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☆ Snapchat's AI chatbot may pose privacy risk to children, says UK watchdog
▼ + stars: | 2023-10-06 | by ( Sachin Ravikumar | Thomson Reuters | Sachin Ravikumar Is A Correspondent For Reuters In London Covering General News Across The Uk. Over Nine Years At Reuters | ) www.reuters.com time to read: +2 min

The Information Commissioner's Office (ICO) said if the U.S. company fails to adequately address the regulator's concerns, "My AI", launched in April, could be banned in the UK. "The provisional findings of our investigation suggest a worrying failure by Snap to adequately identify and assess the privacy risks to children and other users before launching 'My AI'", Information Commissioner John Edwards said. "My AI went through a robust legal and privacy review process before being made publicly available," a Snap spokesperson said. The ICO is investigating how "My AI" processes the personal data of Snapchat's roughly 21 million UK users, including children aged 13-17. Social media platforms, including Snapchat, require users to be 13 or over, but have had mixed success in keeping children off their platforms.

Persons: Lucas Jackson, John Edwards, OpenAI's ChatGPT, Snapchat, Farouq Suleiman, Sachin Ravikumar, William James, Sarah Young, Louise Heavens Organizations: Inc, New York Stock Exchange, REUTERS, Commissioner's, ICO, Reuters, Thomson Locations: New York City , New York, U.S

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Goldman Sachs executive Chris Kojima to leave, memo says
▼ + stars: | 2023-10-03 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Chris Kojima, an executive in Goldman Sachs <GS.N> asset and wealth management unit, will leave the investment bank after almost 28 years, according to an internal memo seen by Reuters on Tuesday. His move is the latest in a series of high-profile departures from Goldman's asset and wealth management division, which manages $2.7 trillion in assets. "Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership," Nachmann said in a statement. He first joined Goldman Sachs as an investment banking associate in 1995, and was named managing director in 2002 and a partner in 2008.

Persons: Goldman Sachs, Andrew Kelly, Chris Kojima, Kojima, Julian Salisbury, Mike Koester, Jo Natauri, Matt Gibson, Marc Nachmann, Chris, Nachmann, Goldman, Saeed Azhar, Louise Heavens, Lananh Nguyen, Paul Simao Organizations: REUTERS, Reuters, Sixth, Thomson Locations: Manhattan , New York, U.S

☆ Goldman Sachs exec Chris Kojima to leave
▼ + stars: | 2023-10-03 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 3 (Reuters) - Chris Kojima, a Goldman Sachs (GS.N) executive in the asset and wealth management unit, will leave the investment bank at year-end after almost 28 years, an internal memo seen by Reuters on Tuesday showed. Kojima is among the latest high-profile executives to leave Goldman's asset and wealth management division, which manages $2.7 trillion in assets. "Chris founded and led businesses that are incredibly important to Goldman Sachs, and our business today is stronger because of his leadership," Nachmann said in a statement. He first joined Goldman Sachs as an investment banking associate in 1995, and was named managing director in 2002 and a partner in 2008.

Persons: Goldman Sachs, Andrew Kelly, Chris Kojima, Kojima, Julian Salisbury, Mike Koester, Jo Natauri, Matt Gibson, Marc Nachmann, Chris, Nachmann, Kojima's, Saeed Azhar, Louise Heavens, Lananh Nguyen, Paul Simao, Richard Chang Organizations: REUTERS, Reuters, Atlantic, Sixth, Thomson Locations: Manhattan , New York, U.S

☆ Novo Nordisk owner readies for big Wegovy windfall
▼ + stars: | 2023-10-03 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

COPENHAGEN, Oct 3 (Reuters) - The CEO of Novo Holdings said on Tuesday the controlling shareholder of Danish drugmaker Novo Nordisk (NOVOb.CO) is ready for a huge windfall from the runaway success of weight-loss drug Wegovy. Novo Holdings invests and manages the wealth and assets of the Novo Nordisk Foundation, whose newly bulging coffers could make it a major philanthropist and environmental, social and governance (ESG) investor. He was speaking to a group of journalists in Copenhagen, where the investment company, its owner Novo Nordisk Foundation, and the drugmaker Novo Nordisk are all headquartered. [1/4]Novo Holdings A/S CEO Kasim Kutay speaks at Novo Nordisk Foundation in Hellerup, Denmark, October 3, 2023. Novo Holdings' early-stage investments team now has $200 million to deploy each year, Soren Moller, who heads the seed division, told Reuters.

Persons: Kasim Kutay, Wegovy, Kutay, I've, Morgan Stanley, Ali Withers, Peter Lawaetz Andersen, Andersen, Soren Moller, Maggie Fick, Josephine Mason, Louise Heavens, Catherine Evans Organizations: Novo Holdings, Novo Nordisk, Novo Nordisk Foundation, The Foundation, Holdings, Moelis, REUTERS, Foundation, Norway's Coalition, Reuters, Thomson Locations: COPENHAGEN, Danish, Copenhagen, Novo, United States, Hellerup, Denmark, Shanghai, China, Singapore, Boston, San Francisco

☆ COP28 president says oil companies support 2050 net-zero goal
▼ + stars: | 2023-10-02 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

Jaber, who is also head of United Arab Emirates oil giant ADNOC, has this year urged the energy industry to join the fight against climate change. He was a controversial pick to lead COP28, which begins next month, because his country is an OPEC member and a major oil exporter. "We need a system-wide holistic transformation of entire economies - economies that currently run on the equivalent of 250 million barrels of oil, gas, and coal every single day," Jaber said at an oil and gas conference in Abu Dhabi. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Major oil and gas company chiefs held meetings with heavy industry bosses on Sunday in the UAE to discuss a decarbonization commitment ahead of COP28.

Persons: Sultan Al Jaber, ABU, Sultan al, Jaber, it's, Maha El Dahan, Yousef Saba, Alexander Cornwell, Nadine Awadalla, Louise Heavens, Bernadette Baum Organizations: Africa Climate Summit, United Nations, United, United Arab Emirates, Thomson Locations: UAE, Africa, Nairobi, Kenya, ABU DHABI, United Arab, OPEC, Abu Dhabi, Dubai, COP28

☆ Dutch regulator rejects Apple’s objections against fines
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

A man holds a bag with a new iPhone inside as Apple's new iPhone 15 officially goes on sale across China, next to an Apple Store, in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsCompanies Apple Inc FollowAMSTERDAM, Oct 2 (Reuters) - Dutch competition watchdog ACM on Monday said it had rejected objections by Apple (AAPL.O) against fines of 50 million euros ($52.9 million) it had given the company over failure to comply with regulations aimed at limiting the dominant position of Apple's App Store. The ACM said Apple had by now complied with most of its demands to open its App Store to alternative forms of payment for dating apps in the Netherlands, but had not met an undisclosed third element of the conditions related to the fines. ($1 = 0.9454 euros)Reporting by Bart Meijer, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Bart Meijer, Louise Heavens Organizations: Apple, REUTERS, Apple Inc, ACM, Thomson Locations: China, Shanghai, Netherlands

☆ KKR in talks to buy Spanish fertility clinic company Eugin from Fresenius -report
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] General view of the Fresenius SE logo on the company's headquarters in Bad Homburg near Frankfurt, Germany, February 25, 2015. REUTERS/Ralph Orlowski/File Photo/File Photo Acquire Licensing RightsMADRID, Oct 2 (Reuters) - United States-based buyout fund KKR (KKR.N) is in exclusive talks with Germany' Fresenius (FREG.DE) to buy Eugin, fertility clinics in Spain and Portugal, Spanish newspaper Cinco Dias reported on Monday citing unidentified financial sources. A potential deal would value Eugin at around 500 million euros ($528.55 million), the newspaper said. The U.S. fund already owns assets in the industry in the country, Cinco Dias reported. KKR, Fresenius and Eugin did not immediately respond to messages seeking comment.

Persons: Ralph Orlowski, Cinco Dias, Eugin, Inti Landauro, Louise Heavens Organizations: REUTERS, Rights, KKR, Fresenius, Thomson Locations: Bad Homburg, Frankfurt, Germany, Rights MADRID, United States, Spain, Portugal, Spanish, U.S

The ramifications for global markets are significant, with Washington and Beijing's determination to loosen dependence on each other fraying long-established supply chains. Many central banks target 2% inflation; market gauges of traders' long-term U.S. and European inflation expectations are running higher , . Anna Rosenberg, head of geopolitics at the Amundi Investment Institute, said Sino-U.S. tensions, provide a "new lens" through which to analyse emerging markets' growth prospects. But the performance of big U.S. tech stocks and global share indices are vulnerable to signs of Chinese retaliation. With China underperforming global stocks, investors are split on how to approach this market.

Persons: Dado Ruvic, Joe Biden, Goldman Sachs, Wouter Sturkenboom, Laura Alfaro, Anna Rosenberg, Christopher Rossbach, J, Stern, Carole Madjo, Wendy Liu, Baird, Patrick Spencer, Naomi Rovnick, Kripa Jayaram, Riddhima, Vineet, Sumanta Sen, Pasit, Louise Heavens Organizations: REUTERS, EMEA, APAC, Northern Trust, Reuters, Research, Harvard Business, Amundi Investment Institute, INDIA RUSH, Barclays reckons, EU, Apple, China, Barclays, JPMorgan, Thomson Locations: West, China, Washington, Western, Germany, Northern, Europe, FRIENDSHORING Washington, Vietnam, Mexico, Mongolia, Philippines, Sino, U.S, India, Beijing, COVID, CHINA

☆ UK house prices fall by 5.3% in 12 months to September - Nationwide
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 2 (Reuters) - British house prices in September were 5.3% lower than a year earlier, matching their fall in August which was the biggest annual drop since 2009, figures from mortgage lender Nationwide showed on Monday. In month-on-month terms, prices were unchanged in September after a 0.8% fall in August, Nationwide said. Britain's housing market has slowed as borrowing costs mount, but the fall in house prices so far remains much less marked than their jump of about 25% between the start of the coronavirus pandemic and September last year. The combination of rising wages and lower house prices and mortgage rates would probably improve affordability in the housing market over time although it was set to remain subdued in the interim, he said. Transaction volumes for flats were holding up better than other property types, possibly reflecting how prices for smaller homes did not rise as much during the pandemic, Nationwide said.

Persons: Robert Gardner, William Schomberg, Louise Heavens, Kirsten Donovan Organizations: Nationwide, Bank of England, Thomson

☆ Turkey says to re-start operations of Iraq oil pipeline this week
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.

Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad

Oct 2 (Reuters) - Russian technology company Astra on Monday said it was planning to list its shares on Moscow Exchange this month in an initial public offering (IPO), potentially breathing some life into Russia's moribund equity capital markets. Electric scooter firm Whoosh (WUSH.MM) was the only Russian firm to hold an IPO last year, but its debut raised less than half its initial target and relied heavily on Russian retail investors for capital. Astra dominates Russia's operating system (OS) market with its Astra Linux software. Alfa Bank analysts valued Astra, which more than doubled its core earnings year on year to 5.4 billion roubles in 2022, at around 70 billion-90 billion roubles ($707 million-$909 million) in a report published on Monday. Also on Monday, spirits producer Kristall said it was hoping to raise 1.5 billion roubles in a fourth quarter IPO on Moscow Exchange, something it said would significantly accelerate growth.

Persons: pipemaker, Ilya Sivtsev, Sivtsev, Kristall, Alexander Marrow, Louise Heavens, Kirsten Donovan Organizations: Astra, Moscow, Astra Linux, Reuters, Alfa Bank, Moscow Exchange, Thomson Locations: Russian, Ukraine

☆ South Africa's Transnet says heavy rains disrupt service on key commodity line
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A Transnet Freight Rail train is seen next to tons of coal mined from the nearby Khanye Colliery mine, at the Bronkhorstspruit station, in Bronkhorstspruit, South Africa, April 26, 2022.Picture taken April 26,2022. REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsSept 27 (Reuters) - South Africa's logistics utility Transnet on Wednesday said severe weather had disrupted rail services on its Cape Corridor, the main line for manganese exports and agricultural commodities. The severe weather also damaged infrastructure, including housing, power lines, roads and rail lines. "Extreme rainfall - resulting in wash-aways, rockslides and fallen trees along some sections of rail lines - causeddamage to locomotives and the rail infrastructure, resulting in challenging operational obstacles," Transnet said in a statement. Services had been halted on some sections of the rail network, while delays were being experienced on others, Transnet added.

Persons: Siphiwe, Transnet, Nelson Banya, Louise Heavens Organizations: REUTERS, Services, Thomson Locations: Bronkhorstspruit, South Africa, Cape, Eastern Cape

People are seen outside the main gate of the Pegatron facility following a fire incident at the facility near Chennai, India, September 26, 2023. A company spokesperson declined to say whether manufacturing has been resumed partially or fully. Pegatron had halted the assembly of iPhones for the past two days at its factory in Tamil Nadu state after a fire broke out on Sunday. It has previously said the incident "does not have significant financial or operational impact". Reporting by Munsif Vengattil in Bengaluru and Praveen Paramasivam in Chennai, Editing by Louise Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Praveen, Pegatron, Munsif, Louise Heavens, Bernadette Baum Organizations: REUTERS, Rights, Apple, Reuters, Thomson Locations: Chennai, India, Tamil Nadu, Bengaluru, Praveen

☆ Dutch insurers' shares hit by unfavourable court ruling
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Sept 27 (Reuters) - Shares of Dutch insurers took a hit on Wednesday as a court ruling in a years-long fight over investment-linked products re-opened the prospect of large compensation claims. NN Group (NN.AS) traded down 13.5% at 0750 GMT in Amsterdam, while fellow Dutch insurer ASR (ASRNL.AS) fell 8.6%, as NN warned of the possibly "material adverse effect" of the interim court ruling. NN Group and other Dutch insurers have been dealing with issues related to these insurance policies, popularly known as "woekerpolissen" for years. "This also has impact for the legal cases against other Dutch insurers, who all sold similar unit-linked products at the time," KBC analysts wrote in a note. Between 2008 and 2010, Dutch insurers collectively paid clients about 3 billion euros ($3.2 billion) in compensation over similar policies, but several consumer groups have since filed suits arguing the compensation was too low.

Persons: Bart Meijer, Louise Heavens, Christina Fincher Organizations: KBC, Aegon NL, Dutch, Thomson Locations: AMSTERDAM, Hague, Amsterdam

☆ Airbus names sales chief Scherer CEO of planemaking arm
▼ + stars: | 2023-09-26 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

Airbus Chief Commercial Officer Christian Scherer is interviewed by Reuters at the International Air Transport Association's Annual General Meeting in Boston, Massachusetts, U.S., October 4, 2021. Scherer's appointment as Commercial Aircraft CEO, first reported by Reuters, will take effect from Jan. 1 after discussions with unions, Airbus said. Scherer, who is currently chief commercial officer, said Airbus would meet its operational objectives. Airbus formally merged with its dominant planemaking business in 2018, meaning it combines two separate headquarters and operational functions under one CEO, with the Helicopters and Defence & Space divisions sitting underneath. The shake-up brings back a separate planemaking CEO under the same roof but the company does not appear to be re-creating two entities, something that had created a stage for chronic in-fighting in the past.

Persons: Christian Scherer, Brian Snyder, Guillaume Faury, Scherer, Faury, Tim Hepher, Louise Heavens Organizations: Airbus, Reuters, International Air, REUTERS, Rights, Commercial Aircraft, Boeing, Helicopters, Defence, Space, Thomson Locations: Boston , Massachusetts, U.S

BRUSSELS, Sept 26 (Reuters) - Edwards Lifesciences (EW.N) was raided by EU antitrust regulators at one of its facilities in an EU country a week ago, two people with direct knowledge of the matter told Reuters on Tuesday. Edwards Lifesciences' shares dipped after the Reuters story, falling 2.5% in pre-market trade. Edwards Lifesciences, which says it is a global leader in making medical products for structural heart disease, did not respond to repeated emailed requests for comment. Companies found guilty of violating EU antitrust rules face fines as much as 10% of their global turnover. According to analysts, Edwards Lifesciences competes with Abbot Laboratories (ABT.N), Medtronic (MDT.N), Zimmer Biomet (ZBH.N) and Boston Scientific Corp (BSX.N), among others.

Persons: Edwards, Edwards Lifesciences, Zimmer Biomet, Foo Yun Chee, Kirsten Donovan, Louise Heavens Organizations: Reuters, European, EU, Abbot Laboratories, Boston Scientific Corp, Thomson Locations: BRUSSELS, EU

☆ Chipmaker ASML to set up base in Japan's Hokkaido to support new Rapidus plant
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

An ASML spokesperson said the company will have a customer support team for Rapidus, but could not immediately confirm staff numbers. Nikkei, which first reported the news, said that 50 ASML engineers will install an ASML "EUV" machine on a prototype line in Chitose City, Hokkaido. "We always have engineers that support our systems in our customers' fabs," the ASML spokesperson said, referring to customers' factories. TSMC, Samsung, Intel and memory chip specialists SK Hynix and Micron currently manufacture using ASML's EUV tools. The Nikkei report said ASML is also expanding its existing support base for TSMC, which is building a major plant in Kumamoto in Japan.

Persons: Dado Ruvic, ASML, Rocky Swift, Toby Sterling, Louise Heavens, Jane Merriman Organizations: REUTERS, Rights, Rapidus, Nikkei, Samsung, Intel, SK Hynix, Micron, Thomson Locations: Hokkaido, Chitose City, Kumamoto, Japan

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

☆ Aviva agrees to buy AIG's UK protection business for $563 million
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - British insurer Aviva (AV.L) said on Monday it had agreed to acquire the UK protection business of AIG (AIG.N) for 460 million pounds ($563 million). Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed subsidiary of AIG. The transaction will add 1.3 million individual protection customers and 1.4 million group protection members, Aviva said, with the deal expected to close in the first half of 2024, subject to regulatory approvals. The deal would represent around a 5 percentage point cut to Aviva's group solvency II cover ratio, the company said.

Persons: Simon Dawson, Amanda Blanc, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, AIG Life, Corebridge, Inc, Thomson Locations: London, Britain, British, New York

☆ Aviva to buy AIG's UK life insurance business for $563 million
▼ + stars: | 2023-09-25 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Aviva (AV.L) said on Monday it had agreed to buy the UK life insurance business of AIG (AIG.N) for 460 million pounds ($563 million), in the largest acquisition to date by the British insurer's CEO Amanda Blanc. Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed company majority-owned by AIG. Corebridge was formed in 2021 when AIG spun off its life and retirement business and sold a portion of the company to Blackstone for $2.2 billion. AIG took Corebridge public in September last year, in a share offering that raised $1.7 billion.

Persons: Simon Dawson, Amanda Blanc, Blanc, Peter Zaffino, Corebridge, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, British, AIG Life, Corebridge, Inc, RBC, Blackstone, Thomson Locations: London, Britain, New York, Singapore, United States

☆ Sumitomo Metal to invest in Canada's Nano One to collaborate on battery material
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Sept 25 (Reuters) - Japan's Sumitomo Metal Mining (5713.T) said on Monday it will invest 16.9 million Canadian dollars ($12.5 million) in Canada's battery material company Nano One Materials (NANO.TO) to collaborate on manufacturing technology for the material. The move comes after Japan and Canada agreed to work more closely together to establishing sustainable and reliable global battery supply chains. Sumitomo Metal supplies the nickel-cobalt-aluminium (NCA) cathode materials for the Panasonic (6752.T) lithium-ion batteries used in Tesla (TSLA.O) electric vehicles (EVs). The two companies will work together to develop manufacturing technology for battery cathode materials for EVs at a lower cost and environmental impact, it added. Sumitomo Metal has been expanding its production capacity of the cathode materials and plans further expansions.

Persons: Yuka Obayashi, Louise Heavens Organizations: Sumitomo Metal Mining, Sumitomo Metal, Panasonic, Thomson Locations: TOKYO, Japan, Canada

☆ Ladbrokes owner Entain warns on online gaming revenue
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

Sept 25 (Reuters) - Ladbrokes owner Entain (ENT.L) warned on its online net gaming revenues for the third quarter and the full-year on Monday, as the British gambling firm grapples with ongoing regulation in the industry, particularly in the UK, and slower growth in Australia and Italy. The owner of online brands bwin and partypoker, said it expects third-quarter online net gaming revenue to be down by "high single digit percent" on a pro-forma basis. It also expects group online gaming revenue for the full year to be down "low single digit percent" on a pro-forma basis. Meanwhile, sports-betting service BetMGM, which Entain jointly owns with MGM Resorts (MGM.N) was on track to report positive core profit in the second half and full-year gaming revenues at the top end of its expectations, the British company said. ($1 = 0.8170 pounds)Reporting by Eva Mathews in Bengaluru; editing by Eileen Soreng and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Entain, Eva Mathews, Eileen Soreng, Louise Heavens Organizations: MGM Resorts, Turkish, Thomson Locations: Australia, Italy, London, Bengaluru

A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Hackers stole around $200 million from crypto firm Mixin early on Saturday, the company said on social media platform X on Monday. It has one million users, according to its website. Mixin will announce a solution for "how to deal with the lost assets," it said. Last year hackers stole crypto worth as much as $3.8 billion, making it the worst year on record, according to blockchain researchers Chainalysis.

Persons: Kacper, Mixin, Elizabeth Howcroft, Louise Heavens Organizations: REUTERS, Thomson Locations: Hong Kong

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