Today: October 12, 2024
Today: October 12, 2024

Latest From Reuters

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Air Canada posts quarterly profit versus year-ago loss

– Air Canada reported a quarterly profit on Friday compared with a year-ago loss as Canada’s largest airline cashed in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. Canada, which lifted all COVID-related restrictions last year, has seen a strong rebound in international leisure and corporate travel. The carrier posted a net profit of C$838 million ($622.77 million), or C$2.34 per share, for the quarter ended June 30, compared with a net loss of

Air Canada posts quarterly profit versus year-ago loss
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Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

The Italian government could end up with a stake of as much as 20% in Telecom Italia’s landline grid after signing a preliminary agreement with U.S. fund KKR, which is lining up a bid for the asset. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. A treasury statement said a Memorandum of Understanding (MoU) signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding offer,

Italy signs preliminary deal with KKR to take up to 20% of TIM's grid
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China July new bank loans tumble, credit growth weakens further

– China’s new bank loans tumbled in July from a month earlier and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy. Chinese banks extended 345.9 billion yuan ($47.80 billion) of new yuan loans in July, tumbling from June and falling far short of analysts’ forecasts, data from the People’s Bank of China showed on Friday. Analysts polled by Reuters had expected new loans last month to fall sharply from 3.05 trillion yuan in June to 800 billion yuan, after record lending in the

China July new bank loans tumble, credit growth weakens further
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Take Five: Are we there yet?

– As the world’s central banks near the end of what has felt like a relentless string of interest rate rises, investors are taking a close look at how consumers and businesses are dealing with some of the tightest credit conditions in over a decade. China’s post-COVID bounce doesn’t seem to have happened, while, in the West, Britain and the euro zone have skirted recession and the chances of a soft landing in the U.S. appear to be picking up. Here is a look at the week ahead in markets from Kevin Buckland in Tokyo; Ira Iosebashvili in New

Take Five: Are we there yet?
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Siemens Gamesa has fix for onshore wind turbine problem

– Siemens Energy has fixed quality issues at onshore wind turbines it is currently selling to customers, the CEO of the group’s wind division Siemens Gamesa said on Friday, adding the group had made progress with its turnaround. The comments by Jochen Eickholt come after Siemens Energy this week unveiled 2.2 billion euros ($2.4 billion) in charges related to its wind division, a major setback for the group that has drawn the ire of top shareholder Siemens AG. Of those charges, 1.6 billion euros are earmarked for quality issues around rotor blades and gears for its latest onshore

Siemens Gamesa has fix for onshore wind turbine problem
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Virgin Galactic launches tourists to edge of space

– Virgin Galactic on Thursday blasted three tourists to the edge of space aboard its air-launched VSS Unity spaceplane, a live stream showed, the Richard Branson-founded company’s second commercial mission as it starts routine flights. The rocket-powered VSS Unity craft dropped from the carrier plane over New Mexico around 9:20 a.m. local time and blasted its four passengers, a company instructor and three tourists, to an altitude of roughly 55 miles (88.51 km). (This story has been corrected to rectify the spelling of Branson in paragraph 1) (Reporting by Joey Roulette; Editing by Mark Porter and Richard Chang)

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Take Five: Are we there yet?

– As the world’s central banks near the end of what has felt like a relentless string of interest rate rises, investors are taking a close look at how consumers and businesses are dealing with some of the tightest credit conditions in over a decade. China’s post-COVID bounce doesn’t seem to have happened, while, in the West, Britain and the euro zone have skirted recession and the chances of a soft landing in the U.S. appear to be picking up. Here is a look at the week ahead in markets from Kevin Buckland in Tokyo; Ira Iosebashvili in New

Take Five: Are we there yet?
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UBS terminates loss protection agreement with Swiss government

– UBS will not need to tap the Swiss government’s 9 billion Swiss franc ($10.27 billion) backstop agreed as part of the state-sponsored takeover of Credit Suisse, Switzerland’s biggest bank said on Friday. “UBS Group AG Voluntarily Terminates Loss Protection Agreement and Public Liquidity Backstop Guaranteed by Swiss Government and Credit Suisse AG Fully Repaid ELA+ Loan,” the bank said. ($1 = 0.8760 Swiss francs) (Reporting by Noele Illien; Editing by Miranda Murray)

UBS terminates loss protection agreement with Swiss government
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UBS terminates loss protection agreement with Swiss government

– UBS will not need to tap the Swiss government’s 9 billion Swiss franc ($10.27 billion) backstop agreed as part of the state-sponsored takeover of Credit Suisse, Switzerland’s biggest bank said on Friday. “UBS Group AG Voluntarily Terminates Loss Protection Agreement and Public Liquidity Backstop Guaranteed by Swiss Government and Credit Suisse AG Fully Repaid ELA+ Loan,” the bank said. ($1 = 0.8760 Swiss francs) (Reporting by Noele Illien; Editing by Miranda Murray)

UBS terminates loss protection agreement with Swiss government
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US investors flag retaliation risks after Biden's China tech curbs

– While the market mostly shrugged off President Joe Biden’s move to prohibit some U.S. technology investments in China, U.S. investors said they were worried Beijing would retaliate or pull back from buying American technology. Aiming to protect national security and prevent U.S. capital and expertise from aiding China’s military modernization, Biden this week issued an executive order barring some new U.S. investments in China in sensitive technologies including computer chips, while regulating others. U.S. investors were unfazed by the initial news, saying that the restrictions, at first blush, were more limited than feared and unlikely to extend to

US investors flag retaliation risks after Biden's China tech curbs
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US investors flag retaliation risks after Biden's China tech curbs

– While the market mostly shrugged off President Joe Biden’s move to prohibit some U.S. technology investments in China, U.S. investors said they were worried Beijing would retaliate or pull back from buying American technology. Aiming to protect national security and prevent U.S. capital and expertise from aiding China’s military modernization, Biden this week issued an executive order barring some new U.S. investments in China in sensitive technologies including computer chips, while regulating others. U.S. investors were unfazed by the initial news, saying that the restrictions, at first blush, were more limited than feared and unlikely to extend to

US investors flag retaliation risks after Biden's China tech curbs
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Marketmind: Bonds droop as inflation cheer fades

A look at the day ahead in European and global markets from Tom Westbrook How do you put the cork back in a bottle of champagne? Perhaps ask your friendly bond dealer, as traders in the world’s deepest market quickly got over their excitement at steadying inflation, which held at 0.2% month-on-month. Maybe markets were hoping for a surprise on the downside. Maybe a much bigger-than-expected budget deficit frightened prospective buyers, who stayed away at Thursday’s 30-year Treasury auction and left the Street holding the paper. Primary dealers took their largest slice of the sale since February. Yields went up

Marketmind: Bonds droop as inflation cheer fades
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Chinese bourses improve trading mechanism to revive stock market

– Shanghai and Shenzhen stock exchanges said late Thursday they would study measures to lower investors’ trading costs and improve liquidity to further stimulate the market. The measures include allowing investors to place smaller orders in auction trading and improving trading mechanisms for exchange-traded funds (ETFs). The exchanges also revised rules to allow faster development of index funds. The announcements came after top Chinese leaders vowed to “invigorate capital markets and boost investor confidence” during the July politburo meeting as Beijing struggles to revive flagging economic growth. They also came after China’s securities regulators nudged mutual fund

Chinese bourses improve trading mechanism to revive stock market
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Microsoft's role in data breach part of US cyber inquiry -Bloomberg News

– A U.S. cybersecurity advisory panel will investigate risks in cloud computing that will also include Microsoft Corp’s role in the recent breach of government department email systems by suspected Chinese hackers, Bloomberg News reported on Thursday. The Cyber Safety Review Board (CSRB) will focus on risks to cloud computing infrastructure, including identity and authentication management, and will look at all relevant cloud service providers, the report said, citing people familiar with the matter. The report comes after Oregon Senator Ron Wyden in July asked the Federal Trade Commission, the Cybersecurity and Infrastructure Security Agency (CISA) and the Justice

Microsoft's role in data breach part of US cyber inquiry -Bloomberg News
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Microsoft's role in data breach part of US cyber inquiry - Bloomberg News

– A U.S. cybersecurity advisory panel will investigate risks in cloud computing, that will also include Microsoft Corp’s role in the recent breach of government department email systems by suspected Chinese hackers, Bloomberg News reported on Thursday, citing people familiar with the matter. (Reporting by Gokul Pisharody in Bengaluru; Editing by Himani Sarkar)

Microsoft's role in data breach part of US cyber inquiry - Bloomberg News
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Singapore Q2 GDP grows 0.1% q/q, lower than first estimated

– Singapore’s economy expanded less than initially estimated in the second quarter, official data showed on Friday, as the city-state averted a recession. Gross domestic product (GDP) grew a seasonally adjusted 0.1% quarter-on-quarter in April to June, the Ministry of Trade and Industry said, lower than the 0.3% growth seen in the government’s advance estimate. “Singapore’s external demand outlook for the rest of the year remains weak,” MTI said in a statement. On an annual basis, the economy expanded 0.5%, compared with the government’s advance estimate of 0.7% and first quarter growth of 0.4%. MTI has narrowed its

Singapore Q2 GDP grows 0.1% q/q, lower than first estimated
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Wisk Aero, Archer and Boeing reach agreement to settle litigation

– Wisk Aero, Archer Aviation, along with Boeing, reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms, the companies said on Thursday. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi Majumdar)

Wisk Aero, Archer and Boeing reach agreement to settle litigation
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Wisk Aero, Archer and Boeing reach agreement to settle litigation

– Wisk Aero, Archer Aviation, along with Boeing, reached a settlement to resolve the federal and state court litigation between the parties on undisclosed terms, the companies said on Thursday. (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi Majumdar)

Wisk Aero, Archer and Boeing reach agreement to settle litigation
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Bittrex to pay $24 million to settle with US securities regulator

– Bittrex Inc and Bittrex Global have agreed to pay a total of $24 million to settle claims by the U.S. Securities and Exchange Commission, according to a court filing in Seattle federal court on Thursday. (Reporting by Jody Godoy; Editing by Chris Reese)

Bittrex to pay $24 million to settle with US securities regulator
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Bittrex to pay $24 million to settle with US securities regulator

– Bittrex Inc and Bittrex Global have agreed to pay a total of $24 million to settle claims by the U.S. Securities and Exchange Commission, according to a court filing in Seattle federal court on Thursday. (Reporting by Jody Godoy; Editing by Chris Reese)

Bittrex to pay $24 million to settle with US securities regulator
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Amazon scraps private label brands to cut costs, address antitrust scrutiny - source

Amazon.com is shelving several private clothing brands, a source familiar with the matter said on Thursday, as the e-commerce giant tries to cut costs and address antitrust scrutiny. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing brands, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. “If there are products that aren’t resonating with customers we deprecate those items and look for other opportunities to better meet their needs,” Matt Taddy, vice president of Amazon Private Brands, said in an

Amazon scraps private label brands to cut costs, address antitrust scrutiny - source
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Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

Italy’s Treasury has signed a preliminary agreement with U.S. fund KKR paving the way for the government to buy up to 20% of the company that will own Telecom Italia’s landline grid, it said on Thursday. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. The Memorandum of Understanding (MoU) signed on Thursday provides for the Treasury to take a stake of up to 20% as part of any binding offer and for the government to play a

Italy signs preliminary deal with KKR to take up to 20% of TIM's grid
Uncategorized

Amazon scraps several private label clothing brands - source

Amazon.com is shelving several private clothing brands, a source familiar with the matter said on Thursday, as the e-commerce giant tries to cut costs and address antitrust scrutiny. The move was first reported by the Wall Street Journal, which said the company has decided to eliminate 27 of its 30 in house-label clothing brands, leaving it with just Amazon Essentials, Amazon Collection and Amazon Aware. “If there are products that aren’t resonating with customers we deprecate those items and look for other opportunities to better meet their needs,” Matt Taddy, vice president of Amazon Private Brands, said in an

Amazon scraps several private label clothing brands - source
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Virgin Galactic launches tourists to edge of space

– Virgin Galactic on Thursday blasted three tourists to the edge of space aboard its air-launched VSS Unity spaceplane, a live stream showed, the Richard Branson-founded company’s second commercial mission as it starts routine flights. The rocket-powered VSS Unity craft dropped from the carrier plane over New Mexico around 9:20 a.m. local time and blasted its four passengers, a company instructor and three tourists, to an altitude of roughly 55 miles (88.51 km). (This story has been corrected to rectify the spelling of Branson in paragraph 1) (Reporting by Joey Roulette; Editing by Mark Porter and Richard Chang)

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Verizon to raise prices again (Aug. 9)

– Verizon Communications is raising prices on some of its wireless plans as the No. 1 U.S. telecom firm by subscribers looks to boost revenue growth after a post-pandemic slowdown. Customers on specific legacy Unlimited postpaid wireless plans will see a $3 increase in rates, while those on the Basic postpaid wireless plans would pay $5 more, the company said. “We felt it was the right time to take a look at pricing and remove what

Verizon to raise prices again (Aug. 9)

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