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☆ The Tesla executive who was rumored to be next in line for CEO is leaving the company
▼ + stars: | 2023-08-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla's CFO Zachary Kirkhorn is leaving the carmaker, the company said in a regulatory filing. Zachary Kirkhorn, Tesla's chief financial officer, is leaving the electric-car company after working for the electric-car maker for about 13 years. Tesla staff told the Journal that Kirkhorn won Musk's approval by leading with "bad news" and staying in the billionaire's shadow. Kirkhorn worked as an analyst at McKinsey & Company before joining Tesla and previously interned at Microsoft, his profile says. Kirkhorn, Musk, and a spokesperson for Tesla did not respond to a request for comment ahead of publication.

Persons: Zachary Kirkhorn, Elon, Kirkhorn, Vaibhav Taneja, Tesla, Kirhorn, Elon Musk, James Murdoch, Musk, Tim Cook, Steve Jobs, Jobs, Cook, Deepak Ahuja, Afshar Organizations: Street, Elon Musk's, Tesla, EV, Securities and Exchange Commission, LinkedIn, Street Journal, Musk's, Apple, McKinsey & Company, Microsoft, SpaceX

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 (.SPX) clocking 17% gains year to date, fueled by optimism around artificial intelligence and hopes of a soft landing for the world's largest economy. "But in the service side, it's been pretty sticky and that's one reason why it's taking a lot longer for inflation to subside." Reuters GraphicsOverall, second-quarter earnings have been better-than-expected so far, with 79.1% of the 422 S&P 500 companies that have reported as of Friday beating analysts' estimates, according to Refinitiv data. The S&P index recorded 17 new 52-week highs and seven new lows, while the Nasdaq recorded 46 new highs and 128 new lows.

Persons: Brendan McDermid, Dow, Charlie Ripley, it's, John Williams, Michelle Bowman, Vaibhav, Zachary Kirkhorn, Berkshire Hathaway, Warren Buffett, Tyson, packer, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Berkshire, Tyson, Dow, Nasdaq, Federal, CPI, Allianz Investment Management, York Fed, Dow Jones, Apple, Reuters, Sage Therapeutics, Tyson Foods, Yellow Corp, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Major insurers UnitedHealth Group (UNH.N) and Humana (HUM.N) have already warned of booking higher costs due to a jump in non-urgent surgeries in the United States, highlighting demand for such procedures. HCA Healthcare, which is the biggest for-profit hospital operator in the United States, raised its full-year adjusted core earnings forecast to between $12.3 billion and $12.8 billion, from prior expectations of between $12.1 and $12.7 billion. "We anticipate the market wanted more even though HCA's outlook remains prudent as the healthcare system normalizes," said Citi analyst Jason Cassorla. Shares of rivals Tenet Healthcare (THC.N) and Universal Health Services (UHS.N) fell 2% and 1%, respectively, in morning trading. Profits at hospital operators took a hit following COVID-led lockdowns as people delayed non-urgent surgeries, and as the pandemic deepened a nursing shortage that led to a spike in costs.

Persons: Jason Cassorla, lockdowns, Khushi Mandowara, Manas Mishra, Shinjini Ganguli, Anil D'Silva Organizations: Healthcare Inc, UnitedHealth, HCA Healthcare, Citi, Tenet Healthcare, Universal Health Services, Thomson Locations: United States, Bengaluru

It is a new challenge for formerly government-owned Air India, which Tata Group took over last year. The CCI, Air India and Vistara did not immediately respond to requests for comment. To address the CCI's concerns, Air India could make concessions such as giving up certain routes or reducing frequency, the second source said, adding that Air India remains confident the matter can be resolved by recommending certain changes. Vistara and Air India both fly on international routes such as London and Dubai and would need antitrust clearances in other jurisdictions, the first source said. Air India is expecting similar queries from foreign countries once it applies for clearance there, but is waiting for the India process to first close, the source added.

Persons: Vistara, Vaibhav Choukse, India's J, Choukse, Aditi Shah, Aditya Kalra, Gerry Doyle Organizations: Vistara, Air India, Tata Group, Tata, Air, The, of India, Singapore Airlines, India's, Sagar Associates, IndiGo, Thomson Locations: DELHI, Air India, India, London, Dubai

☆ Intesa launches cloud-based Isybank in digital push
▼ + stars: | 2023-06-15 | by ( Vaibhav Sadhamta | ) www.reuters.com time to read: +2 min

Isybank is powered by cloud technology provided by Britain's ThoughtMachine, a cloud-native banking technology firm. High-street banks globally face a big challenge in replacing their existing core IT infrastructure, known as mainframe, with cloud technology. Legacy systems pose a major hurdle, while the task is easy for challenger banks built from scratch on cloud technology. Intesa Sanpaolo has forecast its new digital bank would save around 800 million euros a year in 2026-2027, up from 600 million euros in 2025, according to a strategy presentation delivered in February last year. Isybank targets some 4 million Intesa customers who generate around 200 million euros in revenues a year and could become more profitable for the bank if shifted away from branches given they already only use digital bank services.

Persons: Britain's ThoughtMachine, Paul Taylor, Intesa, Intesa Sanpaolo, Carlo Messina, Stefano Barrese, Valentina Za, Conor Humphries Organizations: MILAN, Google, Thomson Locations: Italy's, Italy, Europe

☆ Rich countries and India should cut a climate pact
▼ + stars: | 2023-04-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Emissions from the world’s most populous country are only 7% of greenhouse gases but are growing fast while those produced by rich countries have largely peaked. To do so, it will need policies that incentivise green investment, including accelerating its plans for carbon pricing. Rich countries can also help, even at a time when their budgets are stretched. India could then be much more ambitious in its transition plan and the G7 and other rich countries could mobilise funds, focussing on key bottlenecks. But if the central government comes up with a solution, rich countries could help fund it.

☆ Exclusive: India may issue alert on Marion cough syrup exports after toxins found
▼ + stars: | 2023-03-04 | by ( Krishna N. Das | ) www.reuters.com time to read: +3 min

[1/2] Logo of Marion Biotech, a healthcare and pharmaceutical company is seen on a gate outside their office in Noida, India, December 29, 2022. REUTERS/Anushree FadnavisNEW DELHI, March 4 (Reuters) - India may issue an alert on cough syrup exported by Marion Biotech, whose products have been linked to deaths in Uzbekistan, after tests showed many of the company's drug samples contained toxins, a drug inspector said on Saturday. "The health ministry could issue an alert. Babbar has been part of a team that inspected Marion's plant four times after Uzbekistan said in December the children died after consuming the company's cough syrups. India in October suspended production at Maiden for violating manufacturing standards after the WHO said four of its cough syrups may have killed dozens of children in Gambia.

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