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☆ Moderna's Omicron shots shows better immune response than original COVID vaccine
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Moderna Inc (MRNA.O) said on Monday its Omicron-tailored vaccines produced a better immune response against the BA.4/5 subvariants in a mid-to-late stage study, when given as a booster dose, compared with its original shot. Data shows that both of Moderna's Omicron-tailored shots, mRNA-1273.214 and mRNA-1273.222, produced a higher antibody response against BA.4/5 subvariants than its original shot in vaccinated and boosted adults, the company said. Moderna, however, said levels of neutralizing antibody response dropped nearly 5-fold against the emerging subvariant BQ.1.1 when compared with BA.4/5, in an analysis of about 40 participants, although the virus neutralizing activity still remained "robust". Rival Pfizer Inc (PFE.N) and its German partner, BioNTech SE , said earlier this month their Omicron-tailored shot targeting the BA.4/5 subvariants produced a strong antibody response in older adults than the original shot after one month. Reporting by Bhanvi Satija in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ COVID variants BQ.1/BQ.1.1 make up 44% of U.S. cases - CDC
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] The word "COVID-19" is reflected in a drop on a syringe needle in this illustration taken November 9, 2020. BQ.1.1 accounted for nearly 24.1% of circulating variants and BQ.1 was estimated to make up 20.1% of circulating cases for the week ending Nov. 12, the U.S. CDC said. While there is no evidence linked to the increased severity of the new variants compared to BA.4 and BA.5, they have shown an increasing presence in Europe, Singapore, Canada, among other places. The BA.5 subvariant is estimated to make up about 29.7% of cases in the United Sates, compared with nearly 41.1% in the week ended Nov. 5, according to the CDC. Reporting by Khushi Mandowara; Editing by Vinay Dwivedi and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Indian court sends Pernod Ricard exec, Aurobindo director to agency custody
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

The court's decision came hours after P. Sarath Chandra Reddy of Aurobindo Pharma and Pernod Ricard's Benoy Babu were arrested by the Enforcement Directorate (ED), the country's federal financial crime-fighting agency. The ED last month raided several liquor companies, suppliers and distributors in a money-laundering investigation, according to media reports. Babu is a general manager at Pernod Ricard and handles the French company's international brands business in India, according to his LinkedIn profile. Spokespersons for Pernod Ricard and Aurobindo did not immediately respond to Reuters' requests for comment. Shares in Aurobindo, which makes a range of medicines from antibacterials to antidepressants, fell by 11.75% by close of day.

☆ Michael Kors-owner Capri cuts holiday forecasts on slow China recovery
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Michael Kors-owner Capri Holdings Ltd (CPRI.N) on Wednesday lowered its sales and profit forecasts for the holiday period, blaming a slow demand recovery in China due to persistent COVID-19 curbs and uncertainty about the global economy. Luxury goods companies have managed to pass on higher costs to affluent shoppers, but China remains a sore spot as Beijing's "dynamic zero-COVID" policy hampers the return of consumers to high-fashion stores. COVID disruptions in China have also weighed heavily on Kering's (PRTP.PA) Gucci, Canada Goose Holdings (GOOS.TO) and L'Oreal (OREP.PA). Capri, which also owns Versace and Jimmy Choo, cut its holiday-quarter sales forecast to $1.53 billion, from $1.65 billion, and lowered its profit forecast to $2.20 per share from $2.45 per share. It forecast fiscal 2023 revenue of $5.70 billion, compared with its prior estimate of about $5.85 billion.

☆ Refiner Phillips 66 to boost investor returns by up to $12 bln
▼ + stars: | 2022-11-09 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Companies Phillips 66 FollowNov 9 (Reuters) - Refiner Phillips 66 (PSX.N) said on Wednesday it plans to return up to $12 billion more to shareholders by end-2024 through dividends and stock buybacks, sending its shares up 2.3%. Phillips posted a bumper $5.4 billion profit for its third-quarter ended Sept. 30, compared with $402 million a year earlier. It also returned $1.2 billion through share repurchases and dividends during the quarter. Analysts at Tudor, Pickering, Holt & Co, however, said Phillips' total capital return yield severely lagged that of peers, despite larger-than-expected buybacks in the third quarter. Phillips' hefty investor-return plan comes at a time President Joe Biden has demanded that energy companies invest their profit into boosting production before considering shareholder returns.

☆ Galaxy Digital to cut majority exposure to crypto exchange FTX
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Crypto financial services company Galaxy Digital Holdings Ltd (GLXY.TO) said on Wednesday it would cut its exposure to embattled crypto exchange FTX by $47.5 million. Galaxy, founded by Mike Novogratz, disclosed it had a $76.8 million exposure to the company, a day after Binance said it was planning to buy smaller rival FTX. Major cryptocurrencies fell after the announcement, as investors were left wondering if the financial instability at FTX could spread to other players in the industry. Coinbase Global Inc (COIN.O) and USD Coin issuer Circle Financial have reassured investors of minimal exposure to FTX. Reporting by Niket Nishant in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Consumers turn to credit cards, loans as costs soar - report
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - More consumers opted for credit cards and unsecured loans in the third-quarter from a year earlier amid decades-high inflation, according to a report on Tuesday from global credit rating firm TransUnion (TRU.N). While delinquencies for most credit products are treading in line with pre-pandemic levels, they have risen in comparison to levels seen in 2021, the quarterly Credit Industry Insights Report (CIIR) added. Most consumer-facing U.S. banks, including JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N) as well as credit card giant American Express (AXP.N), built rainy-day funds in the third-quarter for loans that could potentially sour as consumers start feeling the pinch of the economic slowdown. According to the report, credit card balances continue to grow, with bank card balances reaching a record high of $866 billion in the third quarter, driven primarily by Gen Z and millennial borrowers. Reporting by Manya Saini in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Nov 7 (Reuters) - Shares of Digital World Acquisition Corp, the blank-check company looking to take Donald Trump's social media venture public, rallied on Monday over the former president's possible run for the 2024 presidential election. The rally in DWAC, which was also the top trending ticker on retail investor focused social media forum Stocktwits, helped lift shares of other Trump-linked companies. Trump's social media venture Truth Social announced it would join Rumble's new ad platform as its first publisher in August. Artificial intelligence solutions company Remark Holdings (MARK.O), which has been linked to the former president on social media sites, gained 6%. Reporting by Shreyashi Sanyal, Akash Sriram and Anisha Sircar in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf stocks end higher, Abu Dhabi hits record high
▼ + stars: | 2022-11-07 | by ( Ateeq Shariff | Megan Rowling | ) www.reuters.com time to read: +2 min

Brent crude futures recouped most losses after dropping by more than $1/bbl earlier in the session on China lockdowns worries. read moreSaudi Arabia's benchmark index (.TASI) rose 0.7%, extending gains from the previous session, led by a 3% rise in Riyad Bank (1010.SE). Dubai's main share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.3%. In ABu Dhabi, the index (.FTFADGI) advanced 1.2% to hit a record high, buoyed by a 2.1% jump in the country's biggest lender, First Abu Dhabi Bank (FAB.AD). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.4%, as most of the stocks on the index were in positive territory.

☆ Lidar firms Ouster, Velodyne to merge in all-stock deal
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Lidar makers Ouster Inc (OUST.N) and Velodyne Lidar Inc (VLDR.O) said on Monday they would merge in an all-stock deal, forming a company with a combined market capitalization of about $400 million. Velodyne stockholders will receive 0.8204 shares of Ouster for each share held, representing a 7.8% premium to Velodyne's closing price on Friday. The combination will allow Ouster and Velodyne to consolidate their market position and product portfolios through cost-savings in engineering, manufacturing and administration. Velodyne shares were up 5.6% while Ouster rose about 1% in premarket trading. Existing Velodyne and Ouster shareholders will own about 50% each of the combined company.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ PayPal shares tumble after forecast cut, spending slowdown warning
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - PayPal Holdings (PYPL.O) shares dropped 7% in premarket trading as the payments processor cut its annual revenue forecast, warning of a bleak holiday quarter as consumers cut back on discretionary spends. Decades-high inflation has hit the purchasing power of consumers who also have to contend with the threat of a looming recession. PayPal said lower- and middle-income households had started to cut discretionary spending, as they grapple with higher prices of food, energy and gas. The San Jose, California-based company cut its adjusted revenue growth outlook to 10% from 11% forecast earlier. The company also said holiday-quarter e-commerce spending was likely to grow in low single digits, in line with expectations from several companies including Mastercard (MA.N), which last month forecast downbeat fourth-quarter revenue.

☆ Factbox: Twitter 2.0: Musk warns of bankruptcy, flip-flops on blue check mark in chaotic start
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 18 (Reuters) - Twitter has had a bumpy ride since new owner Elon Musk took charge last month. Twitter has also cut staff by half, while Musk has raised the possibility of the social media platform going bankrupt. read more read more* ROLLS OUT $8 SERVICETwitter on Nov. 5 launches an $8 subscription service that gives the user a verified blue check mark and other features. read more* WARNS OF BANKRUPTCYOn his first mass call with employees, Musk raised the possibility of the social media platform going bankrupt, Bloomberg News reported. read more* RELAUNCH $8 SERVICE ON NOV. 29On Nov. 15, Musk said the sought-after blue check subscription service will be relaunched on Nov. 29, a minor delay from his initial tentative timeline.

☆ Most Gulf markets drop as cenbanks toe hawkish Fed line
▼ + stars: | 2022-11-03 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

read more read moreSaudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Saudi Arabia's benchmark index (<.TASI>) dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank (<1120.SE>) and a 2.1% drop in Riyad Bank (<1010.SE>). Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt (<COMI.CA>).

☆ Facebook-parent Meta's India head Ajit Mohan steps down
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 3 (Reuters) - Facebook-parent Meta Platforms Inc (META.O) said on Thursday that its India head, Ajit Mohan, has stepped down after four years, while a media report said he would join rival Snap Inc (SNAP.N). Manish Chopra, director and head of partnerships at Meta India, will take over on an interim capacity, a company spokesperson told Reuters. Mohan will serve as the President of the Asia-Pacific business, Techcrunch reported, citing sources. "Over the last four years, he (Ajit Mohan) has played an important role in shaping and scaling our India operations," Nicola Mendelsohn, Vice President, Global Business Group at Meta said in a a statement. "We remain deeply committed to India and have a strong leadership team in place to carry on all our work and partnerships," Mendelsohn said.

☆ 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.

☆ Bombardier's loss narrows on strong demand for business jets
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Bombardier Inc (BBDb.TO) on Thursday reported a smaller adjusted loss in the third quarter, as robust demand for private jet travel boosted the aircraft maker's margins. The Montreal-based company said its third-quarter adjusted loss narrowed to $2 million from $95 million a year earlier. Corporate jet makers have been reporting swelling order backlogs on persistent strong demand for flying private, especially in the United States, the world's largest market for business aviation. The company reported third-quarter free cash flow of $52 million, compared with $100 million last year. Bombardier reported an adjusted loss of $0.10 per share.

☆ American Airlines pilots' union rejects pay hike proposal
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - American Airlines pilots' union on Wednesday said its board of directors has rejected a draft agreement that offered a 19% pay hike over two years, as the proposal failed to garner enough votes. The Allied Pilots Association (APA) has been pushing for higher wages and improved schedules among other things, at a time when the air travel industry is facing a staff shortage, impacting the company's ability to meet robust air travel demand. The APA in a tweet on Wednesday said the proposed agreement received 15 votes, with just five in its favour. The company last month offered a 19% pay increase to its pilots over two years in a new contract, after proposing in June to hike the base pay by about 17% through 2024. read moreAmerican Airlines shares were down 1.6% in afternoon trade. Reporting by Shivansh Tiwary in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Nov 2 (Reuters) - CVS Health Corp (CVS.N) on Wednesday forecast a 2023 profit below Wall Street estimates and said it hoped to mitigate the hit from a performance rating decline for its most popular Medicare plan by encouraging members to shift to other plans. read more CVS took a pre-tax charge of $5.2 billion in the third quarter related to the settlement. The settlement price, which was below investor expectations, according to Evercore ISI analyst Elizabeth Anderson, and other measures announced by the company helped lift CVS Health shares nearly 5%. In its insurance business, CVS said it is trying to move members out of Aetna's National PPO plan, which currently accounts for 59% of its Medicare Advantage plan members. CVS' health insurance business as well as peers Elevance Health (ELV.N) and UnitedHealth (UNH.N) have benefited from a slow recovery in elective procedures and a fall in COVID cases that has kept costs in check.

☆ Humana profit beats on slow elective-care rebound
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Humana Inc (HUM.N) beat third-quarter profit estimates on Wednesday, as a sluggish recovery in elective procedures helped the health insurer keep medical costs in check. Humana's guidance to enroll 325,000 to 400,000 Medicare Advantage members next year marks a return to industry rate, one year ahead of schedule, Stephens analyst Scott Fidel said in a note. In September, Humana raised it forecast, citing no COVID-19 "headwind materializing" and lower-than-expected medical cost trends in the company's Medicare Advantage and Medicaid businesses. A lower ratio is better for a health insurer as it indicates a tight rein on costs. Humana said its adjusted profit for the third quarter was $6.88 per share, above estimates of $6.28, according to Refinitiv data.

☆ CVS Health lifts forecast as PBM, insurance units drive profit beat
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - CVS Health Corp (CVS.N) on Wednesday raised its annual profit forecast after topping quarterly estimates on strong performance at its health insurance and pharmacy benefit management businesses, sending its shares up 1% in premarket trade. CVS' health insurance business benefited from a slow recovery in elective procedures and a fall in COVID cases, which kept costs in check, as did peers Elevance Health (ELV.N) and UnitedHealth (UNH.N). Revenue from the insurance and pharmacy benefit management businesses rose around 10% each, while retail and pharmacy sales gained about 7%. Excluding some one-off items, CVS Health reported a profit of $2.09 per share, compared with analysts' average estimate of $1.99 per share. It removes an "overhang" on CVS and is lower than investor expectations, Evercore ISI analyst Elizabeth Anderson said in a note.

☆ Twitter to deny Blue subscribers access to ad-free articles - WSJ
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File PhotoNov 1 (Reuters) - Twitter Inc, which was acquired last week by billionaire Elon Musk, will no longer allow subscribers of its Blue service to access ad-free articles, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter. Twitter Blue was launched in June last year as the platform's first subscription service that offered exclusive access to premium features, including an option to edit tweets. The service allowed subscribers to read articles from some publishers without advertisements. The social media platform also made an edit button available to paid subscribers in the United States last month. Twitter is planning more changes to its Blue subscription plan that costs $4.99 per month, including making user verification a part of the paid service, according to media reports.

☆ Ammunition tech firm TV Ammo to go public in $1.2 billion blank-check deal
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Ammunition technology company TV Ammo Inc will merge with blank-check firm Breeze Holdings Acquisition Corp (BREZ.O) in a deal that values the combined entity at $1.21 billion, the companies said on Tuesday. The transaction is expected to generate cash proceeds of about $76.8 million, assuming there are no redemptions from the trust account of the blank-check or special-purpose acquisition company (SPAC). The De-SPAC Index (.DESPACTR) that tracks a basket of companies that have listed through SPAC mergers is down roughly 65% so far this year. A SPAC is a listed shell company that merges with a private company, taking it public in the process. After the deal closes, expected towards the first quarter of 2023, Breeze Holdings will be renamed "True Velocity Inc".

☆ EV battery production faces supply chain, geopolitical headwinds - report
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - A fragile supply chain marred by geopolitical tensions could hit the planned expansion of electric vehicle (EV) battery production, slowing EV adoption, S&P Global Mobility warned in a report on Monday. S&P Global Mobility also said soaring prices of critical battery metals threaten the profit margins of suppliers and automakers, with issues around the production of these metals boosting prices for components and vehicles. "Elements such as lithium, nickel, and cobalt do not just magically appear and transform into EV batteries and other components," said Graham Evans, director of auto supply Chain & technology at S&P Global Mobility. "Achieving its volume goals will require a steep growth curve for a burgeoning industry," the report said. EV leader Tesla Inc (TSLA.O) will need about 139,000 metric tons of nickel in 2030, the most required by any vehicle brand.

☆ TSX hits fresh one-month high as Shopify shines, energy stocks rise
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Canada's main stock index on Thursday hit a fresh one-month high as e-commerce firm Shopify surged after strong results, while higher crude lifted energy stocks. read moreThe broader technology index (.SPTTTK) rose 4.6% to lead sectoral gains. Energy stocks (.SPTTEN) gained 1% as oil prices rose on optimism over record U.S. crude exports and waning recession fears. read moreGlobal stocks rose on Wednesday after the Bank of Canada announced a smaller-than-expected rate hike and said it was getting closer to the end of its historic tightening campaign. Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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