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☆ Emerson sells majority stake in climate tech unit to Blackstone
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) is selling a majority stake in its climate technologies unit to Blackstone Inc (BX.N), the U.S. industrial firm said on Monday, in a deal that values the unit at $14 billion. The deal would give Blackstone a 55% stake in the unit. Blackstone and co-investors would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing, Emerson said. As part of that pivot, Emerson in August also sold its unit that makes waste disposal equipment and hot water dispensers to Whirlpool Corp (WHR.N). The Blackstone deal is expected to close in the first half of 2023.

☆ Royal Mail's largest labour union rejects new conditional pay offer
▼ + stars: | 2022-10-31 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Royal Mail and the Communication Workers Union (CWU) last week agreed to engage in talks through arbitration to resolve the months-long pay dispute and on Sunday the CWU withdrew its planned strike action in Britain in the next two weeks. Royal Mail's latest offer includes a 7% salary increase over two years, plus a lump sum payment of 2% of pay this year, but was subject to CWU agreeing to several changes including to Sunday working, start times and flexible working. The CWU, which represents more than 115,000 postal workers at Royal Mail, rejected the offer and said it would vote to take further strike action. "It (the offer) includes more unacceptable changes and a derisory 7% two-year pay offer that is well below projected inflation for both years," the CWU said in a statement. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber and David EvansOur Standards: The Thomson Reuters Trust Principles.

☆ EU regulator recommends adding heavy periods to side effects of mRNA COVID shots
▼ + stars: | 2022-10-28 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

[1/2] A medical worker holds a vial of the "Comirnaty" Pfizer-BioNTech COVID-19 vaccine at a coronavirus disease (COVID-19) vaccination center in Nice, France, December 1, 2021. REUTERS/Eric Gaillard/File PhotoOct 28 (Reuters) - A European Medicines Agency (EMA) committee on Friday recommended adding heavy menstrual bleeding to the list of side effect of mRNA COVID-19 vaccines made by Moderna (MRNA.O), as well as Pfizer (PFE.N) and its partner BioNTech (22UAy.DE). The regulator has now concluded that there is at least a "reasonable possibility" that heavy menstrual bleeding is causally associated with these vaccines. Menstrual disorders can occur due to a range of reasons, including underlying medical conditions as well as stress and tiredness. Health authorities have highlighted that cases have also been reported following COVID-19 infection.

☆ India's IFB Industries posts 2% drop in profit as costs climb
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 28 (Reuters) - India's IFB Industries Ltd (IFBI.NS) posted a 2% fall in its second-quarter profit on Friday, as expenses soared and took the shine off higher sales of its home appliances. Consumer goods makers globally have seen their bottomline take a knock from higher commodity prices, with the COVID-19 pandemic and the Russia-Ukraine war leading to a rise in input costs. For Kolkata, West Bengal-based IFB, which makes several home appliances including washing machines and air conditioners, total expenses rose 13.3% to 10.85 billion rupees. Net profit fell to 241.2 million rupees ($2.93 million) in the three months ended Sept. 30, from 245.9 million rupees a year ago. However, analysts have said the recent fall in commodity prices would start helping companies from the December quarter onwards.

☆ TSX hits fresh one-month high as Shopify shines, energy stocks rise
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Canada's main stock index on Thursday hit a fresh one-month high as e-commerce firm Shopify surged after strong results, while higher crude lifted energy stocks. read moreThe broader technology index (.SPTTTK) rose 4.6% to lead sectoral gains. Energy stocks (.SPTTEN) gained 1% as oil prices rose on optimism over record U.S. crude exports and waning recession fears. read moreGlobal stocks rose on Wednesday after the Bank of Canada announced a smaller-than-expected rate hike and said it was getting closer to the end of its historic tightening campaign. Reporting by Shashwat Chauhan in Bengaluru; Editing by Shailesh Kuber and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Shopify shares surge as results beat eases e-commerce slowdown fears
▼ + stars: | 2022-10-27 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Best known as a one-stop platform for online businesses, Shopify has moved to provide offline payments and other services after the pandemic-fueled surge in e-commerce ebbed. The company has added tools for businesses to connect with their shoppers online and build on the growth of influencers on social media. The purchase of e-commerce fulfillment company Deliverr has also helped expand its services. Davidson analyst Tom Forte said the results were "a reflection of (the company's) ability to exploit not only the online e-commerce opportunity but also the offline retail one." For the holiday quarter, Shopify expects gross merchandise volume (GMV), or total sales made through the platform, to "outperform the broader U.S. retail market."

☆ Exxon strikes oil again in Guyana with two new discoveries
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Exxon Mobil Corp (XOM.N) has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, potentially adding more barrels to one of the most closely watched new oil discoveries. Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain. Guyana amounts for one third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm. The about 11 billion barrels of recoverable oil discovered prior to Wednesday's finds, should make the country a global oil power in the coming years, Rystad says. The companies expect total production from Guyana to cross a million barrels per day by the end of this decade.

☆ Temasek shifts president, CFO in management shuffle
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Singapore's Temasek Holdings said on Wednesday President Tan Chong Lee will resign to take up the role as chief executive officer at its fund management firm 65 Equity Partners. In a slew of management changes announced by the investment giant, Leong Wai Leng will step down as the chief financial officer after 16 years to lead the Singapore market team as president. The company's deputy CFO Png Chin Yee will replace Leng from Jan. 1, 2023, it said in a statement. It has in recent days seen stock markets tumble in the face of higher interest rates and inflation. Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond interim CEO Sue Gove to take on role permanently
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Home goods retailer Bed Bath & Beyond Inc (BBBY.O) said on Wednesday that interim Chief Executive Sue Gove will keep the role permanently. Gove was named the interim CEO in June after the company replaced Mark Tritton in a management shake-up to reverse a slump in its business. Gove was previously the head of the strategy committee and an independent director in the company. The company said the appointment was unanimous and she will remain on its board. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond names Sue Gove as CEO
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Wednesday named Sue Gove as its president and chief executive officer. Gove had been serving as the interim CEO since June this year. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Exxon strikes oil again in Guyana, raises output target
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Exxon Mobil Corp (XOM.N) has made two new discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, the oil major said on Wednesday, adding more barrels to one of the most closely watched new oil discoveries. Exxon did not disclose how much crude oil or gas it estimates the new discoveries to contain, but it also hiked a previous output forecast for the third quarter from older discoveries in the region. Guyana amounts for one third of the crude discovered in the world since Exxon first hit oil in the country in 2015, according to Rystad consultancy firm. The about 11 billion barrels of recoverable oil discovered prior to Wednesday's finds, should make the country a global oil power in the coming years, Rystad says. The companies expect total production from Guyana to cross a million barrels per day by the end of this decade.

☆ European stocks rise as earnings offset economic gloom
▼ + stars: | 2022-10-25 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

SummarySummary Companies SAP earnings boost tech sharesUBS gains on profit beatECB set to raise rates this weekOct 25 (Reuters) - European stocks rose on Tuesday after a slew of better-than-expected earnings reports helped offset worries about fast rising interest rates and a slowing euro zone economy. The pan-European STOXX 600 index (.STOXX) rose 0.3%, with financial services (.SXFP) and technology (.SX8P) stocks countering losses in chemical firms (.SX4P). Boosting financial stocks, UBS (UBSG.S) climbed 5.6% after the Swiss bank beat market expectations for quarterly profit due to a rise in new money inflows. While European corporate earnings are expected to grow 28.4% in the third quarter, it is seen up 18.2% in the fourth quarter and just 3.1% in the first quarter of 2023. read moreGerman sportswear maker Adidas (ADSGn.DE) dropped 3.1% after Morgan Stanley downgraded its stock to "underweight" from "equal weight".

☆ Logitech's quarterly sales down 12%, CFO to depart
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Logitech mouses are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. The maker of keyboards, mice and headsets posted a 12% decline in sales at $1.15 billion in the three months ended Sept. 30. In constant currencies, which removes the impact of exchange rate swings, sales was down 7%. Register now for FREE unlimited access to Reuters.com RegisterNon-GAAP operating income plunged 26% to $156 million in the period, the second quarter of Logitech's financial year. Register now for FREE unlimited access to Reuters.com RegisterReporting by John Revill and Juby Babu; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Logitech's quarterly sales down 12% to $1.15 bln
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Logitech mouses are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. The maker of keyboards, mice and headsets posted a 12% decline in sales at $1.15 billion in the three months ended Sept. 30. In constant currencies, which removes the impact of exchange rate swings, sales was down 7%. Logitech also said its chief financial officer, Nate Olmstead, will be leaving the company. Register now for FREE unlimited access to Reuters.com RegisterReporting by John Revill and Juby Babu; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Fitbit sued in Australia for misleading consumers on faulty devices
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Australia's competition regulator has begun court proceedings against Fitbit LLC for allegedly making false or misleading claims to consumers about their guarantee rights on faulty devices, it said on Monday. "All consumers have... automatic consumer guarantee rights that cannot be excluded, restricted or modified. The consumer guarantee rights exist in addition to any warranties offered by manufacturers," said ACCC Chair Gina Cass-Gottlieb. Additionally, Fitbit told consumers that once they received a replacement device for an originally faulty product, they were not entitled to a second replacement if Fitbit's two-year 'limited warranty period' for the original device had expired, ACCC alleged. The ACCC, which is seeking penalties and injunctions, said their case includes 58 examples of consumers who were allegedly misled by Fitbit when they complained about faulty devices.

☆ European stocks jump on Fed slowdown hopes, Prosus slides on China woes
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - European shares rose on Monday, driven by hopes that the Federal Reserve could slow its pace of interest rate hikes, while investors braced for a busy week of earnings and a key interest rate decision from the European Central Bank. The continent-wide STOXX 600 index (.STOXX) rose 1.3% by 0708 GMT, with travel and leisure (.SXTP), retail (.SXRP) and banking (.SX7P) sectors leading the gains. Wall Street's main indexes rallied on Friday after a report said the Fed will likely debate on a smaller interest rate hike in December. read moreMeanwhile, Italian stocks (.FTMIB) rose 1.4% after Giorgia Meloni was sworn in as Italy's first woman prime minister on Saturday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ India's regulator bars Bombay Dyeing and others from securities market
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 22 (Reuters) - India's Bombay Dyeing and Manufacturing Company Ltd (BDYN.NS) has been barred by the country's capital market regulator from the securities markets for two years. The Securities and Exchange Board of India (SEBI) issued a statement late Friday barring Bombay Dyeing and its "promoters" (owners) - Nusli N Wadia and his sons, Ness and Jehangir - from the securities markets for up to two years. Four companies in the Wadia Group are listed on Indian Stock Exchanges, including Bombay Dyeing. The regulator said it had conducted a detailed investigation into the affairs of Bombay Dyeing from 2011-2012 and 2018-2019. The Wadia Group has been contacted for comment.

Oct 21 (Reuters) - HCA Healthcare Inc (HCA.N) on Friday reported lower-than-expected third-quarter revenue as hospital admissions related to COVID-19 dropped, dragging its shares nearly 5% lower in premarket trade. The decline in COVID-related admissions, which had peaked due to the Delta variant-led wave last year, led to a 1.5% drop in overall same facility admissions, and a 3.5% fall in same facility revenue per equivalent admission. Total revenue fell 2% to $14.97 billion, falling short of analysts' estimates of $15 billion, as per Refinitiv IBES data. Register now for FREE unlimited access to Reuters.com RegisterA similar trend was also seen at rival Tenet Healthcare Corp (THC.N), which also saw a decline in same-hospital admissions and revenue. Excluding one-off items, HCA reported earnings of $3.93 per share, above estimates of $3.88 per share.

☆ TSX rises on boost from higher energy, metal prices
▼ + stars: | 2022-10-20 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +3 min

The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. ET (14:36 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 130.27 points, or 0.7%, at 18,804.67. Most of the sectoral indexes were trading higher, with energy (.SPTTEN) in the lead as crude prices rose on tighter supplies and news of China considering reducing the duration of quarantine for inbound visitors. "The market is very sensitive to this and an eventual peaking of short-term rates should provide a positive catalyst towards higher stock prices." Traders are now split evenly between a 75-bps and 50-bps rate hike when the Bank of Canada meets next week.

Oct 20 (Reuters) - American Airlines Group Inc (AAL.O) on Thursday forecast that fourth-quarter profit would exceed analyst estimates after posting better-than-expected earnings in the third quarter, as demand for travel remained resilient despite higher airfare and growing risks of an economic recession. American is the latest airline to provide an upbeat forecast even as a worsening economic outlook has sparked worries about travel spending. Carriers, however, say an unquenched thirst for travel, hybrid work arrangements and limited airline capacity would keep their business humming. American said demand for domestic and short-haul international travel is "very strong", and lifting of travel restrictions and testing requirements around the globe are expected to further drive up long-haul international traffic. Adjusted profit for the third quarter came in at 69 cents per share, topping analysts' expectations of 56 cents a share.

☆ American Airlines forecasts strong profit for December quarter
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - American Airlines Group Inc (AAL.O) expects to report a profit in the December quarter above Wall Street estimates, the company said on Thursday, helped by a strong rebound in travel as the demand shows no signs of cooling despite high airfare. Shares of American Airlines were up about 3% at $14.43 in premarket trade. American Airlines reported an adjusted profit of $478 million, or 69 cents per share, for the quarter ended Sept. 30, compared with an adjusted loss of $641 million, or 99 cents per share, a year earlier. The Fort Worth, Texas-based airline's operating revenue rose to about $13.46 billion from about $8.97 billion a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Arizona, Texas join multi-state probe into big banks over net-zero pledge
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. The investigation is targeting JPMorgan Chase & Co , Goldman Sachs Group Inc , Bank of America Corp , Citigroup Inc , Wells Fargo & Co (WFC.N) and Morgan Stanley (MS.N). "American banks should never put political agendas ahead of the secure retirement of their clients," Arizona AG Mark Brnovich said in a statement. "The last thing Americans need right now are corporate activists helping the left bankrupt our fossil fuel industry," Texas AG Ken Paxton said, adding that the banks practices potentially violate consumer protection laws. JPMorgan declined to comment, while the other five banks did not immediately respond to requests for comment.

☆ Nasdaq profit rises 15% as market rout fuels demand for investment products
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - Nasdaq Inc (NDAQ.O) reported a 15% jump in third-quarter adjusted profit on Wednesday, driven by strong demand for the exchange operator's investment products that helped offset a slowdown in initial public offerings. Register now for FREE unlimited access to Reuters.com RegisterRevenue at the firm's solutions segment, which houses its technology products, jumped 8% to $584 million. Excluding one-time items, Nasdaq earned 68 cents per share in the quarter ended Sept. 30. In line with other major financial firms, Nasdaq has also battled rising costs amid decades-high inflation. The company said it repurchased $633 million in shares of its common stock in the first nine months of the year.

☆ WHO says COVID-19 is still a global health emergency
▼ + stars: | 2022-10-19 | by ( Nancy Lapid | ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - The World Health Organization said on Wednesday that COVID-19 remains a global emergency, nearly three years after it was first declared as one. The WHO's emergency committee first made the declaration for COVID-19 on Jan 30, 2020. Such a determination can help accelerate research, funding and international public health measures to contain a disease. "This pandemic has surprised us before and very well may again," WHO Director-General Tedros Adhanom Ghebreyesus told reporters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manas Mishra in Bengaluru and Jennifer Rigby in London; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Former Celsius exec joins JPMorgan as director of crypto regulatory policy
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Former Celsius executive Aaron Iovine has joined JPMorgan Chase & Co as executive director of digital assets regulatory policy, according to his LinkedIn profile, days after the bank's Chief Executive Jamie Dimon blasted cryptocurrencies as fraud and decentralized ponzi schemes. Iovine was head of policy and regulatory affairs at bankrupt crypto lender Celsius, which he left in September after an eight-month stint. Celsius filed for bankruptcy in July, as risk assets including bitcoin were crushed by monetary policy tightening. Crypto markets were also squeezed by the collapse of major tokens TerraUSD and Luna in May. At the Institute of International Finance meeting last week, he repeated his criticism of the digital assets, saying crypto tokens lacked value.

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