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☆ TSX futures rise on commodity boost, BoC rate decision in focus
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Futures for Canada's resources-heavy stock index rose on Wednesday as commodity prices gained, while investors awaited policy decision from the country's central bank which is expected to deliver another big rate hike. read moreTraders are currently pricing in a 84.3% chance of a 75 bps hike to 4.0% after inflation data last week came in hotter than forecast. Futures on the S&P/TSX index inched up 0.1% at 06:59 a.m. ET, although Wall Street futures tumbled after disappointing results from technology giants Microsoft (MSFT.O) and Alphabet (GOOGL.O) raised fears of slowing economic growth. ($1 = 1.3554 Canadian dollars)Reporting by Shashwat Chauhan in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Ford to exit Russia after JV stake sale
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Ford Motor Co (F.N) said on Wednesday it would exit Russia, after the U.S. automaker finalized a deal to sell its 49% stake in the Sollers Ford joint venture. "Ford shares will be transferred to the Joint Venture for a nominal value," the company said, adding that it retains the option to buy them back within a 5-year period "should the global situation change". The company had announced a full suspension of its operations in Russia in March. Ford follows U.S. firms including Cisco Systems Inc (CSCO.O) and Nike Inc (NKE.N) in announcing an exit from Russia, after Western countries imposed sanctions on Moscow over its invasion of Ukraine, making it nearly impossible for manufacturers to do business there. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ UPS beats profit estimates on higher parcel delivery prices
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday reported a stronger-than-expected quarterly adjusted profit and reaffirmed its full-year forecast as higher delivery prices helped offset softening e-commerce demand. Delivery firms such as UPS and FedEx Corp (FDX.N) have banked on higher-paying small businesses and enterprise customers to drive volumes and earnings in the wake of falling e-commerce demand and receding domestic volumes. Atlanta based UPS' shares were up about 1% in premarket trade as the company reaffirmed its full-year revenue forecast of about $102 billion and adjusted operating margin of around 13.7%. The world's largest parcel delivery firm's quarterly revenue of $24.2 billion missed analysts' estimates of $24.3 billion, as consolidated average daily package volumes declined 2.1% to 22.9 million in the quarter. UPS adjusted third-quarter profit rose to $2.99 per share beating Wall Street estimates of $2.84 per share.

SummarySummary Companies OPEC+ oil output cut led to U.S., Saudi spatSaudi Arabia and U.S. "solid allies" – ministerBig Wall St turnout at flagship Saudi investment summitRIYADH, Oct 25 (Reuters) - Saudi Arabia decided to be the "maturer guys" in a spat with the United States over oil supplies, the kingdom's energy minister Prince Abdulaziz bin Salman said on Tuesday. "We keep hearing you 'are with us or against us', is there any room for 'we are with the people of Saudi Arabia'?" Biden pledged that "there will be consequences" for U.S. relations with Saudi Arabia after the OPEC+ move. JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

☆ Wall Street's rising stars admit their biggest career mistakes — from missing out on lucrative bets to taking too much on — and what they learned from them
▼ + stars: | 2022-10-24 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +17 min

Vinay Trivedi, a vice president at General Atlantic focusing on the technology sector. I don't think we necessarily transitioned fast enough to how people learn if we're only doing audio from home. - David Israel, 27, vice president at Credit SuisseAngel Pu Shum is a principal within Warburg Pincus's technology group. -Allison Boxer, 29, senior vice president and economist at PIMCONoah Zerance, a vice president with Bank of America's global sustainable-finance group. and the response would be, 'Well, we don't know how we do it yet.

☆ Moody's cuts UK outlook to 'negative' on policy uncertainty
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

Oct 21 (Reuters) - Ratings agency Moody's on Friday lowered the United Kingdom's outlook to "negative" from "stable", citing policy uncertainty amid high inflation and weaker growth prospects. Moody's maintained its sovereign rating for the United Kingdom at "Aa3". Register now for FREE unlimited access to Reuters.com RegisterReporting by Vansh Agarwal in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ AMP Australian wealth management unit's Q3 outflows drop
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

Oct 21 (Reuters) - AMP Ltd (AMP.AX) on Friday reported lower third-quarter outflows at its Australian wealth management unit, largely due to reduced withdrawals at one of its pension trusts. Net cash outflows at AMP's main wealth management business were A$0.8 billion ($502.40 million) for the three months to September, compared with A$1.9 billion recorded a year earlier. ($1 = 1.5924 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank cuts investment banking jobs as M&A deals dry up -source
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +3 min

Investment bankers were awash with deals in 2021 but have seen few this year as companies halt buyouts and listings amid volatility in the capital markets, tensions between the United States and China, and the Russia-Ukraine war. A Deutsche bank spokesperson declined to comment. The move is a setback for Deutsche, whose investment bank in recent years recovered from being its problem child to its strongest revenue generator thanks to a pandemic trading boom and the deal-making frenzy. Until recently, senior investment bankers had said they wanted to further expand advisory services. Last year, Germany's largest lender began gingerly hiring new staff at its investment bank.

☆ Deutsche Bank cuts investment banking jobs as M&A deals dry up
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Deutsche Bank AG (DBKGn.DE) has cut staff in origination and advisory segments of its investment banking unit, according to a source familiar with the matter, as a pullback in financing deals compels lenders to rein in costs. Register now for FREE unlimited access to Reuters.com RegisterThe job cuts affected mostly junior bankers, Bloomberg News and the New York Post reported earlier on Thursday. Last month, Wall Street's premier investment bank Goldman Sachs Group Inc said it planned to cut jobs, after pausing the annual practice for two years during the pandemic, a source familiar with the matter told Reuters at the time. read moreA Deutsche bank spokesperson declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru and Saeed Azhar in New York; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ EV startup Arrival to focus on U.S. market to rein in costs
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Arrival SA said on Thursday it would restructure its business to focus on the U.S. market, seeking to capitalise on the Inflation Reduction Act incentives and a larger addressable market as the electric-vehicle startup strives to cut costs. The Inflation Reduction Act is expected to result in $7,500 to $40,000 in tax credits for commercial vehicles. Arrival, which has lost nearly 90% in stock valuation so far this year, said in July the restructuring could result in up to 30% reduction in its workforce. In 2020, the company received an order for 10,000 electric vans from United Parcel Service (UPS.N), with the option for an additional order of 10,000 units. EV startups that promised to disrupt the automotive industry are now scrambling to keep a lid on costs amid supply chain issues and rising raw material prices.

☆ AMP Australian wealth management unit's net outflows more than halve
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 21 (Reuters) - AMP Ltd (AMP.AX) on Friday reported third-quarter net outflows at its Australian wealth management unit more than halved due to increased inflows into its flagship online investment platform, North, and reduced withdrawals at its pension trusts. "We've seen a reduction in cash outflows to other superannuation funds and we’re winning new customers on our North platform, which has continued to grow cashflows from independent financial advisers," AMP Chief Executive Officer Alexis George said. Net cash outflows at AMP's main wealth management business were A$0.8 billion ($502.40 million) for the three months to September, compared with A$1.9 billion recorded a year earlier. Assets under management at the unit, however, fell A$3.7 billion to A$121.4 billion due to a downturn in investment markets and continued cash outflows. AMP said net interest margins at its banking unit remained on track to meet their annual forecast range of 135 basis points (bps) to 140 bps.

☆ Lam Research warns of up to $2.5 bln revenue hit from U.S. curbs on China exports
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Chip-making technology provider Lam Research Corp (LRCX.O) on Wednesday warned of a $2 billion to $2.5 billion revenue hit in 2023 from U.S. curbs on exports of high-end technology shipments to China. Register now for FREE unlimited access to Reuters.com RegisterLam Research, which gets 30% of its business from China, is the latest company to flag a hit from the sales restrictions. read moreLam Research also reported strong first-quarter earnings on Wednesday and gave an upbeat revenue forecast for the current period. The company expects second-quarter revenue between $4.80 billion and $5.40 billion, the midpoint of which is higher than the $4.91 billion estimated by analysts, according to Refinitiv data. Shares of Lam Research had initially risen 4% in extended trading on the earnings report but pared most of the gains after the revenue warning.

☆ Woodside lifts output forecast as revenue soars on high energy prices
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

The company became a top-10 global independent oil and gas producer after its merger with BHP's petroleum arm was finalised this year, helping it double its output. read moreWoodside gained from weaker energy supplies following the Ukraine war, which pushed liquefied natural gas prices to new highs and forced buyers to scramble for alternate supplies from countries like Australia. Woodside also said it produced 51.2 mmboe during the quarter, the first full quarter of production since its merger with BHP's petroleum arm, compared with 22.2 mmboe a year earlier. This, along with the newly acquired BHP assets, helped boost quarterly revenue to $5.86 billion, from $1.53 billion a year ago. Woodside also said its Sangomar oil and gas project in Senegal was 70% complete at the end of September, with first production targeted for the latter half of 2023.

☆ Apple cuts production of iPhone 14 Plus - the Information
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Apple Inc (AAPL.O) is cutting production of iPhone 14 Plus within weeks of starting shipments as it re-evaluates demand for the mid-range model, the Information reported on Tuesday, citing two people involved in the company's supply chain. The Cupertino, California-based company told at least one manufacturer in China to immediately halt production of iPhone 14 Plus components, according to the report. Apple did not immediately respond to a Reuters request for comment. The iPhone 14 Plus, part of a new lineup announced on Sept. 7, is positioned as a cheaper alternative to its more expensive iPhone Pro models but is equipped with a large screen. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Oct 18 (Reuters) - Missouri has pulled $500 million out of pension funds managed by BlackRock Inc (BLK.N), state Treasurer Scott Fitzpatrick said on Tuesday, over the asset manager's environmental, social and governance (ESG) "priority" over shareholder returns. Several Republican-led states have sought to cut business ties with BlackRock over its ESG push, with Louisiana earlier this month saying it would pull $794 million out of the company's funds. While environmentalists have protested that the world's largest asset manager does too little to press for change at fossil fuel portfolio companies, Republican politicians have accused it of boycotting energy stocks. Missouri State Employees' Retirement System had asked BlackRock to abstain from proxy voting at companies on its behalf, but the asset manager refused its demand, Fitzpatrick said. Proxy voting is done by asset management firms on behalf of shareholders.

☆ Australia's Whitehaven Coal posts 23% drop in output on flood woes
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Australia's Whitehaven Coal Ltd (WHC.AX) on Wednesday reported a 23% plunge in first-quarter production as severe floods in New South Wales hit operations, including a week-long lock-out of its key Maules Creek mine. The company was also bullish on coal prices after it achieved a record average price of A$581 per tonne in the September quarter, up from A$189 per tonne a year earlier. "Looking locally, a number of weather events impacted coal producers during the September quarter, which together with the forecasted La Niña weather patterns, has further bolstered support for strong coal prices out of East Coast Australia," Whitehaven said. "We continue to view thermal coal prices as well supported throughout FY23 and beyond." The company's managed run-of-mine coal production was 4 Mt for the quarter ended Sept. 30, compared with 5.2 Mt a year ago and brokerage Barrenjoey's estimate of 5 Mt.

Oct 19 (Reuters) - Australian miner New Hope (NHC.AX) said on Wednesday it was not part of a consortium with private-equity firms Oaktree Capital Management and Brookfield (BAMa.TO), which according to a report was bidding for Aurizon's (AZJ.AX) East Coast Rail business. read moreAurizon declined to comment on the media report on Wednesday, but pointed to its annual general meeting held last week at which it said the divestment process was "well advanced" and that it would announce a decision next month. Register now for FREE unlimited access to Reuters.com RegisterBrookfield declined to comment on the media report. Shares in coal miner New Hope fell 7% after rival Whitehaven Coal's (WHC.AX) weak quarterly production update. ($1 = 1.5820 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Shashwat Awasthi and Upasana Singh; Editing by Vinay Dwivedi and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Whitehaven Coal output slumps 23% as floods sweep New South Wales
▼ + stars: | 2022-10-18 | by ( Upasana Singh | ) www.reuters.com time to read: +2 min

Severe wet weather including floods in Australia's most populous state, New South Wales, disrupted mining operations as the country suffered for a third straight year from the La Nina induced adverse weather. Register now for FREE unlimited access to Reuters.com RegisterManaged run-of-mine coal production was 4 Mt for the quarter ended Sept. 30, compared with 5.2 Mt a year ago and brokerage Barrenjoey's estimate of 5 Mt. Whitehaven said its annual output at Maules Creek was on track to be at the lower end of its 11.7 million tonnes to 12.6 million tonnes (Mt) forecast. Its shares fell as much as 7.1% to A$9.67, underperforming the broader market (.AXJO), which rose 0.4%. "Looking locally, a number of weather events impacted coal producers during the September quarter, which together with the forecasted La Niña weather patterns, has further bolstered support for strong coal prices out of East Coast Australia," Whitehaven said.

☆ Rio Tinto tempers annual iron ore shipments outlook as demand weakens
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) on Tuesday forecast annual iron ore shipments at the lower end of its outlook after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. read moreWeakness in prices and cooling China demand had led Rio to more than halve its interim dividend payout in July. The world's biggest iron ore producer shipped 82.9 million tonnes (Mt) of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 Mt a year earlier. The company retained its annual cost outlook for iron ore, but raised estimates for copper to between 150 cents and 170 cents per pound from 130 cents to 150 cents a pound. Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion.

☆ Pentagon considers funding Musk's Starlink network for Ukraine - Politico
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - The Pentagon is considering paying for Elon Musk's Starlink satellite network in war-torn Ukraine, Politico reported on Monday, citing two U.S. officials involved in the discussions. The most likely source of funding would be the U.S. Department of Defense Ukraine Security Assistance Initiative, designed to support the country as it fights Russia, the report added. loadingA Pentagon spokesman said the Defense Department would not speculate on future security assistance announcements before they occur. A separate report in the Financial Times said the European Union was also weighing funding Starlink in Ukraine, citing three officials with knowledge of the decision. "To be precise, 25,300 terminals were sent to Ukraine, but, at present, only 10,630 are paying for service," Musk tweeted on Monday.

☆ JPMorgan investment banking chief Hernandez to retire in 2023
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

Oct 17 (Reuters) - JPMorgan Chase & Co (JPM.N) said on Monday that Carlos Hernandez, its executive chair of investment and corporate banking, will retire at the end of the first quarter next year. Hernandez, 61, is a 36-year veteran of the company and has helped grow several segments of JPMorgan including its treasury services, investor services and global equities business, according to an internal memo that was confirmed by a company spokesperson. He will work closely with Jim Casey and Viswas Raghavan, co-heads of global investment banking, to ensure a smooth transition, according to the memo. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khushi Mandowara; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Inside how ESG fintech OpenInvest is helping JPMorgan roll out a variety of tools focused on sustainable investing
▼ + stars: | 2022-10-17 | by ( Asia Martin | ) www.businessinsider.com time to read: +5 min

JPMorgan acquired OpenInvest in 2021 to meet client demand for sustainable investing. OpenInvest, a sustainable-investing robo-advisor, has spent the past 13 months integrating into JPMorgan following the bank's acquisition of the startup in August 2021. Josh Levin, OpenInvest cofounder and chief strategy officer, told Insider clients are able to view things like how much carbon or tobacco the client has avoided funding. OpenInvest is helping JPMorgan work with other fintechsMurray and Levin told Insider that JPMorgan's acquisition represents more than an opportunity to upgrade the bank's sustainable investing offering. And so, we're gonna be looking to work more readily with fintechs in the future," Murray told Insider.

☆ Abbott recalls some liquid baby formula over bottle defect
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Abbott Laboratories (ABT.N) said on Friday it was recalling some ready-to-feed baby formula liquid products including Similac-branded items due to inadequate sealing of some bottle caps. The recall, which equates to less than one day's worth of infant formula used in the United States, is not expected to impact the overall formula supply, Abbott said in a statement. Abbott has been at the center of a baby formula shortage in the United States that earlier this year sent parent scrambling for supplies. Register now for FREE unlimited access to Reuters.com RegisterThe recall of baby formula made at Abbott's Michigan plant following complaints of bacterial infection in February exacerbated its shortage in the United States. Shares in Abbott, which is recalling products made at the company's plant in Columbus, Ohio, were down 1.1% at $101.39 in afternoon trading.

☆ Here's how OpenInvest is upping JPMorgan's ESG game and helping the bank partner with more fintechs
▼ + stars: | 2022-10-12 | by ( Asia Martin | ) www.businessinsider.com time to read: +5 min

OpenInvest, a sustainable-investing robo-advisor, has spent the past 13 months integrating into JPMorgan following the bank's acquisition of the startup in August 2021. Such products would include ESG and values-aligned investment strategies for JPMorgan financial advisors, along with proxy voting and philanthropic giving. Josh Levin, OpenInvest cofounder and chief strategy officer, told Insider clients are able to view things like how much carbon or tobacco the client has avoided funding. OpenInvest is helping JPMorgan work with other fintechsMurray and Levin told Insider that JPMorgan's acquisition represents more than an opportunity to upgrade the bank's sustainable investing offering. And so, we're gonna be looking to work more readily with fintechs in the future," Murray told Insider.

☆ ByteDance plans music-streaming expansion to take on Spotify - WSJ
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - China's ByteDance Ltd is in talks with music labels for expanding its music-streaming service globally to compete with industry leaders such as Spotify Technology SA (SPOT.N), the Wall Street Journal reported on Wednesday. The TikTok parent plans to eventually integrate music streaming within its short-video service and scale it to serve as a major platform for distributing music globally, according to the report that cited people with knowledge of the discussions. Shares of Spotify pared gains to trade flat in after-market trading on Wednesday, while Warner Music Group Corp (WMG.O) gained 4%. The company had discussed in recent months launching its Resso music-streaming service, currently available in India, Indonesia and Brazil, in more than a dozen additional markets, but expansion to the United States isn't immediately on the cards, according to the report. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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