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☆ AT&T does not intend to immediately remove lead cables from Lake Tahoe -court filing
▼ + stars: | 2023-07-18 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoJuly 18 (Reuters) - AT&T (T.N) said on Tuesday it does not intend to immediately remove lead cables from Lake Tahoe pending further analysis, according to a court filing. AT&T on Tuesday harshly criticized the newspaper's reporting and testing, saying it "differs dramatically from the expert testing commissioned by AT&T." In Tuesday's court filing, AT&T argued that lead-clad cables "make up a small part" of its network. The company estimated that lead-clad cables "represent less than 10% of its copper footprint of roughly two million sheath miles of cable, the overwhelming majority of which remains in active service." The company in 2021 agreed to remove lead-clad telecommunications cables from Lake Tahoe, which straddles California and Nevada, to resolve a lawsuit despite its belief that they pose no danger.

Persons: Brendan McDermid, ”, David Shepardson, Chris Reese, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, Journal, AT, Wall, Environmental Protection Agency, Environmental Defense Fund, EDF, EPA, Thomson Locations: New York, U.S, Tahoe, California, Nevada, Washington

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ U.S. banks shares spark after interest income boost, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Nacho Doce/File PhotoWASHINGTON, July 18 (Reuters) - Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector. Bank of America's net interest income (NII), which measures the difference between what banks earn on loans and pay out on deposits, rose 14% to $14.2 billion in the second quarter, helping it to beat Wall Street estimates. The bank said it expects full year NII to be up about 8% at about $57 billion. That has forced some banks to offer consumers higher returns to deter them from moving their deposits to competitors. Overall, the bank's profit slipped 18% in the second quarter as Wall Street's deal-making drought stunted revenue from investment banking, although investors were cheered by executives' positive outlook for M&A.

Persons: Nacho, BNY Mellon, Robert Pavlik, BNY, JPMorgan Chase, Charles Schwab, Morgan Stanley, MS.N, BofA, Mehnaz Yasmin, Niket, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, " Bank of America, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Investment, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

Bank of America (BAC.N) rose marginally in premarket trading after the lender posted a 20% surge in second-quarter profit, while Morgan Stanley's (MS.N) shares pared early gains after the bank's profit slipped 18%, hurt by a deal-making drought. The S&P 500 banks index (.SPXBK) has fallen 5.2% so far this year, underperforming the S&P 500 index (.SPX) which has notched a 17.8% gain after the biggest banking crisis since 2008 earlier this year took down three lenders and pummeled the sector. Overall earnings across industries are expected to decline 8.1% for the quarter, according to Refinitiv data. ET, Dow e-minis were down 18 points, or 0.05%, S&P 500 e-minis were down 3.75 points, or 0.08%, and Nasdaq 100 e-minis were down 26.25 points, or 0.17%. Pinterest (PINS.N) gained 3.3% as Evercore ISI upgraded its rating on the stock to "outperform" and Marvell Technology (MRVL.O) climbed 1.1% after Bank of America added the chipmaker to its U.S. No.1 list.

Persons: Morgan Stanley, Morgan Stanley's, Sam Stovall, Wells, Lockheed Martin, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee Organizations: Bank of America, Dow, Nasdaq, CFRA Research, JPMorgan Chase, Bank of New York Mellon, PNC Financial Services, Lockheed, Dow e, Federal Reserve, ISI, Marvell Technology, U.S, Thomson Locations: New York, Bengaluru

July 18 (Reuters) - U.S. weapons maker Lockheed Martin (LMT.N) on Tuesday raised its annual profit and sales outlook on strong demand for military equipment stoked by ongoing geopolitical uncertainties. The advanced jet is Lockheed's largest program, after having generated 27% of total consolidated net sales and 66% of aeronautics' net sales in 2022. Quarterly sales at Lockheed's aeronautics unit, its largest, rose 17.3% from a year earlier to $6.88 billion. It expects full-year net sales to be between $66.25 billion and $66.75 billion, up from its earlier forecast of $65 billion to $66 billion. Quarterly net sales rose 8.1% to $16.69 billion.

Persons: Lockheed Martin, Russia's, Lockheed's, Pratyush Thakur, Mike Stone, Krishna Chandra Organizations: Lockheed, Defense, Thomson Locations: U.S, Ukraine, China, Israel, United States, Bethesda , Maryland, Bengaluru, Washington

☆ Adtech firm Aleph withdraws IPO filing
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Aleph Group Inc said on Tuesday it had filed to withdraw its IPO plans, citing "public interest and the protection of investors," more than a year after the digital advertising firm submitted paperwork to go public. Emerging markets-focused Aleph, which helps large digital platforms connect with advertisers and customers, counts Meta Platforms (META.O), Spotify Technology (SPOT.N) and Microsoft Corp (MSFT.O)-owned LinkedIn among its customers. Founded in 2005 as IMS Internet Media Services, Aleph was valued at $2 billion in 2021 after private equity firm CVC Capital Partners bought a stake worth $470 million. U.S. initial public offerings have seen a recent spurt after more than a year of lull as hefty interest rate hikes and worries of a recession dented investor appetite for new listings. Reporting by Mehnaz Yasmin in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mehnaz Yasmin, Vinay Dwivedi Organizations: Spotify Technology, Microsoft Corp, IMS Internet Media, Capital Partners, U.S, Thomson Locations: Bengaluru

Shares of Charles Schwab jumped 13.2%, leading gains on the S&P 500 (.SPX), and those of PNC rose 2.6%. The S&P 500 banks index (.SPXBK) has fallen 3.9% so far this year, in the aftermath of a banking crisis that took down three lenders and pummeled the sector, underperforming the S&P 500 index (.SPX) that has notched a 17.8% gain in the same period. ET, the Dow Jones Industrial Average (.DJI) was up 141.63 points, or 0.41%, at 34,726.98, the S&P 500 (.SPX) was up 3.12 points, or 0.07%, at 4,525.91, and the Nasdaq Composite (.IXIC) was down 43.61 points, or 0.31%, at 14,201.34. Eight of the top 11 S&P 500 sectors advanced with industrials (.SPLRCI) leading gains, while technology stocks (.SPLRCT) fell 0.6%. The S&P index recorded 20 new 52-week highs and no new lows, while the Nasdaq recorded 65 new highs and 33 new lows.

Persons: Morgan Stanley, Lockheed Martin, MS.N, Robert Pavlik, Wells, Charles Schwab, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee Organizations: Bank of America, Lockheed, Dow, Nasdaq, Dakota Wealth ., . Federal, JPMorgan Chase, PNC Financial Services, PNC, Dow Jones, industrials, Wall, U.S . Federal Reserve, ISI, NYSE, Thomson Locations: ., Bengaluru

☆ BlackRock’s Aramco embrace makes sense in a vacuum
▼ + stars: | 2023-07-18 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.

Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco

☆ Wall St ends higher with earnings poised to ramp up
▼ + stars: | 2023-07-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

"By and large, the market in its totality continues to be reasonably priced if not kind of cheap. The S&P and Nasdaq have advanced in five of the past six sessions. Tesla (TSLA.O) gained after the company said on Saturday it had built its first Cybertruck, after two years of delays. Bank shares recovered from Friday's losses, with the S&P 500 bank index (.SPXBK) up and the KBW regional bank index (.KRX) also advancing. Reporting by Chuck Mikolajczak in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Ford, Morgan Stanley, Goldman Sachs, JP Morgan, Stephen Massocca, CME's, Tesla, General Motors, Chuck Mikolajczak, Matthew Lewis Organizations: Citi, NEW, Netflix, Bank of America, Citigroup, Wedbush Securities, Nasdaq, Federal Reserve, Dow Jones, Ford, General, Reuters Graphics Apple, . Bank, Activision, Microsoft, PlayStation, Verizon, Thomson Locations: San Francisco, India, United States, New York

Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. Tesla (TSLA.O) gained 1.9% after the company said on Sunday it had built its first Cybertruck, after two years of delays. New York Fed Manufacturing data showed the general business conditions index fell to 1.1 from 6.6 in June, indicating activity changed little during the month. Elsewhere, data showed the Chinese economy grew at a frail pace in the second quarter. The S&P index recorded 44 new 52-week highs and four new lows, while the Nasdaq recorded 104 new highs and 50 new lows.

Persons: Ford, Morgan Stanley, Goldman Sachs, Chris Zaccarelli, JPMorgan Chase, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee, Maju Samuel Organizations: Citi, Dow, Nasdaq, Apple, Tesla, Bank of America, Netflix, Independent, Alliance, Ford, General Motors, Dow Jones, Federal Reserve, New York Fed, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

Analysts at Citigroup and JPMorgan both lowered their recommendations on AT&T shares in recent days. The shares hit a low of $13.68 in Monday's session, the lowest since March 1993. "We have not seen, nor have regulators identified, evidence that legacy lead-sheathed telecom cables are a leading cause of lead exposure or the cause of a public health issue,” a U.S. Telecoms spokesperson said in a statement. Shares of Verizon were also down on Monday, falling 5.5% to $32.14, a nearly 13-year low. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Rollins, Rollins, ”, Philip Cusick, Michael Hodel, Chibuike Oguh, Lance Tupper, Deepa Babington Organizations: YORK, T Inc, U.S, Verizon, Citigroup, JPMorgan, U.S ., Citi, U.S . Telecom, Morningstar, Thomson Locations: U.S, New York

But while 44% of India's smartphones sales are now online, the brick-and-mortar segment remains the bigger play and Xiaomi expects it to grow further. "Our market position in offline is substantially lower than what it is online," Xiaomi's India head, Muralikrishnan B., said in an interview on Friday. The South Korean giant has a 20% market share in India, while Xiaomi, which historically focussed on budget phones, has 16%. Xiaomi plans to hire more store promoters - salespeople who lure, pitch and sell phones to prospective buyers inside outlets. Another significant India challenge for Xiaomi is a federal agency's $673 million freeze on its bank assets since last year.

Persons: Xiaomi, Flipkart, Muralikrishnan, Tarun Pathak, We'll, Aditya Kalra, Munsif Vengattil, William Mallard Organizations: DELHI, HK, South, Samsung, Research, Thomson Locations: India, Hong Kong

SummaryCompanies JPMorgan, Wells Fargo up as Q2 profit rises on higher interest incomeUnitedHealth rises on Q2 profit beatFutures mixed: Dow adds 0.33%, S&P up 0.02%, Nasdaq slips 0.12%July 14 (Reuters) - The S&P 500 and Dow futures rose on Friday as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note. UnitedHealth Group (UNH.N) gained 3.6% after the health insurer reported a quarterly profit above analysts' estimates, as the industry bellwether's expenses came in lower than feared. Overall earnings for the S&P 500 constituents are seen dropping 6.4% in the second quarter, according to Refinitiv data released at the start of the earnings season. The earnings are expected to feed into a strong rally in recent days. ET, Dow e-minis were up 114 points, or 0.33%, S&P 500 e-minis were up 1 points, or 0.02%, and Nasdaq 100 e-minis were down 19.5 points, or 0.12%.

Persons: Wells, Dow, Wells Fargo, JPMorgan Chase, Christopher Waller, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty Organizations: JPMorgan, Nasdaq, Dow, JPMorgan Chase, Citigroup, BlackRock, Federal, of Michigan, Dow e, Microsoft, UBS, Activision, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ State Street beats profit estimates as interest income rises
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

July 14 (Reuters) - State Street Corp (STT.N) on Friday beat profit estimates for the second quarter as the bank's interest income benefited from the U.S. Federal Reserve's policy tightening and assets under management rose amid a recovery in the equity markets. Banking giants JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) also saw profits climb in the second quarter on the back of higher interest income. State Street said its net interest income climbed 18% in the three months ended June 30 to $691 million. Shares of the custodian bank, however, fell 2.8% in premarket trading as State Street missed revenue estimates. Total revenue climbed 5% to $3.11 billion, below estimates of $3.14 billion amid a drop in servicing, management and FX trading fees.

Persons: Wells, Manya Saini, Shinjini Organizations: Street Corp, U.S, Banking, JPMorgan Chase, Refinitiv, State Street, Thomson Locations: U.S . Federal, Bengaluru

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ Uninsured US patients pay up to $330 for Eli Lilly’s $25 insulin, Senator Warren says
▼ + stars: | 2023-07-13 | by ( Patrick Wingrove | ) www.reuters.com time to read: +3 min

Warren’s survey of chain and independent pharmacies across all 50 states, carried out between June 9 and 28, found a third of drug stores charged $164 or more to uninsured patients for Lilly’s Insulin Lispro. Lilly said at the time it would drop the price of its Lispro insulin injection, a generic version of its own branded Humalog, to $25 a vial. The senator’s office found chain stores charged uninsured customers an average of $123 per vial for the generic insulin, compared to $63 at independent pharmacies. “This is a deeply troubling finding, revealing that the pharmacies offering the most affordable Insulin Lispro were the least likely to have it in stock,” the report said. Around 8.4 million of the 37 million people in the United States with diabetes use insulin, according to the American Diabetes Association.

Persons: Eli Lilly, George Frey, Eli, Elizabeth Warren’s, Lilly, Joe Biden’s, drugmaker, Warren, Patrick Wingrove, Caroline Humer, Bill Berkrot Organizations: Company, REUTERS, Novo Nordisk, Sanofi, U.S, National Community Pharmacists Association, Democrat, Walgreens Boots Alliance, Walmart, Rite, CVS Health, Aid, CVS, Walgreens, Rite Aid, American Diabetes Association, Thomson Locations: Provo , Utah, U.S, Indianapolis, United States, New York

Amazon said over the two-day event, Prime members bought more than 375 million items worldwide and saved more than $2.5 billion on several deals, making it the biggest Prime Day event ever. The second day saw an increase in sale of back-to-school items including stationary and office supplies, said Vivek Pandya, lead analyst at Adobe Digital Insights. Online sales on July 12 for appliances were up 52% compared to average daily sales in June, while apparel was up 24% and stationary and office supplies was up 76%. On the second day, consumers were most enticed by 14% discount for electronics and 12% for apparel and toys, Adobe said. Amazon has also offered for the first time Prime Day travel discount, partnering with travel booking site Priceline, while its loyalty program members were also given access to "invite-only deals" in the weeks leading up to Prime Day.

Persons: Vivek Pandya, Pandya, Amazon, Granth, Arun Koyyur Organizations: Adobe, Shoppers, Adobe Digital, Walmart, Target, Thomson Locations: Coventry, Britain, Bengaluru

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

Online sales for appliances jumped 37% compared to average daily sales in June, while sales of toys rose 27%. Data firm Numerator said the average Prime Day spend per order rose to $56.64 from $53.14 a year ago. Rival retailers, including Walmart (WMT.N), Target (TGT.N) and Best Buy (BBY.N), are also offering large discounts during the Prime Day week. Data from Deloitte showed 69% of shoppers planned to rely on Prime Day sale for back-to-school purchases. Meanwhile, nearly 900 Amazon workers at a warehouse in Coventry, in Britain are striking over a pay dispute for three days from July 11-13, coinciding with the Prime Day sales event.

Persons: Vivek Pandya, Adobe's Pandey, Granth Vanaik, Ananya Mariam Rajesh, Arun Koyyur Organizations: Amazon, Walmart, Adobe, Insights, Apparel, Deloitte, Thomson Locations: Coventry, Britain, Bengaluru

July 11 (Reuters) - Amazon.com (AMZN.O) hopes to tempt U.S. shoppers on Tuesday to open inflation-thinned wallets by offering deeper discounts on a wide range of goods and services during this year's "Prime Day" 48-hour shopping event, including its first-ever travel discounts. A year of inflation has lifted mortgage rates, rents and food prices for consumers ahead of Prime Day, which falls on July 11-12 this year. CFRA Research analyst Arun Sundaram said Amazon's U.S. Prime Day discounts this year are mostly deeper than in previous years. Amazon Prime members can also save up to 40% on items such as Sherpani bags and ZOA Energy drinks, by checking out using "Buy with Prime," directly from Amazon's third-party merchants. Amazon plans yet another Prime sales event this year, according to screenshots of its seller notification platform seen by Reuters.

Persons: Arun Sundaram, Michael Ashley Schulman, Schulman, Brian Gleason, Sundaram, Granth Vanaik, Ananya Mariam Rajesh, Arriana McLymore, David Gregorio Our Organizations: CFRA, Sony, Bank of America, Amazon, Energy, Amazon's, Adobe, Running, Capital Advisors, Exchange, Priceline's, Express, Walmart, Reuters, Thomson Locations: United States, Bengaluru, New York City

☆ U.S. says to move forward with transfer of F-16 jets to Turkey
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

VILNIUS, July 11 (Reuters) - U.S. President Joe Biden will move forward with the transfer of F-16 fighter jets to Turkey in consultation with Congress, U.S. National Security Adviser Jake Sullivan said on Tuesday. Speaking ahead of a summit of NATO leaders due to start later in the day in the Lithuanian capital Vilnius, Sullivan said President Joe Biden "had been clear that he supports the transfer". He intends to move forward with that transfer," he said. Late on Monday, Turkish President Tayyip Erdogan agreed to forward to parliament Sweden's bid to become a member of the NATO military alliance, following months of pressure by the United States and its allies. Reporting by Steve Holland, Justyna Pawlak; editing by John IrishOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Jake Sullivan, Sullivan, Tayyip Erdogan, Sweden's, Steve Holland, Justyna, John Irish Organizations: U.S . National, NATO, Lockheed Martin Corp, Thomson Locations: VILNIUS, Turkey, U.S, Lithuanian, Vilnius, United States, Washington

☆ GlobalFoundries scraps plan to appoint former top Amazon executive as CFO
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Chipmaker GlobalFoundries (GFS.O) has shelved its plan to appoint former Amazon executive Tim Stone as chief financial officer, it said on Tuesday, two months after choosing him. It said current CFO David Reeder will remain in the role through the end of the year as it looks for a new candidate. GlobalFoundries had in May named Stone, who was at Amazon (AMZN.O) for more than 20 years and served as CFO for AWS and Devices businesses. The chipmaker counts companies including Advanced Micro Devices (AMD.O), STMicroelectronics (STMPA.PA), Qualcomm (QCOM.O) and Lockheed Martin (LMT.N) among its customers. Reporting by Chavi Mehta in Bengaluru; Editing by Nivedita Bhattacharjee and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Tim Stone, David Reeder, GlobalFoundries, Stone, Lockheed Martin, Chavi Mehta, Nivedita Bhattacharjee, Arun Koyyur Organizations: Amazon, AWS, Ford Motor, Devices, Qualcomm, Lockheed, Global, IDC, Thomson Locations: Bengaluru

☆ US defense secretary discussed support for Turkish military modernization with counterpart
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: 1 min

July 10 (Reuters) - U.S. Defense Secretary Lloyd Austin discussed support for Turkey's military modernization during a call with his Turkish counterpart, according to a U.S. readout released late on Monday after Turkey said it would back Sweden's NATO accession. Turkey requested in October 2021 to buy $20 billion of Lockheed Martin Corp (LMT.N) F-16 fighters and nearly 80 modernization kits for its existing warplanes. "They ... discussed the positive talks between Turkiye, Sweden, and NATO Secretary General Stoltenberg, as well as the Department of Defense's support for Turkiye's military modernization," the Pentagon said of the phone call between Austin and Turkish Defense Minister Yasar Guler. Reporting by Costas Pitas; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Lloyd Austin, General Stoltenberg, Yasar Guler, Costas Pitas, Himani Sarkar Organizations: . Defense, Turkish, NATO, Lockheed Martin Corp, Department of, Pentagon, Turkish Defense, Thomson Locations: U.S, Turkey, Turkiye, Sweden, Austin

VILNIUS, July 11 (Reuters) - Washington will move ahead with the transfer of F-16 fighter jets to Turkey in consultation with Congress, U.S. National Security Adviser Jake Sullivan said on Tuesday, a day after Ankara gave the green light for Sweden to join NATO. He intends to move forward with that transfer," Sullivan told reporters, without giving any details on the timing. Both Turkish officials and the Biden administration have rejected any suggestion that Ankara's approval of Sweden's NATO accession was being linked to the F-16 sale in the months of talks to address Turkish opposition. Russian officials said Sweden's expected accession to NATO would have "negative implications" for Russia's security and that Moscow would have to respond. TIMING UNCERTAINThe timing of both the F-16 transfer and Sweden's NATO entry remains unclear.

Persons: Jake Sullivan, Sullivan, Joe Biden, Bob Menendez, Biden, Tayyip Erdogan, Camille Grand, Erdogan, Gerard Araud, Sweden's, Peter Szijjarto, Jens Stoltenberg, Steve Holland, Justyna, John Irish, Nick Macfie, Heather Timmons, Devika Organizations: U.S . National, NATO, Lockheed Martin Corp, Senate Foreign Relations, Democrat, Turkish, European Council, Foreign Relations, Twitter, Kurdistan Workers Party, EU, Monday, Finland's, Nordic, Thomson Locations: VILNIUS, Washington, Turkey, U.S, Ankara, Sweden, Lithuanian, Vilnius, NATO, French, Swedish, United States, Turkey's, Moscow, Hungary, Finland, Ukraine

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