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May 4 (Reuters) - Canada's Enbridge Inc (ENB.TO) said on Thursday it has reached a 7-1/2-year toll agreement with oil shippers for its Mainline crude pipeline system, one of North America's biggest, after scrapping earlier plans for long-term contracts. The agreement means that, if approved, Enbridge would continue to ration space on a monthly basis. Enbridge spent years trying to convince shippers and then the Canada Energy Regulator (CER) to sell space on the Mainline under long-term contracts. Some Canadian oil producers objected, while companies with refineries were in favor of contracts. The new agreement covers 70% of Mainline deliveries, with the remaining 30% covered by a pre-existing agreement.

May 3 (Reuters) - PacWest Bancorp (PACW.O) is exploring strategic options including a sale or capital raising, a source familiar with the matter said, sending the shares of the bank and several other U.S. regional lenders tumbling in after-market trading. The Phoenix-based regional lender said it was "reaffirming its financial strength as well as its deposit growth guidance in response to recent industry events." PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorp (ZION.O), First Horizon (FHN.N) and Comerica (CMA.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets.

As each domino falls, the next weakest bank begins to wobble," billionaire investor Bill Ackman wrote in a tweet. PacWest stock has lost almost 90% of its value since the regional banking crisis started on March 8. Zion Bancorporation (ZION.O), Comerica (CMA.N) and First Horizon (FHN.N) each slumped more than 7% and the SPDR S&P Regional Banking ETF (KRE.P) dropped 5%. The cost of insuring against further losses in regional U.S. bank stocks stood on Wednesday near a one-month high in options markets. On Wednesday a source said the lender was looking at options that include a potential sale or capital raise.

The off-balance sheet borrowings incurred after fiscal year 2021 will continue to be adjusted over the next three financial years, said one of the sources. However, from here on, any new off-balance sheet borrowings will be adjusted in the same year or the year after they have been incurred, the source added. In one year, the adjustment from borrowing requirements will not be more than 0.25% of gross state domestic product, said a the second source. Reuters GraphicsLower market borrowing by state governments was one factor that helped keep federal government bond yields in check in 2022-2023. State governments also had high cash balances at the start of the previous year, which helped bring down borrowings, said ICRA.

☆ Regional bank stocks edge higher after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares rose 6.5% in early afternoon trading after tumbling 28% to close at their lowest level on record on Tuesday. Western Alliance Bank (WAL.N) advanced 4.2%, while Comerica (CMA.N) and Valley National Bankcorp (VLY.O) added nearly 1% and more than 2%, respectively. The KBW Regional Banking Index (.KRX) rose 2% after closing at its lowest level since December 2020 on Tuesday. The plunge in regional bank stocks came after U.S. regulators seized First Republic Bank and sold off its assets to JPMorgan Chase & Co (JPM.N) for $10.6 billion. The bank selloff indicates investor unease over their outlook following the First Republic deal, Brown Brothers Harriman analysts wrote in a note.

☆ S&P cuts First Republic's credit rating, says default a 'virtual certainty'
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - S&P Global on Tuesday slashed First Republic Bank's (FRC.N) credit rating deeper into junk territory after California banking regulators seized the U.S. lender and sold its assets. S&P cut its rating to 'CC' from 'B+' and said it expects default to be a "virtual certainty". Since JPMorgan assumed the substantial majority of First Republic's assets, it is most likely that the lender would default on any other senior financial obligations given what would be an insufficient remaining asset base, S&P said. S&P also lowered credit ratings on First Republic's subordinated debt and preferred stock to 'D' from 'B-.' Reporting by Jyoti Narayan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

The cash-strapped carrier, India's third-biggest and best known as Go First, filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney (P&W) engines for the grounding of about half its fleet. IndiGo has also had to ground planes because its P&W engines faced problems, but its bigger fleet with diverse engines, and its deeper pockets, meant it could overcome the troubles better than Go First. The airline started operations in 2005 and is owned by bed sheets-to-biscuits Wadia Group, one of India's oldest conglomerates. "The Wadia Group, in particular (chairperson) Nusli Wadia, has always tried to see that the company and the airline operations go on, on a normal basis," Khona said. "There is no question of Wadia Group having any intention to exit or move out."

☆ Aston Martin sticks to 2023 outlook after smaller Q1 pretax loss
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil NobleMay 3 (Reuters) - British luxury carmaker Aston Martin Lagonda (AML.L) on Wednesday reported a narrower quarterly pretax loss and maintained its 2023 outlook, benefiting from the strong sales of its sport utility vehicle DBX and higher selling prices. Free cash outflow in the quarter stood at 118 million pounds, compared with 25 million pounds of outflow a year ago as it spent on the development of new sports cars and its electrification programme. Aston Martin said it expects 2023 to be the "peak year" of capital spend. Loss before tax for the three months to March 31 was 74.2 million pounds ($92.7 million), compared with 111.6 million pounds a year earlier.

☆ US regional lenders notch modest gains after two-day slump
▼ + stars: | 2023-05-03 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

PacWest Bancorp (PACW.O) shares gained 2.1% in early trading after tumbling 28% to close at their lowest level on record on Tuesday. The KBW Regional Banking Index (.KRX) rose 1% after closing at its lowest level since December 2020. Evercore ISI analysts lowered their 2023 earnings outlook for regional lenders. The brokerage now estimates a nearly 1%decline from a year earlier, compared to an already lowered expectations of a 4% growth, blaming it on intensifying funding cost pressures amid declining regional bank deposits. Meanwhile, short sellers have pocketed $1.2 billion in paper profits betting against regional lenders in the first two days of May, with Truist Financial Corp (TFC.N) and PacWest generating the highest gains, analytics firm Ortex said.

☆ Fisker partners with Ample for electric SUVs with swappable batteries
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Electric vehicle maker Fisker Inc (FSR.N) said on Tuesday it would start delivering its sports utility vehicle Ocean with swappable batteries made by Ample by the start of next year. The partnership with the battery startup will help Fisker increase scale and adoption of its EVs in the United States and Europe, the electric car maker said, adding that Ample will share revenue related to the battery swapping mechanism. Battery-swapping, replacing a depleted battery with a freshly charged one, is fast emerging as an alternative to charging EVs at utility stations. Fisker added that the initial customer for Ample-powered EVs will be fleet operators who are looking to "transition to electric mobility without economic or operational compromises." Ample aims to make its batteries and swapping process more widely available to different brands of carmakers.

☆ DuPont trims revenue forecast on slow electronics recovery, shares fall
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday cut its full-year revenue forecast, citing slower-than-expected recovery in the electronics and industrial markets, sending its shares down nearly 5% in premarket trading. The materials and chemicals maker expects customer utilization in the electronics markets to bottom in the "near-term" and improve only in the third quarter. DuPont cut the top-end of its annual sales forecast to $12.50 billion from $12.90 billion, while retaining the lower end at $12.30 billion. "Within electronics markets, we continue to see weakness and channel inventory destocking in the near-term," Chief Financial Officer Lori Koch said in a statement. "We continue to expect ongoing strength throughout the year in areas such as water, automotive, aerospace and healthcare," Koch said.

☆ LSEG affirms 2023 targets, seeks shareholder nod for buyback
▼ + stars: | 2023-04-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - London Stock Exchange Group (LSEG.L) on Thursday reaffirmed financial targets for the year before it seeks shareholder approval for a previously announced buyback of shares from the Blackstone/Thomson Reuters (TRI.TO) consortium. LSEG bought data and analytics company Refinitiv for $27 billion from the consortium in January 2021. LSEG said that first-quarter income from data and analytics rose 14.6% year on year to 1.3 billion pounds. Total income excluding recoveries rose 14.6% to 2 billion pounds, 1% ahead of consensus according to Jefferies research. "In data & analytics, we saw a further acceleration in annual subscription value (ASV) growth, reflecting the investments we have made in our services and stronger customer engagement," Schwimmer said.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ Dollar bonds of India's Adani Ports rise as company starts debt buyback
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, April 24 (Reuters) - The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone (APSE.NS) rose on Monday, after the company commenced a cash tender offer for a buyback of securities. On Monday, Adani Ports and Special Economic Zone (APSE.NS), part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds. The company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities (Hong Kong) and StandardChartered Bank to serve as dealer managers for the offer. The dollar bonds of Adani Transmission (ADAI.NS), Adani Green Energy (ADNA.NS) and Adani Electricity Mumbai were trading mixed. However, India's market regulator is looking into Hindenburg's allegations as well as the group's related party dealings following a Supreme Court directive.

☆ Indian shares set to open higher as strong earnings lift mood
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 24 (Reuters) - Indian shares were set to open higher on Monday as improved quarterly results from heavyweights Reliance Industries Ltd (RELI.NS) and ICICI Bank Ltd(ICBK.NS) eased some concerns over a lacklustre start to the earnings season. India's most valuable company, Reliance Industries reported 19% growth in fourth-quarter profit, aided by the strong performance in oil-to-chemicals (O2C) segment, post market hours on Friday. Private lender ICICI Bank posted a 30% jump in net profit in the March quarter, helped by improved net interest income and loan growth. The strong earnings of the two companies, which account for nearly 20% of the total weightage in Nifty 50, could improve the sentiment soured by the weak earnings and outlook of top information technology companies, analysts added. Stocks to Watch:** Yes Bank Ltd (YESB.NS): Lender's net profit slumps 45% in the March quarter on higher provisions.

☆ Twitter drops 'government-funded' label on media accounts, including in China
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Twitter dropped the "Government-funded" and "China state-affiliated" labels, which implies government involvement in editorial content, from the accounts of various global media organizations, their profiles showed on Friday. Twitter dropped the "Government-funded Media" label from the accounts of U.S.-based National Public Radio (NPR), British Broadcasting Corp and Canadian Broadcasting Corporation (CBC). It also dropped the "China state-affiliated media" tag on the accounts of Xinhua News as well as of journalists associated with government-backed publications. That led NPR and CBC to stop posting to their Twitter accounts, arguing that the label did not accurately capture their governance structure. Twitter, NPR, CBC and BBC did not immediately respond to a request for comment on the removal of the tag.

☆ Twitter drops 'government-funded media' tag on NPR, other media accounts
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Twitter dropped the "Government-funded Media" tag, which implies government involvement in editorial content, on some accounts like National Public Radio (NPR) and Canadian Broadcasting Corporation (CBC), their accounts showed on Friday. Besides NPR and CBC, the tag, labeled 'state-affiliated media' earlier, was also absent from the British Broadcasting Corp's (BBC) Twitter account. Earlier this month, NPR and CBC paused their activities on the social media platform, arguing that the tag did not accurately capture their governance structure. We're adjusting the label to be 'publicly funded', which I think is perhaps not too objectionable," Musk had said. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Google to use generative AI in its ad business, Financial Times reports
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Alphabet Inc's (GOOGL.O) Google plans to introduce generative artificial intelligence into its advertising business over the coming months to create "novel" advertisements, the Financial Times reported on Thursday, citing an internal presentation. Generative AI is a type of technology that relies on past data to create rather than identify content. Last month, Google began the public release of its chatbot Bard, seeking users and feedback to gain ground on Microsoft Corp (MSFT.O) in the race to top the market for AI technology. While there have been concerns about the wider impact of AI on issues like disinformation, phishing attempts and cybercrime, Google plans to put in guardrails to address them when it rolls out the new generative AI features, FT reported. Reporting by Urvi Dugar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Google to deploy generative AI to create sophisticated ad campaigns - FT
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

April 20 (Reuters) - Alphabet Inc's (GOOGL.O) Google plans to introduce generative artificial intelligence into its advertising business over the coming months, Financial Times reported on Thursday, citing an internal presentation. Reporting by Urvi Dugar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ TSMC seeks up to $15 bln from US but objects to certain conditions- WSJ
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) is pushing back on some of the conditions the United States has attached to chip-factory subsidies as it seeks up to $15 billion from the U.S. government, the Wall Street Journal reported on Wednesday. TSMC, which in December more than tripled its planned investment at its new Arizona plant to $40 billion, is concerned about rules that could require it to share profits from the factories and provide detailed information about operations, WSJ reported, citing people familiar with the matter. TSMC declined to comment when contacted by Reuters. Reporting by Jose Joseph in Bengaluru; Editing by Varun H K and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Indian rupee to strengthen as weak US data pushes dollar to 2-month low
▼ + stars: | 2023-04-05 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, April 5 (Reuters) - The Indian rupee is expected to rise against the U.S. currency on Wednesday as weak manufacturing and job openings data dented demand for the dollar. The non-deliverable forwards indicate the rupee will open at around 82.08-82.12 to the U.S. dollar, compared with 82.3325 on Monday. The dollar index overnight dropped to its lowest level since Feb. 2. Data overnight showed U.S. job openings dropped to their lowest level in nearly two years in February, indicating that the Fed rate hikes were cooling off the U.S. labour market. The job openings release comes on the back of data that showed that U.S. manufacturing activity slumped in March to the lowest level in nearly three years.

☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.

☆ Wall Street jumps with rosy outlooks from companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares shot up 7.2%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which closed 3.3% higher. Lululemon surges after strong reoprtThe bulk of S&P 500 companies begin reporting on the first quarter in mid-April. On Monday, regional U.S. lender First Citizens BancShares scooped up the assets of Silicon Valley Bank. Michael Barr, Fed Vice Chair for Supervision, told Congress the scope of blame for Silicon Valley Bank's failure stretches across bank executives. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 69 new highs and 135 new lows.

☆ Wall Street gains with rosy outlooks from Micron, other companies
▼ + stars: | 2023-03-29 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Micron (MU.O) shares were up 7%, boosting the Nasdaq and S&P 500, and leading gains in the PHLX semiconductor index (.SOX), which was up 2.6%. The memory chip maker late Tuesday forecast a drop in third-quarter revenue in line with Wall Street expectations, while it gave a rosy outlook for 2025 with artificial intelligence boosting sales. Micron is sort of a microcosm of the global economy because their chips go into so many different industries and sectors. The bulk of S&P 500 companies begin reporting on the first quarter after mid-April. The S&P 500 posted 9 new 52-week highs and no new lows; the Nasdaq Composite recorded 57 new highs and 113 new lows.

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