DIRS.INFO The most relevant business & tech news

[1/2] Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/IllustrationLONDON, Nov 17 (Reuters) - The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound fell as the UK government unveiled its latest budget update. Yet the dollar climbed on Thursday after U.S. retail sales data for October, released on Wednesday, came in stronger than expected. Traders will also scrutinise speeches from numerous Fed officials on Thursday for hints about rate hikes. It plunged 3.7% on Thursday last week when U.S. consumer inflation data for October came in lower than expected.

☆ Shares and pound splutter as UK dishes out budget gruel
▼ + stars: | 2022-11-17 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

[1/3] Pound and Dollar banknotes are seen in this picture illustration taken June 13, 2017. Pound and UK Gilt recover from 'mini budget' turmoilOvernight in Asia, grim signals from Micron Technology about excess inventories and sluggish demand sent chipmaker stocks sprawling. Mainland Chinese shares also wobbled, with blue chips there (.CSI300) falling 0.5% having ripped 10% higher this month. Traders will also scrutinise speeches from Fed officials on Thursday for hints about rate hikes. Crude oil steadied in Europe after settling more than a dollar lower overnight, following the resumption of Russian oil shipments via the Druzhba pipeline to Hungary and as rising COVID-19 cases in China weighed on sentiment.

BUFFALO, N.Y., Nov 17 (Reuters) - Up to 4 feet (1.2 meters) of lake-effect snow could bury parts of Western New York and other states by the end of the weekend, forecasters said on Thursday, paralyzing the city of Buffalo and other areas downwind of Lake Erie and Lake Ontario. The heaviest totals are likely in Buffalo, the weather service said on its website, stressing it was difficult to predict exactly where the snow bands would develop. "What we are talking about is a major, major storm," New York Governor Kathy Hochul, said on Thursday, a day after she declared a state of emergency in the Buffalo area. By Thursday morning, snow squalls already carpeted parts of New York southeast of Lake Erie with 10 inches of snow. In November 2014, an epic barrage of lake-effect snow deposited more than 5 feet of powder east of Buffalo but dropped just a few inches of snow a few miles to the north, according to the NWS, illustrating the highly localized nature of the phenomenon.

ID.me responded that calling its fraud estimate baseless or too high was premature because government auditing was ongoing. Congress began investigating ID.me after former ID.me employees, government watchdog groups and lawmakers complained the company had been unprepared to handle an onslaught of unemployment insurance applications early in the pandemic. While Reuters and other media last year reported on the waits, investigators said their analysis definitively showed that issues had been widespread. ID.me said it regretted the long waits but described them as "short-lived and temporary and caused by historic fraud." The Democrat-led committees are continuing to investigate other concerns about ID.me, including the accuracy of its facial recognition system and the adequacy of its support for non-English speakers.

Companies Twitter Inc FollowNov 17 (Reuters) - Twitter Inc (TWTR.MX) owner Elon Musk's mandate that employees stop working remotely and put in "long hours at high intensity" discriminates against workers with disabilities, a new lawsuit claims. Borodaenko said Musk's recent call for Twitter employees to return to the office or quit violates the federal Americans with Disabilities Act (ADA), which requires employers to offer reasonable accommodations to workers with disabilities. The lawsuit said many Twitter employees with disabilities have been forced to resign because they could not meet Musk's demanding performance and productivity standards. Under federal law, employers can provide workers with 60 days of severance pay in lieu of giving notice. Reporting by Daniel Wiessner in Albany, New York; Editing by Alexia Garamfalvi and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Nov 16 (Reuters) - Tencent Music Entertainment Corp beat analyst estimates for third-quarter revenue and profit, boosted by a recovery in advertising sales and an increase in the number of paying users on the Chinese music streaming company's platform. Tencent has been ramping up its original content slate to help put more users behind a paywall. Paying users at its online music streaming service rose to 85.3 million in the quarter from 82.7 million in the second quarter, the earnings statement showed. Net profit attributable to equity holders was 1.06 billion yuan, up from 740 million yuan in the same period last year. Yip said Tencent Music expects its long-form audio content to break even on a gross margin basis by the end of next year.

☆ UK banks say consumer safeguard could backfire in cost of living crisis
▼ + stars: | 2022-11-16 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Maja SmiejkowskaLONDON, Nov 16 (Reuters) - Britain's banks are proactively helping customers hit by the cost of living crisis, but implementing a new "consumer duty" on time could exclude vulnerable consumers from help, banking industry body UK Finance said on Wednesday. UK Finance chief executive David Postings said portfolios of lenders have so far stood up to current economic stresses. It is more critical than ever that borrowers and savers are offered fair and competitive rates, Rathi added. UK Finance chair Bob Wigley said he anticipated that finance minister Jeremy Hunt's fiscal statement on Thursday would help restore Britain's "traditional reputation for sound management of public finances" after turmoil in UK bond markets in September. Banks hope Hunt will announce a cut in the tax surcharge on their profits.

☆ IMF's Georgieva says Biden-Xi meeting 'constructive' signal for trade
▼ + stars: | 2022-11-16 | by ( David Lawder | ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, Nov 16 (Reuters) - President Joe Biden's meeting with Chinese President Xi Jinping was a "very constructive" signal that may ease trade tensions between the world's two largest economies, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday. But the Biden-Xi meeting sent "a very significant message to the world that international cooperation is important for all of us," Georgieva said. This would reduce global GDP output by $1.4 trillion to $3.5 trillion, the Fund estimates. "Also, China recognizes that there has to be a reliance on mutual cooperation because we see the Chinese economy being in a very tough spot." Indicators are showing a "gloomier" path for the world economy, "meaning it is slowing down and at that point, the Fed can reassess" as demand cools, she said.

☆ Mexico to urge U.S., Canada firms to participate in lithium market
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 15 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Tuesday his administration will issue a call for U.S. and Canadian companies to participate in the country's incipient lithium market. Mexico does not yet have commercial lithium production, though close to a dozen foreign companies hold contracts to explore potential deposits. The role of foreign companies will be centered in building infrastructure and state entities will hold the majority stakes in the projects, he added. Lopez Obrador nationalized Mexico's lithium deposits in April, hoping to cash in on surging demand for the metal. Though Mexico does not currently produce lithium, the finance ministry estimated the value of Sonora lithium reserves at $600 billion.

☆ UK asset managers urge company bosses to show restraint on pay hikes
▼ + stars: | 2022-11-10 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

"With the cost-of-living crisis hitting UK households, investors want to see companies show restraint on executive pay and bonuses, ensuring that executive pay packets are balanced against the experiences of their wider workforce, customers, and other stakeholders," Andrew Ninian, IA director for stewardship and corporate governance, said on Thursday. With UK inflation more than 10% at a 40-year high, the IA said pay increases in line with rising prices may not be appropriate. The retention and motivation of employees below the executive level will be key and board decisions could affect productivity of the whole workforce, the IA said. Companies should also spell out how executive bonuses will be linked to meeting their environment, social and governance targets in future years, the IA said. ($1 = 0.8740 pounds)Reporting by Huw Jones Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Man detained after eggs thrown at King Charles
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/4] Police officers remove a man arrested for throwing an egg at King Charles during his visit to Micklegate bar in York, Britain November 9, 2022. REUTERS/Russell CheyneYORK, England, Nov 9 (Reuters) - A man was detained on Wednesday after eggs were thrown at King Charles and Camilla, his wife and queen consort, as they carried out an engagement in northern England. Footage on social media showed four eggs flying past the British monarch and his wife and smashing on the ground as they arrived for a traditional ceremony in York. Charles, who came to the throne in September after the death of his mother Queen Elizabeth, is on a two-day tour of northern England. Eggs were also thrown at Elizabeth's royal car in 2022 when she visited Nottingham, central England, and anti-British protesters threw eggs at Charles during a walkabout in central Dublin in 1995.

LONDON, Nov 9 (Reuters) - China’s diesel exports accelerated significantly in September after being severely restricted over the previous 13 months, according to data from the customs service. Faster exports will provide some relief amid a global diesel shortage, but are unlikely to be enough to stabilise and rebuild global inventories, or offset any future disruption as a result of sanctions on Russia’s fuel exports. Diesel exports were reduced by a total of 16.3 million tonnes, or 122 million barrels, over 13 months compared with the pre-June 2021 trend. Recently, extra quotas have been awarded, which should help relieve some of the global shortage, provided they are maintained at a higher level. Extra diesel shipments out of China will help, but rebalancing the diesel market still requires slower growth in the global economy and fuel consumption.

☆ French judge to probe Vinci unit over Qatar labour rights, group says
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

PARIS, Nov 9 (Reuters) - A French judge has placed Vinci Construction Grands Projets, a unit of French construction group Vinci (SGEF.PA), under formal investigation over allegations it violated the rights of migrant workers in Qatar, human rights group Sherpa said on Wednesday. Vinci said through its lawyer Jean-Pierre Versini-Campinchi that it would immediately appeal the judge's decision. Reuters sought comment from the court where the judge is based but was told it was not immediately able to comment. The French judicial move follows an initial 2015 complaint by Sherpa, which was dismissed in January 2018. Sherpa said the Vinci unit faces charges of "keeping people in servitude", "work and housing incompatible with human dignity", and "forced labour".

☆ Malaysia's economy likely grew 11.7% in Q3, outlook cloudy
▼ + stars: | 2022-11-09 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

The Nov. 1-8 poll of 22 economists predicted the economy expanded 11.7% in the July-September quarter compared with the same period a year earlier. In the previous quarter, the economic grew 8.9%. Trade and economic activity was also likely to be affected by China's strict COVID-19 containment measures and a slowdown in global growth. A separate Reuters poll showed Malaysia's growth would average 7.2% this year and then fall to 4.2% in 2023. "The currency is likely to remain under downward pressure until U.S. bond yields peak and market participants remain risk averse amid elevated levels of global economic uncertainty," added Tandon.

☆ Stellantis to halt Melfi plant operations in Italy for two days
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 8 (Reuters) - Stellantis (STLA.MI) will halt operations at its Melfi plant in southern Italy on Wednesday and Thursday due to a shortage of a component that uses micro chips, a trade unionist said. Marco Lomio, the local head of UILM metalworkers union, said on Tuesday that the Italo-French carmaker had just informed workers' representatives. The Melfi plant, which employs more than 7,000 workers, makes the Jeep Compass and Renegade models, some of Stellantis' bestsellers in Europe. Lomio said that the plant had produced only 130,000 cars so far this year due to the global semiconductor shortage. This makes it certain that full-year output will stay below the 190,000 units produced in pandemic-hit 2020, he said.

REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Mars Inc FollowNov 8 (Reuters) - A California man who claimed Skittles are "unfit for human consumption" because they contained a known toxin has dismissed his federal lawsuit against Mars Inc, the candy maker. Jenile Thames voluntarily dismissed his case on Monday, according to a filing by his lawyers in Oakland, California. read moreThough many foods contain titanium dioxide to add color, various studies have over the years questioned its safety. Mars, based in McLean, Virginia, on Sept. 30 sought to dismiss Thames' lawsuit. It said its use of "small amounts" of titanium dioxide did not harm the plaintiff, and complied with U.S. Food and Drug Administration regulations.

☆ EU wants broader rules on companies' market power, focus on tech
▼ + stars: | 2022-11-08 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 8 (Reuters) - EU regulators want broader rules defining companies' market power, with more weight given to innovation and pointers on what digital markets are, the European Commission said on Tuesday, prompted in part by the growing power of tech giants. The rules, known as the EU market definition notice, date back to 1997 and help regulators measure a company's pricing power in a merger or its power to shut out rivals in an antitrust case. Businesses and academics have in recent years criticised EU antitrust laws for being inadequate, especially in relation to U.S. tech giants' merger deals and market power. Following feedback from more than 100 stakeholders, the EU executive proposed some additions to the rules. There will be need for principles clarifying how markets should be assessed where companies compete on innovation, including through pipeline products.

☆ Mitsubishi raises profit forecast on higher coal, LNG prices
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 8 (Reuters) - Mitsubishi Corp (8058.T) on Tuesday raised its full-year net profit forecast by 21% to a record 1.03 trillion yen ($7 billion), amid strength in metals and energy segments thanks to higher prices of coking coal and liquefied natural gas (LNG). Like global energy companies, Japanese trading houses have benefited from surging oil, gas and coal prices this year in the wake of Russia's invasion of Ukraine. Mitsubishi boosted its profit outlook for the year to March 31 to over 1 trillion yen from its May estimate of 850 billion yen. The latest forecast was in line with a mean estimate of 1.08 trillion yen in a poll of 10 analysts by Refinitiv. For the April-September first half, net profit nearly doubled to a record 720 billion yen, helped by a rally in coking coal and LNG as well as a one-off gain from selling a real estate management company.

☆ UK boosts support for Ukrainian troops through winter
▼ + stars: | 2022-11-08 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

[1/8] NATO Secretary General Jens Stoltenberg observes Operation Interflex a UK led training programme for the Armed Forces of Ukraine during a visit to Lydd Camp in Kent, Britain. REUTERS/Chris RadburnSummary UK to send more cold-weather sleeping kits to UkraineAlso announces dispatch of more military equipmentNATO chief watches Ukrainian troops training in BritainLYDD, England, Nov 8 (Reuters) - Britain is stepping up its support for Ukrainian soldiers through the winter, Defence Secretary Ben Wallace told Reuters on Wednesday, following weeks of Ukrainian advances towards the southern city of Kherson. Wallace joined NATO Secretary General Jens Stoltenberg to observe the training of Ukrainian troops in the southeast English town of Lydd, as Britain announced the delivery of a further 12,000 extreme cold-weather sleeping kits for Ukraine. "So we're determined ... to give Ukrainian soldiers the best basic skills because we already know that the Russian military aren't doing that." Stoltenberg, who said other NATO allies were also providing support to Ukrainian troops through the winter months, also met Britain's new prime minister, Rishi Sunak, on Wednesday in London, where they discussed the Atlantic alliance's continued support for Ukrainian sovereignty.

"There can be no effective climate policy without the peace," he said, highlighting the impact of Russia's invasion of Ukraine on global energy supplies, food prices and Ukraine's forests. Ukraine is hosting an exhibition space this year for the first time at a U.N. climate conference in Sharm el-Sheikh, Egypt. He criticised world leaders for paying lip service to climate change without delivering real change. "There are still many for whom climate change is just rhetoric or marketing ... but not real action," he said. A GREENER FUTUREMembers of Ukraine's delegation to COP27 said they hoped their presence drew global attention to the climate and environmental consequences of Russia's February invasion.

HOUSTON, Nov 7 (Reuters) - A unit of Italian oil company Eni (ENI.MI) has been assigned two 1-million-barrel cargoes of Venezuelan diluted crude oil for November loading, according to a document from state-run PDVSA seen by Reuters on Monday. The cargoes mark the resumption of an oil-for-debt deal authorized by the U.S. government earlier this year as an exception to sanctions on Venezuela's oil sector. Eni plans to take the Venezuelan crude onboard the Suezmax tankers Africa and Gladiator. Africa was in Venezuelan waters on Monday waiting to load, while Gladiator is scheduled to depart from U.S. waters to Venezuela after discharging a previous cargo, according to Refinitiv Eikon vessel monitoring data. Between June and July, Eni received a total of 3.6 million barrels of DCO.

JIP, Chubu Electric and Orix will each invest 100 billion yen, the paper said, without saying where it got the information. A Toshiba representative declined to comment, saying the company could not "answer information about candidates, including co-investors, as it may undermine fair process". Investor focus could now turn to another potential bidder, state-backed fund JIC, which sources have said is also preparing a bid. The fund has been in talks with U.S. private equity fund Bain Capital and north Asia fund MBK Partners to form a separate consortium, sources have said. Differences over JIP's plan to retain Toshiba's management were a source of friction between the two, Reuters has reported.

☆ Japanese consortium submits 2.2 trln yen Toshiba bid, Nikkei reports
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 7 (Reuters) - A consortium of more than 10 Japanese companies, led by the Japan Industrial Partners investment fund, has submitted a bid to buy Toshiba Corp (6502.T) for about 2.2 trillion yen ($15.01 billion), the Nikkei newspaper reported on Monday. The consortium, including Chubu Electric Power Co Inc (9502.T) and Orix Corp (8591.T), appears not to have obtained commitment letters from banks but is aiming to complete the lending deal by end-November if Toshiba accepts the bid to go private, Nikkei said. Japanese companies in the consortium will spend about 1 trillion yen, while multiple overseas funds decided not to join the bid due to expectations for low returns, the newspaper added. When asked for a comment on the report, a Toshiba representative said the company "cannot answer information about candidates, including co-investors, as it may undermine fair process". ($1 = 146.5400 yen)Reporting by Kantaro Komiya and Makiko Yamazaki; Editing by David Goodman and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Advertisers react to Twitter's new ownership
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Advertisers are grappling with Twitter's new ownership under Tesla boss Elon Musk, who once tweeted "I hate advertising". General Motors Co (GM.N)The largest U.S. automaker temporarily paused paid advertising on Twitter after Musk completed his takeover of the social media company. The Detroit automaker said it was "engaging with Twitter to understand the direction of the platform under their new ownership." The Interpublic Group of Companies Inc (IPG.N)The global advertising and marketing services firm recommended that its clients temporarily pause their advertisements on Twitter, The Wall Street Journal reported. Compiled by Alberto Chiumento, Philipp Krach and Antonis Pothitos; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. imposes sanctions on oil smuggling network backing Iran's Quds Force, Hezbollah
▼ + stars: | 2022-11-03 | by ( Daphne Psaledakis | ) www.reuters.com time to read: +3 min

WASHINGTON, Nov 3 (Reuters) - The United States on Thursday issued sanctions against an international oil smuggling network it said supports Hezbollah and Iran's Quds Force, targeting dozens of people, companies and tankers as Washington sought to mount pressure on Tehran. The latest U.S. move against Iranian oil smuggling comes as efforts to revive Iran's 2015 nuclear deal have stalled and ties between the Islamic Republic and the West are increasingly strained as Iranians keep up anti-government protests. Iran's mission to the United Nations in New York did not immediately respond to a Reuters request for comment. The move targeted a Gulf-based network that the Treasury said as of mid-2022 were blending and exporting Iranian oil. The 2015 agreement limited Iran's uranium enrichment activity to make it harder for Tehran to develop nuclear arms in return for lifting international sanctions.

Search resuls for: "Bernadette Baum"

25 mentions found