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☆ India's Infosys signs $1.5 bln contract to leverage AI solutions
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore, February 28, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India's second-largest software services exporter Infosys (INFY.NS) said it signed a $1.5 billion contract for a 15-year period with a "global company". Under the deal, Infosys will provide enhanced digital experiences and business operation services, leveraging the company's platforms and artificial intelligence (AI) solutions, it said on Thursday. Infosys did not name the company nor mention whether it is an existing client. In July, Infosys signed a $2 billion deal with an existing client to provide AI and automation services for five years.

Persons: Vivek Prakash, Manvi, Janane Organizations: Infosys, Electronics City IT, REUTERS, Rights, Nvidia, Reliance Industries, Tata group's Tata Consultancy Services, Thomson Locations: Bangalore, U.S, Manvi Pant, Bengaluru

☆ SoftBank-backed Arm's long march to $54.5 bln US listing
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

The Arm Ltd logo and a U.S. flag are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 14 (Reuters) - Arm Holdings (ARM.O) secured a $54.5 billion valuation in its U.S. initial public offering (IPO) on Wednesday, seven years after its owner SoftBank Group (9984.T) took the chip designer private for $32 billion. The Japanese investment giant sold 95.5 million American Depositary shares of Arm at $51 apiece to raise $4.87 billion in the listing. Last month, SoftBank signed a deal to buy the 25% stake it did not already own in Arm from its $100 billion Vision Fund, enabling it to sell fewer Arm shares in the IPO. Below is a timeline of key events:Reporting by Manya Saini in Bengaluru; Editing by Janane Venkatraman and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, SoftBank, Manya Saini, Janane Venkatraman, Maju Samuel Organizations: REUTERS, Arm Holdings, SoftBank, Vision, Thomson Locations: U.S, Bengaluru

☆ India's Nifty 50, Sensex hit record highs on rising hopes of a Fed rate pause
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 14 (Reuters) - India's blue-chips Nifty 50 and Sensex opened higher and hit fresh all-time highs on Thursday, as sentiment improved after U.S. inflation data cemented the likelihood of a pause in the rate hike cycle by the Federal Reserve. The Nifty 50 (.NSEI) was up 0.29% to a new all-time high of 20,127.95 by 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) gained 0.24% to 67,627.03. The Nifty had scaled new peaks on Monday and Tuesday, while the Sensex hit a record high for the first time since July 20. ($1 = 82.9000 Indian rupees)Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Sensex, Bharath Rajeswaran, Archishma Iyer, Janane Organizations: Bombay Stock Exchange, REUTERS, Rights, Federal Reserve, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Music investor Hipgnosis to sell catalogues to bolster shares
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Shakira performs during the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. The sale includes a portfolio of 29 music catalogues and a collection of non-core songs to a partnership between its investment adviser and funds advised by U.S. private equity group Blackstone (BX.N), Hipgnosis said on Thursday. Founder Merck Mercuriadis is the CEO and founder of the investment adviser, Hipgnosis Song Management (HSM), and holds a minority interest in the buyer, Hipgnosis Songs Capital. Hipgnosis Songs Fund will retain ownership of seven of its ten largest catalogues, it added. Last week, Alchemy Copyrights agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million.

Persons: Shakira, Brendan Mcdermid, Nelly, Hipgnosis, Peppers, Neil Young, Blondie, Merck Mercuriadis, HSM, Aby Jose Koilparambil, Janane Venkatraman, Elaine Hardcastle Organizations: Prudential Center, REUTERS, U.S, Blackstone, Blackstone Inc, FTSE, Royalty, Thomson Locations: Newark , New Jersey, U.S, Bengaluru

☆ Aussie lender NAB to cut 222 back-office jobs, says trade union
▼ + stars: | 2023-09-07 | by ( Poonam Behura | ) www.reuters.com time to read: +1 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz Acquire Licensing RightsSept 6 (Reuters) - National Australia Bank (NAB.AX) is planning to cut 222 back-office jobs, the Finance Sector Union (FSU) said in an emailed response to Reuters. FSU, a white-collar trade union, said NAB’s restructuring will impact its departments such as Personal Direct Lending, Technology and Operations, Corporate Finance and Client Coverage. "This means certain roles may no longer be required or need to be moved to support other teams." NAB reported a 5% jump in third-quarter cash earnings in August, including a decline in its margins due to higher home lending competition and deposit costs.

Persons: Daniel Munoz, Julia Angrisano, Poonam, Shilpi Majumdar, Devika Organizations: National, REUTERS, National Australia Bank, Finance Sector Union, FSU, Reuters, Technology, Corporate Finance, NAB, Australian, Commonwealth Bank of Australia, Westpac Banking Corp, Thomson Locations: Sydney, Australia, Bengaluru

☆ Nestle buys majority stake in Brazilian premium chocolate maker
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Sept 7 (Reuters) - Nestle (NESN.S) is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday. Grupo CRM operates a direct-to-consumer model, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a strong, growing online presence, Nestle said. The executive has been with the company for 25 years and has built up and significantly expanded Grupo CRM, which currently only operates in Brazil. In June, Brazilian competition regulator Cade approved Nestle's acquisition of Chocolates Garoto more than 20 years after it was first announced. Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5% of the Brazilian chocolate market for five years.

Persons: Arnd, Nestle, Valor Economico, Renata Moraes Vichi, Laurent Freixe, Cade, John Revill, Friederike Heine, Janane Organizations: Nestle, REUTERS, Rights, Grupo CRM, Brasil, Advent International, Valor, Grupo, Thomson Locations: Konolfingen, Switzerland, Swiss, Brazil

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

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

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

The Nifty 50 (.NSEI) index was up 0.4% at 19,333.85 at 11:47 a.m. IST, while the S&P BSE Sensex (.BSESN) increased 0.33% to 65,043. Foreign inflows moderated to a four-month low of 122.52 billion rupees ($1.48 billion) in August. Hindalco (HALC.NS), Tata Steel (TISC.NS) and JSW Steel (JSTL.NS) were among the top Nifty 50 gainers. The Nifty 50 and Sensex have risen marginally this week so far, including today's gains. Among individual stocks, ITD Cementation (ITCM.NS) surged 11.5% on winning a contract worth 32.90 billion rupees ($397.9 million).

Persons: Francis Mascarenhas, Ghanshyam, ITD, Bharath Rajeswaran, Manvi, Eileen Soreng, Janane Venkatraman, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, SAMCO Mutual Fund, Tata Steel, JSW, Investors, Federal Reserve, Thomson Locations: Mumbai, India, China, Manvi Pant, Bengaluru

☆ UK's FCA temporarily suspends Superdry's shares on request
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsCompanies Superdry PLC FollowAug 30 (Reuters) - Britain's Financial Conduct Authority (FCA) has temporarily suspended the listing of Superdry Plc's (SDRY.L) ordinary shares of 5 pence each on request, the fashion retailer said on Wednesday. "The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company," Superdry said in a statement. The company added it expects to request the listing's restoration on the release of its annual results before the end of the week. Earlier this month, it secured additional funding of up to 25 million pounds ($31.58 million) from restructuring specialist Hilco Capital.

Persons: Toby Melville, Superdry, Eva Mathews, Janane Organizations: FCA, Financial, Authority, REUTERS, RSM, LLP, Hilco, Thomson Locations: London, Britain, Bengaluru

☆ Bankrupt crypto exchange FTX picks Galaxy to manage its digital assets
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 24 (Reuters) - Bankrupt crypto exchange FTX has hired U.S. crypto firm Galaxy as an advisor to help hedge and sell its crypto holdings, according to court filings made late on Wednesday. Hedging of bitcoin and ether will provide a means to lessen FTX's exposure to adverse price movements before their sale, the filing said. Galaxy, owned by billionaire investor Mike Novogratz, will also help "stake" FTX's crypto, a process where crypto is lent to validate blockchain transactions, earning interest in the process. FTX filed for bankruptcy in November 2022 in the wake of claims that the company misused and lost billions of dollars worth of customers' crypto deposits.

Persons: Dado Ruvic, FTX, Mike Novogratz, Brian Glueckstein, Shivani Tanna, Janane Organizations: REUTERS, Galaxy, Asset Management, Thomson Locations: Wilmington , Delaware, Bengaluru

The rupee closed at 82.9350 per U.S. dollar, 0.2% stronger than its close of 83.1075 on Monday. "Inflows for initial public offerings and presence of the central bank around 83.10 levels ensured some strength in the rupee after nearly two weeks of fall," said Anil Bhansali, head treasury at Finrex Treasury Advisors. The easing of the dollar index also aided in helping the rupee strengthen past the 83 mark, a trader with a private bank said. "A large foreign bank was mainly on the selling side," the private bank trader added. India's central bank ensured the rupee did not depreciate significantly despite immense dollar-buying pressure from oil companies, Bhansali said.

Persons: Francis Mascarenhas, Anil Bhansali, Vishnu Prakash R, Jerome Powell's, Jackson, Bhansali, Swati Bhat, Janane Organizations: REUTERS, Rights, Treasury, Companies, Aeroflex Industries, Vishnu, U.S, Traders, Jackson, Thomson Locations: Mumbai, India

☆ India's imports from China across at least 25 major commodity groups rise on year
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 9 (Reuters) - India's imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's concerted efforts to reduce its trade deficit with China since border tensions flared in 2020. Imports of electronics instruments from China grew 14% year-on-year in fiscal 2023, while imports of organic chemicals imports and iron and steel products rose 9% and 12.3%, respectively, as per the statement. Imports of all listed commodity groups were higher than shipments in fiscal 2021. India's trade gap with China widened 13.5% in fiscal 2023 year-on-year, as India's strong domestic demand continued to support Chinese imports while COVID lockdowns in China crimped imports from India.

Persons: Shivangi Acharya, Janane Organizations: Thomson Locations: DELHI, China, India

☆ Crypto exchange HashKey bags licence update to serve retail users
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 3 (Reuters) - Cryptocurrency exchange HashKey on Thursday said it will begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange in the city to do so. HashKey said it received a licence update from the Hong Kong Securities and Futures Commission, allowing the exchange to expand its business scope from serving professional investors to retail users. The Hong Kong-based exchange received a licence to operate in the city last November, making it one of two licensed crypto exchanges in Hong Kong besides rival exchange OSL. In June, banking regulator Hong Kong Monetary Authority (HKMA) said that it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, HashKey, Rishabh, Janane Organizations: REUTERS, Hong Kong Securities, Futures Commission, Hong Kong Monetary Authority, Thomson Locations: Hong Kong, China, Bengaluru

GSK reckons the spin-off has allowed the company to sharpen its focus on vaccines and infectious diseases and with $7 billion generated by the Haleon spin-off, it can fund deals to bolster a lacklustre drug pipeline. The company also reported an adjusted profit of 38.8 pence per share for the quarter, on sales of about 7.18 billion pounds ($9.26 billion). Analysts were expecting a profit of 34.7 pence per share on sales of about 6.77 billion pounds, according to company-compiled consensus estimates. Sales of Shingrix, the company's top-selling drug, generated 880 million pounds, beating analyst estimates of 872 million pounds. Sales of HIV treatments generated 1.58 billion in the quarter, ahead of the company-compiled consensus of about 1.5 billion pounds in the quarter.

Persons: Zantac, Emma Walmsley, Walmsley, Markus Manns, Dani Saurymper, Maggie Fick, Radhika Anilkumar, Janane Venkatraman, Savio D'Souza, Josephine Mason Organizations: GSK, British, Analysts, U.S, Union Investment, Pacific Asset Management, Thomson Locations: London, Bengaluru

☆ India's Samvardhana Motherson buys Germany's Dr. Schneider for $132 mln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 24 (Reuters) - Indian auto parts maker Samvardhana Motherson International (SMIL) (SAMD.NS) said on Monday it made a second acquisition this month, buying Germany's Dr. Schneider Group for 118.3 million euros ($131.6 million). Dr. Schneider Group, a unit of Dr. Schneider Holding, manufactures interior components for vehicles such as panels and lighting. The German company had filed for insolvency in September 2022 due to "a failed operational and financial restructuring", Samvardhana Motherson said in a statement, referring to the acquisition, which was done through an insolvency process. Dr. Schneider Group employs 4,500 people in seven facilities across Germany, Spain, Poland, the U.S., and China, SMIL said. The acquisition adds to SMIL's repertoire of big-ticket purchases to increase its presence in the auto parts manufacturing sector.

Persons: Samvardhana, Dr, Schneider, Samvardhana Motherson, SMIL, Vivek Chaand Sehgal, Varun, Dhanya Ann Thoppil Organizations: Schneider, Schneider Group, Honda Motor, Yachiyo, Sethuraman, Varun Vyas, Thomson Locations: BENGALURU, Germany, Spain, Poland, U.S, China, Japan, Bengaluru

☆ Royal Mail's owner picks international parcels boss as group CEO
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Royal Mail's parent group International Distributions Services (IDS) (IDSI.L) appointed Martin Seidenberg, CEO of the group's international parcels network, as its new group CEO on Thursday. Seidenberg will be tasked with mending relationships with labour union CWU and driving the group and the loss-making UK business back to profitability. He will be appointing CEOs for the two units - its UK business Royal Mail and GLS - in due course, the company said. Seidenberg said Royal Mail has "plenty of opportunity ahead" given its brand and scale. Simon Thompson, the current CEO of Royal Mail announced his resignation earlier this year after months of labour strife.

Persons: Martin Seidenberg, Seidenberg, Simon Thompson, GLS, Yadarisa, Dhanya Ann Thoppil, Janane Venkatraman, Sonali Paul Organizations: International, Services, GLS, IDS, Royal Mail, Deutsche Post DHL, Royal, Thomson Locations: Bengaluru

☆ Belgium's Proximus to buy 58% stake in India's Route Mobile for $721 mln
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

Proximus Opal, a unit of Belgian telecom service provider Proximus Group, has clients such as Salesforce and Bytedance, while Route Mobile's clients include Amazon and Indian telecom service provider Airtel. However, Clear Bridge Ventures, an affiliate of some Route Mobile promoters, will buy a minority stake of up to 14.5% in Proximus Opal for about 299.6 million euros (nearly $337 million). Proximus Opal will also have to make an offer to buy an additional stake of up to 26% in Route Mobile at the same price from retail shareholders, according to Indian regulations. "The partnership ... paves the way for Route Mobile to achieve a billion-dollar annual revenue run-rate much sooner than the anticipated 3-4 year time frame," said Rajdip Gupta, Route Mobile's CEO, who will also lead the combined company. ($1 = 82.1570 Indian rupees) ($1 = 0.8910 euros)Reporting by Rama Venkat and Sethuraman NR in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Opal, Rajdip Gupta, Morgan Stanley, Rama Venkat, Sethuraman, Dhanya Ann Thoppil Organizations: Route Mobile, Proximus, Airtel, Mobile, Route, Clear, Ventures, Thomson Locations: BENGALURU, Belgian, India, Bengaluru

☆ Indian shares hit fresh record highs as earnings season kicks off
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 17 (Reuters) - Indian shares opened higher to hit fresh all-time highs, aided by broad sectoral gains as earnings began trickling in, shrugging off weakness in Asian markets on lacklustre economic data from China. The Nifty 50 (.NSEI) index rose as much as 0.24% to 19,612.15, while the S&P BSE Sensex (.BSESN) gained 0.19% to 66,189.50, as of 9:19 a.m. IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: BSE, Thomson Locations: BENGALURU, China, Bengaluru

The pan-European STOXX 600 index (.STOXX) ended 0.6% higher, extending gains to the fifth straight day, its longest winning streak in nearly three months. Rate-sensitive technology stocks (.SX8P) were the top gainers on STOXX 600, jumping 1.7%, with IT provider Softcat (SCTS.L) advancing 5.3% after Citi raised it to "buy". Also supporting STOXX 600 were miners (.SXPP) rising 1.7%, as commodity prices won support from a weaker dollar. [MET/l]A faster-than-expected slowdown in U.S. inflation reinforced bets that the Fed could end its rate hikes soon after July. Shares of Swatch (UHR.S) rose 6.9% after the watchmaker reported record growth in the first half of the year.

Persons: Barratt, Pierre Veyret, Chris Zaccarelli, Matteo Allievi, Shreyashi Sanyal, Sherry Jacob, Phillips, Janane Venkatraman, William Maclean Organizations: Federal, Citi, ActivTrades, Independent, Alliance, Swatch, Thomson Locations: Tech, U.S, Gdansk, Amruta, Bangalore

July 12 (Reuters) - Domino's Pizza (DPZ.N) shares surged 10% on Wednesday after the chain said customers can start using Uber's (UBER.N) Uber Eats and Postmates apps for orders, as it tries to jolt its sluggish delivery business. Domino's said Uber Eats will be its exclusive third-party platform in the U.S. until at least 2024, as per its "global agreement" with the ride-share company. Domino's had been a holdout in working with third-party delivery companies, preferring instead its own app, website and drivers. But being listed on Uber Eats and Postmates means it will now be easier for Domino's to reach new customers used to ordering there. At the same time, Domino's will continue using its own uniformed drivers for deliveries, allowing it to maintain control of its brand, image and food quality.

Persons: Domino's, Uber, Jim Sanderson, Peter Saleh, Angelo Zino, Granth Vanaik, Hilary Russ, Janane Venkatraman, Pooja Desai, Sharon Singleton Organizations: Domino's, CFRA Research, Thomson Locations: U.S, Uber's U.S, United Kingdom, Canada, Australia, Bengaluru, New York

The STOXX 600 (.STOXX) rose 0.1% by 1615 GMT, turning positive midway through the session after data showed the U.S. economy added the fewest jobs in 2-1/2 years in June. However, persistently strong U.S. wage growth pointed to still tight labour market conditions that cemented bets the Fed will resume raising interest rates, later this month. Traders stuck to bets the Fed will raise its benchmark interest rate this month to a 5.25%-5.5% range, but were sceptical of further hikes beyond that. The STOXX 600 fell 3.1% for the week, its worst performance since mid-March. Comments from European Central Bank President Christine Lagarde will be monitored later in the day.

Persons: Candice Tse, Christine Lagarde, Matteo Allievi, Shubham Batra, Shreyashi Sanyal, Ankika Biswas, Janane Venkatraman, Shinjini Ganguli, Barbara Lewis Organizations: Federal, Traders, Goldman Sachs Asset Management, Reuters, Coca Cola HBC AG, European Central Bank, Thomson Locations: U.S, China, Gdansk, Bangalore

☆ European shares inch lower ahead of US jobs report
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

July 7 (Reuters) - European shares edged lower on Friday, following sharp losses in the previous session, after U.S. data that showed a still strong labor market, while investors await a key U.S. jobs report due later in the day for more clues on interest rate outlook. The pan-European STOXX 600 index (.STOXX) fell 0.4% by 0710 GMT, set for its worst week since mid-March, led by declines in utilities shares (.SX6P), which slid 1.2%. European equities took a hit on Thursday after private payrolls in the United States surged far more than expected in June, suggesting the labor market remained solid despite growing risks of a recession. Investors will be hawkeyed on the American non-farm payrolls report, due at 8:30 a.m. The report is expected to show a drop in number of jobs created in the U.S. in June compared to a month earlier.

Persons: Matteo Allievi, Shubham Batra, Janane Organizations: Shell, Thomson Locations: U.S, United States, Gdansk, Bangalore

☆ India central bank looking to enhance fintech regulations, deputy governor Rabi Sankar says
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, July 7 (Reuters) - The Reserve Bank of India (RBI) is working on regulations that will be more "developmental" for financial technology, or fintech, companies, a deputy governor of the central bank said on Friday. "We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," T Rabi Sankar said at an event in Bengaluru. The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud. The RBI is talking to fintech companies and any regulations in that regard will only be after "close consultation" with the industry, he added, without providing a timeline for the same. Fintechs need to devote their attention to governance, compliance, business conduct, and adopting risk mitigation practices for long-term business stability, Sankar said, adding that any innovation should be "responsible and beneficial."

Persons: T Rabi Sankar, Sankar, Siddhi Nayak, Janane Organizations: Reserve Bank of India, Siddhi, Thomson Locations: MUMBAI, Bengaluru

☆ India's TCS to upskill 25,000 engineers on Microsoft's Azure Open AI
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, July 6 (Reuters) - Indian information technology (IT) company Tata Consultancy Services (TCS.NS) on Thursday said it plans to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. The company also launched its new Generative AI Enterprise adoption offering for clients, making a bet on the rapidly growing artificial intelligence space. Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Navamya Ganesh, Janane Organizations: Tata Consultancy Services, Thomson Locations: BENGALURU, Bengaluru

The pan-European STOXX 600 index (.STOXX) dipped 0.2%, reversing gains of some 0.4%, to kick off the first day of the second half of the year on the back foot. The broader healthcare index (.SXDP) fell 2.0%, leading falls among sectors. The moves helped Italy's financials-heavy benchmark FTSE MIB (.FTMIB) climb 0.8%, a bright spot among other bourses in the region. The broader STOXX 600 had gained 8.7% in the first half of the year, largely due to strong gains early into 2023. "A muted atmosphere prevails across stock markets this afternoon," said Chris Beauchamp, chief market analyst at online trading platform IG.

Persons: Assicurazioni, Delfin, Italy's, Chris Beauchamp, Amruta Khandekar, Shreyashi Sanyal, Matteo Allievi, Nivedita Bhattacharjee, Janane Venkatraman, Conor Humphries Organizations: Miners, AstraZeneca, Generali, British, MIB, European Central Bank, Thomson Locations: China, Bengaluru, Gdansk

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