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☆ INDIA STOCKS Indian shares trade higher as metals, Asia boost
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

In broader Asia, equities rose on Friday, helped by Hong Kong and China stocks. U.S. payrolls data is due later in the day, with any robust data likely to reinforce the Federal Reserve's hawkish outlook. Fed Chair Jerome Powell repeatedly mentioned the robust labour market in his speech after the Fed rate hike earlier this week. In domestic trading, Nifty's metal index (.NIFTYMET) was the best performer among other sectors, rising 1.3%. Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer, BioNTech start COVID-flu combination vaccine study
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) and its German partner BioNTech SE have started an early-stage study to evaluate a combination vaccine targeting COVID-19 and influenza, the companies said on Thursday. The single-dose vaccine candidate is a combination of Pfizer's mRNA-based flu shot and the companies' Omicron-tailored COVID-19 booster shot. The early-stage study, which is being sponsored by BioNTech, aims to evaluate the combination shot's safety, tolerability and immunogenicity, or the ability to generate immune response. Rivals Moderna Inc (MRNA.O) and Novavax Inc (NVAX.O) are also developing combination vaccines targeting both COVID-19 and influenza. read moreReporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ WhatsApp launches Communities group organizer feature
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 3 (Reuters) - WhatsApp is globally rolling out a feature called Communities to organize various chat groups in larger structures, as well as other features such as bigger group video calls and in-chat polls, the messaging service owned by Meta Platforms (META.O) said on Thursday. The Communities feature will bring together various chat groups under bigger umbrellas where administrators could send alerts to a community of thousands – a feature that could be used by workplaces or schools. The app will now also allow chat groups to have up to 1,024 users, much higher than the 256 participants restriction it had until recently, according to a company statement. WhatsApp rivals, including Telegram and Discord, allow thousands of members in group chats. Other feature releases include 32-person video calling as well as in-chat polls, a common fixture on social media apps, including Meta's Facebook and Twitter.

☆ Goldman-backed project44 valued at $2.7 bln in latest funding round
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management. The $80 million funding round was led by investment firms Generation Investment Management and A.P. Moller Holding, while buyout firm TPG (TPG.O), venture capital firm Emergence Capital and others also participated. Project44 said the funds will be used to measure and reduce emissions across its global supply chain. The COVID-19 pandemic set off a crisis in global supply chains, which has also worsened inflation and put pressure on central banks to tame price hikes.

☆ Indian rupee marks biggest monthly losing streak since 1985
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 31 (Reuters) - The Indian rupee has declined in each of the ten months this year to notch its biggest losing streak in almost four decades as the U.S. Federal Reserve's hawkish stance on monetary policy catapulted the dollar to two-decade highs. The dollar index is up 16% this year, having scaled 114.8-levels last month to trade near its 2002 peak. The Indian rupee fell 1.8% against the dollar in October, taking its slide for the year to nearly 11%. It could come under pressure in case Fed indicates aggressive tightening path in the future," HDFC Bank economists wrote in a note. Reporting by Anushka Trivedi in Mumbai; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Xiaomi discontinues financial services business in India -TechCrunch
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - Chinese smartphone maker Xiaomi Corp (1810.HK) is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said. Three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the recognized apps by regulatory body National Payments Corporation of India (NPCI), TechCrunch said. Xiaomi and NPCI did not immediately did not respond to a Reuters request for a comment. In India, Xiaomi's strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.

☆ India's largest insurer LIC plans changes to revive battered stock - sources
▼ + stars: | 2022-10-28 | by ( Nikunj Rajesh Ohri | ) www.reuters.com time to read: +3 min

The state-owned insurer listed on Indian stock exchanges in May, but its stock has since dropped by more than 35%, wiping off nearly 2.23 trillion Indian rupees in investor wealth. LIC is now looking to looking at steps to revive its share price, said a government official, who did not want to be named. The company plans to transfer 1.8 trillion Indian rupees ($21.83 billion), a sixth of the 11.57 trillion rupees lying in its non-participating fund, to its shareholders' fund, according to an official aware of the matter. LIC parks the premium it collects from the latter in a non-participating fund. The surplus in the non-participating fund is earmarked for shareholders and can be transferred to shareholders fund with approval from LIC's board, which is yet to be sought, they said.

☆ Twitter shares to be suspended on NYSE as Musk nears takeover
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Twitter Inc (TWTR.N) shares will be suspended from trading on Friday, the New York Stock Exchange's website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal for the social media platform. Musk, the world's richest person, visited Twitter's headquarters in San Francisco on Wednesday and hinted he was the company's top boss after updating his profile bio to "Chief Twit". The company's stock closed at $53.35 on the NYSE on Wednesday. They were up about 1% at $53.90 in extended trading, slightly below Musk's offer price. Reporting by Mrinmay Dey in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Pot producer Canopy sets up holding entity for speedy U.S. market entry
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The pot producer will not right away benefit from the transactions as weed remains federally illegal and Canadian companies that grow or sell marijuana cannot do so in the United States. read moreIn anticipation of the changes, Canopy on Tuesday outlined a complex holding company structure to set up Canopy USA LLC. Canopy USA will now skip the wait and take over the firm right away, it said. Canopy USA will also take over Wana and Jetty, streamlining ownership. Constellation could still choose not to convert its stake, in which case Canopy USA will not proceed with these deals.

Oct 25 (Reuters) - Apple Inc (AAPL.O) said on Tuesday it would make fresh investments to set up solar and wind projects in Europe and called on its suppliers to decarbonize operations related to the production of iPhones and other products. Apple had previously asked suppliers to commit to 100% renewable energy for Apple's production. Apple has been carbon neutral for its global corporate operations since 2020. Apple said the European investments are part of a strategy to address about 22% of its carbon footprint coming from the electricity customers use to charge their devices. In total, the planned investments will add 3,000 gigawatt hours per year of new renewable energy on the grid, Apple said.

Companies BlackRock Inc FollowOct 25 (Reuters) - BlackRock Inc (BLK.N) has raised $4.5 billion out of an overall $7.5 billion-target for a new fund to invest in infrastructure assets aimed at climate-focused projects, the world's largest asset manager said on Tuesday. BlackRock, which manages around $8 trillion in assets, said public and private pension funds, sovereign wealth funds, insurance companies and family offices had invested in the new fund, which will be called Global Infrastructure Fund IV. The asset manager said the new fund will invest in five sectors –– energy, low carbon power, transport and logistics, regulated utilities, and digital infrastructure –– to capitalize on the growing trend towards decarbonization and digitalization. Register now for FREE unlimited access to Reuters.com RegisterIts previous infrastructure fund raised $5.1 billion in 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ann Maria shibu and Lavanya Ahire in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

MUMBAI, Oct 25 (Reuters) - The Indian rupee is expected to open slightly lower versus the dollar on Tuesday after the offshore Chinese yuan tumbled to a lifetime low. The rupee is tipped to open at around 82.74-82.76 per U.S. dollar, compared with 82.6750 on Friday. Meanwhile, the dollar index dipped in Asia trading, adding to is recent losses on bets that the U.S. Federal Reserve will deliver a small rate hike in December. If it were not for yuan, the rupee would have had "had a decent opening" considering the "slightly less" hawkish Fed outlook, a trader at a Mumbai-based bank said. Another fall in India's foreign exchange "is probably another problem" for the rupee, the trader said.

☆ Bid deadline for India's Future Retail extended due to low interest -sources
▼ + stars: | 2022-10-21 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 21 (Reuters) - The resolution professional for India's debt-laden Future Retail Ltd (FRTL.NS) has extended the deadline for potential buyers to submit their bids for the retailer, due to tepid interest, two banking sources said on Friday. The deadline had ended on Oct. 20, but has been extended to Nov. 3, according to an updated document released by the resolution professional (RP). Register now for FREE unlimited access to Reuters.com RegisterFuture Retail's RP did not immediately respond to an email seeking comment. Future Group's flagship retail unit, Future Retail was once the country's second-largest retailer but has been in bankruptcy proceedings after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries (RELI.NS). The lead lenders include Bank of India (BOI.NS) and State Bank of India (SBI.NS).

☆ Snap crashes, drags peers, as dire forecast sparks ad growth fears
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

YouTube-parent Alphabet Inc (GOOGL.O), Facebook-parent Meta Platform Inc (META.O), Pinterest Inc (PINS.N) and Twitter Inc (TWTR.N) all slid between 1.7% and 9.2% in premarket trade. Register now for FREE unlimited access to Reuters.com RegisterThe brokerage said competition is likely to continue to increase in 2023. Snap, on Thursday, reported its slowest revenue growth as a public company for the latest quarter and forecast no revenue growth in the typically busy holiday quarter, while Wall Street analysts were expecting a 3.3% rise, according to Refinitiv data. Twitter, however, has gained 21% on the prospect of billionaire Elon Musk buying the company. Register now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Google calls India antitrust watchdog's Android decision a "setback" for consumers
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

A man walks past the sign of "Google for India", the company's annual technology event in New Delhi, India, September 19, 2019. REUTERS/Sankalp PhartiyalBENGALURU, Oct 21 (Reuters) - Alphabet Inc's (GOOGL.O) Google said on Friday that the Indian antitrust watchdog's decision to fine it 13.38 billion Indian rupees ($161.95 million) for anti-competitive practices was a "major setback" for consumers and businesses in the country. read moreBesides the fine, the CCI also ordered Google to change its approach to its Android platform and restricted it from certain revenue sharing agreements with smartphone makers. "The CCI's decision is a major setback for Indian consumers and businesses, opening serious security risks for Indians who trust Android's security features, and raising the cost of mobile devices for Indians." Google said it will review the decision to evaluate next steps.

Oct 21 (Reuters) - Snap Inc (SNAP.N) shares sank more than 30% on Friday and hit their lowest since the pandemic, after the company's forecast of zero revenue growth pointed to more pain ahead for a social media sector heavily dependant on digital advertising. Facebook-parent Meta Platform Inc (META.O) and Pinterest Inc (PINS.N) fell between 2% and 7%. read moreAnalysts rushed to cut their price target on Snap, with Morgan Stanley taking it to a Wall Street low of $7. Register now for FREE unlimited access to Reuters.com RegisterMacroeconomic concerns, changing social media user behavior affects advertiser spendingThe digital ad space has suffered as brands have cut marketing and ad budgets in response to declining consumer demand. Snap reported its slowest revenue growth as a public company for the latest quarter on Thursday, and forecast no revenue growth for the typically busy holiday quarter.

☆ Walmart-backed PhonePe in talks to raise funds at $12 bln valuation- Moneycontrol
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - Indian digital payments firm PhonePe is in talks to raise funds in a round led by General Atlantic at a valuation of $12 billion, financial news website Moneycontrol reported on Friday, citing people aware of the matter. U.S. private equity group General Atlantic is likely to lead the round with an investment of $450 million to $500 million, the report said. PhonePe, which earlier this month said it had moved its domicile to Singapore from India, did not immediately respond to an email from Reuters seeking comment. General Atlantic also did not immediately respond to an email outside office hours. Register now for FREE unlimited access to Reuters.com RegisterReporting by Praveen Paramasivam in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.

☆ Philip Morris sweetens buyout bid for Swedish Match to $15.8 bln
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Philip Morris raised its bid by more than 9% to 116 Swedish crowns per share, although it said that the offer was its "best and final price". Swedish Match did not immediately respond to Reuters's request for comment on the revised offer. Philip Morris has announced that they are not waiving the 90 percent acceptance condition. The deal will fail and Swedish Match will remain an independent company," Hempton said. The company had earlier said that it was expecting EU antitrust approval for its Swedish Match bid in late October.

☆ India's Coforge posts Q2 profit beat as deal wins remain intact
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 20 (Reuters) - Indian IT solutions provider Coforge Ltd (COFO.NS) reported a 37% rise in second-quarter profit on Thursday, beating analysts' estimates, as it won more orders, including large deals. The company's profit of 2.01 billion Indian rupees ($24.3 million) in the quarter was higher than analysts' expectation of 1.97 billion rupees, according to IBES data from Refinitiv. The IT services provider said revenue from operations surged 24.8% year-over-year to 19.59 billion rupees, boosted by big orders from insurance, banking and financial services companies. Coforge said it signed two deals worth over $30 million during the quarter, after securing two large deals, including one worth over $50 million, in the previous quarter. The company's orders intake stayed above $300 million for the third consecutive quarter, clocking $304 million in the latest three-month period.

☆ INDIA RUPEE Rupee hits record low on worries of aggressive U.S. rate hikes
▼ + stars: | 2022-10-20 | by ( Anushka Trivedi | ) www.reuters.com time to read: +3 min

read moreThe partially convertible rupee was trading at 83.16/17 per dollar by 0436 GMT, compared to its close of 83.02 on Wednesday. Register now for FREE unlimited access to Reuters.com Register"We can expect the dollar to continue strengthening as long as the Fed maintains its super hawkish stance. read moreTraders said the falling interest rate differential between India and the U.S. could continue to pressure the rupee. Shilan Shah, India economist at Capital Economics, said in a recent note that 50 bps rate hikes may be off-the-table at the RBI's meeting in early December. "We think other MPC members will have seen enough evidence of growth coming off the boil and price pressures peaking.

☆ Baker Hughes taps Newmont's Nancy Buese as CFO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Wednesday Nancy Buese will take over as chief financial officer, effective Nov. 2, replacing Brian Worrell. Buese is currently gold miner Newmont Corp's (NEM.N) CFO and executive vice president. Baker Hughes also reported a higher-than-expected third quarter adjusted profit on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ruhi Soni in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ European shares reverse gains as investors focus on inflation
▼ + stars: | 2022-10-19 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 reverses early gainsUK inflation hits 10.1% in SeptemberASML posts upbeat earningsOct 19 (Reuters) - European shares reversed early gains on Wednesday, as investors fretted about runaway inflation and aggressive monetary policy tightening, even as upbeat corporate earnings soothed some fears about a recession. The region-wide STOXX 600 index (.STOXX) was down 0.5%, snapping a rally this week that was mainly driven by hopes of a better-than-expected earnings season and the UK's fiscal policy reversal. read more"Earnings numbers (are) all good but global inflation, macro events are going to take precedent," said Michael Baker, head of online services at Oval Money. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. read moreSartorius (SATG.DE) dropped 13.9% after the German lab equipment maker said it expected 2022 revenue to reach the lower half of its outlook.

☆ European shares inch higher as ASML's results lift chip stocks
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - European shares edged higher on Wednesday, as semiconductor firm ASML's upbeat results lifted the technology sector and bolstered hopes for a strong earnings season, though gains were capped by lingering fears about surging inflation and interest rates. read moreShares of other chip stocks, including ASM International , BE Semiconductor (BESI.AS) and Aixtron (AIXGn.DE), rose between 0.7% and 6%, boosting the technology sector (.SX8P). Among other single stocks, Handelsbanken (SHBa.ST) rose 5.1% after the Swedish bank reported record operating earnings, helped by a jump in interest income. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amruta Khandekar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares rally for fourth day in a row, led by consumer stocks
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - Indian shares surrendered some of their earlier gains to close slightly higher on Wednesday as Nestle India's strong earnings boost consumer stocks, though lingering fears of high inflation and interest rates on corporate profits capped the increase. The NSE Nifty 50 index (.NSEI) ended up 0.14% at 17,512.25, while the S&P BSE Sensex (.BSESN) climbed 0.25% to 59,107.19. The Nifty fast-moving consumer goods (FMCG) index (.NIFTYFMCG) gained 0.4%, led by a 1.8% jump in Nestle India (NEST.NS) after the consumer giant reported a bigger-than-expected rise in third-quarter profit. Support for markets is seen coming from domestic investors buying, even as foreign institutional investors sold shares. Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the NSE.

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