Rainwater Tech to list in New York via SPAC merger

Rainwater Tech to list in New York via SPAC merger

NEW YORK, Dec 22 (Reuters) – Rain Enhancement Technologies Inc, a developer of systems that boost rainfall in arid regions, has agreed to combine with special purpose acquisition company (SPAC) dMY Technology Group VI (DMYS.N), the companies told Reuters. Led by Mike Nefkens, the former president of Hewlett Packard Enterprise Services, Rain Enhancement Technologies – … Read more

Insurers shun FTX-linked crypto firms as contagion risk mounts

Insurers shun FTX-linked crypto firms as contagion risk mounts

Dec 19 (Reuters) – Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies … Read more

Exclusive: Air India nears historic order for up to 500 jets

Exclusive: Air India nears historic order for up to 500 jets

PARIS/NEW DELHI, Dec 11 (Reuters) – Air India is close to placing landmark orders for as many as 500 jetliners worth tens of billions of dollars from both Airbus and Boeing as it carves out an ambitious renaissance under the Tata Group conglomerate, industry sources said on Sunday. The orders include as many as 400 … Read more

BIS warns of $80 trillion of hidden FX swap debt

BIS warns of $80 trillion of hidden FX swap debt

LONDON, Dec 5 (Reuters) – The Bank for International Settlements (BIS) has warned that pension funds and other ‘non-bank’ financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX swaps. Dubbed the central bank to the world’s central banks, the BIS raised the concerns in its … Read more

Credit Suisse seeks billions from investors in make-or-break overhaul

Credit Suisse seeks billions from investors in make-or-break overhaul

ZURICH, Oct 27 (Reuters) – Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann … Read more

EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain

EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain

DETROIT, Oct 19 (Reuters) – Hyundai Motor Co (005380.KS), Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday. A Reuters investigative report … Read more

More U.S. companies charging employees for job training if they quit

More U.S. companies charging employees for job training if they quit

WASHINGTON, Oct 17 (Reuters) – When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked. Not only was Bal a licensed esthetician with no need for instruction, she argued that the trainings were specific to the shop and low quality. Bal’s story mirrors that of dozens of … Read more

BlackRock assets fall below $8 tln, profit beats on strong ETF demand

BlackRock assets fall below $8 tln, profit beats on strong ETF demand

Oct 13 (Reuters) – BlackRock Inc (BLK.N) posted a smaller-than-expected drop in quarterly profit on Thursday as strong demand for exchange-traded funds and other low-risk products cushioned the hit to fee income from a global market rout, but its assets under management fell below expectations. The threat of a recession, surging interest rates and the … Read more

Google approves Trump’s Truth Social for Play Store

Google approves Trump’s Truth Social for Play Store

Oct 12 (Reuters) – Alphabet Inc’s (GOOGL.O) Google has approved former U.S. President Donald Trump’s social media app Truth Social for distribution in the Google Play Store, a company spokesperson said on Wednesday. Trump Media & Technology Group (TMTG), which operates Truth Social, is expected to make the app available in the Play Store shortly, … Read more

British pension funds step up fire sales as need for cash soars

British pension funds step up fire sales as need for cash soars

LONDON, Oct 11 (Reuters) – UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England calls time on support aimed at keeping them afloat. The Bank of England plans to stop buying bonds on Oct. 14, leaving pension schemes scrambling to meet a … Read more