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☆ Canadian Natural Resources Q4 profit misses on lower output, prices
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

Companies Canadian Natural Resources Ltd FollowMarch 2 (Reuters) - Canadian Natural Resources Ltd (CNQ.TO) missed market expectations for fourth-quarter profit on Thursday, as the energy firm was hurt by lower liquid prices and severe winter weather that hampered its production. Winter storm Elliott barreled through the United States and Canada in mid-December, hitting several oil production sites along the way that caused freeze-ins and equipment failures. Canadian Natural said its production declined 1.5% to 1.29 million barrels of oil equivalent per day (boepd) in the quarter ended Dec. 31. Canadian Natural said its fourth-quarter liquids realized price fell nearly 5% to C$69.34 per barrel. ($1 = 1.3612 Canadian dollars)Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber, Uttaresh.V and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer/BioNTech seeks U.S. nod for updated COVID vaccine as booster in kids under 5
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Pfizer Inc (PFE.N) and its German partner BioNTech SE (22UAy.DE) have applied for emergency use authorization of their Omicron-adapted COVID-19 vaccine in the United States as a booster dose for children aged six months through four years, the companies said on Wednesday. The Omicron-adapted vaccine is currently authorized by the U.S. health regulator as the third dose of the three-dose primary course of vaccination in the country for children in this age group. If the Food and Drug Administration (FDA) authorizes the vaccine as a booster dose, children who have completed their primary series - either with three doses of the Pfizer-BioNTech's original vaccine or with two doses of their original and one dose of the adapted vaccine - would be eligible to receive the booster dose at least two months after the completion of their primary series. Last week, the companies also filed an application to the FDA for a full approval of their Omicron-adapted COVID vaccine as a primary course and a booster dose for individuals 12 years of age and above. Reporting by Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Trump-backed SPAC Digital World to appeal Nasdaq delisting notice
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues. "The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations and the departure of top executives. The deal was inked in October 2021 and late last year, shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese video streaming platform iQIYI to raise $600 mln through convertible bonds
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Chinese video streaming company iQIYI Inc (IQ.O) said on Wednesday it would raise $600 million through the issue of convertible notes and use the funds to repay debt. U.S.-listed shares of iQIYI were down nearly 7% in premarket trading. Video-streaming app Bilibili (9626.HK), , e-commerce group Pinduoduo (PDD.O) and peers have recently piled into the convertible debt boom. Bilibili in January raised money through a discounted sale of its American depositary shares for repurchasing a convertible note. The convertible notes will mature on March 15, 2028, the company said.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ China's Weibo ups stake in Inmyshow Digital with $315 mln acquisition
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - China's Weibo Corp (9898.HK) said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd (600556.SS) through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4% stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57% stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. ($1 = 6.8640 Chinese yuan renminbi)Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Abercrombie & Fitch posts a fall in quarterly profit
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - Abercrombie & Fitch Co (ANF.N) on Wednesday reported a 41.5% drop in quarterly profit, as higher labor costs and inflationary pressures squeezed margins. The company's net income attributable to Abercrombie fell to $38.3 million, or 75 cents per share, in the fourth quarter, from $65.5 million, or $1.12 per share, a year earlier. Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Alphabet's Waymo cuts 137 jobs in second round of layoffs this year
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, laid off 137 employees in its second round of layoffs in 2023, the firm told Reuters on Wednesday. Including the latest job cuts, the division has let go of 8% of its workforce, or 209 employees, this year. Investors and industry watchers have been concerned as to how billions of dollars have been poured in the self-driving technology sector in a short span of time to commercialize it. Alphabet said in January it would slash 12,000 jobs, which will affect a large number of employees who support experimental projects. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco and David Shepardson; Editing by Shailesh Kuber and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA to restrict unlawful import of veterinary tranquilizer Xylazine
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - U.S. health regulators on Tuesday issued an import alert for drug ingredients and products related to Xylazine, used largely as a veterinary tranquilizer but has been a drug of abuse, to restrict its unlawful entry into the United States. The Food and Drug Administration (FDA) said its move aims to prevent the drug from entering the U.S. market for illicit purposes, while maintaining availability for its legitimate uses in animals. Under the alert, the FDA will do an entry review of evidence offered by importers if incoming Xylazine is properly labeled, not adulterated, and for legitimate use. Xylazine is approved by the FDA only for veterinary use and German drugmaker Bayer's (BAYGn.DE) animal sedative drug Rompun is among the drugs which are based on Xylazine. "The FDA remains concerned about the increasing prevalence of Xylazine mixed with illicit drugs, and this action is one part of broader efforts the agency is undertaking to address this issue," FDA Commissioner Robert Califf said in the statement.

☆ Fed might raise policy rates to 6% - BofA
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - The U.S. Federal Reserve may hike interest rates to nearly 6%, BofA Global Research said, as strong U.S. consumer demand and a tight labor market would force the central bank to battle inflation for longer. The number is higher than a peak of 5.4% by September that traders are currently pricing in. "Aggregate demand needs to weaken significantly for inflation to return to the Fed's target. Further supply-chain normalization and a slowdown in the labor market will help, but only to a degree," said BofA in a noted dated Feb. 27. Reporting by Siddarth S in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Scotiabank profit falls on capital market slump, provisions
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - Bank of Nova Scotia (Scotiabank) (BNS.TO) reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the Canadian lender to set aside higher provisions. Canada's central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank's 2% target. Scotiabank booked provisions of C$638 million, up from C$222 million a year ago, as it braces for increased odds of more loan defaults in a rising interest rate environment. Canada's third-largest lender reported overall net profit of C$1.77 billion, or C$1.36 a share, compared with C$2.74 billion, or C$2.14 a share, last year. read more($1 = 1.3566 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ FTSE 100 falls as Ocado sinks; still set for best Feb in six years
▼ + stars: | 2023-02-28 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) lost 0.6% with shares of Ocado (OCDO.L) plunging 10.5% on the online supermarket and technology group's worse-than-expected full-year loss. "Ocado is in the eye of the cost-of-living storm because its offering isn't synonymous with being the best value," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. Lund-Yates said Ocado is a higher-end option, without the same benefits of enticing people with tangible, physical goods like peer Marks & Spencer (MKS.L). Despite recent volatility, the exporter-heavy FTSE 100 is on track to record its best February performance since 2017 as higher earnings and weakness in the pound earlier in the month made equities more attractive. On the flipside, hedge fund firm Man Group (EMG.L) gained 7.9% after posting a higher full-year core pretax profit and beating expectations on assets under management.

☆ Chevron boosts annual share buyback target to up to $20 billion
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gaby OraaCompanies Chevron Corp FollowFeb 28 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday raised its share buyback outlook to between $10 billion and $20 billion per year and reaffirmed its production guidance of more than 3% annual growth by 2027. Chevron last year returned $26 billion via dividends and buybacks to shareholders and invested $15.7 billion in operations. The oil major on Tuesday maintained its annual organic capital expenditures of $13 billion to $15 billion through 2027. The company also said it would raise its targeted annual share buyback rate to $17.5 billion, starting in the second quarter. 2 U.S. oil producer's previous annual buyback target was up to $15 billion.

☆ India's market regulator bars 21 entities in Axis mutual fund front-running case
▼ + stars: | 2023-02-28 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 28 (Reuters) - India's market regulator on Tuesday issued interim orders in a case of alleged front-running at Axis Mutual Fund, while issuing show cause orders to a former mutual fund executive and related entities. The Securities and Exchange Board of India (SEBI) directed that 21 entities be barred from the capital markets until further orders. The regulator conducted a probe in a case of front running in trades of Axis MF between September 2021 and March 31, 2022. The regulator alleged that Joshi conceived a 'fraudulent scheme' in 'collusion' with other 'unscrupulous entities' to front run trades of Axis MF. Further front-running trades were executed from trading accounts of the entities and persons indirectly connected to Joshi.

[1/2] A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. Banks typically benefit from higher interest rates but could feel the pressure if they affect loan demand and economic growth. Provision for credit losses (PCL) at BMO came in at C$217 million ($158 million) for the quarter, compared with a recovery of C$99 million a year earlier. Reuters GraphicsProfits at BMO and Scotiabank were also weighed down by the Canadian government's 'Canada Recovery Dividend (CRD)'. BMO recorded C$371 million related to the CRD and Scotiabank C$579 million.

☆ Pfizer in talks to buy cancer drugmaker Seagen - WSJ
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Pfizer Inc (PFE.N) is in early-stage talks to acquire cancer drugmaker Seagen Inc (SGEN.O) in a potential multi-billion dollar deal, the Wall Street Journal reported, after advanced discussions between Merck (MRK.N) and Seagen fell through last year. Seagen had a market capitalization of roughly $30 billion, as of Friday's close. Its shares have fallen nearly 10% since July, when the deal talks with Merck were first reported. Pfizer declined to comment on the WSJ report, while Seagen did not immediately respond to a Reuters request for comment. Merck, which bought ADC-maker Imago BioSciences for $1.35 billion in November, is unlikely to show renewed interest in Seagen, analysts said.

☆ Snap to roll out chatbot using OpenAI's tech
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

Feb 27 (Reuters) - Social media firm Snap Inc (SNAP.N) said on Monday it is rolling out an experimental chatbot feature running on OpenAI's GPT technology for some users of its photo messaging app Snapchat. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Lucira's home test for flu and COVID-19 gets U.S. FDA nod for OTC use
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - Lucira Health (LHDX.O) said on Monday the U.S. Food and Drug Administration (FDA) had granted emergency use authorization for its combination diagnostic test for COVID-19 and the flu, making it the first to be available over-the-counter. The test — called Lucira COVID-19 & Flu Home Test — is a single-use, at-home rapid test kit that provides results from self-collected nasal swab in about 30 minutes. Shares of the medical test maker rose more than four-fold to 66 cents in premarket trade. Lucira is also seeking a strategic or financial partner to resume the manufacturing and development of additional home diagnostic tests. Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Shailesh Kuber and Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

Meta's LLaMA, short for Large Language Model Meta AI, will be available under non-commercial license to researchers and entities affiliated with government, civil society, and academia, it said in a blog. Large language models mine vast amounts of text in order to summarize information and generate content. "Generative AI is a new application of AI that Meta has less experience with, but is clearly important for the future of their business." It described its 65-billion-parameter LLaMA model as "competitive" with Google's Chinchilla70B and PaLM-540B, which are even larger than the model that Google used to show off its Bard chat-powered search. Meta in May last year released large language model OPT-175B, also aimed at researchers, which formed the basis of a new iteration of its chatbot BlenderBot.

☆ Meta to launch AI language model LLaMA
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

Feb 24 (Reuters) - Meta Platforms Inc (META.O) said on Friday it will release a new AI large language model called LLaMA designed to generate text, conversations and summarize written material. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Ford halts F-150 EV production for another week after battery fire
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Ford Motor Co (F.N) will halt production of its electric F-150 Lightning pickup for another week following a battery issue that caused an EV truck to catch fire earlier this month, the U.S. automaker said on Friday. SK On, a South Korean EV battery maker and supplier to Ford, has again started building battery cells at a plant in Georgia. "It will take SK time to ensure they are back to building high-quality cells and to deliver them to the Lightning production line," Ford said in a statement. Last week, the automaker said it will continue to hold already-produced vehicles while it worked through engineering and process updates. The fire incident involving Ford's EV truck happened on Feb. 4, during a pre-delivery quality inspection at its Dearborn, Michigan plant, causing the company to halt production the next day.

☆ Moderna to make milestone payments to NIH for COVID vaccine
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: 1 min

Companies Moderna Inc FollowFeb 24 (Reuters) - Moderna Inc (MRNA.O) will make certain contingent development, commercial and regulatory milestone payments to the U.S. National Institutes of Health (NIH) related to the development of COVID-19 vaccines, the company said in a filing on Friday. Moderna and the U.S. government agency had entered into a license agreement in December related to certain patents concerning the COVID vaccine products, the filing showed. The vaccine maker first disclosed the deal in its fourth-quarter earnings release stating it missed profit estimates hurt by the royalty payment to NIH. Moderna said under the agreement it would pay low single-digit royalties on future net sales and also minimum annual royalties. Reporting by Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Regional rival Air New Zealand Ltd (AIR.NZ) also reported a swing to profit in the first half ended Dec. 31 on Thursday, along with a muted outlook. Qantas Chief Executive Alan Joyce said cost of living pressures would hit discretionary spending "at some point" but so far the airline expected robust demand into mid-2024 at least. Qantas said it was facing delays of up to six months in new aircraft deliveries from Airbus SE (AIR.PA) alongside other airlines around the world. The Australian carrier said it would bolster its fleet by acquiring some older Airbus planes and exercising nine options for A220 purchases to help meet travel demand growth. "Outlook for RASK is to reduce, however off what we estimate were elevated levels," said Citi analysts in a client note.

WASHINGTON, Feb 23 (Reuters) - Boeing Co (BA.N) has temporarily halted deliveries of its 787 Dreamliner jets as the U.S. planemaker conducts additional analysis on a fuselage component, the Federal Aviation Administration (FAA) said on Thursday. "The FAA is working with Boeing to determine any actions that might be required for recently delivered airplanes," the agency said. Boeing said in reviewing certification records it "discovered an analysis error by our supplier related to the 787 forward pressure bulkhead. We notified the FAA and have paused 787 deliveries while we complete the required analysis and documentation." Boeing had halted deliveries in 2021 after the FAA raised concerns about its proposed inspection method.

☆ Dorsey-led Block's revenue rises as consumers shrug off inflationary pressures
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Shares of Block, formerly called Square, reversed course to rise 3% in volatile extended trading after results. Consumers were largely resilient to inflationary pressures throughout 2022, helping sustain the company's mainstay online payments service, known as CashApp. For the full-year Block's bitcoin revenue fell nearly 29% to $7.11 billion, as prices of the cryptocurrency retreated amid heavy market volatility triggered by a risk off sentiment and a slew of big name collapses. The company reported net revenue of $4.65 billion in the three months ended Dec. 31, compared with $4.08 billion a year earlier. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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