Tag Archives: BSUP

U.S. strongly committed to Japan defense, Biden tells Kishida, hails military boost

WASHINGTON, Jan 13 (Reuters) – President Joe Biden told Japanese Prime Minister Fumio Kishida on Friday the United States was “fully, thoroughly, completely” committed Japan’s defense and praised Tokyo’s security build up, saying the nations had never been closer.

Kishida is in Washington on the last stop in a tour of the G7 industrial powers and has been seeking to bolster long-standing alliances amid rising concern in Japan, and the United States, about mounting regional security threats from China, North Korea and Russia.

In a meeting at the White House, Biden called it a “remarkable moment” in the U.S.-Japan alliance. He said the two countries had never been closer.

“Let me be crystal clear: The United States is fully, thoroughly, completely committed to the alliance, and importantly … to the defense of Japan,” he said, while also thanking Kishida for strong leadership in working closely on technology and economic issues.

“We are modernizing our military alliances, building on Japan’s historic increase in defense spending, and new national security strategy,” Biden said.

Kishida thanked Biden for U.S. work on regional security and said: “Japan and the United States are currently facing the most challenging and complex security environment in recent history.” He said Tokyo had formulated its new defense strategy released last month “to ensure peace and prosperity in the region.”

He said the two countries shared fundamental values of democracy and the rule of law “and the role that we are to play is becoming even greater.”

Kishida said he looked forward to a “candid” exchange of views on issues including “a free and open Indo-Pacific” – language the two sides use to describe efforts to push back against China – the G7, which Japan’s currently chairs, and climate change.

In a later speech at Washington’s Johns Hopkins School of Advanced International Studies, Kishida called China the “central challenge” for both Japan and the United States and said they and Europe must act in unison in dealing with the country.

DRAMATIC MILITARY CHANGE

Japan last month announced its biggest military build-up since World War Two – a dramatic departure from seven decades of pacifism, largely fueled by concerns about Chinese actions in the region.

“Biden commended Japan’s bold leadership in fundamentally reinforcing its defense capabilities and strengthening diplomatic efforts,” according to a joint U.S.-Japan statement issued after the meeting.

U.S. and Japanese foreign and defense ministers met on Wednesday and announced increased security cooperation following nearly two years of talks and the U.S. officials praised Tokyo’s military buildup plans.

Japan’s military reform plan will see it double defense spending to 2% of GDP and procure missiles that can strike ships or land-based targets 1,000 km (600 miles) away.

Before the meeting, a senior U.S. official said Biden and Kishida were expected to discuss security issues and the global economy and that their talks are likely to include control of semiconductor-related exports to China after Washington announced strict curbs last year.

SEMICONDUCTORS

The joint statement said the United States and Japan “will sharpen our shared edge on economic security, including protection and promotion of critical and emerging technologies, including semiconductors.”

Kishida, Japan’s Foreign Minister Hayashi and U.S. Secretary of State Antony Blinken later signed an agreement on peaceful space exploration at NASA’s headquarters in Washington.

Blinken said this would take space cooperation “to new heights” and strengthen the partnership in areas including research into space technology and transportation, robotic lunar surface missions, climate-related missions, and “our shared ambition to see a Japanese astronaut on the lunar surface.”

At the ceremony, Kishida said the U.S.-Japan alliance was “stronger than ever.”

As well as chairing the G7, Japan took up a two-year term on the U.N. Security Council on Jan. 1 and holds the rotating monthly presidency of the 15-member body for January.

Kishida has said he backs Biden’s attempt to limit China’s access to advanced semiconductors with export restrictions. Still, he has not agreed to match sweeping curbs on exports of chip-manufacturing equipment that Washington imposed in October.

The U.S. official said Washington was working closely with Japan on the issue and believes they share a similar vision even if their legal structures are different. He said the more countries and significant players that backed the controls, the more effective they would be.

A Japanese official said economic security, including semiconductors, was likely to be discussed, but that no announcement was expected on that from the meeting.

Biden and Kishida committed to “strengthening vital trilateral cooperation” among the United States, Japan and South Korea, said the joint statement, which follows North Korea’s decision to exponentially increase its nuclear force and codify its right to a first strike.

Kishida’s visit follows one by Biden to Tokyo in May and a meeting between the two at a November regional summit in Cambodia.

(This story has been refiled to delete the extra word ‘defense’ in paragraph 1)

Reporting by Jeff Mason, Andrea Shalal, David Brunnstrom, Michael Martina, Tim Ahmann and Eric Beech; Editing by Don Durfee, Alistair Bell and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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Elon Musk says Twitter staff ‘error’ led to hiring Perkins Coie law firm

Jan 6 (Reuters) – Twitter Inc CEO Elon Musk said in an email to Reuters on Friday that hiring law firm Perkins Coie to defend the company in a California federal lawsuit this week was a mistake it would not make again.

Reuters reported earlier that lawyers from Perkins Coie entered court appearances for Twitter in the case on Wednesday even though Musk has denounced the firm on the social media platform, including in a tweet last month related to its past work for former Democratic U.S. presidential nominee Hillary Clinton.

Musk’s email said hiring Perkins Coie was “an error on the part of a member of the Twitter team.”

“Perkins will not be representing Twitter on future cases,” he said.

He did not immediately respond to follow-up questions on Friday, including whether Perkins Coie will stay on as counsel for Twitter in at least six other lawsuits predating Musk’s ownership. A Perkins Coie spokesperson did not immediately respond to a request for comment.

Musk’s finger-pointing follows months of internal tensions over Twitter’s legal staffing and priorities since he acquired the company for $44 billion and took over as CEO in October.

Musk has fired Vijaya Gadde, Twitter’s legal affairs and policy officer, and other senior employees as he seeks to undo what he has criticized as past censorship and partisan bias at the company.

Twitter has also shaken up its outside legal teams, with attorneys from Quinn Emanuel Urquhart & Sullivan stepping in for other firms in several cases.

Musk tweeted on Dec. 8 that Twitter “isn’t using Perkins Coie” as outside counsel and urged other companies to boycott the firm. He singled out a former Perkins Coie lawyer, Michael Sussmann, who advised Clinton’s 2016 presidential campaign while at the firm.

Sussmann was acquitted in May after denying federal charges that he falsely told the FBI he was not working on Clinton’s behalf when he gave the agency purported evidence of cyber links between the Trump Organization and a Russia-based bank.

“No company should use them until they make amends for Sussmann’s attempt to corrupt a Presidential election,” Musk wrote in December, referring to Perkins Coie.

In May, Musk tweeted that Perkins Coie and another large law firm were made up of “white-shoe lawyers” who “thrive on corruption.”

The case that Perkins Coie signed on to for Twitter this week was brought last year by Laura Loomer, a far-right activist who was banned from the site in 2018.

The San Francisco lawsuit claims social media giants, corporations and the U.S. government conspired to “unlawfully censor conservative voices and interfere with American elections.” Twitter and its former CEO Jack Dorsey have denied the claims.

Reporting by David Thomas in Chicago
Editing by David Bario and Leslie Adler

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David Thomas

Thomson Reuters

David Thomas reports on the business of law, including law firm strategy, hiring, mergers and litigation. He is based out of Chicago. He can be reached at d.thomas@thomsonreuters.com and on Twitter @DaveThomas5150.

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Storm cuts U.S. oil, gas, power output, sending prices higher

Dec 23 (Reuters) – Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices as people prepared for holiday celebrations.

Winter Storm Elliott brought sub-freezing temperatures and extreme weather alerts to about two-thirds of the United States, with cold and snow in some areas to linger through the Christmas holiday.

More than 1.5 million homes and businesses lost power, oil refineries in Texas cut gasoline and diesel production on equipment failures, and heating and power prices surged on the losses. Oil and gas output from North Dakota to Texas suffered freeze-ins, cutting supplies.

Some 1.5 million barrels of daily refining capacity along the U.S. Gulf Coast was shut due to the bitterly cold temperatures. The production losses are not expected to last, but they have lifted fuel prices.

Knocked out were TotalEnergies (TTEF.PA), Motiva Enterprises (MOTIV.UL) and Marathon Petroleum (MPC.N) facilities outside Houston. Cold weather also disrupted Exxon Mobil (XOM.N), LyondellBasell (LYB.N) and Valero Energy (VLO.N) plants in Texas that produce gasoline, diesel and jet fuel.

Sempra Infrastructure’s Cameron LNG plant in Louisiana said weather disrupted its production of liquefied natural gas without providing details. Crews at the 12 million tonne-per-year facility were trying to restore output, it said.

Freeze-ins – in which ice crystals halt oil and gas production – this week trimmed production in North Dakota’s oilfields by 300,000 to 350,000 barrels per day, or a third of normal. In Texas’s Permian oilfield, the freeze led to more gas being withdrawn than was injected, said El Paso Natural Gas operator Kinder Morgan Inc. (KMI.N).

U.S. benchmark oil prices on Friday jumped 2.4% to $79.56, and next-day gas in west Texas jumped 22% to around $9 per million British thermal units , the highest since the state’s 2021 deep freeze.

Power prices on Texas’s grid also spiked to $3,700 per megawatt hour, prompting generators to add more power to the grid before prices fell back as thermal and solar supplies came online.

New England’s bulk power supplier said it expected to have enough to supply demand, but elsewhere strong winds led to outages largely in the Southeast and Midwest; North Carolina counted more than 187,000 without power.

“Crews are restoring power but high winds are making repairs challenging at most of the 4,600 outage locations,” Duke Energy spokesman Jeff Brooks wrote on Twitter.

Heating oil and natural gas futures rose sharply in response to the cold. U.S. heating oil futures gained 4.3% while natural gas futures rose 2.5%.

In New England, gas for Friday at the Algonquin hub soared 361% to a near 11-month high of $30 mmBtu.

About half of the power generated in New England comes from gas-fired plants, but on the coldest days, power generators shift to burn more oil. According to grid operator New England ISO, power companies’ generation mix was at 17% from oil-fired plants as of midday Friday.

Gas output dropped about 6.5 billion cubic feet per day (bcfd) over the past four days to a preliminary nine-month low of 92.4 bcfd on Friday as wells froze in Texas, Oklahoma, North Dakota, Pennsylvania and elsewhere.

That is the biggest drop in output since the February 2021 freeze knocked out power for millions in Texas.

One billion cubic feet is enough gas to supply about 5 million U.S. homes for a day.

Reporting by Erwin Seba and Scott DiSavino; additional reporting by Arathy Somasekhar and Laila Kearney; editing by Jonathan Oatis, Kirsten Donovan, Aurora Ellis and Leslie Adler

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Scott Disavino

Thomson Reuters

Covers the North American power and natural gas markets.

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Ex-Theranos president Balwani sentenced to nearly 13 years for fraud

Dec 7 (Reuters) – A U.S. judge on Wednesday sentenced former Theranos Inc President Ramesh “Sunny” Balwani to 12 years and 11 months in prison on charges of defrauding investors and patients of the blood testing startup led by Elizabeth Holmes, a spokesperson for the U.S. attorney’s office confirmed.

U.S. District Judge Edward Davila in San Jose, California, imposed the sentence on Balwani, who was convicted by a jury on two counts of conspiracy and 10 counts of fraud in July.

Prosecutors said Balwani, 57, conspired with Holmes, 38, to deceive Silicon Valley investors into believing the company had achieved miniaturized machines that could accurately run a broad array of medical diagnostic tests from a small amount of blood.

Meanwhile, the company secretly relied on traditional methods to run tests and provided patients with inaccurate results, prosecutors said.

Holmes, who started the company as a college student and became its public face, was indicted alongside Balwani, her former romantic partner, in 2018.

Davila later granted each a separate trial after Holmes said she would take the stand and testify that Balwani was abusive in their relationship. He has denied the allegations.

Holmes was convicted in January on four counts of fraud and conspiracy but acquitted of defrauding patients.

Davila sentenced Holmes to 11-1/4 years in prison at a hearing last month, calling Theranos a venture “dashed by untruths, misrepresentations, plain hubris and lies.”

Prosecutors subsequently argued Balwani should receive 15 years in prison, saying he knew Theranos’ tests were inaccurate from overseeing the company’s laboratory operations, and decided to “prioritize Theranos’ financial health over patients’ real health.”

The probation office had recommended a nine-year sentence.

Balwani’s attorneys asked for a sentence of probation, arguing that he sought to make the world a better place through Theranos and was not motivated by fame or greed.

Once valued at $9 billion, Theranos promised to revolutionize how patients receive diagnoses by replacing traditional labs with small machines envisioned for use in homes, drugstores and even on the battlefield.

The company collapsed after a series of Wall Street Journal articles in 2015 questioned its technology.

The case is U.S. v. Balwani, U.S. District Court, Northern District of California, No. 18-cr-00258.

Reporting by Jody Godoy in New York;
Editing by Noeleen Walder and Bill Berkrot

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Jody Godoy

Thomson Reuters

Jody Godoy reports on banking and securities law. Reach her at jody.godoy@thomsonreuters.com

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U.N. General Assembly calls for Russia to make reparations in Ukraine

Nov 14 (Reuters) – The United Nations General Assembly on Monday called for Russia to be held accountable for its conduct in Ukraine, voting to approve a resolution recognizing that Russia must be responsible for making reparations to the country.

The resolution, supported by 94 of the assembly’s 193 members, said Russia, which invaded its neighbor in February, “must bear the legal consequences of all of its internationally wrongful acts, including making reparation for the injury, including any damage, caused by such acts.”

The resolution recommends that member states, in cooperation with Ukraine, create an international register to record evidence and claims against Russia.

General Assembly resolutions are nonbinding, but they carry political weight.

Ukrainian President Volodymyr Zelenskiy called the resolution an “important” one.

“The reparations that Russia will have to pay for what it has done are now part of the international legal reality,” Zelenskiy said in his nightly video address.

Kyiv’s Ambassador to the U.N. Sergiy Kyslytsya told the General Assembly before the vote that Russia has targeted everything from factories to residential buildings and hospitals.

“Ukraine will have the daunting task of rebuilding the country and recovering from this war, but that recovery will never be complete without a sense of justice for the victims of the Russian war. It is time to hold Russia accountable,” Kyslytsya said.

The United Nations headquarters building is pictured with a UN logo in the Manhattan borough of New York City, New York, U.S., March 1, 2022. REUTERS/Carlo Allegri

Russia’s U.N. Ambassador Vassily Nebenzia told the General Assembly before the vote that the provisions of the resolution are “legally null and void” as he urged countries to vote against it.

“The West is trying to draw out and worsen the conflict and plans to use Russian money for it,” Nebenzia said.

Former Russian President Dmitry Medvedev, now deputy chairman of Russia’s Security Council, said on the Telegram messaging app that the “Anglo-Saxons are clearly trying to scrape together a legal basis for the illegal seizure of Russian assets.”

Fourteen countries voted against the resolution, including Russia, China and Iran, while 73 abstained, including Brazil, India and South Africa. Not all member states voted.

In March, 141 members of the General Assembly voted to denounce Russia’s invasion, and 143 in October voted to condemn Moscow’s attempted annexation of parts of Ukraine.

Zelenskiy on Saturday said Russian forces destroyed critical infrastructure in the strategic southern city of Kherson before fleeing. Moscow denies deliberately targeting civilians, although the invasion has reduced Ukrainian cities to rubble and killed or wounded thousands.

“It will take a broad international effort to support Ukraine’s recovery and reconstruction in order to build a safe and prosperous future for the Ukrainian people,” Britain’s U.N. Ambassador Barbara Woodward told the assembly.

“But only one country, Russia, is responsible for the damage to Ukraine, and it is absolutely right, as this resolution sets out, that Russia pay for that damage.”

Reporting by Daphne Psaledakis and Doina Chiacu in WASHINGTON; Additional reporting by Oleksandr Kozhukhar in Kyiv and Lidia Kelly in Melbourne; editing by Grant McCool

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Lafarge pleads guilty to supporting Islamic State, will pay U.S. $778 million

NEW YORK, Oct 18 (Reuters) – French cement maker Lafarge pleaded guilty on Tuesday to a U.S. charge that it made payments to groups designated as terrorists by the United States, including Islamic State.

The admission in Brooklyn federal court marked the first time a company has pleaded guilty in the United States to charges of providing material support to a terrorist organization. Lafarge, which became part of Swiss-listed Holcim (HOLN.S) in 2015, agreed to pay $778 million in forfeiture and fines as part of the plea agreement.

U.S. prosecutors said that Lafarge paid Islamic State and al Nusra Front, through intermediaries, the equivalent of approximately $5.92 million.

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Lafarge is also facing charges of complicity in crimes against humanity in Paris for keeping a factory running in Syria after a conflict broke out in 2011.

Lafarge eventually evacuated the cement plant in September 2014, U.S. prosecutors said. At that point, Islamic State took possession of the remaining cement and sold it for the equivalent of $3.21 million, prosecutors said.

U.S. Deputy Attorney General Lisa Monaco said on Tuesday during a news conference that the company’s actions “reflect corporate crime that has reached a new low and a very dark place.”

“Business with terrorists cannot be business as usual,” Monaco added.

The cement maker previously admitted after an internal investigation that its Syrian subsidiary paid armed groups to help protect staff at the plant. But it had denied charges that it was complicit in crimes against humanity.

Lafarge Chair Magali Anderson said in court on Tuesday that from August 2013 until November 2014 former executives of the company “knowingly and willfully agreed to participate in a conspiracy to make and authorize payments intended for the benefit of various armed groups in Syria.”

“The individuals responsible for this conduct have been separated from the company since at least 2017,” she said.

Monaco said that French authorities have arrested some of the executives involved but did not provide names. Court records refer to six unnamed Lafarge executives.

In a statement, Holcim noted that none of the conduct involved Holcim, “which has never operated in Syria, or any Lafarge operations or employees in the United States, and it is in stark contrast with everything that Holcim stands for.”

Holcim said that former Lafarge executives involved in the conduct concealed it from Holcim, as well as from external auditors.

The SIX Swiss Exchange suspended trading in Holcim shares before the news.

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Reporting by Luc Cohen in New York and Karen Freifeld;
Editing by Noeleen Walder and Lisa Shumaker

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Luc Cohen

Thomson Reuters

Reports on the New York federal courts. Previously worked as a correspondent in Venezuela and Argentina.

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Cubans approve gay marriage by large margin in referendum

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HAVANA, Sept 26 (Reuters) – Cubans approved gay marriage and adoption overwhelmingly in a Sunday referendum backed by the government that also boosted rights for women, the national election commission said on Monday.

More than 3.9 million voters voted to ratify the code (66.9%), while 1.95 million opposed ratification (33%), Alina Balseiro Gutierrez, president of the commission, said on state-run television on Monday.

“Justice has been done,” Cuban President Miguel Diaz-Canel wrote in a tweet.

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“It is paying off a debt with several generations of Cuban men and women, whose family projects have been waiting for this law for years,” he said.

The 100-page “family code” legalizes same-sex marriage and civil unions, allows same-sex couples to adopt children, and promotes equal sharing of domestic rights and responsibilities between men and women.

Preliminary results from the electoral commission showed 74% of 8.4 million Cubans eligible to vote participated in the Sunday referendum.

There are no independent observers of Cuban elections, although citizens may observe the count at their precincts. Scattered local reports of district counts on social media appeared to tally with the official results.

The announcement of the results came as Diaz-Canel presided over an emergency meeting as the Caribbean island prepared for Hurricane Ian to pass over its western tip early on Tuesday.

Official Twitter accounts showed the room erupting in applause and the president leaning back and smiling at the news. The Cuban president led the campaign for the adoption of the code.

By Cuban standards Sunday’s turnout was relatively modest, and a 33% ‘no’ vote relatively large in the communist-run country, where previous referendums have seen the government position receiving near unanimous approval.

The dissent is an indication of both how Cuba is changing and the current dire economic circumstances, which have seen long power outages and lines for food, medicine and fuel.

Sunday’s vote was also the first of its kind since most residents have had access to the internet, which has let dissenting views spread more widely.

(Story corrects reference to the referendum being the first since mobile internet was legalized in final paragraph)

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Reporting by Marc Frank, Editing by Rosalba O’Brien

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Cryptoverse: Bitcoin miners get stuck in a bear pit

A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier

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Sept 27 (Reuters) – Spare a thought for the beleaguered bitcoin miner.

In late 2021, miners were the toast of the town with a surefire path to profit: hook powerful computers up to cheap power, crack fiendishly complex maths puzzles and then sell newly minted coins on the booming market.

A year’s a long time in crypto.

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Global revenue from bitcoin mining has dropped to $17.2 million a day amid a crypto winter and global energy crisis, down about 72% from last November when miners were racking up $62 million a day, according to data from Blockchain.com.

“Bitcoin miners have continued to watch margins compress – the price of bitcoin has fallen, mining difficulty has risen and energy prices have soared,” said Joe Burnett, head analyst at Blockware Solutions.

That’s put serious pressure on some players who bought expensive mining machines, or rigs, banking on rising bitcoin prices to recoup their investment.

Bitcoin is trading at around $19,000 and has failed to break above $25,000 since August, let alone regain November’s all-time high of $69,000.

At the same time, the process of solving puzzles to mine tokens has become more difficult as more miners have come online. This means they must devour more computing power, further upping operating costs, especially for those without long-term power pricing agreements.

Bitcoin miners’ profit for one terahash per second of computing power has fluctuated between $0.119 and $0.070 a day since July, down from $0.45 in November last year and around its lowest levels for two years.

The grim state of affairs could be here to stay, too: Luxor’s Hashrate Index, which measures mining revenue potential, has fallen almost 70% so far this year.

Reuters Graphics

2140: THE LAST BITCOIN

It’s been painful for miners.

Shares of Marathon Digital (MARA.O), Riot Blockchain (RIOT.O) and Valkyrie Bitcoin Miners ETF (WGMI.O) have sunk more than 60% this year, for example, while crypto-mining data center operator Compute North filed for bankruptcy last week.

Yet mining is ultimately a long-term proposition – the last bitcoin is expected be mined in 2140, more than a century away – and some spy opportunity in the gloom.

“The best time to get in is when market’s low, the same mining rigs that went for $10,000 earlier this year you can get that for 50% to 75% off right now,” said William Szamosszegi, CEO of Sazmining Inc which is planning to open a renewable-energy powered bitcoin mining operation.

Indeed, many miners are cutting back on buying rigs, forcing makers to cut prices.

For instance, the popular S19J Pro rig sold for $10,100 in January on average, but now sells for $3,200, analysts at Luxor said, also noting prices for bulk orders of some mining machines had fallen by 10% in just the past week.

Chris Kline, co-founder of crypto investment platform Bitcoin IRA, said miners would have to be “hyper-focused” on energy efficiency, both to bring costs down and to avoid any repercussions from climate change-related regulations.

“From managing their balance sheet, processing units and energy costs, miners will look to stay afloat regardless of current market conditions,” he added.

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Reporting by Lisa Pauline Mattackal and Medha Singh in Bengaluru; Editing by Tom Wilson and Pravin Char

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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Oil falls more than 1% on demand fears, strong dollar

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base

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  • Strong dollar weighs as Fed rate decision looms
  • Supply concerns limit decline
  • Easing COVID-19 restrictions in China could lend support

LONDON, Sept 19 (Reuters) – Oil fell by more than 1% on Monday, pressured by expectations of weaker global demand and by U.S. dollar strength ahead of a possible large interest rate increase, though supply worries limited the decline.

Central banks around the world are certain to increase borrowing costs this week, and there is some risk of a blowout 1 percentage point rise by the U.S. Federal Reserve.

“The upcoming Fed meeting and the strong dollar are keeping a lid on prices,” said Tamas Varga of oil broker PVM.

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Brent crude for November delivery fell $1.17, or 1.3%, to $90.18 by 0822 GMT. U.S. West Texas Intermediate (WTI) for October dropped $1.14, or 1.3%, to $83.97.

A British public holiday for the funeral of Queen Elizabeth was expected to limit activity. read more

Oil has soared in 2022, with Brent coming close to its all-time high of $147 in March after Russia’s invasion of Ukraine exacerbated supply concerns. Worries about weaker economic growth and demand have since pushed prices lower.

The U.S. dollar stayed near a two-decade high ahead of this week’s decisions by the Fed and other central banks. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets.

Oil has also come under pressure from forecasts of weaker demand, such as last week’s prediction from the International Energy Agency that the fourth quarter would see zero demand growth. read more

Despite those worries, supply concerns kept the decline in check.

“The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from U.S. producers,” ANZ analysts said.

Easing COVID-19 restrictions in China, which had dampened the outlook for demand in the world’s second biggest energy consumer, could also provide some optimism, the analysts said. read more

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Additional reporting by Florence Tan and Jeslyn Lerh; Editing by Robert Birsel

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Musk seeks documents from Jack Dorsey in fight over Twitter deal

WILMINGTON, Del., Aug 22 (Reuters) – Billionaire entrepreneur Elon Musk is seeking documents from Twitter Inc(TWTR.N) co-founder Jack Dorsey as the CEO of Tesla and SpaceX pursues his legal fight to walk away from his $44 billion deal for the social media company, according to a court filing.

Dorsey, who resigned as Twitter’s chief executive in November and left the board in May, was asked for documents and communications about Musk’s April agreement to buy the company and about spam accounts on the platform, according to a copy of the subpoena.

Dorsey, who is CEO of payments processing company Block Inc, did not immediately respond to a request for comment. Block was co-founded by Dorsey and changed its name last year from Square Inc(SQ.N).

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Musk, the world’s richest person due to his stake in Tesla Inc
, told Twitter in July he was ending the agreement to buy the company for $54.20 per share because he alleged Twitter had violated the deal contract. Twitter and Musk have since sued each other, with Twitter asking a judge on the Delaware Court of Chancery to order Musk to close the deal. A five-day trial is set to start on Oct. 17.

The subpoena sought documents and communications about Twitter’s use of mDAU, a measure of active users on its platform. Musk has alleged the company defrauded him by hiding the number fake accounts in its regulatory filings, which Musk said he used to value the company.

Twitter has denied Musk’s spam allegations.

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018. REUTERS/Anushree Fadnavis/

Musk also wanted documents and communications regarding alternative measures of active users that the company has considered and information about the use of mDAU in executive pay and annual targets.

Twitter declined to comment.

Dorsey had supported Musk’s buyout offer for Twitter as the two men have agreed on the need for more transparency for its algorithm and allowing users more control over the content they see.

Dorsey has also tweeted that he believes Twitter is held back by the advertising model and Musk has said Twitter should rely more on subscription fees and services such as money transfers between users.

Musk and Dorsey held discussions in March about Musk joining the Twitter board before Musk revealed he had acquired a 9.1% stake in Twitter. Musk accepted a board seat but before he began his term, he changed course and offered to buy the company.

Shares of Twitter were down 2.5% at $42.89 in late Monday trade.

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Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Katie Paul in San Francisco; Sheila Dang in Dallas; Editing by David Gregorio

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Tom Hals

Thomson Reuters

Award-winning reporter covering U.S. courts and law from the COVID-19 pandemic to high-profile criminal trials and Wall Street’s biggest failures with more than two decades of experience in international financial news in Asia and Europe.

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