DIRS.INFO The most relevant business & tech news

☆ Union Pacific's quarterly profit drops 19% on lower volumes
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Union Pacific livery on the side of a cargo locomotive is pictured ahead of a possible strike if there is no deal with the rail worker unions, at Union Station in Los Angeles, California, U.S., September 15, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsOct 19 (Reuters) - Union Pacific (UNP.N) reported a 19% fall in quarterly profit on Thursday, as higher labor costs and lower volumes outweighed the benefits from price hikes implemented by the railroad operator. The company's operating ratio, a key metric that indicates operating expenses as a percentage of revenue, rose to 63.4% in the third quarter from 59.9% reported a year ago. Union Pacific, which connects 23 states in the western two-thirds of the country by rail, also posted a 10% decline in quarterly operating revenue to $5.94 billion. Reporting by Ananta Agarwal and Amna Karimi in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Jim Vena, Ananta Agarwal, Amna, Shilpi Majumdar Organizations: Union Station, REUTERS, Union Pacific, Thomson Locations: Los Angeles , California, U.S, Bengaluru

[1/4] A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. It is in discussions with GM about the parameters of a deal to include battery plant workers under a master labor agreement. Analysts at Wells Fargo estimated that Ford will lose about $150 million per week in core profit from the Kentucky plant strike. Some analysts said the decision to shut down Kentucky Truck and other high-profit Detroit Three operations is a sign that the endgame could be starting in the labor dispute. The tens of thousands of Ford workers with no retirement security."

Persons: Luke Sharrett, Shawn Fain, “ We’re, ”, Fain, We're, Ford, Jim Farley's, Farley, ” Ford, Arthur Wheaton, Stellantis, Kumar Galhotra, who's, Todd Dunn, who've, Dunn, Galhotra, David Shepardson, Joseph White, Abhirup Roy, Pushkala Aripaka, Shivansh, Amna, David Gaffen, Jamie Freed, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three, Ford, Kentucky, General Motors, Chrysler, Detroit automakers, GM, Detroit, Cornell University, Reuters, Ford Bronco, EV, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, F.N, Kentucky, Wells, Milan, Louisville, Ford's Michigan, Washington, Detroit, San Francisco, Bengaluru

☆ Barclays plans hundreds of job cuts in trading, investment bank units, Bloomberg reports
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls Acquire Licensing RightsSept 8 (Reuters) - Barclays Plc (BARC.L) is planning to cut hundreds of jobs across its trading and investment bank divisions, Bloomberg News reported on Friday, citing people familiar with the matter. The report added that the British lending group is planning to remove about 5% of client-facing staff in the trading division along with some dealmakers globally, as well as restructure teams within its UK consumer-banking unit. Reporting by Amna Karimi in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Amna, Maju Samuel Organizations: Barclays Bank, REUTERS, Barclays Plc, Bloomberg, Thomson Locations: London, Britain, Bengaluru

☆ Union Pacific appoints former executive Jim Vena as CEO
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

July 26 - Union Pacific Corp (UNP.N) on Wednesday named former chief operating officer Jim Vena as its top boss, months after CEO Lance Fritz said he was stepping down, sending the U.S. railroad operator's shares up 6.7% in premarket trading. Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. Reporting by Nathan Gomes and Amna Karimi in Bengaluru; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Union Pacific, Thomson Locations: Bengaluru

☆ Union Pacific names former executive Vena as CEO, misses profit estimate
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Vena, who will take the top job on Aug. 14, started his career in 1976 and was in the reckoning to lead Canadian National Railway Co (CNR.TO) after investors backed him for the role. He has worked under the late Hunter Harrison at Canadian National, who pioneered Precision Scheduled Railroading (PSR), which is commonly used across the industry today. Union Pacific, which connects 23 states in the western part of the country by rail, also elected Mike McCarthy as its board chairman. The company reported second-quarter profit of $2.54 per share, missing analysts' average estimate of $2.75 per share, according to Refinitiv IBES data, as its shipments fell. The railroad industry has been struggling with railcar shortages resulting in shipment delays and supply-chain disruptions.

Persons: Jim Vena, Lance Fritz, Vena, Hunter Harrison, Fritz, Mike McCarthy, Nathan Gomes, Amna, Anil D'Silva, Vinay Dwivedi Organizations: Union Pacific Corp, Wednesday, U.S ., Canadian National Railway Co, Canadian National, Soroban Capital Partners, Union Pacific, Thomson Locations: Bengaluru

☆ Factbox: Pilots, airlines seek to strike new contracts ahead of peak travel season
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +3 min

SOUTHWEST AIRLINES CO (LUV.N):The Southwest Airlines Pilots Association (SWAPA) in May said its members at the company approved a strike mandate. It added that 98% of its members participated in the vote and 99% voted in favor of authorizing a strike. UNITED AIRLINES HOLDINGS INC (UAL.O):Last year, ALPA said 94% of the nearly 10,000 United Airlines pilots voted to reject a contract offer. SPIRIT AIRLINES INC (SAVE.N):In January, ALPA said pilots at Spirit Airlines voted to ratify a new contract. More than 97% of the union members took part in the vote and 99% of them authorized union leaders to call a strike, if needed.

☆ Norfolk takes $387 mln charge due to Ohio derailment, warns on volumes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) took a $387 million charge in the first quarter due to the Ohio freight train derailment and said it expects economic headwinds to weigh on its volume and revenue during the April-June period. Shares of Norfolk, which operates in 22 states and the District of Columbia, slipped 1.1% in afternoon trade on Wednesday. The U.S. Justice Department sued Norfolk last month, seeking to ensure that the railroad operator pays the full cost of cleanup and any long-term impacts of the derailment. Norfolk posted an adjusted profit of $3.32 per share for the first quarter, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern expects economic, inventory headwinds to pressure Q2 volume, revenue
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it expected inventory and economic headwinds would pressure its volume and revenue throughout the second quarter, even as demand for freight remained strong. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. "Looking at the back half of '23, clearly, the economic conditions remain uncertain," Elkins said. However, automotive shipments have boosted freight demand as car makers are ramping up production. Overall quarterly operating revenue rose 7.4% to $3.13 billion, compared with analysts' estimates of $3.11 billion.

☆ Norfolk Southern takes $387 mln charge in Q1 after Eastern Ohio derailment
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it took a $387 million charge in the first quarter after a freight train derailment in Eastern Ohio released over a million gallons of hazardous materials into the environment. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. The state of Ohio sued the railroad operator in March, seeking compensation for damages to the state's environment, economy and residents. Norfolk, which serves 22 states and the District of Columbia, posted an adjusted quarterly profit of $3.32 per share, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

April 20 (Reuters) - Union Pacific Corp's (UNP.N) chief executive officer said on Thursday the railroad operator was considering slowing down the pace of hiring in the second half of the year amid a cloudy economic outlook, becoming the latest U.S. company to evaluate its staffing plans. CEO Lance Fritz told Reuters in an interview the outlook was turning a "little cloudier" for consumer-facing companies, which is making railroad volume difficult to predict. A possible slowdown in hiring comes at a time when railroads are struggling to move cargo on time, which has invited severe criticisms from regulators and customers. Shares of Union Pacific, which connects West Coast ports to key terminals such as Chicago, lost its gains in the day to trade flat in the afternoon session. Operating revenue for the quarter ended March 31 rose 3% to $6.06 billion, in line with analysts' estimates.

☆ US Army awards Lockheed up to $4.5 bln missiles contract
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Lockheed Martin Corp (LMT.N) said on Monday the U.S. Army has awarded a multi-year production contract for Joint-Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, in a deal that could go up to $4.5 billion including follow-on awards. The contract, which will have a total value of $439 million in its first year, is among the first multi-year awards for precision munitions, as the Pentagon looks to build stocks in the hopes of deterring China. Lockheed added the contract also offers three additional follow-on awards which will start in late 2023, allowing for a total contract value of up to $4.5 billion over the next four years. The JAGM program anticipates a "significant increase" in international demand for the weapon system, Lockheed said. Reporting by Amna Karimi in Bengaluru, additional reporting by Mike Stone in Washington; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ EU regulator recommends against approval for Merck's COVID pill for adults
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Companies Merck & Co Inc FollowFeb 24 (Reuters) - The European Union's drug regulator said on Friday its Committee for Medicinal Products for Human Use has advised against market authorisation of the COVID-19 pill from Merck & Co Inc (MRK.N) for treatment in adults. Merck and its partner Ridgeback Biotherapeutics said they will appeal the decision and request a re-examination of the committee's opinion. "The CHMP's recommendation does not reflect the compelling data" from one of the company's late-stage trial and real-world studies, Dean Li, head of Merck's research division, said. In December, a large study had shown that the drug sped up recovery but did not reduce hospitalisation or death rate in higher-risk vaccinated adults. The regulator's recommendation against Merck's COVID-19 pill comes days after the company said Lagevrio was not effective at cutting the risk of coronavirus infections in people living with someone infected with the virus.

☆ UK says norovirus cases sharply rise in England
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Norovirus cases in England are 66% higher than the average at this time of year, official data showed on Thursday, with the biggest rise in confirmed infections seen in those aged 65 years and over. Outbreaks caused by the vomiting and diarrhoea-causing norovirus have surged in hospitals, schools and care homes, with majority of cases in care home settings, the UK Health Security Agency (UKHSA) said. The UKHSA added that while elevated levels were expected in those aged 65 years and over, the number has not been seen in over a decade. "The number of people in hospitals with norovirus has risen significantly in line with what we are seeing in the community and in care homes," NHS Medical Director Professor Sir Stephen Powis said. Reporting by Amna Karimi in Bengaluru; Editing by Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Argo Blockchain to sell its mining facility Helios for $65 mln
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Crypto miner Argo Blockchain Plc (ARB.L) said on Wednesday it will sell its mining facility Helios for $65 million and refinanced a new asset-backed loan agreement, in an attempt to avoid filing for bankruptcy. Argo will sell its Helios facility to Canada-listed investment management company Galaxy Digital Holdings (GLXY.TO). The transactions include refinancing loans with a new $35 million credit with Galaxy, which will help reduce its total indebtedness by $41 million, the company said in a press release. Digital currency miners such as Argo Blockchain use computers to solve cryptographic problems and receive a reward in the form of cryptocurrency. Reporting by Amna Karimi and Sinchita Mitra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Crystal Amber proposes removal of chairman, CEO and CFOProposes appointment of two new directorsShares up 5%Dec 23 (Reuters) - Hurricane Energy's (HUR.L) largest shareholder Crystal Amber Fund (CRSL.L) is calling for the removal of top management at the British company and the appointment of two directors from another firm that the fund says could invest in Hurricane. Activist investor Crystal Amber, which holds 28.9% in the North Sea oil and gas producer, said on Friday it had issued a requisition notice for a shareholder meeting, seeking to remove Hurricane Chairman Philip Wolfe, CEO Antony Maris, and finance chief Richard Chaffe. If the two are appointed, Crystal Amber said it would be supportive of bringing on Albion as an investor in Hurricane to raise funds for the company to spend on drilling programmes. Hurricane said it was reviewing the requisition notice from Crystal Amber and that all participants in its sale process had been requested to submit their bids by Jan. 7. "The Fund has concluded that in the continuing absence of a firm offer that reflects the value of Hurricane, it would be better served under new management," Crystal Amber said in a statement.

☆ Mike Ashley's Frasers buys JD Sports' premium fashion brands for $58 mln
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

Dec 16 (Reuters) - British retailer Frasers Group (FRAS.L) said on Friday it has bought shares in premium fashion brands of JD Sports (JD.L) for about 47.5 million pounds ($57.7 million), as the Mike Ashley-owned company continues its drive into a more premium market. Frasers, formerly called Sports Direct, also acquired and transferred shares of more than 10 of the premium fashion brands, including Pretty Green, Cricket and Topgrade Sportswear, which the sports retailer held. JD Sports, in a separate statement, said it has divested 15 of its UK-based businesses to Frasers. JD Sports said these divestments will allow the company to focus on the international and digital expansion of the core premium sports fashion platforms. Frasers, which is on an acquisition spree, recently boosted its maximum exposure to German fashion house Hugo Boss (BOSSn.DE) and snapped up a more than 5% stake in struggling British online fashion retailer ASOS (ASOS.L).

☆ EU regulator backs gene therapy to treat rare bleeding disorder
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Companies CSL Ltd FollowUniqure NV FollowDec 16 (Reuters) - The European Union's health regulator on Friday said it had recommended granting a conditional marketing authorisation for a gene therapy by Australian drugmaker CSL Ltd (CSL.AX) and partner uniQure N.V. , to treat haemophilia B, a rare bleeding disorder which is caused by genetic anomalies. About one in 40,000 people are affected by the inherited disorder, caused by a gene mutation that hampers the body's ability to make clotting protein factor IX. If approved, the treatment, branded Hemgenix, will be the first gene therapy in the European Union for the condition that is usually treated by regular injections of factor IX, the European Medicines Agency said. CSL had acquired exclusive global rights to Hemgenix in May last year from uniQure N.V. Reporting by Amna Karimi in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ UK pubs call for beer duty freeze ahead of tough Christmas
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

Nov 12 (Reuters) - Britain's pubs want the government's help in keeping prices of a pint affordable this Christmas, as surging inflation is driving up costs for businesses and hampering consumers' purchasing power. The British Beer and Pub Association (BBPA), in a letter dated Nov. 11 to finance minister Jeremy Hunt, called on the government to bring back a freeze on beer duty in its budget announcement due on Nov. 17. "We need the beer duty freeze reinstated to alleviate at least some of the cost pressure on our pubs and brewers and to avoid undermining the crucial Alcohol Duty reform measures," Chief Executive of BBPA Emma McClarkin said in a statement on Saturday. The industry body warned that failing to introduce the beer duty freeze would take the tax to its highest ever for the sector, adding that a freeze would channel about 360 million pounds ($423.5 million) back into the industry. ($1 = 0.8500 pounds)Reporting by Amna Karimi and Muhammed Husain in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Sees FY profit between 860 mln euros-900 mln eurosSees consumer demand suppression in Q4, 2023Shares rise 4%Nov 8 (Reuters) - Coca-Cola HBC AG (CCH.L) raised its full-year profit forecast on Tuesday, as the soft drinks bottler benefited from resilient demand and said price rises and promotions would protect profits. Inflation at multi-year highs has pinched household budgets and forced consumers to cut their spending, but Coca-Cola is among the packaged food makers enjoying steady demand. Chief Executive Zoran Bogdanovic said trading in the fourth quarter and 2023 "might get harder because of consumer demand suppression," but added the company planned to overcome it with pricing and promotional plans. Chief Executive Zoran Bogdanovic told Reuters its factories in Russia had reduced operations and it had cut jobs in double digits. HBC raised its expectations for comparable operating profit to between 860 million euros and 900 million euros ($860.43 million and $900.45 million) for 2022, compared with an earlier forecast of between 740 million euros and 820 million euros.

☆ Former CEO says plan to rescue British furniture retailer Made.com fails
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Made.com's (MADE.L) co-founder and former chief executive Ning Li said his proposal to save the British online furniture retailer has been rejected, making the way for its collapse. The news comes almost a week after the company said it would appoint administrators after running out of cash, becoming one of the most high profile British retailers to fail this year partly as a result of a squeeze on household budgets. "Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash," Ning added. In Oct., the struggling company suspended taking customer orders after talks to find a buyer failed. Reporting by Amna Karimi in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ GSK's blood cancer drug fails main goal of trial, shares fall
▼ + stars: | 2022-11-07 | by ( Pushkala Aripaka | ) www.reuters.com time to read: +2 min

SummarySummary Companies Data calls into question existing drug approval -analystsGSK in talks with health authorities, other trials continuingShares fall 3%Nov 7 (Reuters) - GSK's (GSK.L) blood cancer drug Blenrep failed the main goal of a late-stage study designed to show it was better than an existing treatment on the market, the company said on Monday. In April, the company agreed to buy U.S. drug developer Sierra Oncology, gaining access to its main experimental drug for a rare blood cancer and complementing GSK's Blenrep. In the trial, Blenrep was compared with a combination of pomalidomide and low doses of the steroid dexamethasone. Pomalidomide was developed by Celgene, now part of Bristol-Myers Squibb , and was approved in 2013 as a treatment for multiple myeloma. The drug belongs to a promising category of treatments called antibody drug conjugates, which are engineered antibodies that bind to tumour cells and then release cell-killing chemicals.

☆ UK new car sales up by nearly a quarter in October - SMMT
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] New cars are pictured at a car dealership, as Britain's car industry body releases monthly new car sales figures, in Cheshire, Britain October 5, 2020 REUTERS/Jason CairnduffNov 4 (Reuters) - British new car registrations rose for the third consecutive month in October, up by around a quarter, according to preliminary industry data released on Friday. The Society of Motor Manufacturers and Traders (SMMT) said it expects a market recovery in 2023. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Amna Karimi in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Made.com terminates talks with interested parties for potential sale
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Oct 25 (Reuters) - British online furniture retailer Made.com Group (MADE.L) said on Tuesday talks with a number of interested parties for a potential sale of the company have been terminated after they were unable to meet the timetable. The company added it is no longer in receipt of funding proposals or any possible offers for a potential sale. "The company may determine that it is appropriate to request a suspension of listing of the company's ordinary shares on the London Stock Exchange's Main Market for listed securities," Made.com said in a statement. Reporting by Amna Karimi in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Robert Walters posts higher profit on strong hiring trends
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - British recruitment firm Robert Walters (RWA.L) on Tuesday reported a 22% jump in its third-quarter gross profit, as hiring stayed robust amid intense competition to fill up vacancies. Register now for FREE unlimited access to Reuters.com RegisterThe company's gross profit rose to 112 million pounds ($123.5 million) for the quarter ended Sept. 30, compared with 91.8 million pounds a year earlier. Its quarterly gross profit for UK, however, fell 6%, owing to more challenging market conditions across technology recruitment and resource solutions. Peers PageGroup (PAGE.L) and Hays (HAYS.L), which have also seen a combination of talent shortages and wage hike leading to sharp increase in their net fees, are expected to report their quarterly results this week. Robert Walters, which forecast its annual profit to be in line with current market expectations, also named Leslie Van de Walle as non-executive chair.

☆ British pub group Mitchells & Butlers warns on costs, shares drop
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Q4 LfL sales up 1.5% vs 2019Flags higher energy and utility costsShares down ~7%Sept 29 (Reuters) - Mitchells & Butlers (MAB.L) warned of tighter margins in its new financial year as costs rise, driving shares in the British pub operator to two-year lows. Energy and utility costs have risen to roughly 150 million pounds ($161.6 million) in the year ending September 2022, from 80 million pounds in the 2019 period, and could rise further next year, it said in a statement on Thursday. Shares in the company, which have nearly halved in value this year, fell nearly 7% to their lowest since Oct. 2020. read moreBritain has tried to ease the pressure of soaring energy costs, saying it would cap wholesale electricity and gas costs for businesses at less than half the market rate from the coming month until the end of March. Like-for-like sales were up 1.5% for the fourth quarter ended Sept. 24, against 2019 levels, amid rail strikes and extreme heat.

Search resuls for: "Amna Karimi"

25 mentions found