Tag Archives: PUBL

China asks Didi to delist from U.S. on security fears – Bloomberg News

SHANGHAI, Nov 26 (Reuters) – Chinese regulators have asked top executives of ride hailing giant Didi Global Inc (DIDI.N) to devise a plan to delist from U.S. bourses on data security fears, Bloomberg News reported.

China’s tech watchdog wants the management to take the company off the New York Stock Exchange on concerns about leakage of sensitive data, the report said, citing people familiar with the matter.

Didi and the Cyberspace Administration of China did not respond to Reuters requests for a comment. Shares in SoftBank Group Corp (9984.T), which has a minority stake in Didi, fell more than 5%.

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Proposals under consideration include a straight up privatization or a share float in Hong Kong followed by a delisting from the United States, according to the news report.

If the privatization proceeds, shareholders would likely be offered at least the $14 per share IPO price, since a lower offer so soon after the June initial public offering could prompt lawsuits or shareholder resistance, the report said, citing sources.

Didi ran afoul of Chinese authorities when it pressed ahead with its New York listing in June, even though the regulator had urged the company to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi.

Didi responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data protection, and would protect users’ rights.

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Reporting by Brenda Goh in Shanghai and Sneha Bhowmik in Bengaluru; Editing by Arun Koyyur and Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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New Zealand sets date for reopening to tourists after nearly two years

A pedestrian weariing a face mask walks past a storefront reading “Welcome Back!” as shoppers return to the Newmarket retail district in the wake of coronavirus disease (COVID-19) lockdown restrictions being eased in Auckland, New Zealand, November 10, 2021. REUTERS/Fiona Goodall

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WELLINGTON, Nov 24 (Reuters) – New Zealand will keep its borders closed to most international travellers for a further five months, the government said on Wednesday, outlining a cautious easing of coronavirus border curbs that have been in place for nearly two years.

Along with its geographic isolation, the South Pacific country enforced some of the tightest pandemic restrictions among OECD nations, limiting the spread of COVID-19 and helping its economy bounce back faster than many of its peers.

But an outbreak of the highly contagious Delta variant earlier this year has forced a shift in strategy, with the main city of Auckland now only gradually opening up as vaccination rates climb.

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Fully vaccinated international travellers will be allowed to enter the country from April 30, COVID-19 Response Minister Chris Hipkins told a news conference. The travellers will have to self-isolate for seven days on arrival.

Vaccinated New Zealanders and residence visa holders in neighbouring Australia can travel to New Zealand from Jan. 16, while vaccinated New Zealanders and residence visa holders most from other countries will be allowed in from Feb. 13.

“A phased approach to reconnecting with the world is the safest approach to ensure risk is carefully managed,” Hipkins said.

“This reduces any potential impacts on vulnerable communities and the New Zealand health system.”

Travellers will no longer be required to stay at state quarantine facilities, he said, but other measures will be put in place including self-isolation, a negative pre-departure test, proof of being fully vaccinated, and a COVID-19 test on arrival.

Pressure has been mounting on Prime Minister Jacinda Ardern to reopen international borders ahead of the Christmas holidays so that expatriate New Zealanders could return home.

Air New Zealand (AIR.NZ) said last week it had cancelled about 1,000 flights to Australia due to border uncertainty.

Many industries have also campaigned to reopen borders more quickly as they struggle to fill job vacancies.

New Zealand has recorded just over 10,000 COVID-19 cases since the pandemic began, and 40 deaths – far fewer than most comparable countries.

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Reporting by Praveen Menon; Editing by Tom Hogue and Lincoln Feast

Our Standards: The Thomson Reuters Trust Principles.

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Tesla’s Musk sells $930 mln in shares to cover stock option tax – filings

Tesla CEO Elon Musk gestures as he visits the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul/Pool via Reuters

Nov 15 (Reuters) – Tesla (TSLA.O) CEO Elon Musk has sold $930 million in shares to meet tax withholding obligations related to the exercise of stock options, U.S. securities filings showed on Monday.

Musk sold 934,091 shares after exercising options to buy 2.1 million stocks at $6.24 each on Monday. Tesla shares closed at $1,013.39. He is required to pay income taxes on the difference between the exercise price and fair market value of the shares.

This is the second time in a week that the billionaire has exercised his stock option. Last Monday, he sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares. read more

The two options-related sales were set up in September via a trading plan that allows corporate insiders to establish preplanned transactions on a schedule, the filings said.

As of the end of 2020, he had an option to buy 22.86 million shares, which expire in August next year, a Tesla filing shows.

On Nov. 6, Musk polled Twitter users about selling 10% of his stake, pushing down Tesla’s share price after a majority on Twitter said they agreed with the sale. It was not clear how or whether the trading plan related to Musk’s Twitter poll.

Reporting by Hyunjoo Jin in San Francisco and Aakriti Bhalla in Bengaluru; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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