DIRS.INFO The most relevant business & tech news

☆ Rivian's bond issue does not reflect concerns around EV maker's financial health -CEO
▼ + stars: | 2023-10-17 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

[1/2] Rivian CEO RJ Scaringe speaks at a press event at the Amazon Logistics Facility in Chicago, Illinois, U.S. July 21, 2022. "We don't control the macro economic environment, we cannot control political conflict, and those are real risks that exist not just specific to Rivian," Scaringe said in an interview. Scaringe declined to comment on the production target as the company is set to announce results early next month. Despite supply chain visibility improving, the guidance baked in some lingering risks, Scaringe had told Reuters in August while raising its target by 2,000 vehicles. Rivian's cash balance as of Sept. 30 was estimated to be at $9.1 billion, down from $10.2 billion in June.

Persons: RJ Scaringe, Jim Vondruska, Rivian, Scaringe, Tesla, Abhirup Roy, Jonathan Oatis, David Gregorio Our Organizations: Amazon Logistics, REUTERS, FRANCISCO, Reuters, Thomson Locations: Chicago , Illinois, U.S, Irvine , California, San Francisco

☆ Russia's Lancet drone is its most effective weapon in Ukraine, and it's only getting deadlier
▼ + stars: | 2023-10-17 | by ( David Hambling | ) www.businessinsider.com time to read: +14 min

Rise of the lancetA Russian Lancet loitering munition shot down in the Zaporizhzhia region in July 2022. At first only a handful of Lancet strike videos were posted each month. Target setUkrainian soldiers shoot at what Ukraine said were Russian Lancet drones in a still image from a video released in May. AdvertisementAdvertisementAccording to Lost Armor, as of October 3 there are 667 Lancet strike videos. These are typically kept several miles back from the front line, but not far enough to be out of Lancet range.

Persons: —, Samuel Bendett, 19FortyFive, Yuriy Sak, Dmytro Smoliyenko, Crews, Bendett, Zala, David Hambling Organizations: Service, Russia, Strategic Communications, Ukrainian Armed Forces, REUTERS, Zala Aero Group, Special Operations Forces, CNA, CNAS, Lancet, Reuters, Ukraine Defense Ministry, Analysts, Publishing, Getty, Artillery, Oryx, Russia's RIA, Telegram, Vostok, Volunteer, Aviation, Forbes, The, New, Popular Mechanics, WIRED Locations: Ukraine, Zaporizhzhia, Syria, Russia, Russian, Ukrainian, German, Kyiv, Lancets, London

☆ Israel-Hamas war: Diplomatic aid efforts ramp up for 'strangled' Gaza as regional conflict fears grow
▼ + stars: | 2023-10-16 | by ( Helen Regan Kareem El Damanhoury Eyad Kourdi Abeer Salman Abbaggini | Helen Regan | Kareem El Damanhoury | ) edition.cnn.com time to read: +10 min

“We all know water is life – Gaza is running out of water, and Gaza is running out of life. People walk amid the destruction of houses and streets in Khan Younis, located in the southern Gaza Strip. Meanwhile, Hamas is believed to be holding some 150 Israeli and foreign nationals hostage in the warren of tunnels underneath Gaza. It is also unclear if water is now flowing into southern Gaza. Israeli soldiers gather on and around a tank near Israel's border with the Gaza Strip, in southern Israel on October 15.

Persons: ”, ’, Joe Biden, Philippe Lazzarini, ” Lazzarini, “, Marwan Jilani, Khan Younis, Mohamed Zaanoun, Dominic Allen, ” UNRWA’s Lazzarini, Isaac Herzog, Antonio Guterres, Pope Francis, Ravina Shamdasani, doesn’t, ” Shamdasani, Herzog, Antony Blinken, Benjamin, Netanyahu, Sunday Blinken, China’s, Wang Yi, Israel, Zhai Jun, Jacquelyn Martin, Jordan, United States Michael Herzog, Stéphane Dujarric, Jonathan Conricus, Emmanuel Macron “, Ebrahim Raisi, Warthogs, Ronen Zvulun, Jake Sullivan, ” Sullivan Organizations: Jerusalem CNN, Israel’s, UN, Israel Defense Forces, United Nations Relief, Works Agency, “, CNN, Crescent, Getty, Population Fund, Sunday, Palestinian Health Ministry, UN Human Rights, Reuters, CNN Israel, CNN Sunday, Water Authority, East Sunday, CBS Sunday, US National Locations: Gaza, Jerusalem, Israel, Rafah, Egypt, Khan, Guterres, Cairo, Jordan, nonfunctional, United States, Israeli, Iran, Syria, Israel’s, Lebanon

☆ Microsoft-owned LinkedIn lays off nearly 700 employees — read the memo here
▼ + stars: | 2023-10-16 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Microsoft -owned LinkedIn announced Monday that it cut almost 700 employees, with most coming from the engineering organization, according to a memo viewed by CNBC. The reductions come as the business-oriented social network has seen year-over-year revenue growth slow for eight consecutive quarters. The slimming down comes as Microsoft's overall revenue growth has slipped, pushing CEO Satya Nadella to lower costs across the company. LinkedIn is now ramping up hiring in India, according to the person familiar with the matter. Broken down there are 137 Engineering management roles and 38 Product roles being reduced.

Persons: we've, Mohak Shroff, Tomer Cohen, Satya Nadella, LinkedIn's Karin Kimbrough Organizations: Microsoft, CNBC, LinkedIn, Reuters, Engineering Locations: India

☆ Xi and Putin to reunite in China as divisions with the West sharpen
▼ + stars: | 2023-10-16 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Putin and Xi, who frequently refer to their close friendship, have met 40 times in the past decade, including twice since the start of the war in Ukraine. “And for China, having an important international player like Putin to join the BRI summit is also politically important,” he added. Chinese leader Xi Jinping inspects the honor guard at the Moscow Vnukovo Airport on March 20, 2023. Last year, Russia and China saw record trade, which continued to grow in 2023. Xi and Putin are expected to discuss the conflict in their upcoming meeting – where Russia’s war in Ukraine will also likely feature.

Persons: Vladimir Putin, Xi Jinping, Ukraine –, ’, Xi, Putin, “, ”, Li Mingjiang, Xie Huanchi, “ China, Alex Gabuev, it’s, Xu Wei, Joe Biden, Wang Yi, Israel –, Li, don’t Organizations: Beijing CNN —, Hamas, Palestinian, Forum, West, Singapore’s Nanyang Technological University, Moscow Vnukovo Airport, Getty, Carnegie Russia Eurasia Center, ’, Xinhua, United Nations Security, UN, Israel, Ukraine Locations: China, Beijing, United States, Ukraine, Moscow, Russian, Kyrgyzstan, Russia, Xinhua, Europe, Berlin, East, Israel, Gaza, Leningrad, Singapore

Along with mild winter weather in much of the northern hemisphere, Chinese fuel exports helped avert widespread shortages of diesel, heating oil and gasoil. Russia's ban on diesel exports ahead of winter has sparked a new round of concerns of another supply shock. Chinese fuel exports are currently around 1.1 million barrels per day (bpd), down from last year's peak at 1.8 million bpd in December. China's fuel exports are subject to quotas, closely monitored by the global fuel trading community. China also has quotas for imports of crude oil that refiners use to make diesel and other products.

Persons: Meng Meng, John Kilduff, Matt Smith, Al Zour, Kpler, Laura Sanicola, Trixie Yapl, Simon Webb, David Gregorio Our Organizations: REUTERS, Total, Al, Diesel, U.S . East, U.S . Energy Information Administration, Thomson Locations: Boxing, Shandong Province, China, U.S, Ukraine, Europe, Americas, Brazil, Turkey, New York, Beijing, Russia, Iran, Venezuela, Asia, Middle, Western Europe, America, U.S . East Coast

☆ Canon, known for its cameras, launches ASML challenge with machine to make the most advanced chips
▼ + stars: | 2023-10-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Brian Ach | Getty ImagesCanon , the Japanese firm best known for its printers and cameras, launched a critical tool on Friday it says can help manufacture the most advanced semiconductors around. The latest "nanoimprint lithography" system is Canon's challenge to Dutch firm ASML , which dominates the extreme ultraviolet (EUV) lithography machine space. ASML's tools are required to make the most advanced chips such as those in the latest Apple iPhones which are manufactured by Taiwan's TSMC . For context, the A17 Pro chip inside Apple's iPhone 15 Pro and Pro Max, is a 3nm semiconductor. Both TSMC and South Korea's Samsung, the two biggest advanced chip manufacturing companies, are aiming to make 2nm chips in 2025.

Persons: Brian Ach, Taiwan's TSMC, Canon, hasn't, Kotasthane, ASML Organizations: Getty, Apple, U.S, Canon, Pro, Samsung, Takshashila, CNBC Locations: China, South

☆ Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here's what the complaint said
▼ + stars: | 2023-10-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +22 min

With a "goodwill" repair, Tesla essentially foots the bill for labor, parts or accessories given to keep a customer happy. "Were Tesla to accurately categorize its 'goodwill' repairs as warranty repairs, it would likely need to restate earnings for every quarter since at least 2017," the tipsters wrote in their submission. In one example, the tipsters said screenshots showed other Tesla employees changed the status of material used in manufacturing from "scrap" to "work in progress." In another example, the complaint said screenshots showed Tesla employees had manually changed the status of "used" cars to "new" in a program that tracked vehicle deliveries data. In correspondence to the agency expanding on their complaint, the whistleblowers alleged this raises questions about the firm's independence and objectivity in judging Tesla's financials.

Persons: Brandon Bell, Elon, Tesla's, Tesla, Musk, Ann Lipton, Lipton, Karen Nelson, Nelson, Nicholas Parks, it's, Oxley, restate financials Organizations: Getty, U.S . Securities, Exchange Commission, SEC, PricewaterhouseCoopers, CNBC . Agency staff, CNBC, Twitter, Tulane Law School, University of Chicago Law School, Securities, Sarbanes, Oxley, Texas Christian University, Public Company, Tesla, Parks, Nelson, Business, Exchange, Board, SpaceX, The Boring, California Alternative Energy, Transportation Financing Authority Locations: Austin , Texas, Tesla, California, U.S, Delaware

How GLP-1 drugs work Sorting through the facts reveals some likely winners and losers. LLY YTD mountain Eli Lilly shares year to date performance It is still early days for GLP-1 medications. Many have seen the rise of GLP-1 drugs as a threat to the medical device industry. Also, not all patients are able to tolerate GLP-1 drugs, which can cause side effects such as nausea. Among other medtech stocks, Plovanic sees GLP-1 drugs as an "incremental positive" for Dexcom, which makes continuous glucose monitors (CGMs), but an "incremental negative" for insulin pump makers like Insulet.

Persons: Insulet, Medtronic, Dexcom, BAX, NASH, Eli Lilly, Peter Verdult, Lilly, Eli Lilly aren't, Piper Sandler, Wegovy, Yasmeen Rahimi, Robbie Marcus, Marcus, hasn't, Baxter, David Low doesn't, William Plovanic, Craig Wong, Pan, Plovanic, Matt O'Brien, O'Brien, Rippling, Simeon Gutman, Morgan Stanley, Gutman, — CNBC's Michael Bloom Organizations: Novo Nordisk, Baxter International, Baxter, GLP, Citi, Novo, Bank of America, Viking Therapeutics, Pharmaceuticals, Pfizer, Amgen, Companies, Fisher, Reuters, Inspire, Systems, JPMorgan, RBC Capital, Walmart, underperformance Locations: GLP, U.S, DaVita, ResMed

The American people must understand just how shocking and gruesome Hamas’ actions were, Biden told his aides. I think we can change the Middle East,” Biden told a group of Jewish American leaders on Wednesday. “If tomorrow Hezbollah started launching missiles into Israel, that would be seen as a real escalation,” according to a person close to the situation. In his private conversations with Netanyahu, Biden has not urged the Israeli leader to practice restraint in its counterattack against Hamas. “He has always approached Israel with moral clarity and full commitment,” a senior adviser to the president told CNN.

Persons: Joe Biden, Biden, ” Biden, “, Benjamin Netanyahu, John Kirby, it’s, ”, Netanyahu, –, Biden’s, CNN’s Matthew Chance, I’m, Jake Sullivan, Netanyahu’s, ” Sullivan, Netanyahu “, Alexandria Ocasio, ” Ocasio, Cortez Organizations: CNN, White, Jewish, Israel, National Security Council, Senate Foreign Relations, Defense Department, Biden, Democratic Party, New, New York Democrat Locations: Israel, Europe, Tehran, Gaza, United States, Ukraine, Iran, Afghanistan, “, Alexandria, Cortez, New York

☆ New York Increases Security at Jewish Gathering Places
▼ + stars: | 2023-10-12 | by ( ) www.wsj.com time to read: 1 min

New York officials are ramping up security at synagogues and yeshivas, Gov. Kathy Hochul said, as tensions grow over the war between Israel and Hamas. The state, home to about two million Jewish people, has been on edge as protests have erupted. More demonstrations are scheduled in the coming days. Synagogues across the state have posted more security guards outside and considered moving services online.

Persons: Kathy Hochul Organizations: Hamas Locations: York, Israel

☆ China wants to be a peace broker in the Middle East. How has it responded to the Israel-Gaza war?
▼ + stars: | 2023-10-11 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

Experts say this initial response may expose Beijing’s limited influence in the region, despite official propaganda talking up China as the world’s new peacemaker. Yuval Waks, a senior official at the Israeli Embassy in Beijing, said his country expected a “stronger condemnation” of Hamas from China. State media coverageDespite its claims of neutrality, coverage of the conflict on China’s state-run television appears more slanted. Chinese state media were also quick to blame the US for the conflict now raging in the heart of the Middle East. “China looks at Israel as an opportunity to get points with the broader Arab world and the rest of the developing world.

Persons: Mahmoud Abbas, Xi Jinping, Jonathan Fulton, they’re, Yuval Waks, ” Waks, Chuck Schumer, Xi, “, ” Schumer, Mao Ning, ”, Zhang Jun, Beijing’s, Phil Cunningham, Israel –, Abbas, –, Israel, ” Fulton, Fulton, Benjamin Netanyahu Organizations: CNN, Hamas, Atlantic Council, China’s, Embassy, Reuters, US, Foreign, United Nation, European Union, Global Times, Communist, USS Ford, US Air Force, UN Security Council, Palestinian, Palestinian Authority, West Bank, ”, Israel, Washington, Israeli Locations: China, Beijing, Israel, Iran, Saudi Arabia, Gaza, Palestinian, Palestine, Abu Dhabi, United States, Europe, Asia, Africa, Latin America, State, ”, Russia, Hamas, Ukraine, Xinjiang, Fulton, Haifa, Iraq, Oman –

☆ The IMF raises its economic outlook for both Russia and Ukraine, even as the war between them rages on
▼ + stars: | 2023-10-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The International Monetary Fund upgraded its economic forecasts for Russia and Ukraine Tuesday. It expects both to post similar annual GDP growth to the US in 2023. The IMF also warned that inflation is going nowhere in 2024 – and called for central banks to keep interest rates high. AdvertisementAdvertisementThe Russian and Ukrainian economies are holding up much better than was previously thought even as the war between Moscow and Kyiv rages on, the International Monetary Fund said Tuesday. The IMF upgraded its outlook for Russia's GDP growth from 1.5% to 2.2%, citing "substantial fiscal stimulus, strong investment, and resilient consumption in the context of a tight labor market".

Persons: —, Vladimir Putin's, ramping Organizations: Monetary Fund, IMF, Service, International Monetary Fund, Kremlin Locations: Russia, Ukraine, Moscow

☆ Data centers are booming. Their need for power is causing utilities to retreat on green energy.
▼ + stars: | 2023-10-09 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +18 min

Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."

Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North

In that case, Britain accused Russia of an assassination attempt on its soil and expelled 23 Russian diplomats from the country. For its part, the U.S. expelled 60 Russian diplomats and ordered the closure of Russia's consulate in Seattle in solidarity with its British ally. If asked by Canada to expel a large number of Indian diplomats, these officials said, the U.S. would have little choice but to comply. This week, India told Canada to remove 41 of its 62 diplomats in the country, ramping up the confrontation. Trudeau and other Canadian officials, including Foreign Minister Melanie Joly, have hinted that Canada won't take reciprocal measures.

Persons: —, Biden, Justin Trudeau's, Narendra Modi, Joe Biden, Sergei Skripal, Trudeau, “ I’m, we're, ”, Danny Russel, Barack Obama’s, Modi, Melanie Joly Organizations: WASHINGTON, Publicly, Canadian, U.S, NATO, Asia Society Policy Locations: Canada, India, U.S, Vancouver, Russia, Iran, Saudi Arabia, North Korea, Pacific, United States, Ukraine, China, Australia, Japan, Salisbury, England, Britain, Seattle, St . Petersburg, Indian, British, New York, New Zealand, New Delhi, Washington

☆ American cities are ramping up security around places of worship following Israel attacks as they assure residents there are no credible threats locally
▼ + stars: | 2023-10-07 | by ( Nouran Salahieh | ) edition.cnn.com time to read: +3 min

CNN —While assuring Americans there are no credible threats locally, cities throughout the United States are ramping up security around houses of worship after the large-scale attack by Gaza militants on Israel on Saturday. The FBI and the Department of Homeland Security issued “public safety concern” bulletins Saturday to state and local law enforcement and said they are monitoring for any impact on the US domestic threat environment, a law enforcement official said. Israel then launched airstrikes on Gaza while its forces clashed on the ground with Hamas fighters. In Israel, at least 300 people have died and thousands of others are wounded, officials said. In Gaza, at least 232 Palestinians have died and more than 1,600 are wounded, the Palestinian health ministry said.

Persons: Eric Adams, “, ” Adams, Kathy Hochul, Matthew J, Platkin, Sylvester Turner, Sean Hickman, Los Angeles Mayor Karen Bass, Joe Biden, Benjamin Netanyahu Saturday, Washington “, Netanyahu, ” Organizations: CNN, Saturday, FBI, Department of Homeland Security, Gaza, Hamas, New, New York City, NYPD, , New, Israel’s, US, New Yorkers, New York State Police, ”, Los Angeles Police Department, Los Angeles Mayor Locations: United States, Gaza, Israel, New York, ,, , New York, Jerusalem, New, Houston , Texas, Washington , DC, District, ”, West Coast, Los Angeles

☆ Putin has bet Russia's entire economy on war. An expert says it's his best shot at maintaining control of the country.
▼ + stars: | 2023-10-07 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Vladimir Putin bet his economy on a long war, ramping up military production and raising wages. An expert told Insider keeping Russia's economy stable is critical to prevent regime collapse. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementVladimir Putin has fully transitioned the Russian economy toward wartime production, betting his country's financial and manufacturing systems can outlast the West's until Russia sees a military victory in Ukraine. As long as the country maintains some semblance of the status quo in the economy, English said he doesn't expect to see things changing.

Persons: Vladimir Putin, Robert English, —, Putin, Vasily Astrov Organizations: Service, Kremlin, Street Journal, Vienna Institute for International Economic Studies, ., Government of, Russian Federation, University of Southern Locations: Russia, USSR, Ukraine, Russian, University of Southern California

☆ Turkey says it 'neutralised' 58 Kurdish militants in northern Syria
▼ + stars: | 2023-10-07 | by ( Tuvan Gumrukcu | ) www.reuters.com time to read: +3 min

ANKARA, Oct 7 (Reuters) - Turkish forces have "neutralised" 58 Kurdish militants in northern Syria in overnight attacks on militant targets, the Defence Ministry said on Saturday, as conflict in the region escalated nearly a week after a bomb attack in Ankara. Since the bomb attack, Ankara has launched a barrage of air strikes and attacks against militant targets in northern Syria and Iraq, while ramping up security operations at home. The ministry said the operations, which it says are carried out under self-defence rights, had "neutralised" 58 militants in the region. Late on Friday, the ministry had said Turkey's military had conducted air strikes in northern Syria, destroying 15 militant targets where it said militants were believed to be. Turkey, which has mounted several incursions into northern Syria against the YPG, has said a ground operation into Syria is an option it could consider.

Persons: Olive Branch, Tayyip Erdogan, Fethullah Gulen, Jan Harvey Organizations: Turkish, Defence Ministry, Kurdistan Workers Party, Syrian Kurdish, Syrian SDF, AK, Saturday, Islamic, European Union, SDF, Islamic State, NATO, Thomson Locations: ANKARA, Syria, Ankara, Turkey, Syrian, Iraq, Olive, Islamic State, U.S, Turkish, United States, Washington

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - The copper market will transition from supply-demand balance in 2023 to a major supply surplus next year, the International Copper Study Group (ICSG) said after its meeting in Lisbon this week. However, its assessment chimes with a copper market consensus that Chinese demand has surprised to the upside this year. It has trimmed only very slightly its 2024 global usage growth forecast from 2.8% to 2.7%. Operating constraints and smelter maintenance outages in Chile, Indonesia, Sweden and the United States will cap copper production outside of China this year. It's worth noting that the ICSG's most recent monthly bulletin suggests the global copper market notched up a hefty 215,000-metric ton production surplus in the first seven months of 2023.

Persons: Ivan Alvarado, Everyone's, Andy Home, Susan Fenton Organizations: BHP Billiton's Escondida, REUTERS, Study, Shanghai Metal, Reuters, Thomson Locations: Antofagasta, Chile, Lisbon, China, North America, Europe, United States, Indonesia, Sweden, India

☆ Chevron workers at key LNG facilities in Australia vote to restart strikes
▼ + stars: | 2023-10-06 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Union members have voted to restart industrial action at Chevron’s liquefied natural gas facilities in Australia, threatening renewed strikes that could disrupt about 7% of global LNG supply. In the past days, the Offshore Alliance had been working with Chevron (CVX) to finalize the agreements, the alliance said in the statement. In Europe, the threat of strikes in Australia had caused a series of spikes in natural gas prices since August. “Persistently high and volatile gas prices will erode European competitiveness, [which is] a longer-term risk,” the credit rating agency wrote. “Gas prices will remain higher in Europe than elsewhere, making energy-intensive sectors like chemicals less competitive.”

Persons: Brad Gandy, “, Wheatstone, Daniel Toleman, Wood Mackenzie, “ It’s, ”, Alex Froley, Russia —, Moody’s Organizations: London CNN — Union, Offshore Alliance, Chevron, Commission, Enterprise, CNN, Fair, ” Workers Locations: Australia, Europe, Russia, Ukraine, Norway, LNG, United States, Qatar, Moscow

☆ Clorox shares touch more than 5-year low on financial hit from cyber attack
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

Bottles of Clorox bleach are displayed for sale on the shelves of a Wal-Mart store in Rogers, Arkansas, June 4, 2009. Shares in Clorox last traded at $121.16 after earlier hitting a low of $119.56 and were eying their biggest one-day percentage loss since Feb. 2022. After this, Evercore ISI slashed its Clorox price target to $120 from $160 and Raymond James downgraded it to 'market perform' from 'outperform'. Bank of America cut its price target to $120 from $145 while Deutsche Bank dropped its target to $136 from $155. But, Evercore ISI analyst Javier Escalante who rates Clorox 'underperform,' voiced concerns about how long the company took to work out the financial impact.

Persons: Jessica Rinaldi, Raymond James, Anna Lizzul, Lizzul, Clorox, Javier Escalante, Escalante, Sinéad Carew, Andrew Heavens Organizations: REUTERS, ISI, Bank of America, Deutsche Bank, Thomson Locations: Rogers , Arkansas, Clorox

☆ House business is on ice while GOP finds new speaker
▼ + stars: | 2023-10-05 | by ( Annie Grayer | ) edition.cnn.com time to read: +5 min

The House calendar remained officially stuck on October 3 – Tuesday – the date when House Speaker Kevin McCarthy was ousted and left the chamber without adjourning. “The House of Representatives is effectively frozen,” Rep. Garret Graves, a Louisiana Republican, told reporters. As speaker pro tempore, Republican Rep. Patrick McHenry of North Carolina can perform tasks like recessing the House, adjourning the chamber and recognizing speaker nominations, according to the House Practices Guide. “Until we figure out how we have another speaker of the House, everything stops,” Rep. Kelly Armstrong, a North Dakota Republican on the House Oversight Committee, told CNN. While House Republicans intend to hold a candidate forum for would-be speakers on Tuesday, it could take time for Republicans to unify behind a single one.

Persons: Kevin McCarthy, Garret Graves, “, Patrick McHenry of, Joe Biden, Graves, ” Graves, ’, “ We’re, James Comer, we’ve, Michael McCaul, Kelly Armstrong, Tom Cole, Jim Jordan of, Steve Scalise, ” Organizations: DC CNN —, Representatives, ”, Louisiana Republican, Republican, CNN, Republicans, Kentucky, Foreign, Texas Republican, North Dakota Republican Locations: Washington, ”, Louisiana, Patrick McHenry of North Carolina, Texas, Oklahoma, Jim Jordan of Ohio, “

☆ Alstom cash crunch dents management credibility
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes Acquire Licensing RightsLONDON, Oct 5 (Reuters Breakingviews) - Alstom (ALSO.PA) CEO Henri Poupart-Lafarge faces an uphill struggle to shore up his credibility. The French train maker lost 35% of its market value – amounting to 3 billion euros - on Thursday after announcing that it would book negative free cash flow of 500 to 750 million euros this year. Finally, weaker than expected orders in the first half of the year generated less cash in the form of down payments. Given the potential for the group’s net debt to be 3 billion euros by year-end, 1 billion euros more than expected, Deutsche Bank analysts reckon it may soon need a capital increase. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gonzalo Fuentes, Henri Poupart, Pierre Briancon, Aimee Donnellan, Streisand Neto Organizations: Alstom, REUTERS, Reuters, London Underground, Deutsche Bank, X, Sandoz, Brookfield, Temasek, Thomson Locations: Saint, Ouen, Paris, France

☆ Peak crude demand is fueling anger and argument in the world of oil
▼ + stars: | 2023-10-05 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over. "Such narratives only set the global energy system up to fail spectacularly," OPEC Secretary General Haitham al-Ghais said in a Sept. 14 statement. The IEA's roadmap calls for daily oil demand to be slashed by 25% in seven years' time. 'We all strive for the same thing'OPEC leaders, meanwhile, point to continuing yearly increases in oil demand, particularly from major emerging markets like China and India.

Persons: Leonard Ortiz, It's, Haitham, Ghais, Claudio Descalzi, Steve Sedgwick, Descalzi Organizations: MediaNews, Orange, Getty, International Energy Agency, OPEC, IEA, Abu Dhabi International Petroleum Exhibition Conference, Abu Dhabi International Progressive Energy Conference, United, Eni Locations: Huntington Beach , California, United Arab Emirates, UAE, OPEC, China, India

☆ US services sector growth slows moderately
▼ + stars: | 2023-10-04 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The survey's measure of new orders received by services businesses dropped to 51.8, the lowest level since December, from 57.5 in August. PRICES REMAIN ELEVATEDDespite the slowdown in new orders, services businesses continued to face higher prices. A gauge of prices paid by services businesses for inputs was unchanged at 58.9. Some economists view the ISM services prices paid measure as a good predictor of personal consumption expenditures (PCE) inflation. The ISM's gauge of services sector employment dipped to 53.4 from 54.7 in August, which mostly reflected supply issues.

Persons: Amira Karaoud, Kurt Rankin, tightens, September's, Goldman Sachs, Lucia Mutikani, Paul Simao, Andrea Ricci, Will Dunham Organizations: REUTERS, PMI, Institute for Supply Management, Federal Reserve, PNC Financial, United Auto Workers, Retailers, Treasury, Fed, ADP, Conference Board, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Goldman, BLS, Thomson Locations: Louisville, U.S, WASHINGTON, Pittsburgh

Search resuls for: "Ramping"

25 mentions found