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☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ Circor sticks with sale to KKR despite higher Arcline bid
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

Circor, an industrial machinery maker, said KKR had sweetened its all-cash deal from $49 to $51 per share in the wake of a rival bid of $52.65 per share in cash from an unidentified party. One of Fairbanks' subsidiaries is Hunt Valve, which competes with Circor in providing valve systems to the Navy. Arcline and KKR declined to comment. Circor said it rejected the higher offer because it concluded there was a risk of a protracted review by antitrust regulators that would jeopardize the deal. Circor shares ended at $51.49 on Tuesday, above the $51 per share deal clinched with KKR, indicating that some investors believed an even better deal was possible.

Persons: snubbing, Circor, Arcline, Gardner, Rand Inc's, Aishwarya Nair, David Carnevali, Vinay Dwivedi, Saumyadeb Chakrabarty, Leslie Adler Organizations: KKR, Co Inc, Arcline Investment Management, Fairbanks Morse Defense, U.S . Navy, Fairbanks, Hunt Valve, Circor, Navy, Representatives, Gardner Denver, Ingersoll, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Thomson Locations: Arcline, U.S, Bengaluru, New York

☆ Biden administration details plans for $42 bln investment in US internet access
▼ + stars: | 2023-06-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

The $42 billion in federal funding under the Broadband Equity Access and Deployment Program is based on a newly released Federal Communications Commission coverage map that details gaps in access. Texas and California - the two most populous U.S. states - top the funding list at $3.1 billion and $1.9 billion, respectively. But other less populous states like Virginia, Alabama and Louisiana cracked the top 10 list for funding due to lack of broadband access. The administration estimates there are some 8.5 million locations in the U.S. that lack access to broadband connections. The lack of broadband access drew attention during COVID shutdowns that forced students into online schooling.

Persons: Joe Biden, Read, Joe Biden's, Jeff Zients, Zients, Franklin Roosevelt's, COVID, Biden, Anita Dunn, Mike Donilon, Jarrett Renshaw, Scott Malone, Chris Reese, Lisa Shumaker Organizations: Infrastructure Law, White, Broadband, Federal Communications, Congress, Verizon, Comcast, Charter Communications, Thomson Locations: Texas, California, U.S, Virginia , Alabama, Louisiana, America, Chicago

Technology (.SPLRCT) and real estate sectors (.SPLRCR) were the other top gainers among the 11 major S&P 500 sectors. ET, the Dow Jones Industrial Average (.DJI) was down 19.60 points, or 0.06%, at 33,707.83, the S&P 500 (.SPX) was up 6.90 points, or 0.16%, at 4,355.23, and the Nasdaq Composite (.IXIC) was up 51.68 points, or 0.38%, at 13,544.20. Advancing issues outnumbered decliners by a 2.97-to-1 ratio on the NYSE and 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 17 new 52-week highs and one new low, while the Nasdaq recorded 37 new highs and 67 new lows. Reporting by Sruthi Shankar and Johann M Cherian in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Aston Martin, Jerome Powell, Randy Frederick, Charles Schwab, Goldman Sachs, UK's Aston Martin, Lockheed Martin, Sruthi Shankar, Johann M, Shinjini Organizations: Pfizer, Aston, Dow, Nasdaq, Technology, University of, Dow Jones, Pfizer Inc, Inc, UBS, Tesla, Ares Management, Lockheed, Northrop Grumman Corp, Raytheon Technologies, NYSE, Thomson Locations: Russian, U.S, Russia, Bengaluru

☆ Biden to detail plans for $42 billion investment in US internet access
▼ + stars: | 2023-06-26 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

Zients compared the broadband effort to President Franklin Roosevelt's efforts in 1936 to bring electricity to rural America. The administration estimates there are some 8.5 million locations in the U.S. that lack access to broadband connections. The lack of broadband access drew attention during COVID shutdowns that forced students into online schooling. The Biden administration will say how much of the $42 billion in funding each state will receive under the Broadband Equity Access and Deployment Program, based on a newly-released Federal Communications Commission coverage map that details access gaps. The advisers noted the economy has added more than 13 million jobs since Biden took office, including nearly 800,000 manufacturing jobs.

Persons: Joe Biden, Read, Jeff Zients, Zients, Franklin Roosevelt's, COVID, Biden, Anita Dunn, Mike Donilon, Jarrett Renshaw, Scott Malone, Chris Reese Organizations: Infrastructure Law, White, Congress, Verizon, Comcast, Charter Communications, Broadband, Federal Communications, Congressional, Thomson Locations: America, U.S, Chicago

☆ US retailers targeted with bomb threats, seeking bitcoin and gift cards, Wall Street Journal reports
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +1 min

June 25 (Reuters) - Law-enforcement officials and retailers are investigating a recent wave of bomb threats across the United States, targeting grocery operators and other stores, the Wall Street Journal reported on Sunday. Retail companies including Kroger (KR.N), Walmart (WMT.N) and Amazon's (AMZN.O) Whole Foods Market, among others, have received bomb threats at their stores in recent months, the report said, adding that some callers demanded gift cards, bitcoin or money and threatened to detonate bombs if payments were not made. A similar incident was reported in a suburb north of Chicago, where a caller told a Whole Foods Market employee a pipe bomb had been placed in the store and demanded $5,000 in bitcoin, according to the Wall Street Journal. According to the report it is unclear to authorities whether the threats are part of an organized effort. Reporting by Shivani Tanna in Bengaluru, editing by Ros RussellOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivani Tanna, Ros Russell Organizations: Wall Street, Kroger, Walmart, Foods, FBI, Thomson Locations: United States, New Mexico, Wisconsin, Chicago, bitcoin, Bengaluru

☆ Starbucks workers at over 150 stores to go on strike over Pride decor dispute
▼ + stars: | 2023-06-23 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

June 23 (Reuters) - More than 3,000 workers at over 150 Starbucks (SBUX.O) stores in the United States will go on strike next week, the union representing the coffee chain's baristas said on Friday, following claims that the company had banned Pride Month decorations at its cafes. The strikes were also aimed at protesting against employees' treatment at Starbucks and pushing for a fair labor contract covering better pay and benefits, the Starbucks Workers United union added. The call for a strike comes days after the union said Starbucks had taken down some Pride Month decorations and flags at several stores, a matter that was also discussed by some workers on social media. Starbucks Workers United said on Friday the company's Seattle Roastery - located just nine blocks from Starbucks' first ever store at the Pike Place Market - was kicking off the nationwide strike, dubbed "Strike with Pride". Pride Month celebrations, with Pride Parades set to take place on Sunday in several major cities including New York, San Francisco, Seattle and Chicago.

Persons: baristas, Busch, Bud, Deborah Sophia, Shinjini Ganguli, Anil D'Silva Organizations: Starbucks, Starbucks Workers United, ., Pride, U.S, Target, Anheuser, Starbucks Workers, Seattle, Thomson Locations: United States, Pike, New York, San Francisco, Seattle, Chicago, Bengaluru

☆ Forecasts show U.S. earnings decline in second quarter
▼ + stars: | 2023-06-23 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Analysts expect earnings for S&P 500 companies to fall 5.6% in the second quarter from a year ago, according to IBES data from Refinitiv. Fourth-quarter 2022 earnings for S&P 500 companies declined 3.2%, so a first-quarter profit fall would have been a second straight quarterly decline, which some strategists call an earnings recession. Package delivery firm FedEx (FDX.N) this week posted disappointing quarterly earnings and said waning global demand is pressuring its profit margins. "S&P 500 EPS estimates and stock prices will need to reset lower." The S&P 500 (.SPX) is down about 1% this week, but remains up more than 13% for the year to date.

Persons: COVID, Jerome Powell, Oliver Pursche, Olive, Morgan Stanley, Nick Raich, Caroline Valetkevitch, Alden Bentley, Nick Zieminski Organizations: YORK, Microsoft Corp, Apple Inc, Reserve, Bank of England, Wealthspire Advisors, Walmart Inc, FedEx, Olive Garden, Darden, Nike, Thomson Locations: Refinitiv, Washington, U.S, Westport , Connecticut

☆ Indian PM Modi to meet CEOs as Washington visit concludes
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +3 min

[1/2] U.S. President Joe Biden and India's Prime Minister Narendra Modi attend an official state dinner at the White House in Washington, U.S., June 22, 2023. REUTERS/Elizabeth FrantzWASHINGTON, June 23 (Reuters) - Indian Prime Minister Narendra Modi will meet U.S. and Indian business leaders in Washington on Friday, the final day of a state visit marked by pledges of deeper U.S.-India cooperation on areas including space, artificial intelligence and quantum computing. 2 position in the White House, and Secretary of State Antony Blinken. The White House also announced plans to cooperate on quantum computing, scientific research and technological innovation, alongside plans to manufacture weapons in India. On Friday evening, Modi will address members of the Indian diaspora, many of whom have turned out at events during the visit to enthusiastically fete him, at times chanting "Modi!

Persons: Joe Biden, Narendra Modi, Elizabeth Frantz WASHINGTON, Modi, Kamala Harris, Antony Blinken, India's, Biden, Simon Lewis, Don Durfee, Grant McCool Organizations: India's, White, REUTERS, Indian, U.S, State Department, Kennedy Center for Performing Arts, FedEx, MasterCard, Adobe, Tech Mahindra, Congress, Thomson Locations: Washington , U.S, Washington, India, American, Delhi, China, Beijing, Taiwan, Russia, Moscow, Ukraine

☆ Starbucks workers at over 150 stores to strike over Pride decor row
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - More than 150 Starbucks (SBUX.O) stores and 3,500 workers will be on strike next week across the United States, the union representing the coffee chain's baristas said on Friday, after it claimed the company had banned Pride month decorations at its cafes. loadingStarbucks Workers United union said earlier this month the company took down Pride Month decorations and flags at several stores, while some workers took to social media to report the same. It said last week there had been "no change to any policy on this matter" and that it was still encouraging store managers to celebrate Pride month. U.S. companies have faced growing criticism over Pride Month celebrations. Starbucks Workers United said on Friday in a tweet the company's Seattle Roastery - located just nine blocks from Starbucks' first ever store at the Pike Place Market - was leading the nationwide strike.

Persons: baristas, Deborah Sophia, Shinjini Organizations: Workers United, Starbucks, Target, Starbucks Workers, Seattle, ., Thomson Locations: United States, U.S, Pike, Bengaluru

Union workers missed out on a frenzy of wage increases by employers desperate for workers during the height of the COVID-19 pandemic. Low unemployment makes it easier for union workers to stand firm during negotiations. Union workers also want more affordable healthcare, paid sick time and more-flexible scheduling for greater work-life balance. Some workers said the base wage increase was insufficient and balked at higher out-of-pocket medical costs. Late last year, U.S. freight railroad workers rejected a five-year contract that included a 24% wage increase, citing lack of paid sick leave.

Persons: Diane Swonk, Erin McLaughlin, Willie Adams, Sam Johnson, Johnson, Joe Biden, Todd Vachon, Garth Thompson, Lisa Baertlein, Bianca Flowers, Rajesh Kumar Singh, David Gregorio Our Organizations: Workers, Spirit, Deere & Co, Reuters, KPMG, Conference Board, Conference, . West, International Association of Machinists, Aerospace Workers, Caterpillar, Congress, Unions, Union, CNH, Deere, Midwest, Rutgers, United Parcel Service, International Brotherhood of Teamsters, United Auto Workers, Detroit automakers, General Motors, Ford, FedEx, American Airlines, Pilots, United, United Airlines, Thomson Locations: U.S, . West Coast, Wichita , Kansas, Decatur , Illinois, Wisconsin, Iowa, West, Los Angeles, Chicago

☆ US warns of potential 5G delays for airplanes without updated altimeters
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Last year, Verizon VZ.N and AT&T T.N voluntarily agreed to delay some C-Band 5G usage until July as air carriers worked to retrofit airplane altimeters. Delta Air Lines (DAL.N) said Friday its supplier told the airline it would not have enough radio altimeters for Delta’s entire fleet by July 1. Approximately 190 Delta narrowbody aircraft are not yet equipped with updated radio altimeters including all A220s, most A319s and A320s, and some A321s. All Delta widebody aircraft will be equipped with updated radio altimeters prior to July 1, the airline said. Reuters first reported in March that major U.S. wireless carriers agreed to some voluntary actions to address aviation safety concerns.

Persons: Robert Bryan, Read, Pete Buttigieg, Buttigieg, T.N, David Shepardson, Chizu Organizations: Eagle Aviation, Columbia Metro, . Transportation, Airlines for, Verizon, Carriers, Air Lines, Delta, Reuters, Mobile, Federal Aviation Administration, FAA, Thomson Locations: West Columbia, South Carolina, U.S, WASHINGTON, Airlines for America

From big-box chains Walmart (WMT.N) and Best Buy (BBY.N) to specialty retailers like Savage X Fenty and Adore Me, retailers' subscription programs are facing growing scrutiny. Amazon is under fire from the U.S. Federal Trade Commission, which filed a lawsuit against it in Seattle. Amazon "substantially revamped its Prime cancellation process" to some customers before the lawsuit was filed, according to the complaint. He withdrew the lawsuit, according to the court docket. Best Buy in 2021 launched a subscription program offering tech support and discounts on products.

Persons: Amazon, William Kovacic, Kathleen Benway, SAVAGE, Savage X, Savage, Ranjan Roy, Me's, Morgan Stanley, Spencer Sheehan, Arriana McLymore, Kate Masters, Siddharth Cavale, Muralikumar Organizations: YORK, Amazon.com Inc, Euromonitor Inc, U.S . Federal Trade Commission, FTC, Amazon, George Washington University Law School, FTC's, Consumer, WALMART, BEST, Walmart, Thomson Locations: Seattle, United States, U.S, Europe, California, Michigan, New York City

☆ Amazon to collect expiring 2,000-rupee notes from Indian customers
▼ + stars: | 2023-06-21 | by ( Tanvi Mehta | ) www.reuters.com time to read: +1 min

NEW DELHI, June 21 (Reuters) - Amazon (AMZN.O) said on Wednesday it will collect soon-to-be-withdrawn 2,000 rupee ($24) notes from customers in India and credit them to online wallets to help people struggling with the exchange process. Amazon said its customers can hand over up to 50,000 rupees' worth to delivery agents for orders meant for payment via cash. The amount will then be credited to their Amazon Pay wallets. "Don't stress if stores are refusing to accept 2,000 rupee notes for payments," the e-commerce giant said in a statement. "The facility to top up your Amazon Pay balance with cash handed to delivery agents at your doorstep is one of our unique services in India," Vikas Bansal, whole-time director at Amazon Pay India, said in a statement.

Persons: Amazon, Vikas Bansal, Tanvi Mehta, Andrew Heavens, Andrew Cawthorne Organizations: Amazon Pay, Thomson Locations: DELHI, India

☆ Meta Platforms' return to growth index highlights annual Russell refresh
▼ + stars: | 2023-06-21 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +6 min

REUTERS/Peter DaSilvaNEW YORK, June 21 (Reuters) - Meta Platforms (META.O) will return to its former status as a full growth stock after financial data provider FTSE Russell finishes its annual shakeup of its stock index components on Friday. Every year, FTSE Russell reconstitutes, or refreshes, the components across its indexes, such as the Russell 2000 (.RUT) index of small cap stocks and Russell 1000 (.RUI) index of large-cap names. There are also style indexes such as the Russell 1000 Growth (.RLG) and Russell 2000 Value (.RUJ). FTSE Russell says about $12.1 trillion is currently benchmarked to the Russell US equity indexes. "The growth indexes look more like growth benchmarks and the value indexes look more like cyclical value indices," said Steven DeSanctis, equity analyst at Jefferies in New York.

Persons: Peter DaSilva, Russell, FTSE Russell reconstitutes, RUI, Goldman Sachs, Stocks, Goldman, Bryant VanCronkhite, VanCronkhite, Catherine Yoshimoto, Steven DeSanctis, You've, Thomas Martin, Chuck Mikolajczak, Alden Bentley, Matthew Lewis Organizations: Facebook, Meta, REUTERS, Russell, FTSE, FTSE Russell, London Stock Exchange, Allspring Global Investments, Walmart, Jefferies, Nasdaq, New York Stock Exchange, Globalt Investments, Thomson Locations: Mountain View , California, U.S, Menomonee Falls , Wisconsin, New York, Atlanta

☆ Exclusive: Tesla standard: BTC Power joins move to add to EV chargers
▼ + stars: | 2023-06-20 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, June 20 (Reuters) - BTC Power will add Tesla's (TSLA.O) standard to its electric vehicle chargers next year, its chief executive told Reuters on Tuesday, days after Ford (F.N) and General Motors (GM.N) sent shockwaves through the industry by adopting the technology. Privately-owned BTC, a supplier to 7-Eleven and fleet operators, is the fourth major fast charger maker to embrace Tesla's standard, following ABB E-mobility North America (ABBN.S), Tritium DCFC (DCFC.O), and SK Signet (260870.KN). "By including the NACS (North American Charging Standard) connector to our chargers we can eliminate the need for unreliable and unpredictable adapters that are being utilized by drivers using our equipment," BTC CEO Frank Meza said. Reuters first reported on Tuesday that electric pickup maker Rivian (RIVN.O) would adopt Tesla's charging standard. Reporting by Abhirup Roy in San Francisco; Editing by Peter Henderson and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Frank Meza, Elon Musk's, Biden, Rivian, Abhirup Roy, Peter Henderson, Alexander Smith Organizations: FRANCISCO, BTC, Reuters, Ford, General Motors, ABB, America, SK Signet, EV, Detroit automakers, Tesla, Thomson Locations: Santa Ana , California, America, San Francisco

☆ Ball Corp considers options for aerospace unit
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - Ball Corp (BALL.N), the world's largest supplier of beer cans, said on Tuesday it was considering options for its aerospace business, days after a report said the company was looking to sell the unit for more than $5 billion. The business has attracted the interest of large defense companies such as BAE Systems (BAES.L) and Textron (TXT.N), as well as private equity firms, the Reuters report had said. There is no certainty that any formal decision will be made, Ball Corp said in a statement on Tuesday. The divestment of the aerospace business, which accounted for 13% of Ball's consolidated net sales in 2022, would allow the company to focus more on its beverage packaging operations and trim its debt pile of about $9.7 billion. Reporting by Shivansh Tiwary in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivansh, Shinjini Organizations: Ball Corp, BAE Systems, Textron, Reuters, Thomson Locations: Bengaluru

NEW DELHI/PARIS, June 20 (Reuters) - Record plane orders by India's top two carriers show the country's untapped potential for air travel and its rise as an aviation superpower, but recent airline failures and rows over regulations suggest progress may not be smooth. A day later, rival Air India firmed up an order for 470 Airbus and Boeing (BA.N) aircraft that, until Monday, had been the industry leading plane deal. LEASING CONCERNSBut while the opportunity in India is big, so are the risks, says Ameya Joshi, an independent aviation analyst. Leasing companies warn that restrictions on repossessing their assets in case of defaults will drive up costs for all Indian airlines - even for IndiGo and Air India. It will eventually help Indian airlines by lowering risk and moderating lease rental costs," said Joshi.

Persons: India's, Jyotiraditya Scindia, planemakers, Ameya Joshi, Joshi, Aditi Shah, Tim Hepher, Joanna Plucinska, Mark Potter Organizations: NEW, Paris, Airbus, Air India, Boeing, Air, CAPA India, planemakers, IndiGo, lessors, Thomson Locations: NEW DELHI, PARIS, Air India, India, New Delhi, outdoing U.S, Paris

☆ Neptune Retail to buy Coupons.com-parent for $430 mln
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Retail marketing firm Neptune Retail Solutions will acquire Coupons.com-parent Quotient Technology (QUOT.N) for $430 million in cash, the companies said on Tuesday. Quotient's shares jumped about 17% in the early session and were trading 9 cents shy of the $4 offer price. Its clients include some of the world's biggest consumer companies such as Kellogg's (K.N) and Coca-Cola (KO.N). Private investment firm Charlesbank Capital Partners, which is a major shareholder of Neptune, will be the majority investor in the combined company. Houlihan Lokey is serving as a financial adviser to Quotient, while PJT Partners is advising Neptune.

Persons: Quotient's, William Redmond, Houlihan Lokey, Samrhitha, Anil D'Silva Organizations: Retail, Neptune Retail, Reuters, Charlesbank Capital Partners, PJT Partners, Neptune, Thomson Locations: U.S, Bengaluru

☆ Spotify plans a more expensive subscription tier - Bloomberg News
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Music streaming platform Spotify Technology (SPOT.N) is planning a more expensive subscription option that is expected to include high-fidelity audio, Bloomberg News reported on Tuesday. The new tier, called "Supremium" internally, will be the company's most expensive plan as it aims to drive more revenue and placate investors who have been urging the Swedish company to raise prices, the report said. The company announced the HiFi feature, which upgrades sound quality of the songs to "lossless" CD-quality music, in 2021. To augment its current premium tier, Spotify will give subscribers expanded access to audiobooks, either through a specific number of hours free per month or a specific number of titles, the report said. The new tier will launch this year in non-US markets first, the report added.

Persons: Chavi Mehta, Shailesh Organizations: Spotify, Bloomberg, Thomson Locations: Swedish, United States, Bengaluru

☆ Exclusive: Lockheed raises concerns over L3Harris-Aerojet deal
▼ + stars: | 2023-06-20 | by ( Valerie Insinna | ) www.reuters.com time to read: +2 min

PARIS, June 20 (Reuters) - Lockheed Martin (LMT.N) has raised concerns with the U.S. Defense Department and Federal Trade Commission (FTC) about L3Harris's (LHX.N) acquisition of Aerojet Rocketdyne (AJRD.N), Lockheed's chief operating officer said on Tuesday. Frank St John told Reuters that Lockheed, Aerojet's biggest customer, wanted L3Harris to ensure access to rocket motors, fair pricing and IP protections, adding it had received "little response" from L3Harris over its concerns. If L3Harris continues to be unresponsive, Lockheed wants the Defense Department or FTC to put in place a mechanism to guarantee access to technology, St John said. L3Harris, Aerojet Rocketdyne, the FTC and Defense Department did not immediately respond to emailed requests for comment. Lockheed had previously attempted to buy Aerojet in a $4.4 billion deal, but walked away from the acquisition in February 2022 after the FTC sued to block the deal, citing concerns that Lockheed could hinder competitors' fair access to Aerojet products.

Persons: Lockheed Martin, Aerojet, Frank St John, L3Harris, we've, St John, Aerojet Rocketdyne, Lockheed's, Greg Hayes, Chris Calio, Valerie Insinna, Mark Potter Organizations: Lockheed, U.S . Defense Department, Federal Trade Commission, Reuters, Paris, Defense Department, FTC, Aerojet, Thomson Locations: L3Harris, Ukraine

New rules imposed in February force infant formula makers to invest heavily to re-make, test, certify and re-register their products for China, before potentially conducting new marketing campaigns. “The new standard requires higher product quality as well as stronger manufacturing techniques which are expected to eliminate many small-to-medium-size players,” said Quinn Mai, analyst at Euromonitor International, which estimates China’s infant formula market will fall 12.5% to $21 billion by 2025 due to shrinking demand. China's National Health Commission (NHC) cited infant safety when announcing the latest rules. Celia Ning, director at the nutrition research institute of formula maker Junlebao, said the registration process could "easily" take a year. Another, Fonterra (FCG.NZ), said it was progressing through the re-registration process but that infant formula made up a relatively small part of its China business, with declining birth rates and regulation driving industry consolidation.

Persons: ”, Quinn Mai, Jane Li, Li, Celia Ning, Junlebao, Ning, SAMR, Nestle, Marius Zaharia Organizations: Euromonitor, Health Commission, NHC, State Administration, Market, “, Unicef, Companies, Abbott Laboratories, Reuters, New Zealand's Ministry, Primary Industries, Milk, Global, Nestle, Danone, HK, “ Companies, Thomson Locations: HONG KONG, China, Auckland, “ Beijing, India, U.S, Hong Kong, Beijing, Lincoln

Lockheed and Airbus will tout their LMXT tanker at the Paris Airshow this week, bringing U.S. reporters onboard the A330 Multi Role Tanker Transport on which the new plane is based. In 2011, Boeing won the first of a three-phase procurement to replace the Air Force's aging tanker fleet, securing a contract for 179 KC-46s. But Larry Gallogly, Lockheed’s director of LMXT business development, said Lockheed and Airbus "are most definitely still in this competition." Lockheed and Airbus sought a program of at least 120 aircraft, but “the business case can certainly close below that,” Gallogly said. Boeing Defense CEO Ted Colbert said the KC-46 "has proven to be highly capable" and is ready for the threats of the 2030s.

Persons: Lockheed Martin, Larry Gallogly, ” Gallogly, Ted Colbert, Jerry Carl, Carl, Valerie Insinna, Tim Hepher, Mark Potter Organizations: Pentagon, Aerospace titans Airbus, Boeing, Airbus, Lockheed, U.S, U.S . Air Force, Air, KC, Capitol, Air Force, General, Armed Services, Alabama Republican, Thomson Locations: WASHINGTON, PARIS, U.S, United States, Alabama, Georgia, American

☆ Factbox: Potential outcomes of FTC legal bids to block Microsoft-Activision deal
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The first fight will be in federal court in California, beginning on June 22 and running until June 29. Here are four potential outcomes of the California hearing:* Judge Jacqueline Scott Corley may grant the preliminary injunction and the companies terminate. The FTC lost in federal court and dropped the internal FTC challenge. That can be appealed to a federal appeals court. The next stop after that would be a federal appeals court.

Persons: Jacqueline Scott Corley, Corley, Michael Chappell, Lina Khan, Chappell, Khan, Diane Bartz, Matthew Lewis Organizations: Microsoft, Activision, DirecTV, Federal Trade Commission, FTC, Meta, Thomson Locations: California, Illumina's, Washington

☆ AT&T to shut flagship store in downtown San Francisco
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - U.S. wireless carrier AT&T (T.N) said on Friday it would close its flagship store in downtown San Francisco, deepening the real estate pain in the once-booming tech hub that has been particularly hard hit by the pandemic. Stores in San Francisco have been closing their doors as they try to cut down on real estate space in the face of declining customer visits, occupancy and sales. Earlier this week, Unibail-Rodamco-Westfield (URW.PA) said it would transfer its Westfield San Francisco shopping mall to lenders. Nordstrom (JWN.N) said last month it was going to give up its downtown store in the mall. Real estate investment trust Park Hotels & Resorts (PK.N) had also said last week it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.

Persons: Powell, Samrhitha, Krishna Chandra Organizations: AT, Westfield San, Nordstrom, Resorts, Hilton San Francisco, Square, Thomson Locations: San Francisco, Westfield, Westfield San Francisco, Bengaluru

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