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☆ Global PC shipments decline eases in Q2, Apple outperforms on MacBook Air demand, research firm says
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

July 11 (Reuters) - The decline in global personal computer shipments slowed in the second quarter, with Apple outperforming the market with a 51% jump thanks to strong demand for its recently launched 15-inch MacBook Air, data from research firm Canalys showed. Reuters GraphicsMarket leader Lenovo (0992.HK) posted a shipment decline of 18.1%, smaller than the 30.3% fall posted in the previous quarter. HP Inc (HPQ.N) and Dell (DELL.N) also saw smaller falls, compared with the prior quarter. "Inventory levels reduced further in Q2," said Kieren Jessop, research analyst at Canalys. Still, Canalys said it expects 2023 shipments to be lower than 2022 as consumers prioritize spending on essentials in the face of high inflation and rising interest rates.

Persons: Canalys, Ishan Dutt, Kieren Jessop, Samrhitha, Pooja Desai Organizations: Apple, Air, Reuters Graphics, Lenovo, HK, HP Inc, Dell, Thomson Locations: Bengaluru

☆ Icahn unties personal loans from his investment firm's share price, shares jumps
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

July 10 (Reuters) - Billionaire activist investor Carl Icahn has amended the terms of his personal loans to separate them from the price of Icahn Enterprises' (IEP.O) depositary units, the investment firm disclosed in a filing on Monday. The move comes months after short-seller Hindenburg's criticism triggered a massive fall in the shares of his investment company. Icahn and its affiliates have entered into a three-year loan agreement with banks, including Bank of America, N.A. In the amended loan agreement, Icahn will provide additional collateral of $2 billion from his personal funds and 320 million IEP shares. It also said IEP units were inflated by more than 75%.

Persons: Carl Icahn, Icahn, Hindenburg, Jaiveer Shekhawat, Niket, Gursimran Kaur, Dhanya Ann Thoppil, Pooja Desai Organizations: Billionaire, Icahn Enterprises, Bank of America, Bank of Montreal, Deutsche Bank AG, Thomson Locations: Bengaluru

July 10 (Reuters) - Constellation Brands' (STZ.N) Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev's (ABI.BR) Bud Light in May. Modelo Especial was the top-selling beer brand for the four weeks ended July 1, with an 8.7% share of overall beer sales through retail stores for the period, while Bud Light came in second with a 7% share, according to consulting company Bump Williams, which sources data from NielsenIQ. Sales of Bud Light and Budweiser dropped 28% and 11.7%, respectively, from a year earlier, while Modelo Especial sales rose 8.5%. Azer added that consumers had quickly figured out AB InBev's other beer brands like Michelob Ultra and Natural Light, which are also seeing a fall in sales. Before the backlash, Natural Light was gaining due to cost-conscious consumers opting for cheaper six-packs.

Persons: Busch, Bud Light, influencer Dylan Mulvaney, Bump Williams, Michel Doukeris, Neil Reid, Cowen, Vivien Azer, Azer, Letitia James, Ananya Mariam Rajesh, Pooja Desai Organizations: Constellation Brands, Modelo Especial, Anheuser, U.S, University of Toledo, Budweiser, Target, New York, Starbucks, Thomson Locations: United States, NielsenIQ, U.S, Bengaluru

July 7 (Reuters) - U.S. private equity firm 777 Partners has said it is in talks with Boeing Co (BA.N) and Franco-Italian turboprop maker ATR over a new jet order, as it looks to enter more markets amid a boom in air travel. The talks come amid a rush for planes by airlines eager to tap into a greater-than-expected recovery in air travel. Earlier this year, Air India placed an order for 470 jets with Boeing and Airbus SE (AIR.PA) - which was later eclipsed by rival IndiGo's order for 500 Airbus planes. 777's business model involves buying jets and leasing them to airlines which it backs, such as Canadian low-cost carrier Flair Airlines and Australian airline Bonza. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: We've, Josh Wander, Wander, Flair, Abhijith, Pooja Desai Organizations: Partners, Boeing Co, Boeing, ATR, Air, Airbus, Flair Airlines, Bonza, Capital Ltd, Thomson Locations: Italian, Miami, Air India, Asia, South America, York, Bengaluru

☆ US new vehicle sales rise on strong demand, better supply
▼ + stars: | 2023-07-05 | by ( Pratyush Thakur | ) www.reuters.com time to read: +2 min

Vehicle production took a hit after the pandemic disrupted supply of semiconductor chips and other raw materials, hurting automakers' ability to meet the upsurge in demand for cars, trucks and SUVs. Toyota Motor's (7203.T) North America unit reported a 7.13% rise in U.S. sales to 568,962 units for the quarter ended June. Auto giant General Motors (GM.N), however, surpassed Toyota in the quarter, with a near 19% rise to 691,978 units in the United States. Earlier in the week, FCA US, a unit of Stellantis (STLAM.MI), reported a 6% increase in total U.S. sales. Power and GlobalData estimate total U.S. auto sales to reach 4,116,600 units in the quarter ended June, up 18.2% from a year earlier.

Persons: Cox, Jonathan Smoke, Toyota Motor's, J.D, Pratyush Thakur, Shivansh, Pooja Desai, Shilpi Majumdar Organizations: Toyota, Auto, General Motors, FCA, Tesla Inc, Thomson Locations: United States, America, Bengaluru

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

☆ US FDA declines to approve Amneal's Parkinson's drug over safety concerns
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - The U.S. Food and Drug Administration (FDA) has declined to approve Amneal Pharmaceuticals' (AMRX.N) drug designed to help control symptoms in Parkinson's disease patients for a longer duration, citing inadequate safety data. The complete response letter comes as a surprise, said Barclays analyst Balaji Prasad. The decision does not impact 2023 forecast as it did not include the revenue from the drug, the company said. Amneal has another Parkinson's drug, Rytary, on the market but has been struggling to gain a foothold in the treatment space. Only 4% of patients use the drug since its approval in 2015, as per company estimates.

Persons: Balaji Prasad, Amneal, Raghav Mahobe, Khushi, Sriparna Roy, Pooja Desai, Shweta Agarwal, Sriraj Organizations: U.S . Food, Drug Administration, Amneal Pharmaceuticals, FDA, Barclays, Thomson Locations: U.S, Bengaluru

Tesla (TSLA.O) gained 7.4% to hit a nine-month high, a day after its car deliveries topped market estimates on the back of incentives and steeper discounts. The consumer discretionary sector (.SPLRCD) that includes Tesla rose 1.5%, leading gains among the top 11 S&P 500 sectors, while healthcare stocks (.SPXHC) declined. Fidelity National Information Services (FIS.N) added 5.4% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services firm, according to a Financial Times report. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and a 1.53-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 33 new lows.

Persons: Hogan, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Dow, Nasdaq, Riley, General Motors, Ford, EV, Rivian Automotive, Traders, Apple, Microsoft, Dow Jones, Fidelity National Information Services, Financial, NYSE, Thomson Locations: Worldpay, Bengaluru

☆ US Senator Warren questions Goldman's role in SVB failure
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren has questioned Goldman Sachs' (GS.N) role in the failure of Silicon Valley Bank (SVB) and the profits it allegedly made in the process. The letter said Goldman Sachs benefited further as market turmoil following SVB's failure increased the value of the discounted bond portfolio by an estimated $100 million. Goldman acquired a bond portfolio on which SVB booked a $1.8 billion loss, a transaction that preceded a failed share sale by the lender for which the Wall Street bank was an underwriter. But it's well known that banks don't collect fees when capital raises are canceled," said Tony Fratto, a spokesman for Goldman Sachs. He reiterated that Goldman expects proceeds from the SVB portfolio sale to be closer to $50 million, and not $100 million.

Persons: Elizabeth Warren, Goldman Sachs, SVB, Warren, Goldman, Tony Fratto, Jaiveer Singh, Saeed Azhar, Pooja Desai Organizations: Silicon Valley Bank, Federal Deposit Insurance Corporation, SVB, Valley Bank, U.S, underwriters, Thomson Locations: Silicon, Bengaluru, New York

☆ Polestar to adopt Tesla's supercharger network in the US, Canada
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Swedish electric vehicle (EV) maker Polestar said on Thursday it has signed an agreement with Tesla (TSLA.O) to adopt the EV maker's Supercharger network in the United States and Canada. Starting 2025, new Polestar vehicles sold in North America will be equipped with Tesla's North American Charging Standard (NACS) charging port by default, the company said. The deal comes days after Swedish carmaker Volvo Cars (VOLCARb.ST) said all its electric vehicles (EVs) will have access to Tesla's Supercharger network in the U.S., Canada and Mexico. Tesla's Superchargers account for about 60% of the total number of fast chargers available in the United States, according to the U.S. Department of Energy. Reporting by Tiyashi Datta in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Polestar, Tesla's, Biden, Tiyashi Datta, Pooja Desai Organizations: Tesla, Volvo, General Motors, Rivian Automotive Inc, CCS, U.S . Department of Energy, Thomson Locations: Swedish, United States, Canada, North America, U.S, Mexico, California, Bengaluru

☆ U.S. antitrust regulator plans to target Amazon's online marketplace, Bloomberg reports
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - The U.S. antitrust regulator is planning to file a suit targeting Amazon.com's (AMZN.O) core online marketplace in the coming weeks, Bloomberg News reported on Thursday, citing documents and people familiar with the matter. The agency's antitrust case targeting Amazon's online marketplace has been in the works for a long time, according to the report. Amazon got the FTC notice for initial investigation in June 2019, Bloomberg reported, citing documents. Those documents included questions about how using Amazon's warehousing and delivery services impacted third-party sellers’ product placements in its online marketplace, including boxes on the website that give products additional prominence. The two companies had entered into a deal to sell Apple iPhones, iPads and other devices on Amazon's marketplace in 2018.

Persons: Lina Khan's, Joe Biden's, Chavi Mehta, Anil D'Silva, Pooja Desai Organizations: Bloomberg, U.S . Federal Trade Commission, Amazon, Big Tech, FTC, Apple Inc, Apple, Thomson Locations: Bengaluru

June 27 (Reuters) - Walgreens Boots Alliance (WBA.O) on Tuesday warned that lower spending by inflation-spooked consumers and a hit from a larger-than-expected drop in COVID product sales would likely persist into next year, sending its shares plunging nearly 9%. Walgreens' shares were at $28.87 in early trading, hitting an over 11-year low after the company slashed its profit forecast for the year. The pharmacy chain also said its newly launched healthcare business, through which it operates doctors' offices, missed Walgreens' target for sales growth. "There are some factors impacting us today that are likely to extend into next year, namely the macroeconomic-driven consumer pressure and COVID headwinds." In the third quarter of the fiscal year, Walgreens reported a 0.2% fall in same-store sales at its retail division, compared with estimates of a 2.1% rise.

Persons: Rosalind Brewer, Brewer, Manas Mishra, Mariam Sunny, Pooja Desai Organizations: Walgreens Boots Alliance, Walgreens, CVS Health, Rite, Thomson Locations: Bengaluru

June 27 (Reuters) - Walgreens Boots Alliance (WBA.O) slashed its profit forecast for the year as persistently high inflation hits sales of consumer healthcare goods and demand for COVID shots and tests wanes, sending its shares plunging 8% on Tuesday. "Our revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty," CEO Rosalind Brewer said in a statement. Walgreens' shares were trading at $29.21, on track to open at their lowest levels since 2012, if losses held. In the third quarter of the fiscal year, Walgreens reported a 0.2% fall in same-store sales at its retail division, compared with estimates of a 2.1% rise, according to brokerage TD Cowen. Walgreens said its forecast cut reflected "challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes".

Persons: Rosalind Brewer, TD, Walgreens, Manas Mishra, Mariam Sunny, Pooja Desai Organizations: Walgreens Boots Alliance, CVS Health, Walgreens, TD Cowen, Thomson Locations: Bengaluru

☆ Prosus slashes India's Byju's valuation to $5 bln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 27 (Reuters) - Dutch-listed technology investor Prosus NV (PRX.AS) has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Byju's told investors it will file 2022 audited earnings by September and 2023 results by December, Reuters reported. Earlier this year, Blackrock, too, had cut Byju's valuation to $8.3 billion. India's Employee Provident Fund Organisation on Tuesday observed a shortfall in payments from Byju's, Reuters reported. Byju's deposited 1.23 billion rupees ($15.01 million) after the EPFO asked it to.

Persons: Prosus, Byju's, Manvi, Sriram, Pooja Desai Organizations: Prosus NV, Atlantic, BlackRock, Deloitte, Reuters, Blackrock, India's, Provident Fund, Thomson Locations: BENGALURU, Byju's, U.S, Blackrock, Manvi Pant, Bengaluru, Mumbai

☆ Spirit Aero flags progress in talks with the union
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: 1 min

June 26 (Reuters) - Spirit Aerosystems (SPR.N) said on Monday it had held "constructive and positive meetings" with the U.S. machinists union through the weekend, indicating progress in negotiations for a new contract. Spirit, a crucial supplier for aerospace heavyweights Boeing (BA.N) and Airbus (AIR.PA), expects its Wichita production operations to remain suspended until an agreement is reached with the International Association of Machinists and Aerospace Workers. The company had said on Friday that it would meet the union on Saturday to continue talks after workers rejected a proposed four-year deal and announced a strike. read more"We have been working hard and making good progress," CEO Tom Gentile said. Reporting by Aishwarya Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Gentile, Aishwarya Nair, Pooja Desai Organizations: U.S, Boeing, Airbus, International Association of Machinists, Aerospace Workers, Thomson Locations: Wichita, Bengaluru

Pfizer CEO Albert Bourla has said an obesity pill could eventually be a $10-billion-a-year product for Pfizer. Truist Securities analyst Robyn Karnauskas said Lilly is now ahead in the race for a once-a-day obesity pill. Pfizer said last month that danuglipron helped patients lose weight on par with Novo Nordisk's (NOVOb.CO) Ozempic in a mid-stage study that tested it in patients with Type 2 diabetes. None of the patients in the lotiglipron trials reported liver-related symptoms or side effects, there was no evidence of liver failure and none required treatment, Pfizer said. Liver enzyme elevations observed in lotiglipron trials have not been seen in patients enrolled in danuglipron trials, the company added.

Persons: Albert Bourla, Eli Lilly, LLY.N, Robyn Karnauskas, Lilly, Pfizer, danuglipron, Manas Mishra, Leroy Leo, Michael Erman, Pooja Desai, Jason Neely, Deepa Babington Organizations: Pfizer Inc, Pfizer, NYSE Arca Pharmaceutical, Truist Securities, Novo Nordisk's, Thomson Locations: United States, Bengaluru, New Jersey

REUTERS/Dado Ruvic/Illustration/File PhotoJune 26 (Reuters) - Databricks said on Monday it had agreed to acquire artificial intelligence (AI) startup MosaicML in a mostly stock deal valued at $1.3 billion, marking Databricks' latest efforts to build an ecosystem for enterprises to use open-source AI models. San Francisco-based MosaicML provides software tools designed to make it cheaper to carry out AI work, which often involves training AI algorithms on huge troves of data using expensive computer chips. Databricks said the deal would combine its AI technology with MosaicML's language-model platform, allowing businesses a "simple, fast way to retain control, security, and ownership over their valuable data without high costs". Databricks, which sells software tools for building AI systems, has been an advocate for open-source models, which it argues could rival the models players like OpenAI and Google are offering. Both Databricks and MosaicML have released open-source foundation models, which is the category of core technology behind services like OpenAI's ChatGPT.

Persons: Dado Ruvic, Databricks, MosaicML, Tiyashi Datta, Krystal Hu, Pooja Desai, Mark Potter Organizations: REUTERS, Google, Microsoft Corp, Lux Capital, Thomson Locations: San Francisco, Bengaluru, Toronto

☆ Pot producer Canopy raises going concern doubts, shares tumble
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

June 23 (Reuters) - Shares of Canada's Canopy Growth (WEED.TO) fell 6.5% on Friday after the pot producer posted a wider quarterly loss over the previous year and raised doubts about the company's ability to continue as a going concern. Canopy said it identified certain trends in the booking of sales for BioSteel, leading it to launch an internal review. As a result of the review, Canopy said it has let go of several members of BioSteel's leadership team. Sarwat added that Canopy was still burning through cash and including going concern risk in the filing makes Canopy USA's rationale unclear, as cash won't flow back to the U.S. unit without federal legalization. Canopy is eyeing an entry into the U.S. cannabis market through Canopy USA.

Persons: David Klein, Klein, Bernstein, Nadine Sarwat, Sarwat, Sourasis Bose, Pooja Desai Organizations: Reuters Graphics, U.S, Canopy USA, Thomson Locations: Canada, Bengaluru

☆ Accenture's revenue forecast disappoints as IT spending weakness persists
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - IT consulting firm Accenture forecast fourth-quarter revenue below Wall Street estimates on Thursday on worries that rising economic uncertainty will keep IT budgets tight and prevent businesses from signing fresh contracts. Cognizant Technology Solutions (CTSH.O) last month said it faced pressure in signing smaller contracts due to softer discretionary spending. Accenture forecast current-quarter revenue in the range of $15.75 billion to $16.35 billion. Accenture's new bookings, or deals in the pipeline, grew 2% to $17.2 billion in the third quarter. Revenue for the quarter ended May 31 was $16.56 billion, in line with estimates.

Persons: Jerome, Julie Sweet, Chavi Mehta, Pooja Desai Organizations: Accenture, Wall, U.S, Federal, Technology Solutions, Tata Consultancy Services, Revenue, Thomson Locations: United States, Bengaluru

☆ Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has entered into an agreement to sell its urban datacenter portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion). The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West. Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said. Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI. ($1 = 1.3222 Canadian dollars)(This story has been corrected to change to Canadian dollar from U.S. dollar throughout and adds conversion)Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya Ann Thoppil and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Berlis, Borden Ladner Gervais, Pratyush Thakur, Dhanya Ann Thoppil, Pooja Desai Organizations: Real, Investment Trust, KDDI Corporation, King Street, West, Scotiabank, BofA Securities, Borden Ladner Gervais LLP, Nishimura, Asahi, Thomson Locations: CBRE, Bengaluru

☆ OpenAI plans app store for AI software, The Information reports
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - OpenAI, creator of the widely popular chatbot ChatGPT, plans to launch a marketplace that will allow developers to sell their AI models built on top of its own AI technology, news site the Information reported on Tuesday, citing people with knowledge of discussions at the company. According to the news report, makers of such models could offer them to other businesses through OpenAI's proposed marketplace. OpenAI CEO Sam Altman disclosed the potential plans during a meeting with developers in London last month, the report said. Such a marketplace could compete with app stores run by some of the company's customers and technology partners - including Salesforce (CRM.N) and Microsoft (MSFT.O) - and help OpenAI's technology reach a broader customer base. Companies are also racing to offer their customers new tools and capabilities based on the AI software's advanced large language models (LLMs).

Persons: Sam Altman, OpenAI, Yuvraj Malik, Pooja Desai Organizations: Enterprise, Microsoft, Khan Academy, Thomson Locations: London, Bengaluru

☆ Wyre winding down as crypto winter bites
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

June 16 (Reuters) - Cryptocurrency infrastructure provider Wyre is winding down, feeling the pinch of dwindling interest in a market that was once hailed as the next frontier of finance. The decision, announced in a tweet on Friday, comes months after online checkout company Bolt Financial scrapped its planned $1.5 billion purchase of Wyre. Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S. securities regulator against Binance and Coinbase Global (COIN.O). Wyre's decision was not because of any regulatory action and investors who have assets on the company's platform could withdraw them via its dashboard through July 14, it said. Reporting by Niket Nishant in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Niket, Pooja Desai Organizations: Financial, Binance, Coinbase, Thomson Locations: Wyre, Bengaluru

☆ BlackRock files for bitcoin ETF in push into crypto
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

BlackRock's iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S. Securities and Exchange Commission (SEC). Last year, BlackRock launched a spot bitcoin private trust for institutional clients in the United States. A spot bitcoin ETF would track bitcoin's underlying market price. The SEC rejected Grayscale Investment LLC’s application last year to convert its flagship spot Grayscale Bitcoin Trust (GBTC.PK) into an ETF. The SEC has also rejected proposals for spot bitcoin ETFs from firms including Fidelity, Cboe Global Markets and NYDIG.

Persons: Brendan McDermid, Joshua Chu, CoinDesk, Manya Saini, Niket, Ankur Banerjee, Rae Wee, Devika Syamnath, Pooja Desai Organizations: BlackRock, New York Stock Exchange, REUTERS, U.S . Securities, Exchange Commission, SEC, Fidelity, Cboe, Thomson Locations: New York City, U.S, BlackRock, United States, Bengaluru, Singapore

☆ Virgin Galactic plans first commercial space service for June; shares take off
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Virgin Galactic Holdings (SPCE.N), the space tourism firm founded by Richard Branson, said on Thursday its long-awaited commercial spaceflight service would launch later this month, sending its shares up over 55% in trading after the bell. The first spaceflight, called "Galactic 01", is planned between June 27 and June 30, the company said. Shares of Virgin Galactic had lost over two-thirds of their value last year due to delays in the company's launch of commercial service. But in February, it said it had completed a lengthy upgrade period for its centerpiece tourist spacecraft, clearing the path for its first commercial spaceflight. The first commercial mission will carry three crew members from the Italian Air Force and the National Research Council of Italy to conduct microgravity research, Virgin Galactic said.

Persons: Richard Branson, Chavi Mehta, Pooja Desai, Krishna Chandra Organizations: Virgin Galactic Holdings, Virgin Galactic, VSS Unity, Italian Air Force, National Research Council, Thomson Locations: Italy, Bengaluru

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