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☆ Norfolk takes $387 mln charge due to Ohio derailment, warns on volumes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) took a $387 million charge in the first quarter due to the Ohio freight train derailment and said it expects economic headwinds to weigh on its volume and revenue during the April-June period. Shares of Norfolk, which operates in 22 states and the District of Columbia, slipped 1.1% in afternoon trade on Wednesday. The U.S. Justice Department sued Norfolk last month, seeking to ensure that the railroad operator pays the full cost of cleanup and any long-term impacts of the derailment. Norfolk posted an adjusted profit of $3.32 per share for the first quarter, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern expects economic, inventory headwinds to pressure Q2 volume, revenue
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it expected inventory and economic headwinds would pressure its volume and revenue throughout the second quarter, even as demand for freight remained strong. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. "Looking at the back half of '23, clearly, the economic conditions remain uncertain," Elkins said. However, automotive shipments have boosted freight demand as car makers are ramping up production. Overall quarterly operating revenue rose 7.4% to $3.13 billion, compared with analysts' estimates of $3.11 billion.

☆ Norfolk Southern takes $387 mln charge in Q1 after Eastern Ohio derailment
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it took a $387 million charge in the first quarter after a freight train derailment in Eastern Ohio released over a million gallons of hazardous materials into the environment. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. The state of Ohio sued the railroad operator in March, seeking compensation for damages to the state's environment, economy and residents. Norfolk, which serves 22 states and the District of Columbia, posted an adjusted quarterly profit of $3.32 per share, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ 'AI All-Star' Microsoft's rosy earnings spark rally in tech stocks
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

The Redmond, Washington-based tech giant was set to add nearly $160 billion to its market value and replace Saudi Aramco (2223.SE) as the world's second-most valuable company, if premarket gains hold. Microsoft's results bode well for an industry that has laid off tens of thousands of workers recently as demand fades in the face of a sagging economy. The Windows maker's earnings call on Wednesday underscored the growing importance of AI, with CEO Satya Nadella referring to 50 times in a 60-minute event. "Given the significant head start OpenAI has over other generative AI engines and Microsoft has over its hyperscaler (large-scale data center) competitors, we believe that Azure may gain share as generative AI continues to proliferate into many more corners of software and the economy," D A Davidson analyst Gil Luria said. Reporting by Nivedita Balu and Aditya Soni in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ 3M to cut 6,000 roles globally as weak consumer electronics demand bites
▼ + stars: | 2023-04-25 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

April 25 (Reuters) - 3M Co (MMM.N) will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics. 3M, which makes electronic displays for smartphones and tablets, has been struggling with waning demand for consumer electronics as people are cutting back on discretionary spending amid recession worries. The company's consumer electronic business fell 35% in the first quarter, Chief Financial Officer Monish Patolawala said on a call with analysts. With the second round of job cuts, the company has now reduced its total global workforce by 10%. 3M expects to take total pretax restructuring charges of $700 million to $900 million, with about half of those to occur in 2023 and the balance in 2024.

☆ Bed Bath & Beyond's rocky ride to bankruptcy filing
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: 1 min

[1/3] A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly//File PhotoApril 20 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat. In March, the company said it would sell $300 million worth of its shares to raise more capital and might have to file for bankruptcy if it failed to secure the funds. Here's a look at some of the major developments at the retailer over the past year:Reporting by Granth Vanaik and Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli, Subhranshu Sahu and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices ease with Fed rate trajectory in focus
▼ + stars: | 2023-04-21 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $2,001.75 per ounce, as of 0342 GMT, after rising 1% on Thursday. Gold prices have been moderating in the absence of real incoming news flow and "we really need to see some bigger pieces of information to give it that directional conviction", said Ilya Spivak, head of global macro at Tastylive. "Gold pushed back above $2,000/oz as the weaker economic outlook is enticing safe-haven buying," ANZ said in a note. Rate hikes raise the opportunity cost of holding non-interest-bearing gold. Spot silver dipped 0.3% to $25.22 per ounce, while platinum was flat at $1,093.33 and palladium rose 0.5% to $1,594.26.

☆ Google says services back up for US users
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Alphabet Inc's (GOOGL.O) Google said services were back up for users in the U.S. after a brief outage late on Tuesday, according to a company spokesperson. At the peak of the outage more than 22,000 users were impacted, according to outage tracking website Downdetector.com. Downdetector tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. About 87% of impacted users had reported issues with Google Search, Downdetector data showed. As of 10:21 pm ET (02:21 GMT), the number of outage reports dropped to 324.

☆ Gold drifts lower on firmer dollar, Fed rate outlook
▼ + stars: | 2023-04-19 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies US dollar up 0.1%Markets pricing in 25 bps rate hike by Fed in MayApril 19 (Reuters) - Gold prices edged lower on Wednesday as the U.S. dollar regained some ground, while traders assessed chances of the U.S. Federal Reserve raising interest rates just once more in May before pausing. Spot gold was down 0.1% at $2,003.03 per ounce, as of 0337 GMT. The dollar index was up 0.1%, making gold expensive for buyers holding other currencies. "While that may provide an anchor for gold prices, given the recent rally and overextended technical conditions, the possibility of some unwinding (in prices) upon validation of the Fed's rate outlook may still remain on the table." Gold is considered a hedge against inflation, but higher interest rates dim the non-yielding asset's appeal.

☆ Gold off one-year highs as investors weigh rate hike prospects
▼ + stars: | 2023-04-17 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold prices biased for a grind higher - analystsMarkets pricing in Fed 25-bps rate hike in MayU.S. dollar up 0.1%April 17 (Reuters) - Gold prices inched higher on Monday but were off one-year highs reached late last week as mixed economic data prompted investors to reassess the U.S. Federal Reserve's rate hike trajectory and boosted the dollar. Spot gold was up 0.1% at $2,004.74 per ounce, as of 0353 GMT. The dollar index was 0.1% higher, making bullion expensive for overseas buyers. Other data showed households expected inflation to rise over the next 12 months. The CME FedWatch tool shows markets are pricing in a 80.9% chance of a 25 basis point hike in May.

☆ James Murdoch's Bodhi Tree slashes planned investment in Reliance JV Viacom18
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 14 (Reuters) - Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, has reduced its planned investment in Reliance's (RELI.NS) broadcast venture Viacom18 by 70% and will now pump in 43.06 billion rupees ($527.84 million), Viacom18 said late on Thursday. Indian billionaire Mukesh Ambani's Reliance Industries had said in April last year that Qatar Investment Authority-backed Bodhi Tree would spend 135 billion rupees out of a planned 151.45 billion rupees investment in the media behemoth that is also backed by Paramount Global (PARA.O). Reliance is now leading the investment with a 108.39 billion rupees infusion. A source familiar with the matter said the investment amount was reduced due to a broader funding squeeze amid a slowdown in dealmaking. Reliance, which is expanding in every sector from retail to ecommerce, made its big splash in the Indian streaming space last year, with its acquisition of digital streaming rights for the Indian Premier League T20 cricket tournament from 2023 to 2027.

☆ Gold set for 2nd weekly gain on weak dollar, Fed pause hopes
▼ + stars: | 2023-04-14 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $2,042.01 per ounce, as of 0534 GMT, hovering near a one-year high reached on Thursday. The dollar index slid to a one-year low, making bullion cheaper for buyers holding other currencies. Data this week showed the U.S. producer price index in March dropped the most since April 2020, while the consumer price index rose less than expected. Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates dim non-yielding bullion's appeal. Spot silver rose 0.5% to $25.90 per ounce, hitting a one-year peak earlier, while platinum gained 0.5% at $1,051.93.

☆ Gold ticks up as US inflation data fuels bets for rate-hike pause
▼ + stars: | 2023-04-13 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold advances for third consecutive sessionMarkets pricing in 25-bp rate hike in MayApril 13 (Reuters) - Gold prices inched higher for a third consecutive session on Thursday, as cooler-than-expected U.S. inflation data spurred bets that the Federal Reserve might raise rates once more next month before pausing hikes. Spot gold was up 0.1% at $2,016.99 per ounce, as of 0332 GMT. Gold prices rose more than 1% on Wednesday after data showed the U.S. Consumer Price Index (CPI) rose 0.1% last month, compared with expectations for a 0.2% increase, after advancing 0.4% in February. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Recession concerns are "allowing gold prices to ride on its safe-haven status... while technical conditions are revealing some moderation in upward momentum on recent highs," IG's Yeap added.

☆ Veritas, Carlyle end talks on Cotiviti stake sale - source
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Veritas Capital ended talks with Carlyle Group Inc (CG.O) to buy a 50% stake in private healthcare technology firm Cotiviti Inc on valuation grounds, a source familiar with the matter said. Carlyle wasn't ready to stick to the valuation that had previously been discussed in the current market conditions and submitted a revised bid in recent days, which Veritas rejected, the source said. In February, Reuters reported that Carlyle was in talks to buy a portion of Cotiviti from Veritas Capital at a valuation of around $15 billion. Cotiviti, which went public in 2016, was acquired by Veritas in 2018 in a take-private deal valued at $4.9 billion, as the private equity firm looked to expand its Verscend healthcare IT business. Carlyle and Veritas declined to comment, while Cotiviti did not immediately respond to a Reuters' request for comment.

☆ Gold gains as traders gear up for US inflation data
▼ + stars: | 2023-04-12 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies All eyes on CPI data due at 1230 GMTA soft inflation print could send gold above $2,032 - analystApril 12 (Reuters) - Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." A "weaker U.S. dollar and returning investment flows have been holding (gold) prices, ANZ said in a note.

☆ Australia's Latitude Group opposed to paying ransom to cyber attack criminals
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Australian consumer finance firm Latitude Group Holdings Ltd (LFS.AX) will not pay a ransom to those behind a cyber attack last month, saying it will be detrimental to customers and cause harm to the broader community by encouraging further attacks. "We will not reward criminal behaviour, nor do we believe that paying a ransom will result in the return or destruction of the information that was stolen," Latitude said in a statement on Tuesday. Latitude, which provides consumer finance services to retailers Harvey Norman (HVN.AX) and JB Hi-Fi (JBH.AX), had also taken its platforms offline. Several Australian firms have reported cyber attacks over the past few months, which experts attribute to an understaffed cyber security industry. Reporting by Jaskiran Singh in Bengaluru; Editing by Anil D'Silva and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Companies Anglo American PLC FollowApril 4 (Reuters) - Anglo American (AAL.L) said on Tuesday it had signed a memorandum of understanding with Swedish hydrogen and steel producer H2 Green Steel to work on advancing low-carbon steelmaking processes. The miner said the agreement includes studying and trialling the use of iron ore products from its Kumba mines in South Africa and Minas-Rio mine in Brazil as feedstock for H2's direct reduced iron (DRI) production process at its Boden plant in Sweden. DRI steel production is estimated to be significantly less carbon intensive than traditional blast furnace and basic oxygen furnace integrated processes. Anglo American's shares were up 0.4% by 0715 GMT. Reporting by Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Rio Tinto, the majority shareholder in ERA which owns and operates the Ranger mine site, has been under pressure to fund the cleanup costs. Rehabilitation costs are estimated at A$1.6 billion to A$2.2 billion, ERA said in a statement. ERA shares declined 9.8% to A$0.185, their lowest since June 2022, while the benchmark index (.AXJO) was marginally higher. ERA will also use the proceeds to partly repay a A$100 million loan from Rio Tinto. (This story has been corrected to state that Rio Tinto is majority shareholder of the mine's owner and operator, not the mine's operator, in paragraph 2, and to state that the target of the protests was the mine and the Jabiluka project, not Rio Tinto, in paragraph 7)Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Meta explores ban on political ads in Europe - FT
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Meta Platforms Inc (META.O) executives are discussing a company-wide ban on political advertising in Europe due to concerns that Facebook and Instagram will be unable to comply with upcoming EU regulations targeting online campaigns, the Financial Times reported on Thursday. EU lawmakers in February agreed to tougher rules on targeted political advertising aimed at countering misinformation during elections. The proposed rules require U.S. tech giants to provide more data on their targeted political ads, with fines up to 4% of their global turnover for breaches. Meta executives are concerned the definition of political ads under EU plans will be excessively broad that it will be easier to refuse all paid-for political campaigns on the company's sites, the newspaper said, citing two people briefed on the discussions. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices dip as bank angst recedes
▼ + stars: | 2023-03-30 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for second sessionGold could decline to $1,920/oz - analystVolumes in SPDR Gold Shares highest since OctMarch 30 (Reuters) - Gold prices edged lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids. Spot gold was down 0.2% at $1,960.52 per ounce, as of 0346 GMT, falling for a second session. Volumes in SPDR Gold Shares, the largest gold-backed ETF, have surged to their highest level since October," they said. The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation. Markets see a 43.2% chance of the Fed raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

☆ Drax shares tumble after Britain rejects carbon-capture project
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Shares of British power generator Drax (DRX.L) fell 10% on Thursday after the government turned down its carbon-capture project for the country's Track-1 programme. The project was not selected for Track-1, but the government will engage further with the project following an assessment outcome, the Department for Energy Security & Net Zero said. Britain laid out plans on Thursday to boost its energy security and independence through investment in efforts to move towards cleaner, more affordable energy sources. Last week, Drax said it was pausing its planned UK investment of 2 billion pounds ($2.45 billion) in bioenergy with carbon capture and storage (BECCS) as it awaited clarity on UK funding. Reporting by Nora Buli in Oslo and Radhika Anilkumar in Bengaluru; Editing by Subhranshu Sahu and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ UK stocks climb as banks, export-focused companies rise
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%March 29 (Reuters) - UK stocks edged higher on Wednesday, supported by gains in banks amid easing fears of a financial sector meltdown, while shares of export-focused energy and materials companies gained as the pound weakened. The exporters-heavy FTSE 100 (.FTSE) rose 0.3% as the pound slipped 0.2% . Industrial metals (.FTNMX551020) and precious metals (.FTNMX551030) miners rose 0.1% and 0.5%, respectively. Late on Tuesday, John Glen, chief secretary to the UK Treasury, told Reuters that Britain's banks had not seen deposit outflows in reaction to the failures of U.S. regional lenders. Shares of UK lenders (.FTNMX301010) gained 0.7%.

☆ European stocks extend recovery as banking fears ebb
▼ + stars: | 2023-03-28 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The continent-wide STOXX 600 index (.STOXX) climbed 0.4%, extending its rebound after last week's market rout caused by the collapse of Credit Suisse and two mid-sized U.S. lenders. European banks (.SX7P) rose 1.2%, adding to Monday's 1.4% gain. Credit Suisse shares rose 1.7%. The European banks index was on track for its worst monthly showing since March 2020, when financial markets were roiled by pandemic fears. Embracer (EMBRACb.ST) tumbled 13.8% to the bottom of the STOXX 600 after the Swedish gaming group pushed back dates for expected completion of several deals announced last year.

☆ Australia's United Malt shares soar on near $1 bln offer from France's InVivo
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

The A$5 per-share non-binding offer represents a 45.3% premium to the United Malt stock's last close of A$3.44. Shares in United Malt soared to A$4.64 in their biggest intraday percentage jump ever when they returned to trading. Trading in United Malt shares was halted on Monday. United Malt is the world's fourth largest commercial maltster, producing bulk malt for brewers, craft brewers, distillers and food companies. United Malt has appointed Macquarie Capital as its financial adviser for the deal.

☆ European stocks rebound as banking jitters ease
▼ + stars: | 2023-03-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

European banks (.SX7P) rose 0.9% after shedding 3.8% on Friday, when Deutsche Bank (DBKGn.DE) sparked a rout in the sector. "Many investors still don't want to touch the banking sector for fears there is more distress to come," said Russ Mould, investment director at AJ Bell. "Yet for every bleak situation, there is always someone who sees an opportunity to make money, hence why we're seeing a rise in the share price of many European banks today." European stocks are looking to end the first quarter of the year with gains, buoyed by signs of economic resilience and hopes that central banks are near the end of their tightening cycles. However, European banks are set to end the quarter nearly flat amid the banking sector turmoil.

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