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☆ UK Labour's Starmer seeks to reunite party over Israel/Hamas conflict
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Kier Starmer, leader of Britain's Labour Party, speaks as he attends a by-election victory event for Sarah Edwards, newly elected MP for Tamworth, at Tamworth football stadium, Tamworth in central Britain, October 20, 2023. In a hastily arranged speech, Starmer was keen to restore unity to the party after senior figures, such as its London and Manchester mayors and the Scottish Labour leader, called for a ceasefire to ease Gaza's growing humanitarian crisis. He said what was needed now was an immediate pause to allow aid to be delivered and for people to seek safety, but that nations should be pushing for a resumption of peace and renewed talks for a two-state solution. "My Labour Party will fight for that cause, we will work with international partners towards the recognition of a Palestinian state as part of a negotiated just and lasting peace," he said. Reporting by Elizabeth Piper; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Kier Starmer, Sarah Edwards, Toby Melville, Keir Starmer, Starmer, Jeremy Corbyn, Elizabeth Piper, Kirsten Donovan Organizations: Britain's Labour Party, Tamworth, REUTERS, British Labour, Palestinian, Labour, Chatham House, Scottish Labour, Labour Party, Thomson Locations: Tamworth, Britain, Israel, Gaza, London, Manchester

☆ Swiss National Bank posts 12 bln franc Q3 loss
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A general view shows the building of the Swiss National Bank (SNB) in Zurich, Switzerland March 7, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Oct 31 (Reuters) - The Swiss National Bank on Tuesday posted a 12.04 billion franc ($13.36 billion) loss for the third quarter as the central bank lost money on its gold, foreign currency investments and Swiss franc positions. In addition, the central bank reported a 2.66 billion franc loss from Swiss franc positions, mainly as a result of interest paid to commercial banks. The SNB's results have been highly volatile in recent years, due to the vast level of foreign currency investments it built up during a long campaign to weaken the Swiss franc. The central bank posted a 132.5 billion Swiss franc loss in 2022, the biggest in the central bank's 115-year-history.

Persons: Arnd, John Revill, Friederike Heine, Kirsten Donovan Organizations: Swiss National Bank, Rights, Swiss, Thomson Locations: Zurich, Switzerland

☆ Web Summit appoints new CEO after predecessor quit over Israel-Hamas comments
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Oct 30 (Reuters) - Web Summit has appointed former Wikimedia Foundation CEO Katherine Maher as chief executive following the resignation of Paddy Cosgrave, whose comments on the Israel-Hamas conflict prompted some companies to withdraw from an upcoming conference. Cosgrave, who founded Web Summit, resigned as CEO earlier this month, saying his personal comments on the conflict had become a distraction from Web Summit 2023 in Lisbon, one of the world's largest tech conferences, which is due to start on Nov. 13. "In recent weeks Web Summit has been at the centre of the conversation, rather than the host. "Today Web Summit is entering its next phase." Maher led Wikimedia Foundation, the global nonprofit behind Wikipedia, for five years and is chair of messaging platform Signal Messenger, a Web Summit statement said.

Persons: Katherine Maher, Paddy Cosgrave, Cosgrave, Maher, Cosgrove, Conor Humphries, Louise Heavens, Kirsten Donovan Organizations: DUBLIN, Summit, Wikimedia, Wikimedia Foundation, Palestinian, Hamas, Thomson Locations: Israel, Lisbon, Gaza

The most recent week saw sales of Brent (11 million barrels), NYMEX and ICE WTI (4 million) and U.S. diesel (4 million) only partially offset by purchases of U.S. gasoline (3 million) and European gas oil (1 million). Short positions in NYMEX WTI climbed to 41 million barrels on Oct. 24 up from a 16-month low of 19 million barrels on Oct. 3. U.S. NATURAL GASFund managers were still struggling to become outright bullish about the outlook for U.S. gas despite futures prices being very low in real terms. Hedge funds and other money managers sold the equivalent of 125 billion cubic feet (bcf) of gas futures and options over the seven days ending Oct. 24. From a statistical perspective, the very low inflation-adjusted base means there must be more potential for prices to rise rather than fall.

Persons: Brent, WTI, Cushing, NYMEX WTI, John Kemp, Kirsten Donovan Organizations: ICE Futures, U.S . Commodity Futures Trading Commission, ICE, U.S ., OPEC, Fund, Thomson, Reuters Locations: NYMEX, Brent

☆ Volkswagen plans job cuts, further launch delays at software unit -manager magazin
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) wants to cut 2,000 jobs at its troubled software unit Cariad as part of a restructuring plan which will see its long-awaited new software architectures delayed even further, news outlet manager magazin reported on Friday. There is no concrete information on where positions should be cut in terms of structure and tasks," a Volkswagen works council spokesperson said. A Cariad spokesperson declined to comment on the article, but said Cariad CEO Peter Bosch has been working on a "comprehensive transformation plan" for "repositioning" the company since the summer. Volkswagen appointed Bosch, formerly Bentley production chief, as head of the unit earlier this year in an effort to get Cariad back on track.

Persons: Brendan McDermid, magazin, Peter Bosch, Herbert Diess, Miranda Murray, Friederike Heine, Kirsten Donovan Organizations: New York, REUTERS, Rights, Audi, Porsche, VW, Volkswagen, Bosch, Bentley, Thomson Locations: Manhattan , New York City, U.S

☆ Clifford Chance's lawsuit against SocGen can continue in London, court rules
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. Societe Generale's case against Goldas was ultimately dismissed, prompting the bank to accuse Clifford Chance of negligence. Clifford Chance applied to London's High Court for a declaration that it was not liable to Societe Generale for any alleged negligence or breach of duty. "The dispute concerns whether or not an English firm of solicitors were negligent in their conduct of English law litigation in the English High Court," the judge said. Clifford Chance and Societe Generale declined to comment.

Persons: Gonzalo Fuentes, Clifford Chance's, Clifford Chance, Goldas, Judge Andrew Henshaw, Sam Tobin, Kirsten Donovan Organizations: Societe Generale, La Defense, REUTERS, France –, Generale's, High, Thomson Locations: La, Paris, France, London

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. The bank's shares fell as much as 18% in early trading before closing down 12% - their largest daily drop since the Brexit vote in June, 2016. Farage said in a statement on Friday that he viewed the report as a "whitewash" and its findings "laughable". She added that the review showed she did not leak detailed financial information and had been unaware of "deeply unpleasant and unfair" internal staff comments made about Farage. A NatWest document unearthed by Farage in July found that an internal committee had deemed his views did not align with the bank's own.

Persons: Phil Noble, Nigel Farage, Coutts, Farage, Alison Rose, Travers Smith, Howard Davies, Rose, Mr Farage, Davies, Paul Thwaite, Rick Haythornthwaite, Iain Withers, Lawrence White, Samuel Indyk, Jason Neely, Sharon Singleton, Kirsten Donovan Organizations: NatWest, REUTERS, Financial Conduct Authority, Barclays, Rival, Lloyds, Thomson Locations: Manchester, Britain

☆ Tesla gets $100 mln US ultra-fast charger order from BP EV charging unit
▼ + stars: | 2023-10-26 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

LONDON, Oct 26 (Reuters) - BP's (BP.L) electric vehicle charger unit is ordering $100 million worth of Tesla (TSLA.O) ultra-fast chargers for rollout in the United States, the first deployment of Tesla's chargers on an independent network, the companies said on Thursday. "Selling our fast-charging hardware is a new step for us, and one we're looking to expand," Tesla's senior director for charging infrastructure Rebecca Tinucci said in a statement. "(This) is a major step forward in our ambitions for high speed, open access charging infrastructure in the U.S.," BP Pulse global CEO Richard Bartlett said. The 250 kilowatt BP Pulse-branded chargers will be compatible with both Tesla's North American Charging Standard (NACS) and Combined Charging System (CCS) connectors enabling the charging of EV models from other carmakers. Automakers have been moving to adopt Tesla's NACS, taking the Elon Musk-led company's superchargers closer to becoming the industry standard at the expense of the rival CCS.

Persons: Tesla, Rebecca Tinucci, BP, Richard Bartlett, Tesla's, Elon, company's superchargers, Nick Carey, Kirsten Donovan Organizations: BP, EV, Travel Centers of America, Amoco, Hertz, CCS, Thomson Locations: United States, Houston, Phoenix, Los Angeles, Chicago, Washington, U.S

Reuters GraphicsThe Tel Aviv Inter-Bank Offered Rate, or TELBOR , a proxy for interest rate expectations, shows markets are now pricing in just over 50 bps of rate cuts over the next 12 months. "We thought the market was overreacting and exaggerating a rate cut in the (Oct. 23) decision, during the war," Bank Hapoalim's Shafrir said. The central bank's own economists project 50-75 bps of rate cuts in the next year. Prior to the war, markets had predicted that the benchmark rate would be lowered by at least 100 bps through 2024 as inflation returned to its target range. Israel's next rate decision is due on Nov. 27 with markets currently expecting rates to be held, and the three-month TELBOR rate pointing to a 25 bps cut in early 2024.

Persons: Violeta Santos Moura, Morgan Stanley, Georgi Deyanov, Modi Shafrir, Amir Yaron, Andrew Abir, Shafrir, Yaron, Anatoliy Shal, Shal, Steven Scheer, Karin Strohecker, Sumanta Sen, Kirsten Donovan Organizations: REUTERS, Palestinian, Hamas, Bank of Israel, Bank Hapoalim, Reuters, Tel Aviv Inter, Monday, P Global Market Intelligence, Thomson Locations: Israel's, Gaza, Israel, LONDON, Jerusalem, London

After two years of negotiations, the bill was approved by the European parliament in May. At Tuesday's meeting which lasted until midnight, lawmakers agreed on most parts of Article 6 of the draft AI Act, one of the stumbling blocks in talks, the sources said, declining to give further details on what was agreed. Article 6 outlines the types of AI systems that will be designated "high risk", and therefore subject to greater regulatory scrutiny, the sources said. Ahead of Tuesday's meeting, Reuters reported citing sources that European lawmakers were yet to agree on several issues leaving any deal off the table until December. Failure to reach a deal could push negotiations to early next year, increasing the risk that discussions are further derailed by European parliament elections in June.

Persons: Dragos Tudorache, Brando Benifei, Benifei, Supantha Mukherjee, Martin Coulter, Elvira Pollina, Josephine Mason, Kirsten Donovan Organizations: Union, Reuters, EU, Thomson Locations: STOCKHOLM, LONDON, MILAN, Stockholm, London, Milan

The company posted a third-quarter operating income of 32 million euros ($34.1 million), its first quarterly profit since 2021, helped by a higher gross margin and lower marketing and personnel costs. "We believe moving forward, we should see pretty consistent growth in our operating income," its Chief Financial Officer Paul Vogel said. It forecast operating income of 37 million euros in the current quarter. Revenue rose 11% to 3.36 billion euros, beating estimates of 3.33 billion. Analysts were expecting a forecast of 232.4 million premium subscribers and revenue of 3.69 billion euros.

Persons: Eric Gaillard, Paul Vogel, Daniel Ek, Vogel, Supantha Mukherjee, Kirsten Donovan, Jan Harvey Organizations: Spotify, Cannes Lions International, Creativity, REUTERS, Companies, Reuters, Thomson Locations: Cannes, France, STOCKHOLM, LSEG, Stockholm

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Barclays shares fell nearly 7% in early trading, while shares in rivals Lloyds (LLOY.L) and NatWest (NWG.L) each dipped around 3%. SLUGGISH INVESTMENT BANKThe lender reported pre-tax profit for the July-September period of 1.9 billion pounds ($2.33 billion) on Tuesday, down from 2 billion pounds a year ago but above a consensus analyst forecast of 1.77 billion pounds. Barclays reported a 6% drop in income at its investment bank for the quarter, following a similarly downbeat performance at the half-year results update in July. ($1 = 0.8151 pounds)Reporting By Lawrence White and Iain Withers; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Venkatakrishnan, Goldman Sachs, Morgan Stanley's, Venkat, Matt Britzman, Hargreaves Lansdown, Jes Staley, Jeffrey Epstein, Staley, Lawrence White, Iain Withers, Kirsten Donovan, Emelia Organizations: Barclays Bank, REUTERS, Barclays, Lloyds, NatWest, JPMorgan, Reuters, Banking, Jefferies, Revenue, Bank of America, Financial, Authority, Thomson Locations: London, Britain

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

☆ ANALYST VIEW Argentina vote headed for runoff between ruling Peronist and radical Milei
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] Argentina's presidential candidate Sergio Massa addresses supporters as he reacts to the results of the presidential election, in Buenos Aires, Argentina October 22, 2023. REUTERS/Mariana Nedelcu Acquire Licensing RightsLONDON, Oct 23 (Reuters) - A stronger-than-expected showing by Argentina's ruling Peronist coalition at a general election on Sunday has set the stage for a run-off vote on Nov. 19 between Economy Minister Sergio Massa and far-right radical Javier Milei. First, any announcements by the two candidates advancing to the second round. MARIANO MACHADO, PRINCIPAL AMERICAS ANALYST, VERISK MAPLECROFT, MALAGA"It is true that in the first round, societal mood shied away from radical change; but in the second round, pro-change voters may shift to Milei to oust Kirchnerism from power." The combination of a libertarian candidate pushing for dollarisation, with minister Massa hiking the money-printing machine to produce a political miracle for ‘candidate’ Massa could finally push macroeconomic variables off the cliff’s edge."

Persons: Sergio Massa, Mariana Nedelcu, Argentina's, Javier Milei, SERGIO ARMELLA, GOLDMAN SACHS, Massa, Milei, DIEGO W, PEREIRA, Patricia, Bullrich’s, Juan, MARIANO MACHADO, VERISK, Kirchnerism, ’ Massa, Karin Strohecker, Kirsten Donovan, Bernadette Baum Organizations: REUTERS, Peronist, JPMORGAN, NEW, Thomson Locations: Buenos Aires, Argentina, AMERICAS, VERISK MAPLECROFT, MALAGA, Rosario

☆ Sterling at weakest vs euro in five months as retail sales weigh
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - The pound was at its weakest against the euro in five months on Friday and was also under pressure versus the dollar as weak retail sales data reinforced fears about the health of the British economy. The euro climbed as far as 87.40 pence, its highest since May, with the European common currency also set for its best week against the pound in a month. Friday's moves were also driven by data that showed British retail sales fell more than expected in September, against a backdrop of broader cost of living pressures that could see the economy shrink overall in the third quarter. Weak retail sales and a noticeable drop in consumer confidence, though both are among the most volatile UK data releases," said Francesco Pesole, FX strategist at ING in a morning note. The pound has also been suffering against safe haven currencies and is trading at 1.0819 Swiss francs, its weakest since September 2022.

Persons: Francesco Pesole, Kirsten Donovan Organizations: National Statistics, ING, Thomson

☆ Saudi Arabia, UAE leaders meet as Israel-Hamas war threatens to spill over
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Saudi state news agency SPA showed footage of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, receiving UAE President Mohammed bin Zayed Al Nahyan at Riyadh's airport. Public meetings between the crown prince and Sheikh Mohammed have been rare in recent years as the close allies competed for investment and regional influence. Sheikh Mohammed attended a summit between the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) in Riyadh on Friday, Saudi and UAE state media said. Last year, Prince Mohammed and Sheikh Mohammed met when Prince Mohammed visited Abu Dhabi to offer his condolences on the death of Sheikh Khalifa, the UAE's previous president. Sheikh Mohammed also visited Jeddah last year, and the two leaders met on the sidelines of the G20 summit in November.

Persons: Prince Mohamed bin Salman bin Abdulaziz, Crown Prince, Sheikh Mohamed bin Zayed Al Nahyan, Prince Mohammed bin Salman, Mohammed bin Zayed Al Nahyan, Sheikh Mohammed, Prince Mohammed, Abu, Sheikh Khalifa, Aziz El Yaakoubi, Kirsten Donovan Organizations: Defence, United Arab Emirates, Gulf Cooperation Council, Association of Southeast Asian Nations, ASEAN, GCC, Thomson Locations: RIYADH, SAUDI ARABIA, Saudi Arabia, Saudi, Israel, East, Riyadh's, Riyadh, UAE, Iran, Gaza, Abu Dhabi, Jeddah

☆ Philip Morris lifts profit forecast on higher pricing, ZYN growth
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Philip Morris International (PMI) on Thursday raised its annual profit forecast as its third quarter earnings beat expectations thanks to higher cigarette prices, demand for its heated tobacco products, and rapid growth of its oral nicotine product ZYN. PMI's core smoke-free tobacco product, however, is its IQOS heated tobacco device and the tobacco sticks used with it. The company said heated tobacco shipment volumes had increased 18% during the quarter, but its full-year forecast assumed these would be lower than previously expected. It said this was due to a delayed market launch in Taiwan, limited growth in Russia and Ukraine and inventory uncertainty in Europe amid incoming regulations on heated tobacco flavours. PMI also tempered its revenue expectations for the full year.

Persons: Philip Morris, Dado Ruvic, ZYN, Jacek Olczak, IQOS, Juveria Tabassum, Emma Rumney, Chizu Nomiyama, Kirsten Donovan Organizations: Philip Morris International, REUTERS, Swedish, PMI, Thomson Locations: Taiwan, Russia, Ukraine

☆ London stock exchange sees first trading halt in 4 years; blue chips spared
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 19 (Reuters) - The London Stock Exchange (LSE) (LSEG.L) was forced to halt trading in smaller stocks on Thursday after an incident disrupted activity, although blue chip shares suffered no interruptions. London Stock Exchange Group (LSEG) said FTSE 100 (.FTSE), FTSE 250 (.FTMC) and International Order Book securities - those shares listed in London by overseas companies - were operating normally. The FTSE 100 closed down 1.2% on the day. In 2019, the London Stock Exchange suffered an almost two-hour outage that hit FTSE 100 and midcap stocks, which LSEG said was caused by a “technical software issue”.

Persons: Toby Melville, LSEG, Fiona Cincotta, Thomson, Akanksha, Huw Jones, Harry Robertson, Alun John, Joice Alves, Amanda Cooper, Danilo Masoni, Kirsten Donovan, Susan Fenton Organizations: London Stock Exchange Group, City of, REUTERS, London Stock Exchange, LSE, FTSE, Traders, Reuters, City, Thomson Reuters, Thomson Locations: City, City of London, Britain, London, LSEG, Bengaluru, Milan

☆ Ferragamo sales down in first nine months dragged by Asia and US
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 19 (Reuters) - Sales at Italian luxury goods group Salvatore Ferragamo (SFER.MI) fell by 9.2% at constant exchange rates in the first nine months of the year, in line with market expectations, hit by weak demand in Asia and North America. Revenue in the period totalled 844 million euros ($892.53 million), down from 920.7 million euros a year earlier, the leather goods company said on Thursday. Analysts had expected sales of 845 million euros on average, according to a Refinitiv consensus. Asia-Pacific sales declined by 11.7% at constant currencies in the nine months, while in North America they decreased by 18.2%. Europe and Middle East posted an increase in sales of 3%.

Persons: Salvatore Ferragamo's, Arnd, Salvatore Ferragamo, Analysts, Marco Gobbetti, Audrey Hepburn, Gobbetti, Maximilian Davis, Claudia Cristoferi, Federico Maccioni, Kirsten Donovan Organizations: REUTERS, North America . Revenue, Ferragamo, Burberry, Hollywood, Thomson Locations: Zurich, Switzerland, Asia, North America, China, Europe, United States, Pacific, Middle

Washington on Tuesday said it plans to halt shipments to China of more advanced artificial intelligence chips designed by Nvidia and others. It also restricted a broader swathe of advanced chips and chipmaking tools to a greater number of countries including Iran and Russia, and blacklisted Chinese chip designers Moore Threads and Biren. China's CSI Semiconductor Index (.CSI931865) dropped 1.4% on Wednesday following the announcement, while the STAR Chip Index (.STARCHIP) lost 1.2%. AI stocks were further hit after the U.S. announced further controls on Nvidia chip exports to China, UBS wrote in a note to clients. Moore Threads said it was communicating with all parties involved and evaluating the impact.

Persons: Janet Yellen, Mark Schiefelbein, Biden, Moore, Yang Wang, Charlie Chai, Xi Jinping, Biren, Shen Yiming, Bernadette Baum, Kirsten Donovan Organizations: Treasury, Rights, Washington, Nvidia, CSI Semiconductor, U.S, UBS, Biren, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, BEIJING, U.S, Iran, Russia

☆ Basel proposes crypto disclosures by banks from January 2025
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

The Basel Committee of banking regulators from the world's main financial centres agreed new rules last December on how much capital banks should hold to cover different types of cryptoassets. On Tuesday, they set out for public consultation how the holdings should be disclosed to investors. "Under the proposals, banks would be required to disclose qualitative information on their activities related to cryptoassets and quantitative information on exposures to cryptoassets and the related capital and liquidity requirements," the Basel Committee said in a statement. Banks would also be required to provide details of the accounting classifications of their exposures to cryptoassets and crypto liabilities, it said. Reporting by Huw Jones; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Banks, Jan, Huw Jones, Kirsten Donovan, Emelia Organizations: REUTERS, Global, Committee, Thomson Locations: cryptoassets

A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. The Swedish telecom equipment maker's shares fell 9% in early trade to lows last seen in 2017, when the company was going through another downturn. Gear makers such as Ericsson and Nokia (NOKIA.HE) have been hit by a slowdown in spending by telecoms companies. Mellander said the company had increased its previously announced 2023 cost saving target of 11 billion Swedish crowns ($1.01 billion), including the laying off 8,500 employees, to 12 billion crowns. India has been a rare growth area with sales quadrupling to about 10 billion crowns, but that is expected to slow down next year.

Persons: Fredrik Sandberg, Carl Mellander, Mellander, Borje Ekholm, Supantha Mukherjee, Terje Solsvik, Kirsten Donovan Organizations: Ericsson, TT News Agency, REUTERS, Reuters, Gear, Nokia, Jefferies, Thomson Locations: Stockholm, Sweden, India, STOCKHOLM, North America, Swedish

☆ Safe-haven dollar steady near one-week high on Middle East conflict
▼ + stars: | 2023-10-16 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - The dollar held near a one-week high on Monday with fragile sentiment against a backdrop of conflict in the Middle East supporting demand for the safe-haven currency. "The conflict between Israel and Hamas continues and is providing volatility to the financial markets with the traditional safe-haven flows. There was some respite for the euro and sterling, which were off one-week lows touched on Friday against the dollar. YEN WATCHINGThe yen was flat at 149.54 per dollar, close to the sensitive 150-level. The yen is still perceived as a safe asset along with the Swiss franc and U.S. dollar, Kanda added.

Persons: Dado Ruvic, Jerome Powell, Jens Peter Sørensen, Benjamin Netanyahu, Poland's zloty, Lukazs Janczak, Christopher Luxon, Masato Kanda, Kanda, James Malcolm, Joice Alves, Rae Wee, Vidya Ranganathan, Kirsten Donovan, Emelia Organizations: REUTERS, Federal, Hamas, Danske Bank, country's, Sterling, Erste Group, National Party, ACT, New Zealand, Swiss, ., UBS, Thomson Locations: Gaza, Israel, Israeli, Poland, New, London

☆ Half of Israel's Hotel Rooms Filled With Gaza War Evacuees
▼ + stars: | 2023-10-16 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

By Steven ScheerJERUSALEM (Reuters) - Half of Israeli hotel rooms are being used to house families evacuated from communities near the Gaza Strip, where an Oct. 7 rampage by Hamas gunmen triggered a cross-border war, the head of the Israel Hotel Association said on Monday. Israel has 56,000 hotel rooms and 28,000 are being provided to evacuees with the state footing the bill, said association chief executive Yael Danieli. She told a parliamentary panel debating compensation for residents impacted by the war that an additional 27,000 from border towns near Lebanon were expected. The Israeli-Lebanon border has seen an increase in hostilities as the Gaza war rages. Yogev Gardos, Israel's budget director, said the country's initial response was to finance the military's needs and now it would turn to the economy as a whole.

Persons: Steven Scheer JERUSALEM, Yael Danieli, Danieli, Isrotel, Yogev, Steven Scheer, Kirsten Donovan Organizations: Israel Hotel Association Locations: Gaza, Israel, Lebanon, Tel Aviv, Jerusalem, Herzliya, Red, Eilat

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