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☆ Japan, Germany eye military logistics pact -Japan official
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 3 (Reuters) - Japan and Germany have agreed to work towards a military logistics pact, a Japanese government official said on Thursday, as Tokyo and Berlin tighten security relations on the back of Russia's invasion of Ukraine and China's growing military might. The official made the comment during an online media briefing following a meeting of the two countries' foreign and defence ministers in Germany. "They agreed to press ahead with coordination to launch negotiations aimed at setting up a legal framework to facilitate joint activities between Japan's Self-Defence Forces and the German military," the official said. Such a pact typically spells out rules on mutually providing fuel, food and transportation, among other things, for joint activities such as military drills, peace-keeping operations and disaster relief. Japan and Germany already have an agreement to facilitate intelligence sharing and a pact to promote transfers of defence equipment and technology.

Creditors and investors are closely monitoring how China, the world's largest bilateral lender, is managing debt negotiations around the world. The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC). Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021. Reuters GraphicsThe bank also leads China's team in Ethiopia's bilateral debt talks, its state finance minister told Reuters last month. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.

☆ Teva to pay $523 mln to New York as it looks to move past opioid lawsuits
▼ + stars: | 2022-11-03 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

JERUSALEM, Nov 3 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA.TA) will pay up to $523 million to New York State as part of a nationwide settlement of lawsuits alleging the company helped fuel the U.S. opioid epidemic. The settlement with New York adds an additional $300 million to Teva's total opioid payouts. James said the Teva settlement concludes the state's litigation against opioid manufacturers and distributors. Citing "continued foreign exchange headwinds", Teva lowered its 2022 revenue estimate to between $14.8 billion and $15.4 billion from a previously forecast $15 billion to $15.6 billion. Teva expects its two branded drugs, Ajovy to treat migraines and Huntington's disease drug Austedo, to reach a combined $1.4 billion in revenue this year.

☆ Canadian dollar forecasts cut as BoC trails Fed on peak-rate bets - Reuters poll
▼ + stars: | 2022-11-02 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

The currency has weakened over 7% against the U.S. dollar since the start of 2022. It was then expected to rally to 1.31 in a year, versus 1.30 expected in last month's poll. "That implied spread between terminal rates in Canada and the United States will probably have to widen out further and that could take the U.S. dollar higher across the board including against the Canadian dollar." Investors are betting on a terminal rate, or peak level for interest rates, from the BoC in the coming months of 4.25%. "We see less interest in investing money back into the ground in the oil patch when oil prices are high and so there's less room (for the currency) to fall when oil prices are low."

☆ Pope visit a dream come true for woman whose father helped build Bahrain church
▼ + stars: | 2022-11-02 | by ( Hamad Mohammed | ) www.reuters.com time to read: +2 min

[1/5] Najla Uchi poses for a photo on her altar in her home in Manama, Bahrain, October 30, 2022. REUTERS/Hamad I Mohammed/File PhotoMANAMA, Nov 2 (Reuters) - When Pope Francis visits Bahrain this week, it will be a dream come true for many Christians in the Gulf Arab country, but especially for Najla Uchi, whose father helped build the first Roman Catholic church in the island state. Lighting a candle at her home altar lined with religious icons, 78-year-old Najla Uchi said she had been saying a daily prayer for Pope Francis, who is due to arrive on Thursday. In the Sacred Heart Church yard, people pose for pictures in front of posters of Pope Francis. In 2019, Pope Francis visited Abu Dhabi in the United Arab Emirates, the first pontiff to visit the Arabian peninsula and say a Mass there.

☆ United Airlines pilots vote against new contract offer
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - United Airlines (UAL.O) pilots overwhelmingly voted against a tentative contract, the union representing the workers said on Tuesday, saying the proposal fell short of what members were seeking. The Air Line Pilots Association said 94% of the nearly 10,000 pilots voted to reject the contract offer and said pilots would immediately begin a series of pickets. The tentative agreement, announced in June, offered more than 14.5% cumulative pay increases and enhanced overtime and training pay. However, some pilots were not happy with the deal, prompting the union to renegotiate its terms. On Monday, pilots at Delta Air Lines (DAL.N) overwhelmingly voted in favor of a strike authorization vote.

The defaults, though less widespread than last year, have scrambled the coffee market, leaving traders reluctant to agree to forward sales for next year's crop or the one after. "We've been told to have less exposure with (Brazilian farmers). However, when farmers default, traders do not have the physical coffee to sell to offset the futures market. That's what happened in September, when Arabica coffee futures rose from around 2.16 cents per pound to 2.32 cents late in the month, a 7% increase. A lawyer working for one of the five largest coffee exporters in Brazil said the defaults concerned less than 10% of Brazil's total forward contracts.

☆ Adidas ends Ye deal over hate speech, costing rapper his billionaire status
▼ + stars: | 2022-10-27 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +4 min

Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month. "Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said on Tuesday. Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion. On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

☆ United States pledges further $30 million in aid to flood-hit Pakistan
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ISLAMABAD, Oct 27 (Reuters) - The United States will give Pakistan a further $30 million in aid to help millions of people whose lives were disrupted by severe flooding in recent months, the U.S. Embassy in Islamabad said on Thursday. The funding would take the total in disaster-related assistance from the U.S. to Pakistan this year to $97 million. Pakistani officials have estimated damage from torrential monsoon rains that killed over 1,000 people and displaced tens of millions at more than $40 billion. This month, the United Nations revised up its humanitarian aid appeal for Pakistan five-fold to $816 million from $160 million, as a surge of water-borne diseases and fear of growing hunger posed new dangers after weeks of unprecedented flooding. Reporting by Charlotte Greenfield Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Oct 27 (Reuters) - A federal jury in Detroit ordered Ford Motor Co (F.N) to pay Versata Software Inc $104.6 million in damages for breaching a 2004 licensing contract and misappropriating trade secrets. More than $82.2 million of the jury award was for breach of contract, with the remaining $22.4 million for trade secret misappropriation. Versata's damages expert testified that the company suffered $59.9 million in trade secret damages. The litigation began in April 2015, when Ford sought a court order that it did not infringe Versata's intellectual property. The case is Versata Software Inc et al v Ford Motor Co, U.S. District Court, Eastern District of Michigan, No.

Interpol's member countries have raised concerns about how to prepare for possible metaverse crime, Madan Oberoi, Interpol's executive director for technology and innovation, told Reuters. "Some of the crimes may be new to this medium, some of the existing crimes will be enabled by the medium and taken to a new level," he said. Phishing and scams could operate differently when augmented reality and virtual reality are involved, Oberoi said. Virtual reality could also facilitate crime in the physical world, Oberoi said. Users may also create virtual worlds with "extremist rules," the report said.

☆ Harris Associates welcomes Credit Suisse's approach to improving performance
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Oct 27 (Reuters) - Harris Associates, a shareholder of Credit Suisse Group (CSGN.S), said on Thursday it welcomed the "aggressive" approach the Swiss bank was taking to improve its performance. "We welcome the aggressive approach CS (Credit Suisse) is taking to stabilize and improve the performance of both the investment bank and the group as a whole," the activist Chicago-based investor said in a statement. Harris said in another email it has consistently held a stake of around 10% in Credit Suisse. Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it. read moreReporting by Saeed Azhar Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Citi CEO Fraser will not attend Hong Kong summit due to COVID - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 27 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser will not attend next week's Global Financial Leaders' Investment Summit in Hong Kong as she has tested positive for COVID-19, a person with knowledge of the matter told Reuters. It did not say if Chan would attend the summit. Citi's Fraser was set to join the heads of some of the world's top banks and asset managers at the summit. A Citi spokesperson confirmed the development and said that Fraser looked forward to visiting Hong Kong in the near future. Goldman Sachs (GS.N) CEO David Solomon, Morgan Stanley (MS.N) boss James Gorman and BlackRock (BLK.N) President Rob Kapito are among the speakers scheduled to attend, according to the summit organiser, the Hong Kong Monetary Authority (HKMA).

☆ Check Point Software sees further gains in Q4; CFO to take 6-month leave
▼ + stars: | 2022-10-27 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

For the fourth quarter, Check Point projected revenue of $608-$658 million, up from $599.1 million a year earlier and against analysts' expectations for $630.8 million. While Check Point forecasts a strong end to 2022, chief executive Gil Shwed said it was difficult to estimate next year's outlook. For all of 2022, Check Point expects revenue of $2.299-$2.349 billion, compared to a prior estimate of $2.2-$2.375 billion. Over the past quarter, cyber attacks increased by 28%, underscoring the critical need for cyber security, Shwed said. Check Point has moved to a prevention-first security system that includes securing corporate networks, the cloud and employees who work remotely.

☆ South Africa's Telkom launches 5G network with Huawei
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Oct 27 (Reuters) - South African telecoms operator Telkom (TKGJ.J) has launched its 5G high-speed internet network using technology from China's Huawei Technologies [RIC:RIC:HWT.UL], the companies said on Thursday. "The COVID pandemic has driven significant lifestyle changes for South Africans, due to work from home or school from home, online shopping and an 'always on' kind of culture," said Fortune Wang, Carrier Business Director for Huawei South Africa. "At launch Telkom will primarily focus on providing super fast 5G fixed wireless access solutions, as the demand for mobile 5G increases, we will supplement this with suitable mobile propositions," said Lunga Siyo, chief executive officer of Telkom Consumer and Business. Shunned in the global north due to security concerns, which Huawei has denied, the Chinese company dominates in Africa as a supplier of equipment to many telecoms operators. Reporting by Nqobile Dludla Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

CHICAGO, Oct 26 (Reuters) - Agricultural commodities trader Bunge Ltd (BG.N) on Wednesday raised its full-year earnings outlook after adjusted third-quarter profit topped expectations, sending its shares up more than 5%. "We delivered strong quarterly results against the backdrop of a shifting operating environment," Chief Executive Gregory Heckman said. Rival agribusiness Archer-Daniels-Midland Co on Tuesday reported its strongest ever third-quarter profit and raised its earnings outlook. Bunge lifted its full-year 2022 earnings guidance to $13.50 per share as the profit outlook for its core business segments improved. The refined and specialty oils segment however turned in stronger quarterly earnings.

☆ Carlsberg lifts 2022 profit outlook; shares trim losses
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, Oct 26 (Reuters) - Danish brewer Carlsberg (CARLb.CO) on Wednesday reported third-quarter sales broadly in line with expectations and lifted its profit forecast for the year despite weakening consumer sentiment. Sales in Asia grew 19% in the period, with volumes up 10%, but the firm cautioned that the outlook remained uncertain. Carlsberg's shares were down 2.5% at 1222 GMT, recouping much of its losses in early trading on the weak Heineken outlook. It also increased its share buy-back programme for the fourth quarter to 1.5 billion crowns from 1 billion crowns in the third quarter. The firm, which released the numbers one day earlier than planned, does not provide earnings in its third-quarter trading statements.

[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.

The Competition Commission of India (CCI) said Google (GOOGL.O) used its "dominant position" to force app developers to use its in-app payment system, noting the sale of in-app digital goods is a key means for developers to monetize their work. Google should ensure complete transparency in communicating with app developers and details about service fees charged, the CCI added. The investigation into Google's payment ecosystem was started in 2020, after an antitrust case was filed against Google. "The CCI order directing Google to allow alternate payment processing systems will remove the artificial barrier that Google had erected," Chopra said, declining to disclose the name of the complainant for whom he had filed the case. Of late, Google has begun to allow alternative payment systems in more countries.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Retailers Tesco and Lidl fight over logo's trademark in UK court
▼ + stars: | 2022-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

[1/3] The logo of retailer Lidl is seen in Schaenis, Switzerland April 3, 2019. He said in written arguments that Lidl’s underlying case is that Tesco has “copied Lidl’s logos ... to benefit from the association with Lidl’s reputation for high quality goods sold at a low price”. Documents provided to Lidl by Tesco in the course of the litigation also show that “many of their customers believe the Tesco [Clubcard Prices] logo to be the Lidl logo”, Brandreth added. A trial of Lidl’s initial lawsuit and Tesco’s remaining counterclaims is due to be heard at the High Court in London early next year. The case is Lidl Great Britain Limited and another v Tesco Stores Limited and another, CA-2022-001407.

[1/2] Boards displaying buying and selling rates are seen outside of currency exchange outlets in London, Britain, July 31, 2019. read moreRishi Sunak became Britain's third prime minister in two months on Tuesday, tasked with tackling a mounting economic crisis and a warring political party. The U.S. dollar was broadly weaker amid signs that Federal Reserve rate hikes are slowing the world's biggest economy. YEN AND YUANThe yen firmed against the dollar after suspected Bank of Japan (BOJ) intervention on Friday and Monday. At 147.665 yen, the dollar was down from a 32-year high of 151.94 on Friday, which appeared to trigger successive bouts of BOJ intervention.

The Competition Commission of India (CCI) said Google (GOOGL.O) used its "dominant position" to force app developers to use its in-app payment system, noting the sale of in-app digital goods is a key means for developers to monetize their work. Google should ensure complete transparency in communicating with app developers and details about service fees charged, the CCI order added. The investigation into Google's payment ecosystem was started in 2020, after an antitrust case was filed against Google. "The CCI order directing Google to allow alternate payment processing systems will remove the artificial barrier that Google had erected," Chopra said, declining to disclose the name of the complainant for whom he had filed the case. Of late, Google has begun to allow alternative payment systems in more countries.

☆ India fines Google $113 mln in second antitrust penalty this month
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

The Competition Commission of India (CCI) said Google forced app developers to use its in-app payment system, noting selling of in-app digital goods makes up an important means for developers to monetize their work. Google is also facing a separate probe into its business conduct in the Indian smart TV market. "The Commission hereby directs Google to cease and desist from indulging in anti-competitive practices," CCI said in a statement on Tuesday. It said Google should not restrict app developers from using any third-party billing or payment processing services, either for in-app purchases or for purchasing apps. Google has faced criticism globally for mandating that software developers using its app store must use a proprietary in-app payment system that charges commissions of up to 30% on purchases made within an app.

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