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☆ Fisker misses second-quarter production target due to parts shortage
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

July 7 (Reuters) - Fisker (FSR.N) missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2% in premarket trading. The California-based company produced 1,022 units of its Ocean SUV in the quarter ended June, lower than 1,400-1,700 vehicles it had projected. Fisker, which will report its second-quarter earnings on August 4, produced 55 vehicles in the March quarter. The production figures come as some EV firms face dwindling cash reserves, pressured by high costs related to production ramp-ups and inflation. Last month, Lordstown Motors filed for bankruptcy protection, while Electric Last Mile Solutions filed the same last year.

Persons: ramping, Fisker, Tesla, Yuvraj Malik, Savio D'Souza, Arun Koyyur Organizations: Lordstown Motors, Solutions, Rivian, Thomson Locations: California, United States, Bengaluru

☆ Aussie retailers in for more pain as high interest rates squeeze spending - Citi
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Australian retailers are in for a sombre period this fiscal year as high interest rates squeeze household budgets, especially for discretionary spending, Citigroup said on Thursday, with expected further rate hikes likely to dent confidence even more. The brokerage cut its fiscal 2024 earnings forecast for electronics retailer JB Hi-Fi (JBH.AX), fashion retailer Premier Investments (PMV.AX), auto parts retailer Super Retail (SUL.AX), and retail conglomerate Wesfarmers (WES.AX). "It appears the two recent rate rises (in May and June) following the April pause has been the final straw, pushing some consumers to restrain their spending," Citi analysts Adrian Lemme and James Wang wrote in a note. They estimate the high rates have pushed up net household interest expense by around A$30 billion over five years through 2024. "Given Citi forecasts another two rate rises, we think confidence will remain depressed for now," the analysts said.

Persons: Adrian Lemme, James Wang, JB, Harvey Norman, Citi's, Sameer Manekar, Savio D'Souza Organizations: Citigroup, JB, Premier Investments, Super, Citi, Australia, UBS, Pizza Enterprises, Coles Group, Woolworths, Thomson Locations: Bengaluru

☆ India's Adani Green to raise $1.5 bln in green energy push
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - India's Adani Green Energy (ADNA.NS), controlled by billionaire Gautam Adani,said on Thursday it approved raising 123 billion rupees ($1.49 billion) through qualified institutional placement. The renewables company will use the funds to diversify its green energy supply in the country, Bloomberg had reported earlier in the day, citing sources familiar with the matter. The company plans to expand its green energy capacity by about 3 gigawatts this fiscal year, spending around 140 billion rupees ($1.70 billion), its finance chief Phuntsok Wangyal had said in May. In May, two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprise (ADEL.NS) - outlined plans to raise up to $2.57 billion after a U.S. short-seller's critical report in January battered investor confidence. Adani Energy's shares alone have halved in value so far this year.

Persons: Gautam Adani, Phuntsok Wangyal, Hindenburg, Adani, Adani Energy's, Indranil Sarkar, Urvi, Nivedita Bhattacharjee, Eileen Soreng, Savio D'Souza Organizations: Energy, Bloomberg, Adani, Thomson Locations: Bengaluru

☆ Bausch + Lomb expands eye-care portfolio with J&J's Blink
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Bausch + Lomb (BLCO.TO) acquired Johnson & Johnson's (JNJ.N) eye and contact lens drops brand Blink for $106.5 million, marking its second deal in two weeks to bolster the contact lens maker's portfolio of eye care products. J&J's Blink portfolio of over-the-counter drugs include several eye drops and contact lens rewetting drops that are used to relieve dry eye symptoms, Bausch + Lomb said on Thursday. Last week, Bausch + Lomb struck a $1.75 billion deal with Swiss drugmaker Novartis (NOVN.S) to buy several eye-care products, including anti-inflammation eye drop Xiidra. The company is in the process of being spun out from Bausch Health Companies (BHC.TO). The global dry eye disease market is expected to be worth around $5 billion, according to Morningstar analyst Keonhee Kim.

Persons: Johnson, Bausch, Lomb, Keonhee Kim, Mariam Sunny, Savio D'Souza, Shinjini Organizations: Swiss, Novartis, Bausch Health, U.S . Food, Drug Administration, Thomson Locations: U.S, United States, Bengaluru

☆ Bajaj Auto launches India-made Triumph bikes, shares jump to record high
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

The launch of the two models, made in partnership with UK's Triumph Motorcycles, sent Bajaj Auto shares to a record high of 4,900 rupees. The Triumph Speed 400 will be priced at 233,000 rupees ($2,834), Bajaj Auto said, but did not disclose a price for the Scrambler 400X. Bajaj will oversee the production and distribution of these bikes as part of the partnership, the two companies had said in April. With the entry of Bajaj and Hero in the premium bike space, analysts see stiff competition, loss of market share and growth concerns for Eicher. Hero MotoCorp's shares closed up 4.2%, nearly matching their 4.5% jump on Tuesday, while Bajaj Auto's shares have gained roughly 6% in the past two days.

Persons: Hero MotoCorp, Harley, Davidson, Hero MotoCorp's, Nandan Mandayam, Savio D'Souza Organizations: India's Bajaj, Eicher Motors, UK's, Bajaj Auto, Meteor, Bajaj, Triumph, Hero, Eicher, Bajaj Auto's, Thomson Locations: BENGALURU, India, Bengaluru

☆ Alibaba exploring options for video platforms Youku, Tudou -Bloomberg News
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: 1 min

July 4 (Reuters) - Alibaba Group Holding (9988.HK) is exploring options for its video streaming platforms Youku and Tudou, Bloomberg News reported on Tuesday, citing people familiar with the matter. One of the options under consideration is to inject the assets into Alibaba Pictures Group Ltd (1060.HK) and bolster the scope of the Hong Kong-listed company, Bloomberg reported. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jahnavi, Savio D'Souza Organizations: Bloomberg, Alibaba Pictures Group, HK, Thomson Locations: HK, Tudou, Hong Kong, Bengaluru

☆ UBS aims to avoid using $10 bln Credit Suisse backstop amid backlash -FT
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 2 (Reuters) - UBS Group AG (UBSG.S) is aiming to avoid using a $10 billion backstop for Credit Suisse amid a backlash, the Financial Times reported on Sunday. UBS executives are hoping to announce that the bank will not call on the government backstop when it publishes its second-quarter results on Aug. 31, the report added. UBS and Credit Suisse did not immediately respond to a request for comment. Chief executive Sergio Ermotti has said UBS leadership would do everything possible to prevent Swiss taxpayers from bearing the costs of the takeover. Reporting by Yana Gaur in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Yana Gaur, Savio D'Souza, Nivedita Organizations: UBS Group AG, Credit Suisse, Financial Times, UBS, Thomson Locations: Swiss, Bengaluru

The current National Pension Scheme requires employees to contribute 10% of their basic salary and the government 14%. But, "we will not go back to the old pension system," said one senior government official. This compromise, the government believes, will assuage the concerns of states that went back to the old pension system and cover the whole country with one fiscally sustainable pension scheme, both the sources said. Recently, states including Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh and Punjab have opted to move back to the old pension system. Reuters GraphicsThe government officials said that the amended pension scheme will not stress the budget math as much.

Persons: Narendra Modi, Modi, Aftab Ahmed, Nikunj, Savio D'Souza Organizations: Reuters, Pensions, Thomson Locations: DELHI, Rajasthan, Jharkhand, Chhattisgarh, Himachal Pradesh, Punjab

☆ European shares fall at open, Sartorius plunges on forecast cut
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

June 19 (Reuters) - European shares fell at the opening bell on Monday, with Franco-German lab equipment maker Sartorius leading the declines, while investors cautiously awaited further stimulus measures from China to revive demand. The pan-European STOXX 600 index (.STOXX) shed 0.5% by 0719 GMT, while Germany's DAX index (.GDAXI) dropped 0.4% after closing at a record high in the prior session. Shares of Sartorius (SATG.DE) plunged 14%, to the bottom of the STOXX 600, after the company cut its 2023 revenue and margin forecasts on Friday. China-exposed luxury giant LVMH (LVMH.PA), which is Europe's most valuable firm, fell 0.9%, while the basic resources index (.SXPP) dropped 1.4% amid demand worries from top metals consumer China. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Germany's DAX, Antony Blinken, Shreyashi Sanyal, Savio D'Souza Organizations: Franco, Thomson Locations: German, China, The U.S, Bengaluru

☆ Cineworld CEO and top execs secure near $35 million exit payout, Financial Times reports
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - Cineworld's (CINE.L) CEO Mooky Greidinger and his top management team will be paid up to $35 million combined to leave the British cinema operator after it emerges from Chapter 11 proceedings next month, the Financial Times reported on Friday. The lenders have committed to pay Greidinger, his brother and deputy CEO, Israel Greidinger, Chief Financial Officer Nisan Cohen and Chief Commercial Officer Renana Teperberg between $30 million and $35 million in cash within a year of their exit, the FT added, citing people familiar with the matter. Cineworld declined to comment on the FT report. The company had filed for bankruptcy protection in September hoping to restructure its massive debt. Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mooky Greidinger, Greidinger, Israel Greidinger, Nisan Cohen, Radhika Anilkumar, Savio D'Souza Organizations: Financial Times, AMC Entertainment, Thomson Locations: British, Bengaluru

☆ Delta resumes dividend after suspension during pandemic
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: 1 min

June 15 (Reuters) - Delta Air Lines (DAL.N) said on Thursday it would pay a quarterly dividend, resuming a payout that the carrier had suspended in March 2020 during the COVID-19 pandemic. The dividend, of $0.10 per share, will be paid on Aug. 7 to to shareholders of record as of the close of business on July 17, the carrier said. The resumption of the payout reflects Delta's progress on its three-year financial plan, the company said. The move comes as Delta forecast that strong summer travel demand will result in higher-than-expected profit for the quarter through June. Reporting by Aishwarya Nair in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Nair, Savio D'Souza Organizations: Delta Air Lines, Thomson Locations: Bengaluru

☆ US FDA halts enrollment in Mersana's cancer drug studies, shares drop
▼ + stars: | 2023-06-15 | by ( Khushi Mandowara | ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Mersana Therapeutics (MRSN.O) said on Thursday the U.S. Food and Drug Administration (FDA) had paused enrollment in two studies of its ovarian cancer drug after five deaths in bleeding-related events, sending shares of the company tumbling. Mersana said the cause of the bleeding events was under investigation, but patients who are already enrolled in the studies will continue to receive the treatment. Mersana said it expects the FDA to ask for a comprehensive assessment of the safety data of upifitamab rilsodotin (UpRi), the company's lead drug. "Work is now underway to compile further analyses that may inform FDA," Mersana CEO Anna Protopapas said. UpRi is also being tested in another ovarian cancer study, which has already completed enrollment, and data from it is expected in August.

Persons: Mersana, David Nierengarten, Anna Protopapas, UpRi, Khushi, Savio D'Souza, Shinjini Organizations: Mersana Therapeutics, U.S . Food, Drug Administration, Wedbush Securities, FDA, Thomson Locations: Bengaluru

☆ Delta Air Lines resumes dividend suspended in 2020 during pandemic
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Delta Air Lines (DAL.N) said on Thursday it would pay a quarterly dividend, resuming a payout that the carrier had suspended in March 2020 during the COVID-19 pandemic. In December, Southwest Airlines (LUV.N) became the first major U.S. airline to reinstate its quarterly dividend, more than two years after suspending it in the wake of the pandemic. The move comes as Delta forecast that strong summer travel demand will result in higher-than-expected profit for the quarter through June. Delta Air Lines received $11.9 billion in U.S. assistance. In March 2020, Delta paid a $0.4025 share dividend, which was its 27th consecutive dividend at the time.

Persons: Aishwarya Nair, David Shepardson, Savio D'Souza, Alexander Smith Organizations: Delta Air Lines, U.S, Southwest Airlines, Delta, Thomson Locations: Bengaluru, Washington

☆ EV maker Lordstown plans to sue Foxconn over funding dispute
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

The company, and its EV peers have been struggling as access to capital tightens from rising interest rates and economic uncertainty. The cash-strapped EV maker had warned earlier it might be forced to file for bankruptcy, citing uncertainty over a $170 million investment deal with Foxconn through which the Taiwanese company would hold a near-20% stake in the money-losing U.S. firm. Foxconn has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said. "The company believes that Foxconn's various breaches of the investment agreement and pattern of bad faith have caused material and irreparable harm to the company," Lordstown added in the filing. Reporting by Tiyashi Datta in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Foxconn, Lordstown, Tiyashi Datta, Savio D'Souza, Nivedita Organizations: Lordstown Motors, EV, U.S, U.S ., Thomson Locations: tightens, U.S, Ohio, Bengaluru

☆ UK's payments regulator lays down mandatory reimbursements in APP fraud victims
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Britain's Payment Systems Regulator (PSR) said on Wednesday it has made it mandatory for banks and payment firms to reimburse victims of online bank fraud within five days, in cases where users at a business send money to a bank account controlled by fraudsters. Thousands of people have seen their savings swept away in recent years by an unprecedented wave of fake online bank transactions hitting Britain, called authorised push payment (APP) fraud. The PSR said the new rules will be imposed on the Faster Payments system, where the vast majority of APP fraud has occurred so far, with the reimbursement requirements coming into force next year. The regulator also said that all payment firms will be incentivised to take action, with both sending and receiving firms equally splitting the reimbursement costs. The PSR last year said it planned to introduce new rules to tackle APP fraud once the parliament expands the powers of the regulator.

Persons: Aby Jose Koilparambil, Savio D'Souza, Nivedita Organizations: Systems, fraudsters, PSR, Thomson Locations: Bengaluru

June 7 (Reuters) - European regulators have approved the region's first vaccine for respiratory syncytial virus (RSV), which causes thousands of hospitalisations and deaths annually. The shot, called Arexvy, is made by British drugmaker GSK (GSK.L) and is designed to protect people aged 60 and over. The complex molecular structure of the virus and safety concerns with previous vaccine attempts had stymied efforts to successfully develop a shot since the virus was first discovered in 1956. Given the different definitions of the trial endpoints across the GSK and Pfizer trials, a direct comparison of efficacy is difficult. In Europe, RSV leads to over 270,000 hospitalisations and about 20,000 in-hospital deaths in adults over 60 each year.

Persons: Luke Miels, Peter Welford, TD Cowen, Steve Scala, Natalie Grover, Eva Mathews, Maggie Fick, Savio D'Souza, Mark Potter Organizations: GSK, European Commission, European Medicines Agency, Reuters, U.S . Food, Drug Administration, Pfizer, Jefferies, Thomson Locations: British, Europe, U.S, London, Bengaluru

☆ Embattled CEO Chris Licht out at CNN
▼ + stars: | 2023-06-07 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

[1/2] Chris Licht arrives for the Time 100 Gala celebrating Time magazine's 100 most influential people people in the world in New York, U.S., June 8, 2022. REUTERS/Caitlin OchsJune 7 (Reuters) - CNN Chairman and Chief Executive Chris Licht has stepped down from the media company, effective immediately, parent company Warner Bros. The move comes less than a week after the Atlantic magazine published a critical report about Licht. Discovery President and Chief Executive David Zaslav wrote that the company will be conducting a wide search, internally and externally, for a new leader. Reporting by Tiyashi Datta in Bengaluru; Editing by Savio D'Souza and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Licht, Caitlin Ochs, Amy Entelis, Virginia Moseley, Eric Sherling, David Leavy, David Zaslav, Chris, Zaslav, –, ” Licht, Stephen Colbert, ”, Jeff Zucker, Licht, Donald Trump, Trump, Kaitlan Collins, Tiyashi Datta, Savio D'Souza, Nick Zieminski Organizations: REUTERS, CNN, Warner Bros ., Warner Bros, Discovery, CBS, Republican, U.S . Capitol, Thomson Locations: New York, U.S, Bengaluru

☆ Australian lender Westpac to raise interest rates after cenbank hike
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Top Australian lender Westpac Banking Corp (WBC.AX) said on Tuesday that it will raise its home loan variable interest rates by 25 basis points (bps), in line with the Reserve Bank of Australia's (RBA) rate hike. In a surprise move, the RBA raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target. The cash rate now sits at 4.1%, bringing the total RBA hikes in its price battle to a whopping 400 basis points since May last year. Westpac's new home loan rate will be effective from June 20, the bank said in a statement. Westpac is the first of the 'big four' banks to have passed on the central bank's latest rate hike to its customers, with the other three expected to follow suit soon.

Persons: Echha Jain, Savio D'Souza, Eileen Soreng Organizations: Westpac Banking Corp, Reserve Bank of Australia's, Westpac, Thomson Locations: Bengaluru

☆ GSK's cancer drug Jemperli gets file acceptance from US FDA
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] GSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/IllustrationCompanies GSK plc FollowJune 6 (Reuters) - GSK (GSK.L) said on Tuesday that the U.S. Food and Drug Administration had granted file acceptance for its cancer drug, Jemperli, when combined with chemotherapy to treat adult patients with certain types of endometrial cancer. (The story has been refiled to change the image)Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Radhika Anilkumar, Savio D'Souza Organizations: GSK, GlaxoSmithKline, REUTERS, U.S . Food, Drug Administration, Thomson Locations: U.S, Bengaluru

☆ KKR to take machinery maker Circor private in $1.6-bln deal
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - KKR & Co Inc (KKR.N) said on Monday it will buy industrial machinery maker Circor International Inc (CIR.N) in a $1.6-billion deal and take it private, as the private equity firm looks to double down on investments in the flow-control market. Flow-control products help manage and control liquids and gases using equipment or services such as pumps, valves, compressors and meters. Circor, which has about 3,100 employees, makes pump and valve systems for sectors including oil and gas, industrial, aerospace and defense. "KKR will help us expand our presence in the flow-control space," Circor's Chief Executive Officer Tony Najjar said. Evercore, J.P. Morgan Securities LLC and Ropes & Gray LLP advised Circor, while Citi and Kirkland & Ellis LLP were KKR's advisers.

Persons: Tony Najjar, Gray, Circor, Ellis, Nathan Gomes, Priyamvada, Savio D'Souza, Shinjini, Shounak Organizations: KKR, Co Inc, Circor, U.S . Department of Defense, Street Journal, Morgan Securities LLC, Ropes, Gray LLP, Citi, Kirkland, Ellis LLP, Thomson Locations: J.P, Bengaluru

☆ US banks could face 20% hike to capital requirements - WSJ
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - U.S. regulators are preparing to tighten rules for large banks, which could raise their capital requirements by 20% on average, the Wall Street Journal reported on Monday, to boost the financial system's resilience after a spate of midsize bank failures this year. Regulators are on track to propose the changes as early as this month, the WSJ reported, citing people familiar with the matter. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks. The WSJ said that the precise amount of capital requirements will depend on the bank's business, with U.S. megabanks with big trading businesses expected to face the largest increases. Banks such as Morgan Stanley (MS.N) and credit card giant American Express (AXP.N) that are heavily dependent on fee income, such as from investment banking or wealth management, could also face large capital increases, the WSJ said.

Persons: Michael Barr, Banks, Morgan Stanley, Baranjot Kaur, Savio D'Souza Organizations: Wall Street, Regulators, WSJ, U.S, U.S . Federal, Congress, American, American Express, Reuters, Thomson Locations: U.S, U.S ., Bengaluru

☆ Illumina board appoints Hologic CEO as non-exec chairman
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 2 (Reuters) - Illumina Inc (ILMN.O) said on Friday it had elected two new independent board members, including Hologic Inc (HOLX.O) CEO Stephen MacMillan as the non-executive chairperson, with immediate effect. The genetic sequencing equipment maker also appointed Edwards Lifesciences (EW.N) Chief Financial Officer Scott B. Ullem to the board, the company said in a statement. These appointments follow activist investor Carl Icahn mustering enough shareholder support last month to oust Illumina's board chair John Thompson and install one of his board nominees, Andrew Teno. However, Illumina CEO Francis deSouza survived a challenge to his board seat from Icahn. Reporting by Leroy Leo in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen MacMillan, Edwards Lifesciences, Scott B, Ullem, Carl Icahn, Illumina's, John Thompson, Andrew Teno, Francis deSouza, Leroy Leo, Savio D'Souza, Rashmi Organizations: Illumina, Hologic Inc, Thomson Locations: Icahn, Bengaluru

☆ India's forex reserves fall for second straight week
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, June 2 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India's (RBI) data showed on Friday. Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. The rupee rose 0.1% in the week ended May 26, having traded in a range of 82.5575 to 82.8500. The rupee ended at 82.3050 on Friday to record its best week in five.

Persons: Siddhi Nayak, Savio D'Souza Organizations: Reserve Bank of India's, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

NEW DELHI/BENGALURU, June 2 (Reuters) - The India and South Asia head of Amazon.com Inc's (AMZN.O) cloud division, Puneet Chandok, has resigned with effect from August 31, the company said on Friday. Chandok had taken the helm of Amazon Web Services in June 2019. Vaishali Kasture, currently head of enterprise for mid-market and global businesses at AWS India and South Asia, would take on the role of interim leader of commercial business for the unit, Amazon India said. The news came over two weeks after Amazon's cloud computing unit revealed plans to invest 1.06 trillion rupees ($12.87 billion) in India by 2030, doubling down on its past investments to cater to the growing demand for such services in Asia's No. The interim provides an opportunity for other cloud companies such as Azure and Google Cloud Platform, along with homegrown players, to make aggressive bids for accounts, said Akshara Bassi, an analyst at Counterpoint Research.

Persons: Inc's, Puneet Chandok, Chandok, Vaishali Kasture, Akshara Bassi, Munsif Vengattil, Aditya Kalra, Varun, Savio D'Souza, Dhanya Ann Thoppil, Sohini Organizations: NEW, Amazon Web Services, India, Amazon, Counterpoint Research, Varun Vyas, Thomson Locations: NEW DELHI, BENGALURU, India, South Asia, Amazon India, Asia's, New Delhi, Bengaluru

☆ American Airlines raises second-quarter profit outlook on lower fuel costs
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

May 31 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday raised its forecast for second-quarter profit on lower jet fuel costs and high travel demand. Travel demand has stayed strong even amid worries of a looming recession, with travel during the Memorial Day weekend topping 2019 pre-COVID levels for the first time. American Airlines Group forecast second-quarter adjusted profit in the range of about $1.45 to $1.65 per share, compared with its previous outlook of about $1.20 to $1.40 per share. The company expects average fuel price per gallon, including taxes, to be about $2.55 to $2.65 in the second quarter, down from its previous estimate of about $2.65 to $2.75. Reporting by Shivansh Tiwary in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Shivansh, Savio D'Souza, Shounak Organizations: American Airlines Group Inc, American Airlines Group, Thomson Locations: Bengaluru

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