Finance

Explainer: South African Airways is in ‘business rescue’. What does that mean?

JOHANNESBURG (Reuters) – Plagued by debt and years of mismanagement, state-owned South African Airways (SAA) has been placed into business rescue – South Africa’s bankruptcy protection process – in a last-ditch attempt to save the national carrier. South Africa’s business rescue process, which will shield SAA from the demands of its creditors while an independent …

Finance

Russia and Ukraine leaders, in first talks, agree to exchange prisoners

PARIS (Reuters) – The leaders of Russia and Ukraine agreed on Tuesday to exchange all remaining prisoners from the conflict in east Ukraine by the end of the year, but left thorny questions about the region’s status for future talks. Russia’s Vladimir Putin and Ukrainian President Volodymyr Zelenskiy, in their first face-to-face meeting, took part …

Finance

Apple has ‘deep concerns’ that ex-employees accused of theft will flee to China

SAN JOSE, California – (Reuters) – Apple Inc (NASDAQ:AAPL) on Monday told a federal court it has “deep concerns” that two Chinese-born former employees accused of stealing trade secrets from the company will try to flee before their trials if their locations are not monitored. At a hearing in U.S. District Court for the Northern …

Finance

U.S. negotiators set to make last-minute trip to Mexico to pin down USMCA deal

WASHINGTON/MEXICO CITY (Reuters) – The Trump administration, Mexico and U.S. Democrats on Monday closed in on a deal for labor-related changes to a languishing North American trade pact that may soon allow it to proceed to a vote, as the window for passage this year quickly narrows. U.S. Trade Representative Robert Lighthizer and White House …

Finance

GM loans $40 million to firm to acquire, retool shuttered Lordstown, Ohio, factory

WASHINGTON (Reuters) – General Motors Co (N:GM) confirmed on Monday it agreed to loan $40 million to an electric vehicle start-up to facilitate the acquisition of its shuttered Lordstown Assembly plant in Ohio. Lordstown Motors Corp, which is 10% owned by Workhorse Group Inc (O:WKHS), bought the plant and equipment for $20 million in November …

Finance

Buttigieg campaign vows transparency over fundraising

DETROIT (Reuters) – U.S. Democratic presidential contender Pete Buttigieg will release the names of people raising money for his election bid and open fundraising events to reporters, his campaign said on Monday, following criticism over the transparency of donors. Democratic rival Elizabeth Warren, who has focused her campaign on combating Washington corruption and corporate greed, …