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☆ EU watchdogs muck up Amazon’s messy iRobot cleanup
▼ + stars: | 2023-11-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

The concerns speak to ongoing worries over Amazon’s market clout – but if the deal collapses, it’s iRobot shareholders who will suffer more downward suction. The Commission, which is reviewing the deal alongside British and American merger cops, on Monday published its objections. If Amazon is thwarted, investors expect iRobot shares to fall to between $5 and $15. CONTEXT NEWSThe European Commission on Nov. 27 issued a statement of objections regarding Amazon.com’s proposed $1.4 billion acquisition of robot vacuum maker iRobot. iRobot shares fell more than 18% to close at $34.35 on Nov. 27.

Persons: Andrew Kelly, it’s, Carlyle, Amazon.com’s, Peter Thal Larsen, Aditya Sriwatsav Organizations: REUTERS, Reuters, iRobot, European Commission, British, EU, Amazon, Investors, Commission, Thomson Locations: Staten Island , New York City, U.S, American, Europe, United States, Seattle, iRobot

☆ 3M, DuPont defeat massive class action over forever chemicals
▼ + stars: | 2023-11-27 | by ( Clark Mindock | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 27 (Reuters) - A U.S. appeals court on Monday handed 3M (MMM.N), Corteva Inc (CTVA.N) subsidiary E.I. Circuit Court of Appeals vacated a lower court's approval of the massive class action, which included virtually every resident of Ohio and put considerable legal pressure on the chemical manufacturers to settle the plaintiffs' claims. The appeals court instructed the lower court to dismiss Hardwick's lawsuit, which had aimed to force the companies to pay for studies analyzing the health impacts of PFAS. The lawsuit also sought to establish a fund to monitor Ohio residents for health impacts from PFAS exposure. The chemicals are often referred to as forever chemicals because they do not easily break down in nature or in the human body.

Persons: Andrew Kelly, du Pont, du Pont de Nemours, Kevin Hardwick, Clark Mindock, Alexia Garamfalvi Organizations: DuPont de Nemours , Inc, New York Stock Exchange, REUTERS, Corteva Inc, du Pont de, du Pont de Nemours and, Circuit, DuPont, Thomson Locations: Manhattan , New York City, U.S, Ohio, Cincinnati , Ohio, Lincoln

☆ Volkswagen to reduce headcount at 'no longer competitive' VW brand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand," Schaefer told a staff meeting at the carmaker's headquarters in Wolfsburg, according to a post on the company's intranet site and seen by Reuters. The company had previously said it planned to take advantage of the "demographic curve" to reduce its workforce, having pledged that it would not carry out dismissals until 2029. In Monday's meeting, human resources board member Gunnar Kilian said this would be achieved through agreements on partial or early retirement. ($1 = 0.9168 euros)Reporting by Victoria Waldersee Writing by Matthias Williams Editing by Miranda Murray and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schaefer, Schaefer, Gunnar Kilian, Kilian, Victoria Waldersee, Matthias Williams, Miranda Murray, David Goodman Organizations: New York, REUTERS, BERLIN, VW, Volkswagen, Reuters, Victoria, Thomson Locations: Manhattan , New York City, U.S, Wolfsburg

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 27 (Reuters) - The U.S. health regulator on Monday approved SpringWorks Therapeutics' (SWTX.O) drug for treating adult patients with desmoid tumors, making it the first approved treatment for this type of non-cancerous soft-tissue growth. The brokerage estimates U.S. sales of $3 million in 2023 and $79 million in 2024 and peak sales of $544 million in 2032. Desmoid tumors are rare, abnormal non-cancerous growths that occur in connective tissues and are associated with a high rate of recurrence. An estimated 1,650 people in the U.S. are diagnosed with desmoid tumors each year, according to data from the National Institutes of Health.

Persons: Andrew Kelly, Saqib Islam, Ogsiveo, Cowen, Yaron, Islam, Pratik Jain, Christy Santhosh, Shilpi Majumdar, Shailesh Organizations: Food and Drug Administration, FDA, REUTERS, Therapeutics, Food, National Institutes of Health, Thomson Locations: White Oak , Maryland, U.S, United States, Bengaluru

☆ Wall St regulator adopts Dodd Frank rule against trader conflicts
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. The rule is among the last to be adopted under 2010's Dodd Frank Wall Street reform legislation and faced a winding road to completion. Parties covered by the rule include underwriters, placement agents and sponsors for asset-backed securities. The SEC says it will require compliance with the rule for asset-backed securities with closing dates falling 18 months after the rule appears in the Federal Register.

Persons: Andrew Kelly, Dodd Frank, Dodd Frank Wall, Gary Gensler, Hester Peirce, Goldman Sachs, Douglas Gillison, David Gregorio, Marguerita Choy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, SEC, Republican, Senate, Federal Register, Thomson Locations: Washington ,

REUTERS/Andrew Kelly Acquire Licensing RightsSummary poll dataBENGALURU, Nov 22 (Reuters) - Most key global stock indexes are forecast to rise modestly over the coming year, closing 2024 below record highs, while a slim majority of stock market experts polled by Reuters expected their markets to touch new peaks within the next six months. However, only a handful of the 15 top stock indexes were predicted to trade at record peaks by end-2024, based on a wider Nov. 9-22 poll of more than 120 stock market experts. LOWER BOND YIELDSFor now, markets are pricing in a series of 2024 rate cuts, which is sending bond yields lower and stock prices higher. "Falling bond yields are being interpreted by equity markets as a positive in the near-term," said Marko Kolanovic, chief global markets strategist at J.P. Morgan. Canada's main stock index was expected to rise less than previously thought over the coming year as a slowdown in the global economy weighs on the outlook for corporate earnings.

Persons: Andrew Kelly, Ajay Rajadhyaksha, Marko Kolanovic, Morgan, Hari Kishan, Indradip Ghosh, Ross Finley, Alex Richardson Organizations: New York Stock Exchange, REUTERS, Reuters, Traders, U.S . Federal, Barclays, Nikkei, Thomson Locations: New York City, U.S, BENGALURU, Monday's, Bengaluru, Buenos Aires, London, Mexico City, Milan, New York, San Francisco, Sao Paulo, Tokyo, Toronto

☆ US weekly jobless claims fall; business spending on equipment softening
▼ + stars: | 2023-11-22 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Continuing claims fell 22,000 to 1.840 million during the week ending Nov. 11, the claims report showed. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department's Census Bureau said. Business spending on equipment spending contracted in the third quarter.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Lucia Mutikani, Paul Simao Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Fed, Bank of America Institute, Commerce Department, Commerce, Data, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, California, Kentucky , Oregon , Kentucky, Illinois, Texas, Commerce Department's

☆ Volkswagen becomes the latest automaker to hike wages for U.S. factory workers
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 22 (Reuters) - Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers. Japanese automakers Honda Motor (7267.T) and Toyota (7203.T) have raised wages for non-union U.S. factory workers in recent weeks amid signs that the union is turning its attention to organizing the workforce at foreign-owned and Tesla auto plants. Hyundai Motor (005380.KS) has also announced a 25% increase over the next four years for non-union production workers in Alabama and Georgia. UAW President Shawn Fain told Reuters last week that the union was getting expressions of interest in organizing from many Tesla (TSLA.O) workers.

Persons: Andrew Kelly, Shawn Fain, Elon, Mehr Bedi, Tasim Zahid Organizations: New York, REUTERS, United Auto Workers, Detroit Three automakers, UAW, Honda, Toyota, U.S, Hyundai, Reuters, Thomson Locations: Manhattan , New York City, U.S, Tennessee, Chattanooga, Alabama, Georgia, Bengaluru

☆ Global smartphone market sees growth after over 2 years in October - Counterpoint
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

A smartphone is seen on a selfie stick in Manhattan, in New York City, New York U.S., February 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 21 (Reuters) - The global smartphone market returned to growth in October after more than two years of slump, helped by a recovery in the emerging markets, according to data from Counterpoint Research. The data showed that global monthly smartphone sell-through volumes grew 5%, making October the first month to record year-on-year growth since June 2021, breaking the streak of 27 consecutive months of negative year-on-year growth. The global smartphone sales have been under stress for last two years affected by various issues starting with component shortages, inventory build-up and lengthening of replacement cycles, Counterpoint said in its report. "Following strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, setting the market on the path to gradual recovery in the coming quarters," the market research firm said.

Persons: Andrew Kelly, Baranjot Kaur, Rashmi Organizations: New York City , New York U.S, REUTERS, Counterpoint Research, Thomson Locations: Manhattan, New York City , New York, East, Africa, China, India, Bengaluru

Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Citigroup declined to comment on all the personnel moves, and none of the leaders named responded to requests for comment. The full reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. Preparations for Monday's announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Final announcements related to the overhaul will be made early next year, Fraser said in a memo to employees.

Persons: Jane Fraser, Eduardo Martinez Campos, Andy Sieg, Andrew Kelly, Valentin Valderrabano, Patricia Dorosz, Nacho Gutiérrez, Carmen Haddad, Fahad Aldeweesh, Haddad, Jose Miguel Salvador Nasur, Peter Babej, Ernesto Torres Cantú, Brad Wayman, Chris McCullough, Wayman, Patrick Gallagher, Lucy Baldwin, Sandeep Arora, Fraser, Mark Mason, Tatiana Bautzer, Lananh Nguyen, Andres Gonzalez, Saeed Azhar, Bayliss, Echo Wang, Isla Binnie, Nick Zieminski, Stephen Coates, Marguerita Choy Organizations: Citigroup, Citi, Citi Wealth Services, Citibank, New York Stock Exchange, REUTERS, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, Europe, Saudi Arabia, Chile, New York, London, Svea

☆ Volkswagen begins operating first wholly owned battery pack plant in China - local govt
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsBEIJING, Nov 21 (Reuters) - Volkswagen (VOWG_p.DE) has begun operating its first wholly owned battery pack production plant in China in eastern Anhui province's capital Hefei city, the local Hefei government said on Tuesday. Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the government said. Total investment in the battery pack plant amounts to 1.5 billion yuan ($208.01 million), it added. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Beijing Newsroom; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Muralikumar Organizations: New York, REUTERS, Rights, Volkswagen, Beijing, Thomson Locations: Manhattan , New York City, U.S, Rights BEIJING, China, Anhui, Hefei, Volkswagen Anhui

☆ U.S. probes Hyundai, Kia recall into 6.4 million vehicles over fire risks
▼ + stars: | 2023-11-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - U.S. auto safety regulators said Monday they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires. The automakers said internal brake fluid leaks can cause an electrical short that could lead to a fire. Kia said the Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks. Hyundai said the Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short. The September recall covered 1.73 million Kia Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento and Rondo vehicles from various model years for each vehicle from 2010 through 2017.

Persons: Andrew Kelly, Kia, Kia Borrego, Forte, Sportage, David Shepardson, Bernadette Baum, Louise Heavens Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Kia, Korean, Control, Traffic Safety Administration, Tucson Fuel Cell, Santa Fe Sport, Thomson Locations: Manhattan , New York City, U.S, KS, United States, Santa Fe, Veracruz, Tucson

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. The job cuts could affect thousands of staff, according to a source familiar with the situation who was not authorized to speak publicly. Executives are also likely to announce senior management changes by email, the source said. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Isla Binnie, Tatiana Bautzer, Svea Herbst, Bayliss, Echo Wang, Lananh Nguyen, Lisa Shumaker Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Citi, Reuters, Svea, Thomson Locations: Manhattan , New York City, U.S, New York

☆ Goldman Sachs Japan chief to retire at year end - internal memo
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsTOKYO, Nov 20 (Reuters) - Goldman Sachs' Japan president Masanori Mochida has decided to retire at the end of the year after more than 38 years at the investment bank, according to an internal memo seen by Reuters. The internal memo dated Sunday from Goldman (GS.N) CEO David Solomon said Mochida will become a senior director, without mentioning who would succeed his role as president. He became co-branch manager of Goldman Sachs Japan in 1999. "Masa has served as an invaluable advisor to our most important clients across Japan and beyond on countless transactions, helping them advance their strategic objectives with Goldman Sachs at their side," the memo said.

Persons: Goldman Sachs, Andrew Kelly, Masanori Mochida, David Solomon, Mochida, Masa, Makiko Yamazaki, Stephen Coates Organizations: REUTERS, Rights, Japan, Reuters, Goldman, ichi Kangyo Bank, Mizuho Bank, Goldman Sachs Japan, Nippon Telegraph, Telephone, Financial Times, U.S, Thomson Locations: Manhattan , New York, U.S, Japan's, Japan, Tokyo

☆ US FDA to delay decision on Bristol Myers-2seventy bio cancer therapy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The U.S. Food and Drug Administration (FDA) has not yet confirmed when the advisory panel would meet, they added. Shares of Bristol Myers Squibb fell more than 2% and those of 2seventy bio slid nearly 20% in early morning trade. The therapy was originally co-developed by bluebird bio (BLUE.O) but following its spin-off in 2021 became part of 2seventy's portfolio. Bristol Myers and 2seventy bio, however, have faced manufacturing constraints, and a month-long planned maintenance shutdown of one of Abecma's manufacturing facility in June had also negatively impacted sales.

Persons: Andrew Kelly, 2seventy bio's, Bristol Myers, Johnson, Biotech's, Khushi, Sriraj Kalluvila Organizations: Food and Drug Administration, FDA, REUTERS, Bristol Myers Squibb, U.S . Food, Drug Administration, Bristol, Johnson, Thomson Locations: White Oak , Maryland, U.S, Bengaluru

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Citigroup (C.N) employees expect announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation. Employees are awaiting more details about the scale of layoffs at the bank, which employs 240,000 people worldwide. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. The third-largest U.S. lender will also eliminate co-heads of divisions and regional roles, cut 50% of internal financial management reporting and centralize decision making, it said in October. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Bayliss, Tatiana Bautzer, Lananh Nguyen, Echo Wang, Isla Binnie, Chizu Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Financial Times, Citi, U.S, Reuters, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, New York

☆ Hyundai, Kia see strong demand for EVs, despite rivals' concerns
▼ + stars: | 2023-11-17 | by ( Abhirup Roy | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLOS ANGELES, Nov 17 (Reuters) - Hyundai Motor (005380.KS) and Kia (000270.KS) see strong U.S. demand for electric vehicles (EVs), senior executives at the South Korean automakers told Reuters ahead of the Los Angeles Auto Show. The comments run against industry fears that inflation and higher interest rates will undermine the boom in EV sales. Inflation and high interest rates have raised the costs of buying a car. The cuts helped drive EV sales in the third quarter up 50% from a year earlier to a record of more than 300,000 vehicles. Reporting by Abhirup Roy in Los Angeles; Editing by Peter Henderson and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Jose Munoz, Hyundai's, Munoz, Steven Center, we'll, Elon Musk, Spencer Imel, Langston, Subaru's, Atsushi Osaki, Abhirup Roy, Peter Henderson, Matthew Lewis Organizations: Hyundai Kona, New York, REUTERS, Hyundai, Kia, South Korean, Los Angeles Auto, Tesla, Ford Motor, EV, Kia America, Cox Automotive, General Motors, Ford, Langston Co, Reuters, Thomson Locations: Manhattan , New York City, U.S, KS, Los Angeles, Savannah ( Georgia, United States, Swedish

An electric vehicle charge station by ChargePoint, Inc. is seen in Manhattan, New York, U.S., December 8, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - ChargePoint Holdings' (CHPT.N) stock slumped by nearly 38% to a record low on Friday after the electric vehicle (EV) charging network slashed its third quarter revenue forecast and replaced key executives. California-based ChargePoint also announced that longtime Chief Executive Pasquale Romano will be replaced by Rick Wilmer, its chief operating officer, effective immediately. The shares of other major EV charging network providers besides ChargePoint were also trading lower. But they downgraded the company to "perform" from "outperform" citing the executive departures, choppy demand, and "potential for further organizational changes."

Persons: Andrew Kelly, ChargePoint, Pasquale Romano, Rick Wilmer, Rex Jackson, Mansi Khetani, Cowen, Oppenheimer, Needham, ChargePoint F3Q, Bill Peterson, bode, Colin Rusch, Chibuike Oguh, Lance Tupper, David Evans Organizations: ChargePoint, REUTERS, ChargePoint Holdings, Reuters Graphics, JPMorgan, EV, EVgo, Thomson Locations: Manhattan , New York, U.S, North America, Europe, California, New York

[1/2] Lawyer David Boies gestures as he walks out of the Southern District of New York court, New York, U.S., July 15, 2019. Boies' tenure as chairman of Boies Schiller Flexner ends December 2024, a firm spokesperson said on Friday. Boies Schiller has lost nearly half of its lawyers over the last three years. Another who briefly held the role, Natasha Harrison, left Boies Schiller last year to found her own firm. Boies Schiller is now managed by a trio of managing partners, who praised Boies' leadership in a statement on Friday.

Persons: David Boies, Andrew Kelly, Harvey Weinstein, Boies, Boies Schiller Flexner, Boies Schiller, Nicholas Gravante, Cadwalader, Taft, Natasha Harrison, David, Matthew Schwartz, Sigrid McCawley, Alan Vickery, Al Gore, George W, Bush, Weinstein, David Thomas, David Bario, Marguerita Choy Organizations: Southern, of, REUTERS, Microsoft, U.S, Supreme, Thomson Locations: of New York, New York, U.S, Hollywood, Wickersham

☆ Guinness Maker’s Morning After Offers Little Reassurance
▼ + stars: | 2023-11-16 | by ( Aaron Back | ) www.wsj.com time to read: 1 min

Diageo’s brands include Johnnie Walker Scotch whisky, Tanqueray gin and Guinness beer. Photo: ANDREW KELLY/REUTERSGlobal liquor giant Diageo is reeling from the sudden death of its longtime chief executive in June followed by a profit warning last week that tanked the stock. But its real problem is more fundamental: the slow pace of sales in North America after an initial, post-Covid surge.

Persons: Johnnie Walker Scotch, ANDREW KELLY Organizations: REUTERS Global, Diageo Locations: North America

☆ Walgreens to close nearly all pharmacies on Thanksgiving for first time
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

People walk by a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 16 (Reuters) - Walgreens Boots Alliance (WBA.O) will close nearly all of its stores and pharmacies on Thanksgiving Day for the first time in the chain's history to give staff "time with their loved ones", the company said on Thursday. However, nearly all of its 700 24-hour locations will remain open on Thanksgiving, along with certain distribution centers and other sites including supply chain and centralized teams, Walgreens said. Many big box stores such as Walmart (WMT.N) and Target (TGT.N) are closed on Thanksgiving, but pharmacies and grocery stores typically remain open with adjusted hours. However, CVS and Walgreens had said the work action had minimal impact on their operations, with most stores remaining open.

Persons: Andrew Kelly, —, Tracey Brown, RiteAid, Leroy Leo, Devika Organizations: Walgreens, Walgreens Boots Alliance, Inc, REUTERS, Walgreens Retail, Walmart, IAM Healthcare, CVS, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ US weekly jobless claims at three-month high; import prices tumble
▼ + stars: | 2023-11-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Job growth slowed in October and the unemployment rate climbed to 3.9%, the highest level since January 2022. Import prices dropped 0.8% last month after rising 0.4% in September. Economists had forecast import prices, which exclude tariffs, falling 0.3%. In the 12 months through October, import prices declined 2.0% after decreasing 1.5% in September. Excluding fuels and food, import prices dropped 0.2% after dipping 0.1% in September.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Goldman Sachs, Lou Crandall, Wrightson, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Goldman, Treasury, Fed, Reuters Graphics, Labor Department's Bureau of Labor Statistics, Consumer, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Massachusetts, Oregon, Georgia, United States, China

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ Apple's iPhone 14 users get another year of free satellite SOS access
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

The Apple iPhone 14 Pro is seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Apple (AAPL.O) said on Wednesday iPhone 14 users would get free access to its emergency SOS feature for another year. Introduced a year earlier, the feature allows users to share their location through satellite from areas without network by using Apple's FindMy app and send messages to emergency services. Users of the iPhone 15 line-up will continue to have two years of free access to the service, provided through a partnership between Apple and satellite operator Globalstar (GSAT.A). Apple also introduced a roadside assistance feature earlier this year, helping its smartphone users to connect via satellite to the American Automobile Association for help in the United States.

Persons: Andrew Kelly, Apple, Harshita Mary Varghese, Devika Organizations: Apple, REUTERS, American Automobile Association for, Thomson Locations: Manhattan , New York City, U.S, United States, Canada

☆ US FDA approves CorMedix's drug for bloodstream infections
▼ + stars: | 2023-11-15 | by ( Christy Santhosh | ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - The U.S. health regulator on Wednesday approved CorMedix's (CRMD.O) antimicrobial drug for reduction of catheter-related bloodstream infections (CRBSIs) in patients with kidney disease, allowing the company to launch its first commercial product. The company plans to ready the drug for commercialization by end of the first quarter of 2024, CorMedix CEO Joe Todisco told Reuters. DefenCath, a combination of the antimicrobial active ingredient taurolidine and blood thinner heparin, has previously been rejected twice by the U.S. Food and Drug Administration (FDA) on manufacturing concerns. Ahead of the drug approval, CorMedix said it had changed its heparin supplier and the FDA had inspected its current manufacturing facility and was comfortable with it.

Persons: Andrew Kelly, Joe Todisco, CorMedix, Christy Santhosh, Shailesh Organizations: Food and Drug Administration, FDA, REUTERS, Reuters, U.S . Food, Drug Administration, RBC, DefenCath, Thomson Locations: White Oak , Maryland, U.S, New Jersey, DefenCath, Bengaluru

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