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Business News

US Commerce chief raised Micron, Intel with Chinese officials

by Reuters August 28, 2023
By Reuters

By David Shepardson

BEIJING (Reuters) -U.S. Commerce Secretary Gina Raimondo said on Monday that she raised concerns about a number of U.S. business issues including Intel and Micron with Chinese Commerce Minister Wang Wentao.

Raimondo told two reporters in a brief interview she also discussed restrictions which China has imposed on gallium and germanium exports in wide-ranging and candid discussions with Wang. She met with Wang for more than two hours and then they had a two-hour lunch.

Raimondo in May said the United States “won’t tolerate” China’s effective ban on purchases of Micron Technology memory chips and is working closely with allies to address such “economic coercion.”

Earlier this month, Intel terminated its $5.4 billion acquisition of Tower Semiconductor, after failing to secure approval from China’s State Administration for Market Regulation.

China, the world’s top germanium producer accounting for more than 60% of global supply, in July announced restrictions on the export of eight gallium and six germanium products, which are used to make semiconductors, effective from Aug. 1, citing national security reasons.

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Raimondo announced earlier on Monday that China had agreed to create a new formal working group on commercial issues with the United States.

The new commercial issues working group is a consultation mechanism involving U.S. and Chinese government officials and private sector representatives “to seek solutions on trade and investment issues and to advance U.S. commercial interests in China.”

The United States and China also agree to convene subject matter experts from both sides for technical discussions “regarding strengthening the protection of trade secrets and confidential business information,” Raimondo said.

(Reporting by David Shepardson Editing by Jason Neely and Mark Potter)

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August 28, 2023 0 comments
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Breaking NewsCommunity NewsNew York City NewsNew York News

70% of Bronx Residents Want Out According to New Poll

by Phil Stilton August 28, 2023
By Phil Stilton

BRONX, NY – With the daily headlines of shootings and robberies the commonplace these days in the Bronx, a new poll suggests residents are sick and tired. Most of them just want to find a way to get out.

A recent survey conducted by Unite NY in conjunction with Citizen Data shows that Bronx residents are tired of living the way they do and want a better life.

According to the poll, 70% of people who live in the Bronx want to escape from the Bronx.

However, leaving the Bronx is easier said than done in a climate where homeownership in the suburbs comes with a hefty pricetag and affordable housing in the region is also at a premium with high demands and low inventories.

The desire to leave the city isn’t just a Bronx thing. Citywide, 40% of New Yorkers want to get out.

They cite crime and the current political environment as the two main reasons they want to leave the city they loved, grew up in and raised a family in.

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August 28, 2023 0 comments
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Breaking NewsFeatured News

Poll Shows Most New Yorkers Sick of Rising Crime, Useless Politicians

by Phil Stilton August 28, 2023
By Phil Stilton

Albany, NY — A recent survey conducted by Unite NY in conjunction with Citizen Data reveals a worrying trend of voter dissatisfaction in New York State. According to the Voter Empowerment Index (VEI), 51% of likely voters are considering leaving the state, citing the state’s broken political system and crime as major concerns.

The survey polled 822 likely voters in March with a margin of error of 3.4 percent. It found that 53% of respondents believe that addressing crime and public safety should be the state’s top priority. For New Yorkers aged 18-34, however, the primary concern is affordable housing.

  • 53% of New Yorkers think politics in the State are headed in the wrong direction (up 3% from March)
  • 80% want term limits for Governor and Legislature
  • 40% have an unfavorable view of Governor Hochul
  • Nearly 3/4 of New Yorkers want citizen initiatives
  • 40% considering moving – including more than
  • 70% of Bronx residents want to leave.

When it comes to political reform, only 9% of voters think that New York is ahead of other states in implementing election reforms. In contrast, 37% believe the state has fallen behind in this regard.

Support for structural reforms is high, with 80% of respondents favoring term limits for the Governor and the Legislature. Nearly three-quarters also want citizen initiatives, and 40% have an unfavorable view of Governor Hochul.

The data suggests a need for urgent reforms to address growing voter dissatisfaction and to prevent a potential exodus of residents from the state.

August 28, 2023 0 comments
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Breaking NewsNorth Jersey NewsPolice Blotter

Tip Jar Theft at Maplewood Ice Cream Shop Leads to Charges

by Charlie Dwyer August 28, 2023
By Charlie Dwyer

Maplewood, NJ — MPD officers responded to a theft at Honey & Hive Artisanal Ice Cream located at 1611 Springfield Avenue. The incident involved the theft of a tip jar containing approximately $30.

The suspect, described as an African American male wearing a black tee shirt, light-colored shorts, and a white sling bag, was seen removing the tip jar from the front counter before leaving the establishment. The individual headed eastbound on Springfield Avenue.

After an investigation, Romario Francois of Irvington was identified as the suspect and has been charged with theft.

August 28, 2023 0 comments
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Breaking NewsCommunity NewsEventsVirginia News

Newport News to Hold Annual 9/11 Commemoration Ceremony at CNU

by Phil Stilton August 28, 2023
By Phil Stilton

Newport News, VA — Newport News Public Safety will host its annual ceremony to honor the lives lost and affected by the September 11, 2001, attacks. The ceremony is scheduled for 10 a.m. on Monday, September 11, at the Gaines Theatre on the campus of Christopher Newport University (CNU).

New CNU President William Kelly is set to give the opening remarks, and Newport News Mayor Phillip Jones will serve as the keynote speaker. The Newport News Fire Department and Newport News Sheriff’s Office will also be in attendance.

The public is warmly invited to be part of this significant remembrance event.

August 28, 2023 0 comments
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Breaking NewsBusiness NewsCommunity NewsVirginia News

Norfolk Welcomes Black Rifle Coffee Company with Grand Opening Ceremony

by Jeff Jones August 28, 2023
By Jeff Jones

Norfolk, VA — Black Rifle Coffee Company (BRCC) celebrated its grand opening in Norfolk, drawing hundreds of coffee enthusiasts and community members.

Both Norfolk Police Department and Norfolk Fire-Rescue participated in the ceremony, marking the occasion as a significant community event.

The brand, known for its support of military service members and public safety professionals, saw an outpouring of community support during the grand opening.

Residents took the opportunity to express their gratitude for those who serve in various capacities to ensure public safety.

The event demonstrated the strong ties between the community, its service members, and public safety professionals in the City of Norfolk.

August 28, 2023 0 comments
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US and World News

Jacksonville shooter killed Black shoppers with legally purchased guns

by Reuters August 28, 2023
By Reuters

By Sarah N. Lynch and Maria Caspani

WASHINGTON (Reuters) – The white gunman who shot and killed three Black people at a Dollar General store in Jacksonville, Florida on Saturday was a 21-year-old who bought his guns legally and had no criminal history, local law enforcement said on Sunday.

The shooter, Ryan Christopher Palmeter, lived with his parents in a suburb of Jacksonville, Sheriff T.K. Waters told a news conference. He died of a self-inflicted gunshot wound.

Waters has said the shooting was racially motivated. Authorities say the shooter left behind several manifestos for media, his parents and law enforcement detailing his hatred for Black people.

“There was no criminal record, nothing,” Waters said, adding the only thing on file was a domestic violence call with his brother. “There were no red flags.”

However, the sheriff said Palmeter in 2017 was briefly held under a state law called the Baker Act, which states a person can be “taken to a receiving facility for involuntary examination” during a mental health crisis.

Reuters could not immediately reach members of the gunman’s family for comment.

The gunman also left a will and a suicide note that were retrieved by his father, the Jacksonville sheriff said.

President Joe Biden in a statement on Sunday noted the shooting occurred the same day the country marked the 60th anniversary of the March on Washington, scene of Martin Luther King Jr’s famous “I have a dream” speech.

“We must refuse to live in a country where Black families going to the store or Black students going to school live in fear of being gunned down because of the color of their skin,” Biden said.

The Justice Department is investigating the shooting as a hate crime and an “act of racially motivated violent extremism,” U.S. Attorney General Merrick Garland said in a statement. Garland said the shooting would be investigated as a hate crime.

Waters said the suspect was caught on video shooting Angela Michelle Carr, a 52-year-old woman, in her car outside the Dollar General , a U.S. discount chain. He then entered the store where he shot and killed 19-year-old Anolt Joseph “AJ” Laguerre Jr and Jerrald De’Shaun Gallion, 29.

Palmeter wore a tactical vest and his face was covered by a mask, Walters said. He carried a handgun and an “AR-15 style” rifle, with swastikas on it, police said, referring to a lightweight semi-automatic long gun often used in mass shootings.

Authorities said he was spotted trying to enter a local historically Black college, Edward Waters University, on Saturday before heading to the Dollar General store.

Palmeter had refused to identify himself to a campus officer and was turned away. “It was later determined that the individual would be involved in a shooting near EWU campus,” the university said.

Florida Governor Ron DeSantis said on Sunday the state would work with the school to ensure it has adequate security following Saturday’s shooting.

DeSantis, a Republican presidential candidate, has been sharply criticized by Black leaders for what they say is his government’s attack on Black history.

In January, Florida banned an Advanced Placement course on African-American history from being offered to high school students. In July, the state changed how history is taught in schools.

DeSantis was booed when he began to speak at a prayer vigil for the three victims on Sunday.

Jacksonville city councilwoman Ju’Coby Pittman, a Democrat who represents the area where the shooting took place, chastised the crowd and told them the governor was there to help.

DeSantis then told the crowd the gunman was “a major-league scumbag” and said in Florida “we’re not going to let people be targeted based on their race.”

Shortly after DeSantis spoke, Jeffrey Rumlin, a pastor at the Dayspring Church in Jacksonville, took the microphone and said of the shooter: “At the end of the day, respectfully, governor, he was not a scumbag. He was a racist.”

(Reporting by Maria Caspani in New York, Sarah N. Lynch in Washington and Brad Brooks in Longmont, Colorado; Writing by Maria Caspani; Editing by Lisa Shumaker, Bill Berkrot and Chris Reese)

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August 28, 2023 0 comments
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Breaking News

Pittsburgh Police Officers Join Local Youth for Back-to-School Shopping Events

by Phil Stilton August 28, 2023
By Phil Stilton

Pittsburgh, PA — Officers from the Pittsburgh Police recently participated in two “Shop with a Cop” back-to-school events aimed at supporting local youth.

The first event took place at Macy’s in Robinson Mall, where Detective RJ Gallman of the Fire Investigation Unit selected two children from the City of Pittsburgh who had been victims of a recent house fire. Officers Bradford and Blair accompanied them for a private shopping spree. Macy’s facilitated the event by providing a grant through Allegheny County Camp Cadet. Senator Devlin Robinson and Rep. Anita Kulik also contributed by giving each child a backpack filled with school supplies.

The second event was hosted at Macy’s in Ross Park Mall, where Officer Blair was joined by Jayden from Penn Hills High School.

Both events serve as community-building initiatives aimed at aiding school-age youth as they prepare for the new academic year.

August 28, 2023 0 comments
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Breaking NewsPennsylvania News

Police Seek Public’s Help to Locate Missing 13-Year-Old Boy

by Jessica Woods August 28, 2023
By Jessica Woods

Pittsburgh, PA — The Pittsburgh Bureau of Police Special Victims Unit is seeking public assistance in finding 13-year-old Isaiah Kennedy, who was last seen in the Beechview area on August 26. Isaiah is described as 5’6″ tall, weighing 160 lbs, and has medium-length dreads.

He was last seen wearing a white hoodie, gray sweatpants, and black and white Nikes.

Authorities believe he may be in the Beechview, Mt. Oliver, or Brentwood areas.

Anyone with information is asked to call the Special Victims Unit at (412) 323-7141 or dial 9-1-1.

August 28, 2023 0 comments
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Breaking NewsMaryland NewsSchools

Harford County Students Return to School; Community Urged to Prioritize Safety

by Phil Stilton August 28, 2023
By Phil Stilton

Bel Air, MD — Harford County schools open their doors today, signaling the start of a new academic year. Students are encouraged to rest well for the day ahead, filled with new learning opportunities.

As schools reopen, the community is reminded to expect increased road traffic, pedestrians, and school bus activities. Commuters are advised to allow extra time for travel and to exercise caution in school zones and bus stops.

The county looks forward to a productive and memorable school year for its students, setting the stage for community-wide success.

August 28, 2023 0 comments
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Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

Baltimore County Police Search for Missing 68-Year-Old Man with Cognitive Issues

by Jessica Woods August 28, 2023
By Jessica Woods

Cockeysville, MD — Baltimore County Police are actively looking for Douglas Baseman, a 68-year-old man last seen in the Cockeysville area. Baseman, who is 5’7″ and weighs 145 lbs, was last seen on August 27 at 4:17 p.m.

Baseman was wearing a red and black baseball cap, red T-shirt, black pants, and black shoes when he went missing. Authorities note that he needs medication and has cognitive issues.

Police are urging anyone with information about Baseman’s whereabouts to immediately call 911 or the police department at 410-307-2020.

August 28, 2023 0 comments
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Breaking News

Two Men Found Dead, One Injured in Braddock Shooting

by Ryan Dickinson August 28, 2023
By Ryan Dickinson

Pittsburgh, PA — The Allegheny County Police Department’s Homicide Unit is investigating a shooting in Braddock that left two men dead and another critically injured.

On the evening of August 27, an Allegheny County Housing Authority Officer was near Margaretta Street and Center Street when he heard multiple gunshots.

Upon arrival at Center Street, the officer discovered two deceased males with gunshot wounds.

A third male was found in a nearby residence, also with gunshot wounds to the chest and buttocks. He was transported to a local hospital and is in critical but stable condition.

Authorities are urging anyone with information related to this incident to contact the County Police Tip Line at 1-833-ALL-TIPS. Callers have the option to remain anonymous.

August 28, 2023 0 comments
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Baltimore NewsBreaking NewsMaryland NewsPolice Blotter

Baltimore Remembers Cop Shot in the Line of Duty 10 Years Ago Today

by Phil Stilton August 28, 2023
By Phil Stilton

Baltimore, MD — Ten years after his death, the Baltimore County Police Department is honoring Police Officer First Class Jason Schneider by wearing memorial ribbon bars and mourning bands.

Schneider, a member of the Tactical Unit, was fatally shot on August 28, 2013, while assisting in a search and seizure operation. The mission was related to a previous shooting incident. After entering a home, the Tactical Unit found themselves under fire from armed suspects. Schneider was struck during the firefight and later died at the University of Maryland Medical Center’s R. Adams Cowley Shock Trauma Center.

A monument at Patriot Plaza in Towson now bears Schneider’s name, alongside other fallen officers of the Baltimore County Police Department. His sacrifice remains a solemn reminder of the risks law enforcement officers face.

August 28, 2023 0 comments
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Business News

India’s Reliance appoints Ambani children to board in succession plan

by Reuters August 28, 2023
By Reuters

By Munsif Vengattil and Dhanya Skariachan

BENGALURU (Reuters) -India’s Reliance Industries Ltd on Monday appointed the three children of Chairman Mukesh Ambani as board directors at the oil-to-telecoms conglomerate, as the billionaire prepares to eventually hand over the reins.

Ambani, Asia’s richest person, has previously said his children Isha, Akash and Anant would have significant roles in the business and that Reliance was “in the process of effecting a momentous leadership transition”. Mukesh Ambani was re-appointed as chairman of the company for another five years in July.

Ambani, 66, said his three children will work as one single team and will collaborate with other directors “to provide leadership to the Reliance group as a whole and guide the growth of all our diverse businesses.”

With a market value of more than $200 billion, Ambani’s business empire spans telecoms, retail, oil and gas and new energy.

With Mukesh Ambani in his late 60s, “the time is probably right … If not now, when?,” said Arun Dasmahapatra, a partner at executive search firm Heidrick & Struggles’ Mumbai office.

“This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord.”

Mukesh’s father Dhirubhai Ambani, a well-known industrialist, died without a will, sparking a long-running and public feud for control of assets between Mukesh and his younger brother Anil.

Ambani has positioned experienced executives and long-time friends and family to steer his children through the transition, and they have taken larger roles at annual general meetings and led some company announcements.

Reliance also said Ambani’s wife Nita had stepped down from the board to focus more on strengthening Reliance’s charity arm.

Akash Ambani, who attended Brown University, was part of a team that brokered a $5.7 billion investment in 2020 by Meta Platforms in Jio Platforms, a Reliance unit. He is already the chairman of Reliance Jio Infocomm Limited, the telecom arm of Reliance.

Akash’s twin sister Isha is driving the expansion of Reliance Retail into new categories and geographies, and is already a director on the boards of the retail unit, Reliance Retail Ventures, which houses the conglomerate’s bets in India’s brick-and-mortar and e-commerce industries.

The youngest of the siblings, Anant, is a director at Reliance’s new energy business, retail unit as well as Jio platforms and its energy, and oil and chemical units.

The appointments are to be finalised after approval from shareholders.

RETAIL, AIRFIBER

Speaking at the annual general meeting with shareholders, Mukesh Ambani said the retail unit had doubled its valuation to $100 billion after a recent $1 billion investment from the Qatar Investment Authority in exchange for a 1% stake, adding that it was seeing interest from several top global and financial investors.

The company will launch Jio AirFiber, a wireless indoor device for offices and homes that provides broadband-like speeds, on Sept. 19. The device, which uses the Jio 5G telecom network for connectivity, will help Reliance target more than 200 million homes in the next three years.

Reliance shares closed down 1% on Monday and were among the top losers in the benchmark Nifty 50 index. Analysts attributed the decline to the absence of any new details at the shareholder meeting on the IPOs of telecom and retail arms of the company.

Reliance in 2019 had said the units will be listed publicly in five years. Investors were expecting an update on the timeline after Ambani last year said more details would be shared at this year’s meeting.

Ambani also announced plans to manufacture wind energy equipment in India under Reliance’s new energy business, and a plan to set up a battery giga factory by 2026.

(Reporting by Munsif Vengattil, Aditya Kalra and Dhanya Skariachan in Bengaluru; Editing by Tom Hogue, Mark Potter and Louise Heavens)

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August 28, 2023 0 comments
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Breaking NewsNorth Jersey NewsPolice Blotter

SWAT Team Called, Man Shot Dead by Police During Mental Health Incident

by Charlie Dwyer August 28, 2023
By Charlie Dwyer

Jersey City, NJ – The Attorney General’s Office is conducting an investigation into a fatal police-involved shooting that occurred on Sunday.

The incident happened when police officers attempted to de-escalate a situation involving a man armed with a knife. According to authorities, the man charged at the officers, leading one to fire his service weapon.

The deceased man has been identified by his family as Andrew Jerome Washington, 52. After being shot, Washington was taken to a local hospital for surgery and later pronounced dead.

Family members of Washington claim he was in the midst of a mental health crisis at the time and had called for assistance. They expressed surprise that a SWAT team was the responding force.

The initial investigation shows that officers from the Jersey City Police Department were dispatched to a home on Randolph Avenue near Bramhall Avenue at approximately 2:28 p.m. The call for police intervention was initiated by emergency medical services personnel.

One officer discharged his service weapon during the encounter, striking Washington.

Washington was transported to a local hospital and was pronounced dead at 4:47 p.m.

The investigation is ongoing. Further details are pending release.

August 28, 2023 0 comments
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US and World News

Friends fear for health of Australian writer detained in China

by Reuters August 28, 2023
By Reuters

By Kirsty Needham

SYDNEY (Reuters) -Friends of detained Australian writer Yang Hengjun, put on trial in Beijing two years ago on undisclosed national security charges, say they fear for his health amid delays in a verdict in his case.

Pro-democracy blogger Yang is an Australian citizen born in China who was working in New York before his arrest at Guangzhou airport in 2019. His arrest coincided with a deterioration in relations between Australia and China and a verdict in his case has been repeatedly delayed.

A Beijing court heard Yang’s trial in secret in May 2021 and the case against him has never been publicly disclosed. He has denied working as a spy for Australia or the United States. After 10 delays, a verdict in his case is due in October.

The Australian Embassy in Beijing visited Yang on Thursday and was told he had a 10 cm (4 inch) cyst on his kidney that may require surgery, heightening concerns for his health, said Feng Chongyi, his former academic supervisor at the University of Technology, Sydney, who has been briefed on the matter.

“I think this is a strong case for the Australian government to demand for Yang’s release to Australia on medical parole,” Feng said.

A statement by China’s foreign ministry after Reuters sought comment made no mention of his condition.

It said Yang was “suspected of engaging in criminal activities that endanger the national security of the PRC” and said Chinese judicial bodies were reviewing his case.

It added China “opposes any person interfering via any means” in China’s judicial processes.

Yang’s case, and that of detained Australian journalist Cheng Lei, tried in secret on national security charges in March 2022, are being closely watched in Australia ahead of an anticipated visit by Prime Minister Anthony Albanese to Beijing.

Albanese told reporters on Monday he would raise the concerns about Yang’s health when he meets Chinese President Xi Jinping at the G20 meeting next month.

“We always raise issues of Australian citizens where either myself or my ministers meet with our international counterparts,” he said, when asked about Yang’s case.

A spokesperson for Australia’s Foreign Minister Penny Wong said the government shared the concerns of Yang’s friends about delays in his case, and had called for basic standards of justice and medical treatment.

“The Australian government has consistently advocated for Dr Yang’s interests and wellbeing, and for him to be reunited with his family,” she said.

Yang said in a message to his friends that he was concerned about an article online accusing him of being recruited by a CIA agent posing as an exchange student in Shanghai in the 1980s, which he strongly denied.

Feng said Yang’s supporters are worried his case will be used by the Chinese government to highlight its counter-espionage campaign.

Relations between the United States and China have soured in recent years over a range of issues, including national security with both sides accusing the other of espionage.

China expanded its anti-spying law in July, alarming the United States.

(Reporting by Kirsty Needham in Sydney and Laurie Chen in Beijing, additional reporting by Alasdair Pal in Sydney; Editing by Neil Fullick and Alison Williams)

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Breaking News

Police Say Attack on Woman in Greenwich Village Motivated by Anti-LGBT Hate

by Adam Devine August 28, 2023
By Adam Devine

New York, NY — The New York City Police Department is asking for the public’s help to identify and locate an individual connected to an Aggravated Harassment-Hate Crime that occurred in the 6 Precinct.

The incident took place on Monday morning while a 52-year-old female victim was jogging in Hudson River Park near 353 West Street. An unknown individual approached her, making an anti-LGBTQ remark before striking her face, causing her to fall. The victim sustained minor lacerations to her face, right knee, and left hand.

The suspect is described as a male with a light complexion, approximately 30 years old, 6’2″ in height, and weighing around 210 pounds. He was last seen wearing a gray T-shirt, gray shorts, and gray sneakers, and fled the location on foot heading north on West Street.

Police Say Attack on Woman in Greenwich Village Motivated by Anti-LGBT Hate

Anyone with information about this incident can contact the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477) or for Spanish, 1-888-57-PISTA (74782). Tips can also be submitted online at the CrimeStoppers website at https://crimestoppers.nypdonline.org/ or on Twitter @NYPDTips. All calls are confidential.

August 28, 2023 0 comments
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FDNY Ambulance on scene to provide medical assistance to victims.
Breaking News

Off-Duty FDNY EMT Arrested on Forgery Charge

by Charlie Dwyer August 28, 2023
By Charlie Dwyer

Brooklyn, NY — Rolan Martell, a 31-year-old off-duty FDNY EMT, was arrested on Sunday evening and charged within the 81 Precinct.

Martell faces charges of possession of a forged instrument. Further details about the arrest and the forged instrument in question have yet to be released.

The FDNY and local authorities are currently conducting separate investigations into the incident.

August 28, 2023 0 comments
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US and World News

Pakistan court drops Imran Khan’s sedition case, ruling on graft appeal due Tuesday

by Reuters August 28, 2023
By Reuters

By Asif Shahzad

ISLAMABAD (Reuters) – A Pakistani court on Monday quashed a sedition case against former Prime Minister Imran Khan on Monday, a relief for the embattled leader whose appeal against conviction in a separate corruption case will be decided on by a high court on Tuesday.

The 70-year-old former cricket hero had filed an appeal in the Islamabad High Court, seeking to suspend his three year sentence on corruption charges handed to him earlier this month, saying he was convicted without being given a right to defence.

“Judgement is reserved,” his lawyer Naeem Panjutha said in a post on messaging platform X, formerly known as Twitter about the graft case, adding that the court will announce the ruling on Tuesday.

The sedition case was registered in the southwestern city of Quetta in March, the capital of Balochistan province, based on an allegation that one of Khan’s speeches was seditious.

Balochistan High Court said on Monday prosecutors had failed to obtain the required consent from the federal or provincial government to lodge sedition charges.

The charges are “without lawful authority and are of no legal effect,” the court ruled, throwing out the case.

“God be praised,” Panjutha said in a jubilant post on X platform about the ruling on sedition case, which was among dozens of cases brought against Khan after he lost a parliamentary confidence vote in April 2022.

Khan lost power after falling out with Pakistan’s influential military, and his attempts to rally popular support have stirred political turmoil in a country already struggling through one of its worst economic crises.

A general election was expected in November, though it is likely to be delayed until at least early next year.

Khan cannot run and has been barred from holding political office for five years.

Aside from the graft and sedition cases, Khan is also facing charges ranging from terrorism and encouraging assaults on state institutions – after his supporters attacked military and government installations in May – as well as abetment to murder following the slaying of a Supreme Court lawyer in June.

(Reporting by Asif Shahzad; Editing by Simon Cameron-Moore)

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August 28, 2023 0 comments
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Business News

Trustar plans to raise fund to manage McDonald’s China stake -sources

by Reuters August 28, 2023
By Reuters

By Kane Wu

HONG KONG (Reuters) -Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald’s China, two sources with knowledge of the matter said.

The new fund would also allow investors in Trustar’s existing fund tied to McDonald’s China unit cash in on their investments, said the people, who declined to be named as the information was confidential.

That plan would be achieved by Trustar, formerly known as CITIC Capital, transferring some equity interest in McDonald’s China from its private equity (PE) fund into the continuation fund, a new investment vehicle that would manage the asset.

During the fundraising process for the continuation fund, investors in Trustar’s PE fund, known as limited partners, would have the option to sell their shares in McDonald’s China and cash out, said the people.

The size and structure of the continuation fund have not been finalised as Trustar is still gauging interest, but the owners are targeting a valuation of $10 billion for McDonald’s China in the process, said the people.

Trustar’s move underscores how PE firms are looking for alternative liquidity options amid volatile capital markets and higher interest rates that make initial public offerings or sales difficult.

Trustar is in preliminary talks with Singaporean and Abu Dhabi’s sovereign wealth funds GIC and Mubadala respectively, among others, for anchor investments in the continuation fund, the people said.

Funds focused on secondary investments will also be invited to join in upcoming roadshows, they said.

Trustar is also planning to roll over part of its holdings in McDonald’s China into a new private equity fund it is raising, said one of the people.

Trustar did not respond to a Reuters request for comment. Without commenting on Trustar’s plan, MacDonald’s China said it was “highly confident” about long-term sustainable growth in China.

Mubadala declined to comment. GIC did not immediately respond to requests for comment.

In 2017, Chicago-based McDonald’s Corp sold an 80% stake in its Chinese operations to a group that included CITIC Ltd, its investment arm CITIC Capital, and Carlyle Group for up to $2.1 billion.

Currently, Trustar owns 42% of the business, while Carlyle and CITIC own 28% and 10% respectively, according to McDonald’s China.

Carlyle has also been considering options for its stake in McDonald’s China, including setting up a continuation fund, Reuters has reported.

“McDonald’s China will continue to leverage the capital and other resources from CITIC (Trustar), Carlyle, and McDonald’s Corp to achieve the future milestone of 10,000 stores,” said McDonald’s China.

Carlyle declined to comment.

Bloomberg reported in July Carlyle and Trustar Capital were planning to raise $4 billion from wealth funds to buy part of their stakes in the business.

(Reporting by Kane Wu in Hong Kong; additional reporting by Yantoultra Ngui in Singapore and Sophie Yu in Beijing; Editing by Sumeet Chatterjee, Mark Potter and Louise Heavens)

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Canada’s Conservatives tout leader as family man after Trudeau separation

by Reuters August 28, 2023
By Reuters

By Steve Scherer

OTTAWA (Reuters) – Less than a week after Canada’s Liberal Prime Minister Justin Trudeau announced the likely end of his marriage, his Conservative rival Pierre Poilievre launched an ad narrated by his wife touting him as the leader the country needs.

The video ad, broadcast on TV and posted online, is titled “Meet Pierre Poilievre.” In it, his wife Anaida briefly sums up his childhood in the suburbs, mentions that his two young children call him “Papa,” and says she knows him as the man who loves her for who she is, “a Canadian who came to call Canada home – and his wife.”

Anaida, 36, was born in Venezuela and moved to Canada with her family when she was a child. She married Poilievre in 2017.

“This was not a fluke that the Conservatives rolled this out basically a week after Justin Trudeau announced the separation from his wife,” said Nik Nanos, founder of polling company Nanos Research.

It presents Poilievre, 44, as a family man at a time when Trudeau has family difficulties, he said.

Sarah Fischer, a spokeswoman for the Conservative Party, said the ad was arranged weeks before its release and has “no connection to the separation announcement” on Aug. 2.

Even if the timing is a coincidence, there is no doubt that Trudeau looks vulnerable after three elections and almost eight years in power. The Conservatives led the Liberals by seven percentage points in an Angus Reid poll from earlier this month. An election is not due until 2025, though a vote could come sooner.

Trudeau came to power in 2015 with a campaign that presented him as a fresh face and a family man, though in recent years he has appeared less often in public with his family.

“We really haven’t seen Trudeau the loving-husband family-man narrative since election 2015,” said Shachi Kurl, president of Angus Reid Institute polling company.

With voter support flagging, Trudeau carried out a major refresh of his cabinet in July.

Trudeau, 51, is suffering from voter fatigue, which “is probably more pronounced than it has ever been,” and from the success of Poilievre’s campaign to blame the Liberal government for a chronic housing crunch and high inflation, Kurl said.

FROM ‘PITBULL’ TO ‘CONTENDER’

During his nearly two decades in the House of Commons, Poilievre has earned the reputation of being the Conservative attack dog, lighting into Trudeau during parliamentary Question Period and vowing to fire the central bank governor for acting too slow to tame inflation.

Female voters are more likely to be put off by his combative style and “recoil” at Poilievre, Kurl said. Poilievre is seen favorably by 28% of women, compared to 44% for Trudeau, the Angus Reid survey showed.

Another reason for his new video, then, is to alter his reputation as a “pitbull,” Nanos said, adding that Poilievre was trying “to humanize and soften his image” and to portray himself as a father and a husband in “a traditional family situation.”

Conservatives are spending well over C$3 million ($2.2 million) to run an ad campaign over the next several months that includes the “Meet Pierre Poilievre” video.

In another ad, titled “Putting the Pieces Back Together,” Poilievre says Trudeau has left Canada “broken,” as he puts together a puzzle cut from a map of Canada while holding his infant son, Cruz.

Trudeau said last week Poilievre was trying to rile people up instead of offering solutions to the country’s problems.

The Conservatives need to only marginally increase support from the previous two elections in the right geographic areas to win the next election, and voters appear thirsty for change, Nanos said.

“Poilievre will be a contender.”

($1 = 1.3566 Canadian dollars)

(Reporting by Steve Scherer; Editing by Denny Thomas and Rosalba O’Brien)

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China’s Xpeng to acquire Didi’s EV unit in deal worth up to $744 million

by Reuters August 28, 2023
By Reuters

By Josh Ye

HONG KONG (Reuters) -Chinese EV maker Xpeng said it would buy Didi’s electric car development business – a deal worth up to $744 million that will see it supply vehicles to the ride-hailing giant, boosting production and cutting costs.

Shares in Xpeng, one of China’s smaller electric vehicle manufacturers and currently loss-making, shot up 11% in Hong Kong trade on the news which comes on the heels of a stake sale to and partnership with Germany’s Volkswagen.

The all-stock deal with Didi calls for Xpeng to launch an A-class model next year under a new brand, in a project called MONA, which will be priced in the 150,000 yuan ($20,000) price tier. Xpeng’s current offerings are mostly priced above 200,000 yuan.

“As an EV startup, we are not as skilled as established automakers like Volkswagen in terms of scale and cost management in the 150,000 yuan segment…the partnership with Didi will ensure better-than-expected initial scale for the car and achieve a combination of goals in innovation and supply chain management,” Xpeng Chief Executive He Xiaopeng told Chinese media, according to a company-provided transcript.

He added that the car would also be sold to retail customers and he expects sales of at least 100,000 MONA cars a year.

Didi’s development of an EV car had invited speculation that it had ambitions to shift into manufacturing, but the announcement – Didi’s first major transaction since its apps were restored to China app stores in January after a regulatory crackdown on its business – suggests the company is moving in another direction.

Slower demand and excess manufacturing capacity in China’s EV industry have intensified competition and made it hard for relative newcomers such as Didi to enter the market. Smartphone maker Xiaomi only recently won a regulatory nod to manufacture EVs – two years after first announcing such plans, sources have said.

Didi’s decision to partner with Xpeng over other EV makers likely marked recognition of Xpeng’s technology and the deal will benefit Xpeng as the sedan Didi has developed would be suitable for selling to other businesses, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight.

“It looks like a very good strategic move,” he said.

Under the deal, Didi will gain around 3.25% of Xpeng, with the EV maker issuing shares at HK$64.03 each, worth $474 million in total. The offer price represents a 1.7% discount to its closing price on Friday.

If vehicle delivery targets are fulfilled, Didi’s stake could climb to 5.26% for a deal value of up to $744 million.

Didi said the two companies will explore strategic cooperation in a number of areas, including marketing, financial and insurance services.

Other possible areas of cooperation include charging, robotaxis and jointly developing an international market. Didi has been working with Chinese carmakers to develop robotaxis which it aims to put in service by 2025.

Xpeng , which is also listed in New York, has been grappling with expanding losses and slumping sales amid an industry-wide price war started by Tesla in January. Its U.S.-listed shares were up 8% in pre-market trade.

CEO He said in April that he expected to see only eight automakers survive in the Chinese auto market – the world’s biggest – by 2030. That compares with 65 auto manufacturers currently.

XPeng sold some 41,000 EVs in the first half, accounting for nearly 2% of battery vehicle sales in China. By comparison, rivals BYD and Tesla sold 550,000 and 294,000 EVs respectively.

Xpeng said the new mass-market brand it aimed to introduce using the MONA platform would begin mass production in the second half of 2024.

(Reporting by Josh Ye in Hong Kong; Additional reporting by Zhang Yan and Brenda Goh in Shanghai; Editing by Miyoung Kim and Edwina Gibbs)

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Thyssenkrupp’s Nucera targets growth to meet green hydrogen demand

by Reuters August 28, 2023
By Reuters

By Rachel More and Tom Käckenhoff

BERLIN (Reuters) – Thyssenkrupp Nucera laid out growth plans on Monday after reporting strong sales and operating income, as the company works to meet growing demand for the green hydrogen hailed as key to decarbonising the German economy.

“Another strong global workforce expansion is planned and necessary to achieve our growth targets,” Chief Executive Werner Ponikwar told reporters after presenting quarterly results.

The company, which Thyssenkrupp majority-owns after taking it public in a blockbuster market debut in July, also wants to expand production with new locations, including in India.

While in its infancy, so-called green hydrogen, which is produced using renewable energy, has been identified as a key energy source in the push towards a lower-carbon economy in Germany and other European Union countries.

Reporting its first financial results since going public, Nucera said earnings before interest and taxes (EBIT) rose 59% year-on-year to 7 million euros ($7.56 million) in the third quarter of its 2022/23 financial year.

Sales almost doubled to 187.5 million euros, driven mainly by its alkaline water electrolysis, where investors see potential for the business to scale up quickly.

Shares in Nucera rose by as much as 5% following the release of the results, before settling at around 4.2% higher by late morning.

The company confirmed its mid- and long-term targets, but warned that necessary spending on its growth strategy would weigh on its EBIT margin, which came in at 3.7% in the third quarter, down from 4.4% a year prior.

The company expects its EBIT margin to turn negative in the next quarter, but finance chief Arno Pfannschmidt said he still expected a positive result this financial year.

Nucera plans to forego a dividend for the foreseeable future, as outlined in its stock market prospectus.

“We want to invest all the funds we have available here in growth,” Pfannschmidt said.

($1 = 0.9258 euros)

(Writing by Rachel More; Editing by Alison Williams, Kirsti Knolle and Mike Harrison)

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Powell signals no retreat, no surrender

by Reuters August 28, 2023
By Reuters

(Reuters) – A look at the day ahead in U.S. and global markets by Amanda Cooper.

One of the overarching market themes this year – aside from the hype around artificial intelligence – has been investors avidly building up bets on the Federal Reserve finally announcing an end to its cycle of rate hikes, only to have that optimism dashed.

There’s no doubt that the U.S. central bank is nearing the end of its mission to wrestle down inflation. Headline consumer price pressures are rapidly abating, thanks to a wholesale retreat in food and energy prices. Headline inflation in July rose 3.2% on an annual basis – a far cry from last June’s 9.1% – and nearing the Fed’s 2% target.

There’s just a couple of easily identifiable snags.

Inflation as reflected in the Fed’s preferred data point – the core personal consumption in expenditures (PCE) index – is running at 4.1%, having peaked February 2022 at 5.4%.

The economy isn’t generating jobs as quickly as it was a year ago, but it’s still set to add another 170,000 in August, which will mean more than 25 million workers will have been added to non-farm payrolls since the depths of the COVID pandemic in April 2020.

And crucially, Fed Chair Jerome Powell has once again reinforced the “higher for longer” mantra that has underpinned most of his, and his officials’, communications this year, no matter how much market participants have bet otherwise.

The dollar, which economist Mohammed El-Erian described earlier this year as “the cleanest dirty shirt” among world currencies, is set for a 2% gain in August, marking its strongest monthly performance since May, thanks in large part to anticipation of at least one more Fed rate hike before 2023 draws to a close.

U.S. two-year Treasury yields, the most sensitive to shifts in expectations for Fed monetary policy, posted their largest weekly rise in two months last week, after Powell’s comments at the annual Jackson Hole Economic Policy Symposium.

He vowed to tread carefully with rate rises and rely on incoming data, but was clear about the endgame.

“It is the Fed’s job to bring inflation down to our 2% goal, and we will do so,” he said.

While some asset managers are keeping the faith that the Fed is at the end of the cycle, speculators are taking no such chances. In the week to Aug. 22, data from the Commodity Futures Trading Commission showed non-commercial market participants expanded their bearish holdings of U.S. two-year Treasury note futures to the most since at least 1990, reflecting a bet that two-year cash yields will continue to rise.

Money markets show traders believe the Fed has one more hike in the pipeline this year, which would bring its target rate to a range of 5.50%-5.75%, from 5.25%-5.50% right now.

Just three months ago, when rates were at 5.125%-5.37%, markets were betting on a year-end range of 5.00%-5.25%, implying at least one rate cut this year.

This week, investors get a dose of top-tier data to help shape their view on the Fed’s next move. A second read of U.S. gross domestic product is due on Wednesday, while core PCE and August non-farm payrolls arrive on Thursday and Friday, respectively.

Key developments that should provide more direction to U.S. markets later on Monday:

* Dallas Fed August manufacturing business index

* Three-, six-month bill auctions; 2- and 5-year note auctions

(Reporting by Amanda Cooper; Editing by Kirsten Donovan)

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Analysis-Trump allies’ push to move Georgia subversion trial could mean delays

by Reuters August 28, 2023
By Reuters

By Tom Hals

(Reuters) – Efforts by Donald Trump allies to move Georgia’s criminal case charging the former U.S. president with trying to overturn an election to federal court is raising legal questions that could delay a trial, which may be a key part of their strategy.

On Monday, Trump’s former chief of staff, Mark Meadows, who was charged alongside the former president with trying to subvert the results of the 2020 election, will argue his case should be heard in federal court rather than in Fulton County Superior Court, where it was filed.

If Meadows succeeds, he would be tried before a broader jury pool that includes the congressional district of conservative firebrand Marjorie Taylor Greene, rather than jurors solely from Fulton County, which voted for Joe Biden in 2020 by nearly a 3-1 margin.

State law would still apply if the case is moved to federal court. The president — including Trump if he is elected — could not pardon any defendant.

Other defendants, including former Department of Justice official Jeffrey Clark, have also filed papers citing a law known as the Federal Officer Removal Statute in a bid to transfer their cases.

Trump, the front-runner for the Republican presidential nomination, is likely to do so as well, legal experts said.

A spokesperson for the Fulton County district attorney declined to comment and attorneys for Meadows, Shafer and Trump did not respond to a request for comment.

The removal cases will be heard by a federal judge in the Northern District of Georgia and could tie up the case in appeals if denied, legal experts said.

“The request for removal is definitely going to delay this trial and be complicated and messy,” said Eric Segall, a professor at Georgia State College of Law.

The removal question is just one of many that are likely to be litigated before a trial, adding to uncertainty about prosecutors’ request for a trial date within the next few months.

DELAY AS A TACTIC

Trump, who has a history of using delay as a legal tactic, is also trying to move upcoming criminal trials in New York and Washington to other courts. He is also defending a criminal indictment in Miami.

Fulton County District Attorney Fani Willis charged Trump and 18 others with racketeering in a scheme to overturn the 2020 presidential election in Georgia, which was won by President Joe Biden. No defendants have entered a plea in the Georgia case.

Willis accused Meadows of furthering a conspiracy by, among other things, joining Trump in urging Georgia’s secretary of state to change vote totals.

The federal officer removal law protects people from state prosecution for carrying out official federal duties.

The statute requires a defendant to prove they were an officer of the United States or acting at an officer’s direction, that the alleged acts were part of their official duties and that they have a federal legal defense.

Meadows argued in federal court papers filed last week that the acts described in the indictment fall squarely within the duties of a chief of staff: assisting the president by arranging meetings and making phone calls.

Prosecutors countered that Meadows was carrying out political activities – which U.S. government employees are barred from doing under a federal law known as the Hatch Act. Meadows in his court papers also said his political activity was protected speech under the U.S. Constitution.

‘NOT RELATED’ TO OFFICIAL ACTS

The removal issue has come up before in a Trump criminal case.

The former president failed to remove a case by Manhattan’s district attorney that accused Trump of falsifying business records to cover up a sex scandal on the eve of the 2016 election.

U.S. District Judge Alvin Hellerstein in July found that “hush money paid to an adult film star is not related to a president’s official acts” and sent the case back to state court. Trump has pleaded not guilty to the charges and appealed the ruling to the 2nd U.S. Circuit Court of Appeals.

Legal experts said the accused acts in the Georgia case are more plausibly related to official duties than the hush money payments in the New York case. If U.S. District Judge Steve Jones in Atlanta agrees, he would next examine if Meadows has a federal defense.

Meadows argued as a defense that he is immune under the Supremacy Clause of the Constitution, which is similar to the removal law. It says that if a person were carrying out duties placed on them by federal law, they cannot be prosecuted for committing a state crime.

“In other words, if you actually successfully remove the case, then it probably gets dismissed,” said Josh Blackman, a law professor at the South Texas College of Law.

However, just because Meadows has a defense, that does not mean it would necessarily apply to the specific actions cited in the indictment.

Legal experts said Jones could allow the case to proceed in federal court and address immunity at a later hearing. If he determines immunity did not apply to the accused actions, the jury trial would take place in federal court, with the broader jury pool.

(Reporting by Tom Hals in Wilmington, Delaware; editing by Noeleen Walder, Amy Stevens and Stephen Coates)

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