Canberra was a U.S. cruiser launched in 1943 and named after the Australian cruiser HMAS Canberra, which was torpedoed by the Japanese in 1942 with a loss of 193 lives while supporting U.S. Marines landings in the Solomon Islands. The Australian warship was named for Australia’s capital. The Solomons are again a security concern for the United States and its allies over recent security agreements that the South Pacific nation signed with China. Conroy, who is also Australia’s minister for international development and the Pacific, flew to the Solomons later Monday to mark the 20th anniversary of the arrival in the capital, Honiara, of an Australian-led force of Pacific Islands troops and police. The Regional Assurance Mission to Solomon Islands was invited by the Solomons government to end years of civil unrest. The force left in 2017, but Australian police and military personnel returned in late 2021 at Solomons Prime Minister Manasseh Sogavare’s request to quell anti-government and anti-China rioting. Australian peacekeepers remain in Honiara.
Adidas swamped with $565 mln in orders for unsold Yeezy shoes- FT 2023-07-24 - July 24 (Reuters) - Adidas (ADSGn.DE) got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company's "most optimistic forecast," the Financial Times reported on Monday. Strong demand for the first batch of online sales would potentially save the German sportswear company from having to take a big writedown on its remaining stock, the newspaper said. Adidas stopped selling Yeezy shoes from its defunct partnership with Ye in October after the rapper formerly known as Kanye West made a series of antisemitic comments. Losing the highly profitable line hit first quarter sales at the company by around $440 million. However, robust demand for the unsold sneakers has quelled fears at Adidas' headquarters that Ye's outbursts and a drop in marketing in the recent past would have made the Yeezy brand too toxic, FT said, citing sources. Adidas declined to comment saying it was in a "quiet period" ahead of its quarterly results due Aug. 3. The company had said in May it would donate some of the proceeds from the sales to organisations fighting antisemitism and racism. Discussions over how much will be donated to individual charities are ongoing, the FT reported, adding that the company has chosen five charities in the US and China as a first step. "Making donations of more than 8.5 million euros across the five charities has been discussed but no decision has been made," FT said, citing people familiar with the matter. The final amount donated from the sales will be much larger as the company is willing to pay a significant share of the profits from the Yeezy inventory, the report said. Adidas had forecast a loss this year before announcing its intentions to sell leftover Yeezy stocks. ($1 = 0.8996 euros) Reporting by Bharat Govind Gautam and additional reporting by Juby Babu in Bengaluru; Editing by Savio D'Souza and Nivedita Bhattacharjee Our Standards: The Thomson Reuters Trust Principles.
Morning Bid: Markets bide time as policymakers plot next moves 2023-07-24 - SYDNEY, July 24 (Reuters) - A look at the day ahead in European and global markets from Stella Qiu It's a week that every investor has squarely on their radar: Three of the world's biggest central banks will deliver their latest policy moves and China's Politburo - its top policymaking body - is set to unveil support measures as the economy sputters. Meanwhile, markets seem to be biding their time. On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was off a slight 0.3%, European stock futures were marginally lower and U.S. futures were flat. Hong Kong's Hang Seng index (.HSI) was a bit of an outlier on the downside with a drop of 1.5%, dragged lower by Chinese property developers (.HSMPI) which tumbled more than 5%. With a quarter-point hike from both the Federal Reserve (on Wednesday) and the European Central Bank (on Thursday) looking set in stone, the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about the rate outlook. If markets are right, this should be the last hike from the Fed and second-to-last from the ECB, as investors look ahead to the end of the great synchronised global tightening campaign - and rate cuts that may soon follow. , The U.S. earnings season will also move into higher gear this week with Meta Platforms (META.O), Microsoft (MSFT.O) and Alphabet (GOOGL.O) among the big names reporting. Their results will have to be good enough to justify the S&P 500's earning multiple of 20 times and its gains of 19% year-to-date. In Asia, contrary to what some investors were expecting, the Bank of Japan，which meets on Friday，is leaning towards keeping its yield control policy unchanged so that policymakers can scrutinise more data to ensure wages and inflation keep rising, sources told Reuters. That report sent the yen to a two-week low of 141.95 per dollar on Friday but the currency regained some composure in Asia as the new week began, steadying at 141.36 per dollar. Manufacturing activity in Japan extended declines in July while growth in the service sector slowed, surveys showed on Monday, a sign that global demand remains week and is weighing on Japanese businesses. For those looking for major stimulus from China's politburo meeting, which is expected to come on Friday, they risk disappointment again after months of anticipation. Piecemeal support measures from the government's various agencies in recent days to prop up the property sector and consumption have failed to impress. Reuters Graphics Beijing likes to do things on its own time and, after all, growth is still tracking in line with the government's economic target for the year of about 5%, although some big global banks have only recently cut their forecasts to come in line with that. Key developments that could influence markets on Monday: - Earnings include Whirlpool, NXP Semiconductors, Domino's - Chicago Fed National Activity Index is released Reporting by Stella Qiu; Editing by Edmund Klamann Our Standards: The Thomson Reuters Trust Principles.
Nikola says damaged truck reignites at its headquarters 2023-07-24 - July 23 (Reuters) - An electric truck which was previously damaged reignited at Nikola's (NKLA.O) Phoenix, Arizona headquarters on Sunday afternoon but there were no injuries, the electric-truck maker said in a statement. "At approximately 2 pm today at Nikola HQ, one of the trucks that was previously damaged reignited. No one was injured and the fire was quickly contained," the company said. The damaged trucks were kept at the company's Phoenix site for "safety monitoring and the ongoing investigations." This comes after last month's fire when Nikola reported a fire around its headquarters and said it suspects foul play behind the incident that affected multiple trucks but caused no injuries. Nikola did not specify if the truck that reignited on Sunday was one of the trucks damaged in the June fire and did not give any further details. Reporting by Juby Babu and Akash Sriram in Bengaluru; Editing by Nivedita Bhattacharjee Our Standards: The Thomson Reuters Trust Principles.
American Airlines union postpones vote for contract agreement 2023-07-24 - July 23 (Reuters) - American Airlines' pilot union has indefinitely postponed the ratification vote for a tentative contract agreement, it said in a memo on Sunday. The voting will now take place "at a date and time to be determined", the union said. American Airlines (AAL.O) pilots were due to vote on Monday after the company on Friday raised the value of its contract offer to pilots by more than $1 billion. The union had earlier warned that ratification was in jeopardy. The Texas-based carrier said on Friday's changes brought the total value of the four-year proposed contract to $9 billion and would match the pay rates and retroactive pay in United Airlines' (UAL.O) tentative agreement. American Airlines did not immediately respond to a Reuters request for comment. Reporting by Rishabh Jaiswal in Bengaluru and Rajesh Kumar Singh; Editing by Nivedita Bhattacharjee Our Standards: The Thomson Reuters Trust Principles.