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Shares in the world's largest farm equipment maker were up 4% in premarket trading after the company reported a 36% rise in quarterly profit. Net income increased to $2.86 billion from $2.1 billion a year ago. Deere expects 2023 net income in the range of $9.25 billion to $9.50 billion, higher than the $8.75 billion to $9.25 billion forecast earlier. Farmers' demand for new equipment and parts to repair aging machinery has bolstered Deere's sales. Total net sales and revenues rose 30% to $17.39 billion for the second quarter.

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ China's security crackdown could signal new realities for foreign investors
▼ + stars: | 2023-05-16 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

Last Monday, state broadcaster CCTV singled out a consulting company for not complying with China's national security laws. "It may seem a paradox," said Chong Ja Ian, an associate professor at the National University of Singapore who studies Chinese foreign policy. So much of what is now regarded as national security or state secrets is not sufficiently defined or classified. This includes passing a data security law in 2021 on the protection of information involving national and economic security and on issues of important public interest. "To have multiple companies involved now in this crackdown and the restriction of financial data to foreigners, it appears that Chinese security departments are on to something larger."

☆ Microsoft wins EU antitrust approval for Activision deal vetoed by UK
▼ + stars: | 2023-05-15 | by ( Foo Yun Chee | ) www.reuters.com time to read: +4 min

[1/2] Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard's games characters in this illustration taken January 18, 2022. Microsoft has in recent months signed licensing deals with Nvidia (NVDA.O), Nintendo (7974.T), Ukraine's Boosteroid and Japan's Ubitus to bring Activision games to their platforms should the deal go through. "The European Commission has required Microsoft to license popular Activision Blizzard games automatically to competing cloud gaming services. CLOUD GAMING MARKET GROWTHVestager said the Commission had a different view from UK regulators of how the game streaming market, which accounted for just 1% of the total market last year, would develop. "Microsoft and Activision’s lawyers will also use the decision to provide greater ballast to their appeal of the CMA's decision."

☆ Microsoft wins EU antitrust nod for Activision deal, after UK veto
▼ + stars: | 2023-05-15 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 15 (Reuters) - Microsoft has won EU antitrust approval for its $69 billion Activision takeover, which was vetoed by Britain, after regulators said its offer of free 10-year licensing deals to gamers and cloud streaming rivals addressed their concerns. The European Commission said on Monday that the biggest-ever deal in gaming was pro-competitive due to Microsoft's (MSFT.O) licensing deals, confirming a Reuters report in March. Such licenses are "practical and effective", European Union antitrust chief Margrethe Vestager told reporters. "Actually they significantly improve the condition for cloud game streaming compared to the present situation, which is why we actually consider them pro-competitive," she added. The EU watchdog said Microsoft has offered 10-year free licensing deals to European consumers and cloud game streaming services for Activision's (ATVI.O) PC and console games.

☆ KKR-backed Envision Healthcare files for bankruptcy
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - KKR & Co Inc-backed (KKR.N) Envision Healthcare Corp and its wholly owned subsidiaries filed for Chapter 11 bankruptcy protection on Monday. The U.S. provider of physicians has estimated assets and liabilities in the range of $1 billion to $10 billion each, the company said in a court filing. The company said that it entered into a restructuring support agreement for debt obligations of about $7.7 billion under which its unit AMSURG which manages ambulatory surgery centers and Envision Physician Services will be separately owned. Envision's AMSURG unit will buy surgery centers held by the company for $300 million plus a waiver of intercompany loans held by AMSURG, it said in a statement. All of the company's debt, with the exception of a revolving credit facility , will be cancelled, deleveraging about $5.6 billion, it added.

These consultancies thrived by providing investors - from global hedge funds to private equity firms - access to industry experts and investigators who could obtain valuable corporate information. One private credit investor who used to join Capvision's calls with "industry experts" said clients did not want to pay top dollar for easily available public information. Many China-based consultancy firms also outsourced on the ground investigations to local contractors. Even before the latest raids on consultancy firms, some due-diligence firms were warned to stay away from Xinjiang related projects, sometimes by security authorities, according to industry sources. China denies abuses in Xinjiang, a major cotton producer that also supplies much of the world's materials for solar panels.

☆ A Florida sushi restaurant has repaid staff $262,000 after it made servers share their tips with owners and managers, the Labor Department says
▼ + stars: | 2023-05-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A Fort Myers restaurant made its 75 servers share their tips with its chefs, owners, and managers, the DOL said. The sushi restaurant repaid staff $262,000 after the DOL uncovered a number of labor-law violations. The restaurant's manager told The Fort Myers News-Press that it was "all cleared up now." Ginza Japanese Restaurant in Fort Myers made its 75 servers share their tips with its chefs, owners, and managers, the US Department of Labor said in a press release. Under the Fair Labor Standards Act, employers are not allowed to require their staff to share their tips with supervisors, managers, and business owners.

☆ Americans are spending less money even as the Chinese spend more. Take a look at the 5 major US companies winning on China's spending spree.
▼ + stars: | 2023-05-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

As people in China get out of their homes to travel and spend, retail sales have improved in China, rising almost 11% year-on-year in March. In comparison, China's core inflation rose just 0.7% in March from a year ago, according to official data from Beijing. All this means American companies facing a slowdown in US consumption are getting a boost from Chinese demand. He added the MGM China division posted a "swift return to profitability." Net revenues for the MGM China division were also 130% higher from a year ago "amid strong reopening trends," MGM said in its earnings release.

☆ EU approves Microsoft's $69 billion acquisition of Activision Blizzard, clearing major hurdle
▼ + stars: | 2023-05-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

European Union regulators on Monday approved Microsoft's proposed $69 billion acquisition of gaming firm Activision Blizzard , subject to remedies offered by the U.S. tech giant. These remedies centered on allowing users to stream Activision games they purchase on any cloud streaming platform. Regulators globally have been probing whether Microsoft's acquisition of Activision could distort competition in the console and cloud gaming market. One area regulators questioned is whether Microsoft might take Activision games and keep them exclusively on the U.S. giant's own platforms. Microsoft sought to allay the Commission's concerns over making Activision games exclusive ahead of the EU decision.

☆ Swedish singer Loreen wins Eurovision Song Contest for 2nd time at event feting Ukraine
▼ + stars: | 2023-05-14 | by ( ) www.cnbc.com time to read: +6 min

Swedish singer Loreen won the Eurovision Song Contest on Saturday night with her power ballad "Tattoo," at a colorful, eclectic music competition clouded for a second year running by the war in Ukraine. Loreen, 39, previously won Eurovision in 2012 and is only the second performer to take the prize twice, after Ireland's Johnny Logan in the 1980s. Under the slogan "united by music," Eurovision final fused the soul of the English port city that birthed The Beatles with the spirit of war-battered Ukraine. Now in its 67th year, Eurovision bills itself as the world's biggest music contest — an Olympiad of party-friendly pop. "Now, the music industry, the world, knows that if you appear at Eurovision, you could be in for a great thing," said Steve Holden, host of the official Eurovision Song Contest podcast.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ EU decision clearing $69 billion Microsoft, Activision deal expected May 15, sources say
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

[1/2] Activision games "Call of Duty" are pictured in a store in the Manhattan borough of New York City, New York, U.S., January 18, 2022. REUTERS/Carlo AllegriBRUSSELS, May 10 (Reuters) - EU antitrust regulators are set to approve Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision (ATVI.O) next week, with May 15 as the likeliest date, people familiar with the matter said. The European Commission's imminent clearance comes nearly three weeks after the UK competition authority blocked the deal, the biggest-ever deal in gaming, over concerns it would hinder competition in cloud gaming. U.S. distributor Valve Corp, owner of the world's largest video game distribution platform, Steam, declined a contract saying it trusts Microsoft. (This story has been corrected to say that Valve does not have a licensing deal with Microsoft in paragraph 4)Reporting by Foo Yun Chee; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ EU decision clearing $69 bln Microsoft, Activision deal expected May 15, sources say
▼ + stars: | 2023-05-10 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, May 10 (Reuters) - EU antitrust regulators are set to approve Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision (ATVI.O) next week, with May 15 as the likeliest date, people familiar with the matter said. The European Commission's imminent clearance comes nearly three weeks after the UK competition authority blocked the deal, the biggest-ever deal in gaming, over concerns it would hinder competition in cloud gaming. The Commission, which has set a May 22 deadline for its decision, declined to comment. Japan approved the takeover in March while the U.S. Federal Trade Commission is also seeking to block it. Reporting by Foo Yun Chee; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Capvision said in a statement soon after the broadcast that it would resolutely abide by national security rules. The CCTV report was the first clear indication of the national security scope of recent police action against several consulting firms. "The state security organ and other authorities will intensify law enforcement against activities that endanger national security, such as illegal consulting," the state-owned Global Times said. The revisions will see all documents, data, materials and items "related to national security and interests" given the same protection as state secrets. The law does not define China's national security or interests.

☆ Eurovision 2023 opens with acts walking Liverpool's 'Turquoise Carpet'
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

LIVERPOOL, England, May 7 (Reuters) - Eurovision 2023 kicked off on Sunday when 37 contenders walked the "Turquoise Carpet" in Liverpool, the English city hosting the competition on behalf of Ukraine. The "Turquoise Carpet" is Eurovision's version of the red carpet. Ukraine was last year's winner but was unable to stage the event this year, as the winner usually does, because of Russia's invasion. The other 31 contenders will compete in semi-finals on Tuesday and Thursday for 20 places in the grand final. Reporting by Steve Hignett; Writing by Paul Sandle; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

☆ Google Cloud boss Kurian's rocky path to profit: 'We were not in a very good situation'
▼ + stars: | 2023-04-29 | by ( Jordan Novet | ) www.cnbc.com time to read: +10 min

Google Cloud CEO Thomas Kurian, right, arrives on stage as Alphabet CEO Sundar Pichai exits during the Google Cloud Next event in San Francisco on April 9, 2019. Earlier this week, Alphabet said Google's cloud unit generated $191 million in operating profit, after losing a total of $4 billion in 2021 and 2022. Under Kurian's predecessor, VMware co-founder Diane Greene, critics said Google's cloud business hadn't matured enough to handle enterprises even as it was investing heavily to do so. The cloud division includes the Google Cloud Platform, which competes with Amazon Web Services and Microsoft Azure, and the Google Workspace productivity software bundle that goes head-to-head with Microsoft Office. Google Cloud technology chief Will Grannis said Kurian's commitment to improving the division's offerings was evident right away.

☆ UK blocks Microsoft's $69 bln Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +4 min

The country's antitrust regulator said on Wednesday that Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. The gaming company also reported quarterly results on Wednesday, a day earlier than scheduled, beating quarterly bookings estimates although that seemed to do little to allay investor concerns about Britain's move. Europe will decide on the Activision deal by May 22. The CMA said the cloud gaming market was forecast to be worth 11 billion pounds ($13.7 billion) globally by 2026. The CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure.

☆ Activision Blizzard reports quarterly bookings above estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - Videogame publisher Activision Blizzard (ATVI.O) on Wednesday reported first-quarter bookings of $1.86 billion, compared with analysts' average estimate of $1.79 billion, according to Refinitiv. Earlier in the day, Britain said it would block Microsoft's $69 billion acquisition of the "Call of Duty" maker over its concerns it would hinder competition in cloud gaming, dealing an unexpected blow to the biggest-ever deal in gaming. Microsoft has announced its decision to appeal the CMA’s ruling, and Activision Blizzard intends to fully support Microsoft's efforts on this appeal, the videogame publisher said. Activision's shares fell about 10% in early trading. Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ UK blocks Microsoft $69 bln Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( Paul Sandle | ) www.reuters.com time to read: +4 min

The country's antitrust regulator said on Wednesday that Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. Microsoft announced its Activision bid in January 2022 to boost its firepower in a video gaming market led by Tencent (0700.HK) and Sony (6758.T). Europe will decide on the Activision deal by May 22. The CMA said the cloud gaming market was forecast to be worth 11 billion pounds ($13.7 billion) globally by 2026. The CMA said Microsoft had an estimated 60%-70% of global cloud gaming services as well as competitive advantages including owning Xbox, PC operating system Windows and cloud provider Azure.

☆ Airbus shakes up leadership of A320-family jet programme
▼ + stars: | 2023-04-26 | by ( Tim Hepher | ) www.reuters.com time to read: +1 min

PARIS, April 26 (Reuters) - Airbus (AIR.PA) has changed the leadership of its A320-family jetliner programme, the profit backbone of the world's largest planemaker, as it faces a steep production ramp-up in the face of industrial pressures, industry sources said on Wednesday. Current programme leader Michael Menking has been appointed head of special projects for the planemaker's core commercial business. Production and deliveries of the A320neo and sister models have been hit by supply chain and industrial problems, though deliveries of the larger A350 have also fallen short recently. While Airbus says deliveries of parts is the chief concern, sources say internal problems have included breakdowns during the past year of the latest robotised assembly line in Hamburg, Germany. The head of engine supplier Safran (SAF.PA) said earlier on Wednesday that supply pressures could continue into 2024, adding that engines themselves were no longer the main source of disruption.

☆ Microsoft's blockbuster Activision deal may be doomed. But the tech giant's future is still bright
▼ + stars: | 2023-04-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +7 min

Microsoft 's (MSFT) proposed blockbuster acquisition of video-game publisher Activision Blizzard (ATVI) may be doomed thanks to British regulators. The U.K.'s top antitrust body — the Competition and Markets Authority — said Wednesday that it opposes Microsoft's $69 billion bid because of competition concerns in the budding cloud gaming market. Microsoft's multipart gaming business includes Xbox consoles, cloud-based Xbox Game Pass service and in-house titles, such as the long-running "Halo" series. The CMA's opposition centered on competition concerns in the burgeoning world of cloud gaming, which Jefferies analysts estimate is less than 2% of the overall gaming market. Cloud gaming enables players to, essentially, stream video games without having to buy a physical console.

☆ UK blocks Microsoft $69 billion Activision deal over cloud gaming concerns
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 26 (Reuters) - Britain said it would block Microsoft's (MSFT.O) $69 billion acquisition of "Call of Duty" maker Activision Blizzard (ATVI.O) over its concerns it would hinder competition in cloud gaming. The country's antitrust regulator said Microsoft's commitment to offer access to Activision's multi-billion dollar "Call of Duty" franchise to leading cloud gaming platforms would not effectively remedy its concerns. Microsoft said in a statement it remained fully committed to this acquisition and would appeal. Reporting by Paul Sandle; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

An Activision Blizzard's Call of Duty: Modern Warfare video game is inserted into the Microsoft's Xbox One video game console arranged in Denver, Colorado, on Wednesday, Jan. 19, 2022. LONDON — Britain's top competition regulator on Wednesday moved to block Microsoft 's acquisition of video game publisher Activision Blizzard . Microsoft announced its intention to acquire Activision Blizzard in January 2022 for $69 billion, in one of the biggest deals the video game industry has seen to date. Sony , in particular, has voiced concern with Microsoft's Activision purchase. The Japanese gaming giant fears that Microsoft could make Call of Duty exclusive to its Xbox consoles in the long run.

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