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☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

A person walks on the day of the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. REUTERS/Denis Balibouse Denis Balibouse | ReutersThe 2024 World Economic Forum in Davos, Switzerland will wrap Friday. Here are some of takeaways from Davos after our week talking to business leaders and government officials at the conference. Experts see no U.S. recession in 2024Overwhelmingly, economic experts and executives privately said they don't expect a U.S. recession in 2024. China fighting for cashChina's Premier Li Qiang speaks during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024.

Persons: Denis Balibouse Denis Balibouse, –, —, Donald Trump, Andrew Ross Sorkin, Denis Balibouse, Wyclef Jean, Sam Altman, Altman, Li Qiang, Premier Li Qiang, it's, Li, Ian Bremmer, Bremmer, they're Organizations: Economic, REUTERS, U.S, The New York Times, Wipro, Artificial Intelligence, Reuters, Technology, Recruit Holdings, Premier, Eurasia Group Locations: Davos, Switzerland, Zurich, Swiss, takeaways, U.S, Israel, Gaza, China, India, Beijing

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 9 (Reuters) - Wipro (WIPR.NS) may skip giving hikes to "top performers with higher compensation" in its largest business line in the upcoming round of salary revisions in December, according to an internal memo seen by Reuters. Wipro will prioritise employees with lower compensation among those eligible for a raise, Bandaru highlighted, adding that "top performers with higher compensation may not be covered in this cycle". Wipro, which had 244,707 employees as of Sept. 30, had already delayed its salary hike cycle. Some industry watchers said the move echoed a larger trend in the tech industry as it tried to address pay inequities among regions and cut payroll costs. While Infosys (INFY.NS) delayed giving hikes by two quarters, HCL (HCLT.NS) skipped hikes for managers.

Persons: Dado, Peter Bendor, Samuel, Ray Wang, Sai Ishwarbharath, Haripriya Suresh, Dhanya Skariachan Organizations: Wipro, REUTERS, Rights, Reuters, Employees, Wipro Enterprise, Everest Group, ”, Infosys, HCL, Thomson Locations: Bengaluru

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - China is upping the critical minerals stakes by curbing exports of graphite, a key raw material in electric vehicle batteries. There is much potential for further escalation in this unfolding critical minerals battle between China and the West. Previous restrictions on lower-grade graphite exports destined for the steel and lubricants sectors have been rescinded. The world's graphite supply chain could well be in for a similar short-term shock. Western governments are still evaluating their response, waiting like the rest of us to see how China's graphite volumes play out in the coming months.

Persons: Fabian Bimmer, Wei Jianguo, Wei, Biden, Obama, Trump, Adam Hodge, China's Wei, David Evans Organizations: Volkswagen, REUTERS, Commerce, U.S, Chips, Benchmark Minerals, U.S . Department, Department of Defense, EV, World Trade Organization, European Union, WTO, Thomson, Reuters Locations: Salzgitter, Germany, China, U.S, Alaska, Australia, Japan

☆ Indigenous group seeks to block Santos gas pipeline off Australia
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSYDNEY, Oct 24 (Reuters) - The Australian government said on Tuesday it was reviewing an emergency application filed by an indigenous group seeking to block pipeline construction for Santos Ltd's (STO.AX) $3.6 billion Barossa gas project off northern Australia. Santos, which aims to start producing gas from Barossa in the first half of 2025, did not immediately respond to a request seeking comment. In a quarterly update issued last week, Santos said an independent expert concluded that there were no specific underwater cultural heritage places along the planned Barossa pipeline route. But the Tiwi people said the pipeline will cause significant damage to ancient burial grounds, aboriginal art and other sacred ancestral sites. Santos was informed about the concerns of the indigenous elders but the company had plans to begin the pipeline construction soon, the group said.

Persons: Santos, Chris Helgren, Santos Ltd's, Tanya Plibersek, Molly Munkara, Renju Jose, Raju Gopalakrishnan Organizations: REUTERS, Rights, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Barossa, Sydney

OTTAWA, Oct 13 (Reuters) - Canada's Supreme Court on Friday ruled a federal law assessing how major infrastructure projects like coal mines and oil sands plants impact the environment is largely unconstitutional, in a blow to Prime Minister Justin Trudeau's government. "This is a significant setback for the federal government," said David Wright, a law professor at the University of Calgary. "The court has said the federal government can enact environmental assessment legislation but the way they went about it, for most of this law, goes too far." The IAA was drafted by Trudeau's Liberal government in 2019 in a bid to streamline and restore trust in the environmental approval process for major projects. Last year the federal government warned Suncor the environmental impact from expanding Base Mine would be "unacceptable" under the IAA because expected carbon emissions were too high.

Persons: Justin Trudeau's, Bill C, Richard Wagner, David Wright, Wright, Danielle Smith, Trudeau, Mike Martens, Major, Ismail Shakil, Nia Williams, David Ljunggren, Deborah Kyvrikosaios, Richard Chang Organizations: OTTAWA, Alberta, University of Calgary, IAA, Trudeau's Liberal, Liberals, Industry, Independent Contractors, Association Alberta, Thomson Locations: Canada, Ottawa, Alberta

☆ Japan's business mood improves, capex firm in boost to economic outlook
▼ + stars: | 2023-10-02 | by ( Leika Kihara | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -Japan’s business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers’ index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China’s economy cloud the outlook. “The tankan showed Japan is on track for a domestic-demand led growth. But analysts expect a mild contraction in the July-September quarter as sluggish global demand weigh on exports.

Persons: Maki Shiraki, ”, Marcel Thieliant, Yoshimasa Maruyama Organizations: Nissan, Co, Ltd's, EV, REUTERS, Companies, Bank of Japan, Capital Economics, Big, Nikko Securities Locations: TOKYO, Tochigi prefecture, Japan, Asia, U.S

☆ TSMC to decide this week whether to invest in Arm IPO
▼ + stars: | 2023-09-06 | by ( Ben Blanchard | ) www.reuters.com time to read: +2 min

A smartphone with a displayed TSMC (Taiwan Semiconductor Manufacturing Company) logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTAIPEI, Sept 6 (Reuters) - TSMC (2330.TW), the world's largest contract chipmaker, will decide this week whether to invest in chip designer Arm Holdings' blockbuster initial public offering (IPO), Chairman Mark Liu said on Wednesday. Speaking on the sidelines of the SEMICON Taiwan summit, Liu said his company was still evaluating the matter and, when pressed on when a decision may come, he added "this week". "Arm is an important element of our ecosystem, our technology and our customers' ecosystem. I’m sure it will be a very successful project," he said.

Persons: Dado Ruvic, Mark Liu, Liu, SoftBank Group's, TSMC, Ben Blanchard, Anne Marie Roantree, Stephen Coates Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Rights, Arm Holdings, Apple, Nvidia, Devices, Intel, Samsung Electronics, Thomson Locations: Rights TAIPEI, Taiwan, U.S ., Arizona

Bola Tinubu, President of Nigeria, arrives for the closing session of the New Global Financial Pact Summit, Friday, June 23, 2023 in Paris, France. Lewis Joly/Pool via REUTERS/File Photo Acquire Licensing RightsNEW DELHI, Sept 6 (Reuters) - Nigeria has secured nearly $14 billion of pledges from Indian investors and seeks an economic cooperation pact with the South Asian nation, a presidential spokesperson said on Wednesday. Skipperseil Ltd's founding Chairman Jitender Sachdeva and India's Bharti Enterprises each pledged $1.6 billion over four years to build power generation plants and $700 million in Nigeria, respectively, Ngelale said. Tinubu is attending at the invitation of India, which currently holds the rotating presidency of the bloc. "We are ready to give you the best returns for investment possible, there's nowhere else like our country," Tinubu said in the statement.

Persons: Bola Tinubu, Lewis Joly, India's Jindal, Ajuri Ngelale, Skipperseil, Jitender Sachdeva, Ngelale, Tinubu, Nidhi Verma, Felix Onuah, Elisha Bala, Shivam Patel, Christina Fincher, Richard Chang Organizations: New Global Financial, South, India's Jindal Steel, Indorama Corp, India's Bharti Enterprises, Defence Industries Corporation, Thomson Locations: Nigeria, Paris, France, DELHI, West, New Delhi, India, Africa's, South Africa, Abuja

☆ Alibaba's cloud division eyes state firms for up to $3 bln fundraising- Bloomberg News
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK) cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday. The tech giant is working with advisers on a potential fundraise by its Cloud Intelligence unit that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter. Earlier this year, Alibaba announced plans to restructure into six units following a two-year regulatory crackdown on China's tech sector. It approved a full spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders, aiming to complete the public listing within the next 12 months.

Persons: Dado Ruvic, Alibaba, Shivani Tanna, Dhanya Ann Thoppil Organizations: REUTERS, Bloomberg, Cloud Intelligence, Cloud Intelligence Group, Ant, Thomson Locations: HK, Hong Kong, Alibaba, Bengaluru

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

Arm is hoping for a valuation of up to $70 billion in the IPO, which will launch on the Nasdaq next month. Arm and its owner SoftBank Group (9984.T) have set aside 10% of the shares to be sold in the IPO for its clients, the sources said. Its close relationship with Arm has helped it design chips that curbed its reliance on Intel as a supplier. Many technology companies that seek to make their own chips using Arm's designs turn to TSMC for its low-cost manufacturing. None of these companies' investments in Arm's IPO are certain.

Persons: Dado Ruvic, Jack Gold, SoftBank, Apple spokespeople, Jay Lee, Masayoshi Son, Son, TSMC, Dylan Patel, Milana Vinn, Stephen Nellis, Max Cherney, Greg Roumeliotis, Matthew Lewis Organizations: REUTERS, FRANCISCO, Arm Holdings, Apple, Intel, Nvidia, Microsoft, Samsung Electronics, Reuters, Nasdaq, Gold Associates, SoftBank, Devices Inc, APPLE, SAMSUNG, Samsung, MICROSOFT, Devices, Vision Fund, Thomson Locations: Switzerland, Japan, New York, San Francisco

☆ Singapore's Sea misses Q2 revenue estimates on weak e-commerce sales
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Southeast Asian e-commerce and gaming group Sea Ltd's sign is pictured at its office in Singapore, March 5, 2021. Tepid spending amid a challenging macroeconomic outlook pressured Sea's e-commerce business Shopee and caused a steep decline in its mobile gaming business. After a meteoric run in 2020 and part of 2021, with multiple quarters of triple-digital revenue increases, Sea's growth tapered as the pandemic-fueled boom in e-commerce and digital entertainment waned. Revenue grew over 5% from a year earlier to $3.10 billion, compared with analysts' estimate of $3.20 billion, according to Refinitiv data. E-commerce revenue, which contributes about two-thirds of the company's top-line, grew about 21% to $2.1 billion from a year earlier, but missed expectations of $2.25 billion.

Persons: Edgar Su, Sea's, Shopee, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Technology, Sea Ltd, Asia's, Revenue, Thomson Locations: Singapore, India, Europe, Bengaluru

☆ TSMC shares fall 3.3% after it cuts revenue outlook, delays production
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

Taiwan Semiconductor Manufacturing Co Ltd's shares closed down 3.28% on Friday, versus a 0.78% loss for the broader index (.TWII). While the company's declining revenue and profit were disappointing, its long-term growth prospects remain encouraging," Brady Wang, associate director at Counterpoint Research, said. "Despite facing macroeconomic headwinds, TSMC's long-term outlook remains robust, supported by megatrends like 5G and high-performance computing (HPC)." Other analysts were also upbeat on TSMC, thanks in part to strong demand for artificial intelligence (AI), which currently contributes around 6% of revenue. "We expect a solid 2024 onward outlook on the back of its leading position in AI chip manufacturing," Citi Research analysts said in a note.

Persons: TSMC, Brady Wang, Goldman Sachs, Yimou Lee, Sarah Wu, Anne Marie Roantree, Navaratnam, Kim Coghill Organizations: Taiwan Semiconductor Manufacturing, Counterpoint Research, Citi Research, Thomson Locations: TAIPEI, Arizona, 4Q23

☆ TSMC shares fall more than 3% after it cuts revenue outlook
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

In early trade, Taiwan Semiconductor Manufacturing Co Ltd's shares underperformed a 1.65% fall in the broader index (.TWII). While the company's declining revenue and profit were disappointing, its long-term growth prospects remain encouraging," Brady Wang, associate director at Counterpoint Research, said. "Despite facing macroeconomic headwinds, TSMC's long-term outlook remains robust, supported by megatrends like 5G and high-performance computing (HPC)." Other analysts were also upbeat on TSMC, thanks in part to strong demand for artificial intelligence (AI), which currently contributes around 6% of revenue. "We expect a solid 2024 onward outlook on the back of its leading position in AI chip manufacturing," Citi Research analysts said in a note.

Persons: TSMC, Brady Wang, Goldman Sachs, Yimou Lee, Sarah Wu, Anne Marie Roantree Organizations: Taiwan Semiconductor Manufacturing, Counterpoint Research, Citi Research, Thomson Locations: TAIPEI, Arizona, 4Q23

☆ India, Foxconn's worries over Vedanta's financials led to JV pullout - sources
▼ + stars: | 2023-07-11 | by ( Yimou Lee | ) www.reuters.com time to read: +1 min

Indian conglomerate Vedanta Ltd's (VDAN.NS) London-based parent, Vedanta Resources, has been plagued by a rising debt pile. In a statement to Reuters, Vedanta said its Indian unit, Vedanta Ltd, is in "a comfortable financial position" and there was "no basis" to such speculation. Some ratings agencies downgraded Vedanta Resources this year amid concerns about risks of a debt default. There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said. Reporting by Yimouy Lee; Additional reporting by Aditya Kalra and Munsif V; Editing by Himani Sarkar and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Vedanta, Anil Agarwal, Yimouy Lee, Aditya Kalra, Himani Sarkar, Emelia Organizations: Reuters, Vedanta, Vedanta Resources, Vedanta Ltd, Thomson Locations: TAIPEI, London

NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.

Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London

☆ Brazil offers tax advantages via e-commerce compliance program
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRASILIA, June 30 (Reuters) - Brazil's Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The program, starting Aug. 1, offers faster and cheaper customs treatment for e-commerce companies that voluntarily meet criteria set by the government, the ministry's statement said. Under the program, e-commerce companies must also inform consumers about the product's origin and the merchandise's total value, including federal and state taxes - procedures that are currently optional. The program will essentially relieve the revenue service of such tasks when e-commerce firms participate. The government had previously attempted to end exemptions on all shipments as some companies imported products as individuals to avoid higher rates.

Persons: Dado Ruvic, Alibaba Group's, Marcela Ayres, Emma Rumney Organizations: REUTERS, Brazil's Finance, HK, Thomson Locations: BRASILIA, AliExpress

The judge had ruled that Williams failed to claim that he would not have been fired but for his race. Tech Mahindra's U.S. subsidiary has more than 5,000 employees and 90% of them are South Asian, according to filings in the case. The case is Williams v. Tech Mahindra Americans Inc, 3rd U.S. Circuit Court of Appeals, No. For Williams: Mark Hammervold of Kotchen & LowFor Tech Mahindra: Kenneth Gage of Paul HastingsOur Standards: The Thomson Reuters Trust Principles.

Persons: Lee Williams, Williams, Brian Martinotti, Martinotti, Peter Phipps, Joseph Greenaway, Cheryl Krause, Mark Hammervold, Kenneth Gage, Paul Hastings Organizations: South, IT, Tech Mahindra Ltd's, U.S, Circuit, Appeals, Tech Mahindra, Lawyers, Civil, Tech Mahindra's, District, . Tech Mahindra Americans Inc, Low, Paul Hastings Our, Thomson Locations: New Jersey, North Dakota, Newark

☆ Qantas CEO Alan Joyce sells $11 mln in shares ahead of retirement
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Australia's Qantas Airways Ltd's (QAN.AX) outgoing chief executive, Alan Joyce, on Tuesday sold A$16.9 million ($11.3 million) of shares in the airline, ahead of his retirement in November. Joyce, who served as the airline's CEO for 15 long years, has offloaded 2.5 million shares for A$6.75 a piece, leaving him with a holding of just 228,924 in the company, according to an exchange filing. The stake disposal by the soon-to-be former chief executive comes after the flagship carrier named finance chief Vanessa Hudson as its next CEO. Shares in the airline finished Tuesday's session down 4.1%, marking its worst day in over 11 weeks. ($1 = 1.4995 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Alan Joyce, Joyce, Vanessa Hudson, Hudson, Roushni Nair, Nivedita Organizations: Australia's Qantas Airways, Thomson Locations: Bengaluru

☆ Novocure's lung cancer device study raises concerns around commercial use
▼ + stars: | 2023-06-06 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

June 6 (Reuters) - Novocure Ltd's <NVCR.O> experimental device to treat a type of lung cancer helped in extending overall survival among patients in a late-stage study, but concerns around its commercial success sent the medical device maker's shares down more than 34% on Tuesday. The device, used with certain chemotherapies and immunotherapies, helps in creating electric fields that disrupt cancer cell growth. Data from the study shows that the device, along with a class of immunotherapies know as immune checkpoint inhibitors (ICI), extended survival by about eight months, compared to patients treated with ICI alone. Lung cancer is the most common cause of cancer-related death worldwide, and NSCLC accounts for about 85% of all lung cancers, the company said. Reporting by Khushi Mandowara in Bengaluru; Editing by Nivedita Bhattacharjee, Shinjini Ganguli and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Emily Bodnar, Jefferies, Michael Yee, Novocure, Khushi, Nivedita Bhattacharjee, Shinjini, Maju Samuel Organizations: ICI, Wainwright, U.S . Food, Drug Administration, Thomson Locations: United States, U.S, Bengaluru

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

☆ India's Sterlite Tech swings to profit in Q4 on optical networking boost
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, May 17 (Reuters) - Indian networking solutions provider Sterlite Technologies Ltd (STTE.NS) swung to a fourth-quarter profit on Wednesday, aided by strong growth in its mainstay optical networking business. The company's consolidated net profit stood at 650 million rupees ($8 million) for the quarter ended March 2023, compared to a net loss of 220 million rupees a year ago, it said in an exchange filing. Consolidated revenue from operations jumped 25% to 18.72 billion rupees, the company said. Optical networking business, which contributed a hefty 80% of the company's topline, grew 40% to 15.05 billion rupees. Additionally, the company declared a final dividend of 1 rupee per share and approved fundraise of up to 10 billion rupees.

☆ Analysis: Australian banks' bid to shake mortgage reliance brings new risks
▼ + stars: | 2023-05-16 | by ( Byron Kaye | ) www.reuters.com time to read: +5 min

"When there's a macroeconomic downturn, it's generally institutional and business lending exposures that are impacted first," he added. For decades, Australian housing finance has significantly outpaced business lending, making home loan margins the engine of profits. A more recent exodus from non-lending retail services like financial advice has further weighted banks' allocation of capital to residential property. The big four banks said in earnings updates this month that their net interest margins peaked in late 2022 and have since narrowed. To hedge against interest rates risks, the Big Four may now chase new services-based revenues from commercial clients in non-lending segments, added Garland.

☆ Pratt & Whitney to oppose India's Go First's push to enforce arbitration
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 10 (Reuters) - Pratt & Whitney plans to oppose Go Airlines (India) Ltd's push to enforce an arbitration ruling against the U.S. company for the supply of spare engines, a Delaware court filing showed. The airline, widely known as Go First, approached the Delaware court after it won an arbitration order in Singapore against Pratt & Whitney, which it said failed to supply engines on time. That, the Indian airline argues, has also forced it to file for bankruptcy in New Delhi. Reporting by Mike Scarcella in New York and Aditya Kalra in New Delhi; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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