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2022

Vietnam’s Vinfast IPO may be delayed to 2023 on market uncertainty

Vietnam’s Vinfast IPO may be delayed to 2023 on market uncertainty 150 150 admin

HANOI (Reuters) – The chairman of Vietnam’s Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company’s auto unit, VinFast, may be delayed until next year due to market uncertainty.

The IPO is currently slated for the fourth quarter of this year. Vingroup Chairman Pham Nhat Vuong also told the company’s annual general meeting the conglomerate was prioritising spending on VinFast and gave an aggressive car sales target.

“We are eyeing a Q4 IPO, but there are lots of ongoing market uncertainties now… If necessary we may delay it to next year,” Vuong said.

“The IPO is not just for fundraising. It’s also about marketing and claiming VinFast’s position globally,” he said.

VinFast’s Singapore-based holding company had filed for an IPO with the U.S. securities regulators, as the company readies a $4-billion investment to build a factory in the United States.

Vuong also told the meeting the car maker was facing obstacles obtaining parts from China.

“Chip factories in Shanghai are closed – therefore chip supplies have been disrupted and the same story for other parts,” Vuong said, referring to supply chain disruptions caused by COVID-19 lockdowns in China’s business hub.

But Vuong sought to reassure shareholders the startup would go ahead with the IPO “no matter how uncertain the market”.

VinFast, which began operations in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price.

VinFast has promised to create 7,500 jobs at its planned plant in North Carolina, where it will build the battery-powered VF8 and VF9 SUVs. The company has said it plans to begin construction of the plant as soon as permits are granted with a goal of starting production by 2024.

It has previously said it plans to begin exporting the two electric vehicles to the United States later this year from its existing plant in Vietnam.

Vuong said on Wednesday VinFast aimed to sell 750,000 cars in 2026, with 150,000 cars to be produced in North Carolina and the rest from its Vietnam factory.

Vingroup is also looking at getting financing from the U.S. government to support its expansion, including potentially tapping lending from the U.S. government’s $25 billion Advanced Technology Vehicles Manufacturing loan programme.

(Reporting by Phoung Nguyen; Writing by Ed Davies; Editing by Kanupriya Kapoor)

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Sri Lanka president warns of racial tensions amid economic crisis

Sri Lanka president warns of racial tensions amid economic crisis 150 150 admin

By Uditha Jayasinghe and Alasdair Pal

COLOMBO (Reuters) – Sri Lanka’s president urged people on Wednesday to reject what he called attempts to foment racial and religious disharmony, as clashes broke out in many parts of the country over the government’s handling of a devastating economic crisis.

Violent street protests killed eight people this week and even the resignation of President Gotabaya Rajapaksa’s elder brother as prime minister and a curfew have failed to douse public anger. The government has ordered troops to shoot at anyone damaging public property or threatening lives.

Sri Lankans have blamed the Rajapaksa dynasty for the economic meltdown that has left the country with only about $50 million in reserves, stalling most imports and leading to massive shortages of fuel, cooking gas, and other essentials.

Protesters set the family’s ancestral home in the south on fire earlier in the week.

“This is the time for all Sri Lankans to join hands as one, to overcome the economic, social & political challenges,” Rajapaksa said on Twitter.

“I urge all #Srilankans to reject the subversive attempts to push you towards racial & religious disharmony. Promoting moderation, toleration & coexistence is vital.”

It was not immediately clear what prompted the president to issue the warning. However, Sri Lanka has a long and bloody history of ethnic tensions.

Rajapaksa and his brother Mahinda Rajapaksa, who resigned as prime minister on Monday, were in key government positions when a 26-year civil war ended in 2009 after security forces overcame militants from the minority Tamil community.

Sinhalese Buddhists are the majority in the country of 22 million which also has Muslim, Hindu and Christian minorities.

A police spokesperson said two shooting incidents were reported on Tuesday night, including one in the southern town of Rathgama that wounded four people.

“The situation is now calm,” Nalin Thalduwa said.

In Weerakettiya, a southern town that is home to the Rajapaksas, police and military patrolled the streets, with shops and businesses shut due to the curfew.

On Monday, video footage from local media showed the ancestral home of the family ablaze, while multiple attacks on houses and election offices of lawmakers were also reported.

(Reporting by Uditha Jayasinghe and Alasdair Pal; Writing by Krishna N. Das; Editing by Raju Gopalakrishnan)

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Amber Heard takes the stand in civil trial

Amber Heard takes the stand in civil trial 150 150 admin

President Biden outlines plan to tackle inflation

President Biden outlines plan to tackle inflation 150 150 admin

President Biden delivered a speech Tuesday outlining his plans to reduce inflation and lower costs for consumers. CBS News senior White House and political correspondent Ed O’Keefe reports from Washington, then Ann Barry, the chief investment officer at Wheelhouse, joins Elaine Quijano on CBS News to discuss.
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Today in History: May 11, Adolf Eichmann captured

Today in History: May 11, Adolf Eichmann captured 150 150 admin

Today in History

Today is Wednesday, May 11, the 131st day of 2022. There are 234 days left in the year.

Today’s Highlight in History:

On May 11, 2010, Conservative leader David Cameron, at age 43, became Britain’s youngest prime minister in almost 200 years after Gordon Brown stepped down and ended 13 years of Labour government.

On this date:

In 1647, Peter Stuyvesant (STY’-veh-sunt) arrived in New Amsterdam to become governor of New Netherland.

In 1858, Minnesota became the 32nd state of the Union.

In 1927, the Academy of Motion Picture Arts and Sciences was founded during a banquet at the Biltmore Hotel in Los Angeles.

In 1935, the Rural Electrification Administration was created as one of President Franklin D. Roosevelt’s New Deal programs.

In 1946, the first CARE packages, sent by a consortium of American charities to provide relief to the hungry of postwar Europe, arrived at Le Havre, France.

In 1953, a tornado devastated Waco, Texas, claiming 114 lives.

In 1960, Israeli agents captured Nazi war criminal Adolf Eichmann in Buenos Aires, Argentina.

In 1973, the espionage trial of Daniel Ellsberg and Anthony Russo in the “Pentagon Papers” case came to an end as Judge William M. Byrne dismissed all charges, citing government misconduct.

In 1981, legendary reggae artist Bob Marley died in a Miami hospital at age 36.

In 1996, an Atlanta-bound ValuJet DC-9 caught fire shortly after takeoff from Miami and crashed into the Florida Everglades, killing all 110 people on board.

In 1998, India set off three underground atomic blasts, its first nuclear tests in 24 years. A French mint produced the first coins of Europe’s single currency, the euro.

In 2020, Twitter announced that it would add a warning label to tweets containing disputed or misleading information about the coronavirus. Jerry Stiller, best known for his role as George Costanza’s father in “Seinfeld” and earlier as part of a comedy duo with wife Anne Meara, died at 92.

Ten years ago: A Chicago jury convicted Oscar-winner Jennifer Hudson’s former brother-in-law, William Balfour, of murdering her mother, brother and 7-year-old nephew. (Balfour was sentenced to life in prison.)

Five years ago: President Donald Trump signed an executive order launching a commission to review alleged voter fraud and voter suppression, building upon his unsubstantiated claims that millions of people voted illegally in the 2016 election. (Trump disbanded the commission in January 2018 amid infighting and refusals by numerous states to cooperate.)

One year ago: The confrontation between Israel and Hamas, sparked by weeks of tensions in Jerusalem, escalated; Israel unleashed new airstrikes on Gaza while the Israeli city of Tel Aviv came under fire from a barrage of rockets launched from the Gaza Strip. The Interstate 40 bridge over the Mississippi River was closed after authorities said they found a crack in the span linking Arkansas and Tennessee. (The bridge remained closed for nearly three months.) More than 1,000 gas stations in the Southeast reported running out of fuel, primarily because of what analysts said was unwarranted panic-buying among drivers, as the shutdown of a major pipeline by hackers entered its fifth day. Stage and screen actor Norman Lloyd, known for his role as a kindly doctor on TV’s “St. Elsewhere,” died at his Los Angeles home at the age of 106; his career had earlier put him in the company of Orson Welles, Alfred Hitchcock, Charlie Chaplin and other greats.

Today’s Birthdays: Nation of Islam leader Louis Farrakhan is 89. Jazz keyboardist Carla Bley is 86. Rock singer Eric Burdon (The Animals; War) is 81. Actor Pam Ferris is 74. Former White House chief of staff John F. Kelly is 72. Actor Shohreh Aghdashloo (SHOH’-reh ahg-DAHSH’-loo) is 70. Actor Frances Fisher is 70. Sports columnist Mike Lupica is 70. Actor Boyd Gaines is 69. Actor Martha Quinn is 63. Actor Tim Blake Nelson is 58. Actor Jeffrey Donovan is 54. Actor Nicky Katt is 52. Actor Coby Bell is 47. Cellist Perttu Kivilaakso (PER’-tuh KEE’-wee-lahk-soh) is 44. Actor Austin O’Brien is 41. Actor-singer Jonathan Jackson is 40. Rapper Ace Hood is 34. Latin singer Prince Royce is 33. Actor Annabelle Attanasio (TV: “Bull”) is 29. Musician Howard Lawrence (Disclosure) is 28.

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Celebrity chef Mario Batali found not guilty in sexual misconduct trial

Celebrity chef Mario Batali found not guilty in sexual misconduct trial 150 150 admin

Celebrity chef Mario Batali has been found not guilty at his trial in Boston after he was accused of unwanted groping and kissing. CBS News legal contributor Rebecca Roiphe joins CBS News’ Tanya Rivero and Mola Lenghi to discuss the verdict.
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Toyota Q4 operating profit skids 33%, misses estimate

Toyota Q4 operating profit skids 33%, misses estimate 150 150 admin

TOKYO (Reuters) – Toyota Motor Corp on Wednesday reported a 33% fall in quarterly profit, as a sliding yen and solid demand failed to offset the impact of production disruptions caused by a global shortage of chips and China’s COVID restrictions.

The world’s biggest automaker by sales posted an operating profit of 463.8 billion yen ($3.56 billion) in the January-March quarter, well below an average estimate of 521.1 billion yen from seven analysts surveyed by Refinitiv.

It compares with a 689.8 billion yen profit in the same period a year earlier.

($1 = 130.4100 yen)

(Reporting by Satoshi Sugiyama; Editing by Kenneth Maxwell)

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UK says fight continues between Russian, Ukrainian forces at Snake Island

UK says fight continues between Russian, Ukrainian forces at Snake Island 150 150 admin

(Reuters) – Fighting between Russia and Ukrainian forces has continued on Zmiinyi Island, also known as Snake Island, with Russia repeatedly trying to reinforce its exposed troops.

“If Russia consolidates its position on Zmiinyi Island with strategic air defence and coastal defence cruise missiles, they could dominate the north-western Black Sea,” the UK Ministry of Defence tweeted in a regular bulletin.

Russia’s resupply vessels have minimum protection in the western Black Sea, following the Russian Navy’s retreat to Crimea after the loss of the Moskva, the tweet said.

(Reporting by Akriti Sharma in Bengaluru; Editing by Tom Hogue)

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Saturday Sessions: Spoon performs “Wild”

Saturday Sessions: Spoon performs “Wild” 150 150 admin

Factbox-Races to watch in Nebraska, West Virginia primaries on May 10

Factbox-Races to watch in Nebraska, West Virginia primaries on May 10 150 150 admin

WASHINGTON (Reuters) – The Republican-leaning states of Nebraska and West Virginia will hold primary elections on May 10 for the U.S. House of Representatives and other offices.

Following are notable races that could help shape the Nov. 8 midterm elections when Republicans hope to win control of the U.S. Congress.

WEST VIRGINIA’S 2ND CONGRESSIONAL DISTRICT

The race between two incumbent Republican U.S. representatives could be another test of the power of former President Donald Trump’s endorsements. Polls suggest a tight race between Alex Mooney, who is backed by Trump, and David McKinley, who was endorsed by West Virginia Governor Jim Justice.

The two incumbents are facing one another because West Virginia is losing a House seat due to a shrinking population. The winner of the nomination contest will likely win in November as the district is solidly Republican.

NEBRASKA GOVERNORSHIP

Trump’s endorsement power gets another test in the Republican gubernatorial primary in Nebraska, where Trump-backed Charles Herbster was recently accused by several women, including a state senator, of groping them. Herbster, a farming executive, has denied the allegations.

While recent public opinion polls have largely come from political campaigns rather than independent pollsters, they have pointed to a potentially competitive race between Herbster and University of Nebraska Regent Jim Pillen, who has been endorsed by the departing Republican governor and the Farm Bureau.

The November contest is seen as an easy win for Republicans.

NEBRASKA 2ND CONGRESSIONAL DISTRICT

Centered around Omaha, the state’s largest city, the 2nd district is seen as a potentially competitive race in November and has been held by Republican Don Bacon since 2017.

While Bacon is not expected to face stiff internal competition in May, the Democratic Party primary pits state Senator Tony Vargas against mental health practitioner Alisha Shelton. Vargas has touted his support for banning assault rifles while Shelton has pledged to help improve access to voting.

(Reporting by Jason Lange; Editing by Scott Malone and Alistair Bell)

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