Twitter sues to force Musk to complete his $44B acquisition
Twitter sued Tesla CEO Elon Musk on Tuesday to force him to complete the $44 billion acquisition of the social media company. Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company. In a fiery filing, Twitter accuses Musk of violating the merger agreement “because the deal he...
Twitter sues to force Musk to complete his $44B acquisition
Twitter sued Tesla CEO Elon Musk on Tuesday to force him to complete the $44 billion acquisition of the social media company. Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company. In a fiery filing, Twitter accuses Musk of violating the merger agreement “because the deal he signed no longer serves his personal interests.” Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.
Amazon Prime Day comes amid slowdown in online sales growth
Amazon is heading into its annual Prime Day sales event on Tuesday much differently than how it entered the pandemic. The company has long used the two-day event to lure people to its Prime membership. This year, it could help Amazon boost profitability amid a slowdown in overall online sales. That’s quite a reversal from the early days of the pandemic when the e-commerce giant’s profits soared as homebound shoppers turned to online shopping to avoid contracting the coronavirus. Now, Amazon says it has too many workers and too much warehouse space. Some analysts says the excess capacity is likely to be a short-term problem for the company.
LONDON (AP) — London’s Heathrow Airport is capping daily passenger numbers for the summer and telling airlines to stop selling tickets as it steps up efforts to quell travel chaos caused by soaring travel demand and staff shortages. Britain’s busiest airport said Tuesday that it’s setting a limit of 100,000 passengers that it can handle each day through Sept. 11. The restriction is likely to result in more canceled flights even after airlines already slashed thousands of flights from their summer schedules. Booming demand for summer travel after two years of COVID-19 travel restrictions have overwhelmed European airlines and airports that had laid off tens of thousands of staff amid the depths of the pandemic.
Russia fines Apple for violating data storage law
A Moscow court has fined Apple 2 million rubles (about $34,000) for refusing to store the personal data of Russian users on servers in Russia. Zoom Video Communications and Ookla which runs the internet tool Speedtest were both fined 1 million rubles under the same law. The Russian government has been trying for years to establish greater control over the internet and social media. It’s an effort that has intensified in recent months as it tries to limit the flow of information about the war in Ukraine.
Croatia clears final hurdle to adopting the euro next year
BRUSSELS (AP) — The European Union has removed the final obstacles tp Croatia adopting the euro next year. It will enable the first expansion of the currency bloc in almost a decade as the exchange rate fell to its weakest level against the dollar in 20 years. EU finance ministers on Tuesday approved three laws that will pave the way for Croatia to become the 20th member of the eurozone on Jan. 1. The last EU country to join the European single-currency area was Lithuania in 2015. Adopting the euro offers economic benefits stemming from deeper financial ties with the currency bloc’s other members and from the European Central Bank’s monetary authority.
China bank customers to get deposits back after protests
TAIPEI, Taiwan (AP) — Financial regulators in central China’s Henan and Anhui provinces have promised to give some bank customers some of their deposits back after they staged protests over having their accounts frozen. In statements issued late Monday, officials said customers with deposits of 50,000 yuan (about $7,400) or less would be reimbursed. They said others with larger bank balances would get their money back at a later, unspecified date. The bank protests drew wide attention because angry depositors who tried to go to Zhengzhou, in Henan, to try to get their money back from the troubled rural banks were stopped from traveling by a health app on their cellphones.
‘Don’t fall ill’: Sri Lanka doctors warn of drug shortage
COLOMBO, Sri Lanka (AP) — Doctors in Sri Lanka are urging their patients not to fall ill or get into accidents as the country’s economic crisis leaves its trusted health care system without medicines and other vital supplies. Sri Lanka has run short of money to pay for basic imports like fuel and food, and medicines also have run short. Such troubles threaten to undo huge gains in public health in recent decades. Some doctors have turned to social media to try to get donations or supplies, or the funds to buy them. They’re also urging Sri Lankans living overseas to help out. So far there’s no sign of an end to the crisis that has thrust the country into a political meltdown.
Heat wave forecast for Spain, Portugal fuels wildfire worry
MADRID (AP) — Weather forecasters say Spain is expected to have its second heat wave in less than a month and that it will will last at least until the weekend. Meteorologists said an overheated mass of air and warm African winds are driving temperatures in the Iberian Peninsula beyond their usual highs. Portugal could see the highest temperatures; its central Alentejo region is expected to reach 46 degrees Celsius (115 F) on Wednesday and Thursday. Spain’s State Meteorological Agency said southern cities such as Cordoba and Seville could reach 42 degrees Celsius (107.6 F). With temperatures in both countries already elevated, the outlook magnified wildfire worries.
Now there are 8: UK leader field slims as nominations close
LONDON (AP) — Nominations in the race to replace British Prime Minister Boris Johnson have closed, with eight Conservative lawmakers securing enough support from their colleagues to make the first ballot. Candidates needed support from at least 20 Conservative lawmakers to remain in the contest for run-off votes starting Wednesday. Candidates who met the threshold include former Treasury chief Rishi Sunak, Foreign Secretary Liz Truss, Trade Minister Penny Mordaunt and backbench lawmaker Tom Tugendhat. Former Health Secretary Sajid Javid failed to make the cut. Conservative lawmakers will reduce the race to two candidates through a series of elimination votes, before the final pair is put to a ballot of party members. Johnson quit last week as party leader after months of scandals.
Italy’s Draghi warns 5-Stars against political ultimatums
ROME (AP) — Premier Mario Draghi says his government is still able to get things done despite tensions with the 5-Star Movement. But he warned that it can’t function if coalition members make ultimatums.Draghi briefed reporters Tuesday after meeting with unions on the government’s latest efforts to mitigate the effects of soaring inflation and high energy costs on workers, families and industries.The meeting came after 5-Star lawmakers abstained from voting on a government measure in the lower Chamber of Deputies on Monday, in a sign of a lack of support. The measure comes before the Senate on Thursday.