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American Airlines has received an “unsolicited” approach from Qatar Airways which wants to acquire 10% of the US carrier. In a regulatory filing, American Airlines said Qatar intended to buy at least $808m (£638m) of its shares. American Airlines said it would respond “in due course”. Shares in American Airlines, which is the biggest airline in the world, initially rose 5%, but fell back to a 1.1% rise by the end of trading.

Qatar Airways said it sees American as a good investment opportunity and would not involve itself in management, operations or governance. “Qatar Airways believes in American Airlines’ fundamentals,” the firm said. In 2015, Qatar Airways took a 10% stake in International Airlines Group (IAG), the owner of British Airways and Iberia. Then in July 2015 it increased its stake to 20%, becoming IAG’s biggest shareholder. But the airline has encountered turbulence.

Earlier this month, Saudi Arabia, Egypt, Bahrain, the United Arab Emirates, Libya, Yemen and the Maldives cut diplomatic ties with Qatar. Saudi Arabia, the UAE, Bahrain and Egypt all said they would stop flights in and out of Qatar, and close their airspace to the country’s flag carrier, Qatar Airways. US companies, including American Airlines, have also pressured the White House to take action against Qatar Airways and other Gulf airlines, which they say receive unfair government subsidies.

Seth Kaplan, managing partner at Airline Weekly, said Qatar Airways may be hoping an investment would help reduce those objections. The firm may also be looking to strengthen Qatar’s relationship with the US, which has appeared uncertain amid the diplomatic dispute in the Gulf, he said. “It’s almost certainly not just a financial investment,” he said. American Airlines and Qatar Airways are already partners through the Oneworld alliance. This investment could tighten that relationship, but it is unlikely to have a large effect on consumers, Mr Kaplan said.
It is not clear at this point how American Airlines will respond, Mr Kaplan said.
In its statement, Qatar Airways said it would not acquire more than 4.75% of shares without permission from the American Airlines board.

Walmart, the US’s biggest retail chain, has been accused of trying to coerce its technology suppliers into shunning Amazon’s cloud computing service. Amazon has accused its rival of attempting to “bully” the IT companies into picking a rival platform. The row follows a report by the Wall Street Journal, which said other unnamed large retailers had also asked vendors to shun Amazon Web Services.

The row comes at a time Amazon is expanding its shopping operations. Last Friday, the Seattle-based business announced a $13.7bn (£10.8bn) takeover of the groceries chain Whole Foods. And this week it revealed it had struck a deal with Nike to sell the sportswear-maker’s shoes directly, and that it was launching Prime Wardrobe – a service that lets customers order and try clothes for seven days before deciding which to buy and keep.

Amazon’s Web Services division may not be as well known to the public as the company’s retail operations, but it is a huge money-earner. In April, the company reported the unit had generated $3.7bn in sales over the previous three months. The business provides computing power, online storage, security protection and developer tools to third parties. Its clients include Netflix, Airbnb, General Electric and the CIA.

According to market research company Gartner, AWS leads the market in its field.
However, Walmart uses Microsoft’s rival Azure service. A spokesman for Walmart acknowledged it had concerns about its suppliers’ use of AWS.
“Our vendors have the choice of using any cloud provider that meets their needs and their customers’ needs,” he said. “It shouldn’t be a big surprise that there are cases in which we’d prefer our most sensitive data isn’t sitting on a competitor’s platform.” Amazon suggested this approach was misguided.

“We’ve heard that Walmart continues to try to bully their suppliers into not using AWS because they have an incorrect view that AWS is somehow supporting Amazon’s retail business,” said a spokesman. “Plenty of suppliers are standing up to Walmart and refusing to be told that they can’t use [us]. “Tactics like this are bad for business and customers and rarely carry the day.” AWS’s use of encryption means that its own staff cannot peer into the data stored on its computer servers by its customers. But one analyst said it was still understandable Walmart and others might not want to help send business its way.

“AWS is a separate part of Amazon’s business, but ultimately this comes back to being frightened of being disrupted, especially in light of the recent acquisition of Whole Foods,” said Nick McQuire, from the consultancy CCS Insight. “The question is whether this fear now will cause a wider backlash among retailers, where you get many within the community switching from using AWS in the cloud to Google, Microsoft or someone else.”

UK chip designer Imagination Technologies – which is in dispute with Apple, its largest customer – has put itself up for sale. Shares in the company more than halved in April when Imagination said that Apple was to stop using its technology. The US company uses the UK firm’s chip technology in its iPhones, iPads, and iPods under a licensing agreement.
Imagination said it had received interest from suitors in recent weeks so had begun a formal sale process. It added it was now in preliminary talks with potential bidders.

In April, Imagination said that Apple, which accounts for about half of Imagination’s revenues, was planning to stop using its technology within “15 months to two years”. At the time, it questioned whether Apple would be able to develop its own computer chip designs without breaching Imagination’s patents. Last month, Imagination announced it had started a dispute resolution procedure with Apple over licensing payments. In its latest update, the company said it remained “in dispute” with Apple. Separately, Imagination said the sale process for its MIPS and Ensigma businesses – which was announced in May – was “progressing well”, with indicative proposals received for both units.

News of the sale sent shares in Imagination up 15% in early trade to 142p. However, the share price still remains nearly 50% below the level it was at before Imagination announced it was being dropped by Apple.

A demonstration of driverless cars in Nuneaton will be followed later this year by trials on public roads. Autodrive – a collaboration between Jaguar Land Rover, Ford and Tata Motors – showed off how autonomous cars can talk to each other. It included warning drivers when an emergency vehicle was approaching and offering real-time traffic information. The first set of public road trials are due to take place in Milton Keynes and Coventry by the end of the year.

A fleet of up to 40 self-driving pavement-based ‘pods’ will also be introduced in pedestrianised areas of Milton Keynes. Another aspect of the demo showed how connected cars can detect the presence of other connected cars on the approach to a junction and warn drivers if there is a high probability of a collision. “The successful completion of the proving ground trials marks a significant milestone for the project team, and we are now looking forward to demonstrating the benefits of these exciting new technologies in the real-world settings of Milton Keynes and Coventry,” said Tim Armitage, UK Autodrive project director. “Once the technology becomes widely available, we anticipate huge potential benefits in terms of road safety, improved traffic flow and general access to transport, so we’re really excited about being able to demonstrate this on real roads.”

There are similar trials going on around the UK, including in Greenwich which is using similar pods to those planned for Milton Keynes. A consortium of British companies known as Driven are planning to test driverless cars on motorways in 2019. The UK government has paved the way for driverless cars, laying out a legislative framework in the Queen’s Speech which included plans to update car insurance so that driverless vehicles would be subject to the same rules as normal ones. The technology that allows cars to become more autonomous has been increasing in recent years with all the main manufacturers now offering some element of driverless technology, including self-parking features and cruise control on motorways. UK government research suggests that the market for automated vehicles in the UK will be worth £28bn by 2035.

The UK could be in for its hottest June day in more than 40 years if the temperature tops 33.9C on Wednesday. Forecasters are predicting a figure of 34C in London, which would make it the warmest on record since 1976. The heatwave has seen five sizzling days in a row for the country, with temperatures topping 30C since Saturday.

But weather warnings have also been issued for rain, with thunderstorms expected in parts of the UK. BBC Weather forecaster Chris Fawkes said: “You can see from how long ago we last had temperatures like this in June how rare it is. We do see temperatures going up to 30C, but if it breaks 34C, which I think it will, it will be the hottest June day for over 40 years. “The summer of 1976 was a classic. But to have these really prolonged spells, you need a block of high pressure that directs other weather fronts away. Then we get the hot weather coming up from Europe.”But it is all going to go bang tonight. The hot air from the surface will meet with colder air coming in from the Atlantic and we will have some big thunderstorms, gusty winds, heavy rain and, in some places, even hail.” People on their way to Glastonbury are coming up with innovative ways to stay cool. Organisers of the event had already warned revellers to “pack light” due to extra security checks on entry, but they have warned people to bring lots of water for the longer queues and top up the sun cream, as well as their tans.

The record-breaking summer of 1976 saw nine weeks of blazing sunshine.
Between June and August, blue skies were a daily occurrence and, for two weeks, temperatures were 32C or above consistently. Five days saw temperatures exceed 35C.
The hottest day of all was 3 July, with temperatures hitting 35.9C in Cheltenham. A downside was the worst drought in recorded history for the UK, building up from a warm summer in 1975 and incredibly dry months after. Rainfall in the winter of 1975 was half of what it normally would be, and by the summer of 1976 crops were affected and there were forest fires in the south of England. But once the summer had come to a close, autumn saw intense rainfall and natural balance was restored. The different crowd heading to Royal Ascot – including the Queen, who will be rushing from the State Opening of Parliament – will be hoping for a similar relaxation of dress code as racegoers experienced on Tuesday.

Normally men attending the horse racing event in the Royal Enclosure must wear black or grey morning dress with a waistcoat, tie and a top hat. But the jacket rule was not enforced for the first time in its history, as organisers took a “common sense approach”. Be warned though – you must have all the correct attire at the gate or you may not be allowed entry.

Whilst some are taking to the parks or the beach to lap up the sunshine, people on the daily commute have been faced with travel disruption. Greater Anglia Trains has cancelled a number of its services between London and Essex, saying the heat has led to speed restrictions on the lines to stop them from buckling. The Evening Standard recorded temperatures above 36C on the capital’s bus and tube routes. And for those in more congested areas, the Department for Environment and Rural Affairs has also warned there may be pockets of high pollution during the exceptionally hot weather, especially in the East Midlands.

Emergency services have warned people to keep safe in open water after three people died in separate incidents around the country. A 15-year-old boy died after getting into difficulty when swimming in a lake with friends in Walsall, West Midlands. This follows the death of a teenager who who drowned in a reservoir near Rochdale and an elderly woman who rescue teams tried to save off the coast of Sussex. A West Midlands Ambulance Service spokesman said: “Although it is very hot at the moment, the dangers of going into open water cannot be underestimated.”

Uber boss Travis Kalanick has resigned as chief executive after pressure from shareholders. His resignation comes after a review of practices at the firm and scandals including complaints of sexual harassment. Last week he said he was taking an indefinite leave of absence following the sudden death of his mother in a boating accident. Mr Kalanick will remain on the board of the ride-hailing firm.

Five major Uber investors demanded Mr Kalanick’s immediate resignation as chief executive, the New York Times said. Mr Kalanick reportedly said: “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight.”

Uber’s board said in a statement: “Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber. “By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history. We look forward to continuing to serve with him on the board.”

Surely the most dramatic fall from grace the start-up world has ever seen, a scalp so big it will have chief executives across this city sitting bolt upright, and thinking: “If Travis can get booted out of Uber… no-one is safe.” What started out as a PR inconvenience has left the company without, to name just a few, a chief executive officer, chief operating officer, chief technology officer and chief financial officer. Uber is in tatters, engulfed by its own aggression.

Mr Kalanick embodied his company’s prevailing attitude: success at all costs. It saw Uber dominate the ride-sharing world, his chutzpah enabling the company to attract investment so effectively that last year Uber alone raised more money than the entire UK start-up scene. But in doing so he didn’t play fair. He created a company that deceived local regulators, neglected the well-being of employees, wound-up drivers, troubled investors, obtained a rape victim’s medical records and allegedly stole trade secrets from a rival.

All this time Uber’s investors will have been weighing things up. What’s more risky to their investment – removing the man who made Uber what it is, or keeping him on? For the first time it’s become the latter – and Mr Kalanick is out the door. Dan Primack, business editor of the Axios news service, was one of the first to report the investor demands for Mr Kalanick to go.

Mr Primack said a group of investors, but particularly Bill Gurley of venture capitalist firm Benchmark, had put pressure on Mr Kalanick to resign. “It’s important to note: Travis controlled the board in terms of votes, so really, it was a vey big uphill climb for [Mr] Gurley and the other investors to get this done,” Mr Primack said. Uber’s future prospects were now “pretty bright”, Mr Primack added. The firm has been searching for a chief operating officer, but now can seek out Fortune 500 chief executives to take over the top spot, he said.

The ride-hailing company has had a series of recent controversies, including the departure of other high-level executives. Eric Alexander, the former head of Uber’s Asia-Pacific business, left after a report that he had obtained the medical records of a woman who was raped by an Uber driver in 2014. Mr Alexander reportedly shared them with Mr Kalanick, senior vice-president Emil Michael and others.

Mr Alexander was fired earlier this month, and Mr Michael later left Uber. Board member David Bonderman made a sexist remark at a meeting about workplace practice recommendations last week and then resigned as a director. In February Uber said it was investigating “abhorrent” sexual harassment claims made by former Uber engineer Susan Fowler. This month Uber said it had fired more than 20 staff and had taken action against others following a review of more than 200 HR complaints that included harassment and bullying. There has also been a lawsuit from Google’s parent company, Alphabet, over alleged theft of trade secrets related to driverless cars.

A merger between Australian gambling giants Tabcorp and Tatts Group has been approved by authorities. Plans to form a business worth A$11.3bn ($8.6bn; £6.7bn) emerged last year. Despite objections from rival betting companies, the Australian Competition Tribunal found the merger would have “substantial public benefits.” Tabcorp and Tatts hope joining forces will help compete against the rise of online betting. Shares in both firms rose by about 5% on Tuesday.

As well as running traditional sports betting facilities, often found in bars and clubs, Tabcorp and Tatts also have businesses including state lotteries and slot machines, known locally as pokies. While profits fell at both companies last year, some states believe the merger could turn Australia into one of the most profitable markets in the world, outside of Hong Kong. Betting is a national obsession in Australia which has the world’s highest gambling loss per head, according to UK consultancy H2 Gambling Capital, with Australians losing an average of US$1,130 (£918) a year.

The country’s watchdog, the Australian Competition and Consumer Commission (ACCC) had flagged “major concerns” about the deal including the market power of Tabcorp’s broadcast business. But Tabcorp bypassed the ACCC by taking the proposed merger straight to the tribunal. The only condition imposed on the deal is that Tabcorp goes ahead with the planned sale of a gambling compliance business.

Barclays PLC and four former executives have been charged with conspiracy to commit fraud and the provision of unlawful financial assistance. The Serious Fraud Office charges come at the end of a five-year investigation and relate to the bank’s fundraising at the height of 2008′s financial crisis.

Former chief executive John Varley is one of the four ex-staff who will face Westminster magistrates on 3 July. Barclays says it is considering its position and awaiting further details. It added: “The charges arise in the context of Barclays’ capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO.”

Mr Varley, former senior investment banker Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays’ wealth division, and Richard Boath, the ex-European head of financial institutions, have all been charged with conspiracy to commit fraud in the June 2008 capital raising.
In addition, Mr Varley and Mr Jenkins have also been charged with the same offence in relation to the October 2008 capital raising and with providing unlawful financial assistance. Mr Jenkins will “vigorously defend” himself against the charges, his lawyer has told Reuters. “As one might expect in the challenging circumstances of 2008, Mr Jenkins sought and received both internal and external legal advice on each and every topic covered by the SFO’s accusations,” said Brad Kaufman from American firm Greenberg Traurig.

John Varley would for most have been an unlikely choice as the first former bank chief executive to face criminal charges over the events of the financial crisis. Avuncular, calm, Mr Varley was one of the City’s patricians, often portrayed – rightly or not – as a check on Barclays’ hard-charging investment bank, led by Bob Diamond. Now, along with the bank he once led, he faces two types of charges, both of which relate to fundraisings from Qatar in 2008. The first charge, conspiracy to commit fraud, relates to “advisory” fees paid to Qatar. The second – “unlawful assistance” – could be more serious.

It relates to a £2bn loan advanced to Qatar after the fundraisings were negotiated – the implication being that there was a money-go-round at work – Barclays was handing Qatar some of the money it was using to support the British bank. Mr Varley was one of Britain’s leading bankers, having been chief executive at Barclays for six years.

Barclays took £7bn from Qatar in 2008, as banks scrambled to avoid nationalisation. The SFO looked into payments made to Qatar at the same time and after the deal, and whether those payments were correctly disclosed, and whether those might have been inducements to Qatar to support the British bank. The emergency funds allowed Barclays to avoid a government bailout in 2008 at a time when rivals Lloyds Banking Group and Royal Bank of Scotland were forced to rely on a taxpayer rescue. The Financial Conduct Authority (FCA) has also reopened its probe into the deal and is understood to be reviewing new evidence which could prompt it to reconsider a £50m fine against the banking giant four years ago.

The FCA imposed the penalty after finding that Barclays had failed to disclose the arrangements and fees it paid to the Qatari investors, but Barclays contested the fine and it was put on hold while the SFO conducted its investigation. The emergency funds raised by Barclays allowed it to avoid a government bailout in 2008 at a time when rivals Lloyds Banking Group and Royal Bank of Scotland were forced to rely on a taxpayer rescue.

Prince Harry has visited Borough Market a day after it re-opened following the London Bridge terrorist attack in which eight people died. The prince met traders and security staff who helped people during the attack on 3 June. The historic market in south London was closed for several days to allow police to carry out forensic investigations. It re-opened on Wednesday when traders held a minute’s silence to remember the victims. Hundreds of people, including London Mayor Sadiq Khan, had gathered at the market to mark the re-opening after days of intensive cleaning and clearing by the community. Prince Harry bought a box of doughnuts from Matt Jones, of Bread Ahead, whose staff protected members of the public on the night of the attacks. Mr Jones said the attack “was a horrible thing”, and Harry replied: “The strength of this community and London as a whole is magic.” He also praised the bravery of staff who worked in bars and restaurants around Borough Market and helped people during the assault. Prince Harry spoke to security officer Ganga Garbuja, who was one of the first on the scene and led people to safety. A Kensington Palace spokesman said: “Prince Harry was keen to come down as soon as possible to spread the message that this vibrant market is open for business.” Prince Harry spoke to security officer Ganga Garbuja, who was one of the first on the scene and led people to safety. A Kensington Palace spokesman said: “Prince Harry was keen to come down as soon as possible to spread the message that this vibrant market is open for business.”

Uber boss Travis Kalanick plans to take time away from the company, and could return in a diminished role. It comes after a review of management and practices at the firm, which is facing a number of scandals including complaints of sexual harassment. Uber’s board on Sunday voted in favour of the recommendations from the review. Board member David Bonderman made a sexist remark at a meeting about the recommendations on Tuesday and has now resigned as a director.

In the email to staff, Mr Kalanick said the decision to take leave, which also comes after the sudden death of his mother in a boating accident, is part of an effort to create “Uber 2.0″. “For Uber 2.0 to succeed there is nothing more important than dedicating my time to building out the leadership team,” he wrote. “But if we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve.” Mr Kalanick’s email did not say how long he would be away from the firm.

When that blog post by former employee Susan Fowler dropped on a quiet Sunday afternoon in February, I doubt anybody at the company thought it would lead to this. I certainly did not. That moment marked the beginning of the crisis at Silicon Valley’s most talked-about start-up. In the middle of it all, Travis Kalanick, a man who, rightly or wrongly, now symbolises what people feel is the very worst of tech “bro” culture. A man flush with money and an unrelenting ambition that slowed for no-one – until now.

Uber’s problems were enough, most argued, for Mr Kalanick to make this decision. But coupled with the tragic death of his mother, the 40-year-old is quite understandably not in a position to give the company the attention it so desperately needs. Since I started reporting this story I’ve been told how this problem is not limited to Uber; that it affects the tech industry far and wide. With that in mind, it will perhaps be encouraging to the rank-and-file at every tech firm that this fiasco began with one act: a woman brave enough to speak out.

Audio from a Tuesday meeting with employees to address sexism and other issues, leaked to a Yahoo News reporter, underscored how pervasive some of the problems appear to be.
Board member Arianna Huffington is heard saying the effect of having one woman on the board would be to likely to attract more women to it. In response, Mr Bonderman – a founder of private equity firm TPG Capital and an Uber investor, reportedly responds: “It’s much more likely to be more talking”.