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☆ Oil prices edge higher after Russia-Ukraine tensions escalate
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system. Investors also fretted over the pace and extent of interest rate cuts by the U.S. Federal Reserve that has created uncertainty in global financial markets. In the U.S., the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.

Persons: Joe Biden's, Biden, Tony Sycamore, Brent, WTI, Baker Hughes Organizations: Brent, U.S, West Texas, IG, International Energy Agency, U.S . Federal Reserve Locations: Cushing , Oklahoma, Russia, Ukraine, China, Kursk, U.S

☆ Disney and DirecTV strike deal to restore ABC, ESPN and other networks
▼ + stars: | 2024-09-14 | by ( Robert Ilich | ) edition.cnn.com time to read: +2 min

CNN —A short but tense distribution dispute between Disney and DirecTV came to an end Saturday after the two sides agreed to a new deal that will restore Disney-owned channels, including ABC, ESPN and FX, to the satellite TV provider. DirecTV stopped airing Disney-owned channels on September 1, denying sports fans the ability to watch NFL games on ESPN’s “Monday Night Football” and US Open tennis on ABC. The companies said the distribution deal will include new options for customers, including new packages that include the Disney+, Hulu and ESPN+ streaming services. DirecTV will also be able to distribute the forthcoming ESPN standalone streaming service at no extra cost to DirecTV customers. Last week, DirecTV filed a complaint Saturday with the Federal Communications Commission alleging Disney did not negotiate in good faith.

Persons: “ Organizations: CNN, Disney, DirecTV, ABC, ESPN, FX, NFL, ESPN’s, Hulu, Federal Communications Commission, New York Jets, San Francisco 49ers, Sling, Dish Network

☆ Brent oil gains after Iran's President dies, Saudi flags issue with King's health
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +3 min

Brent crude futures extended gains on Monday, inching up amid political uncertainty in major producing countries after Iran's president died in a helicopter crash and the Saudi crown prince cancelled a Japan trip, citing health issues with the king. Brent gained 10 cents, or 0.1%, to $84.08 a barrel by 0454GMT, after rising to $84.30 earlier, its highest since May 10. He added that WTI prices may rebound further toward $83.50 after rising above the 200-day moving average of $80.02. Despite the volatility in the region, oil prices moved only slightly. "Continuity in Saudi strategy is expected regardless of this health issue," he added.

Persons: Brent, Ebrahim Raisi, Saudi Arabian Crown Prince Mohammed bin Salman, King Salman, Yoshimasa Hayashi, Tony Sycamore, Sycamore, Warren Patterson, Patterson, Saul Kavonic, Prince Mohammed Bin Salman's Organizations: Brent, . West Texas, Saudi, Saudi Arabian Crown, Iranian, IG, ING, The, of, Petroleum, Petroleum Reserve Locations: Fort Stockton , Texas, Saudi, Japan, East Azerbaijan, Saudi Arabian, China, U.S, United States, Washington

☆ Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%. The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway. Also supporting oil was Saudi Arabia's move to raise the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signaling expectations of strong demand this summer.

Persons: Brent, Tony Sycamore Organizations: Brent, U.S, West Texas, IG Locations: Elk, California, United States, Saudi Arabia, Gaza, Israel, Rafah, Saudi, Asia, Northwest Europe, China

☆ China's Ant Group doubles down on global expansion with cross-border payments offering Alipay+
▼ + stars: | 2024-05-06 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Photo of a person making a mobile payment. Ant InternationalChinese fintech major Ant Group is looking to boost its global presence via its digital offering, Alipay+, as it seeks to connect mobile payment apps around the world. The group's global arm, Ant International, introduced Alipay+ in 2020, allowing foreigners to use apps from their home countries to make payments in China and other countries by scanning QR codes of Ant Group's largely domestically-focused platform Alipay. Ant with its Alipay+ offering seeks to make the most of the early inroads into those markets. "We had the benefit that Alipay was already accepted in many merchants around the world so one of our first steps was [to] convert those merchants to Alipay+ merchants.

Persons: Douglas Feagin, Ant Group's, Ant, Feagin, Alipay Organizations: Ant, Ant Group, CNBC, Ant International Locations: China, Asia, Latam, Europe, U.S, Alipay, Singapore, South Korea, Thailand, Japan

☆ A fund manager who's beaten 81% of his peers in the last decade shared the investing process that's made him so successful — and 3 growth stocks that are set to double
▼ + stars: | 2024-03-07 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Read previewFund manager Randy Gwirtzman may be hungry for fast-growing stocks, but he's no gambler. Gwirtzman carefully handpicks his stocks and then is patient with them, even if they're on the market's bad side. How to maximize returns while limiting riskWhen searching for stocks, Gwirtzman keeps his strategy simple. AdvertisementInstead of straying away from riskier stocks, Gwirtzman and his co-manager take steps to mitigate risk. Another way Gwirtzman manages risk is by strategically selling when an investment hits a certain price target or valuation threshold.

Persons: —, Randy Gwirtzman, Gwirtzman, downturns, Laird Bieger Organizations: Service, Business, Nvidia, Discovery Fund, Baron Discovery Fund Locations: riskier

☆ VinFast loss widens in fourth quarter, confident of achieving 2024 sales goals
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: +2 min

Nhac Nguyen | Afp | Getty ImagesVietnamese electric vehicle, or EV, maker VinFast on Thursday said its fourth-quarter net loss deepened 3.4% from the previous three months but it aims to nearly triple vehicle sales this year as it expands into new markets. VinFast's net losses in the final quarter of 2023 reached $650.1 million, also 1.3% higher than the same period of 2022. watch nowOther automakers, in contrast, have slashed EV sales targets and curtailed investment plans due to weakening demand in major markets such as the United States. Fewer than 1,000 units were sold in North America, Thuy said, adding that new dealerships would boost VinFast's sales this year compared to its direct sales model. Founded in 2017 and making EVs since 2021, VinFast has announced numerous EV growth plans overseas.

Persons: VinFast, Nguyen, Le, Thuy, Pham Nhat Vuong Organizations: Afp, Getty, Reuters, Green SM, GSM Locations: United States, North America, North Carolina, India, Indonesia, Vietnam

The Oscar-nominated documentary short “The Last Repair Shop” is coming to broadcast television this weekend. The 40-minute film will air Saturday on ABC owned television stations and select affiliates, the studios announced Thursday. “It’s not too much to say I owe my career to people like the four repair people in our film,” Bowers said. The broadcast push is a first for an Oscar nominated short documentary. “We are all so excited that The Last Repair Shop has the opportunity to connect with audiences across the country.”

Persons: It’s, Ben Proudfoot, Kris Bowers, “, Bowers, “ King Richard ”, ”, Steve Bagmanyan, “ It’s, ” Bowers, Matthew Greenfield, David Greenbaum Organizations: ABC, Disney, Los Angeles Unified School District, Searchlight Pictures Locations: California, San Francisco , Los Angeles, Palm Springs, Fresno, Chicago, Houston, Philadelphia , New York, Raleigh, Durham

☆ How 'quiet luxury' is subtly taking over investor portfolios
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

So what is "quiet luxury"? Quiet Luxury's outperformance over Loud Luxury in 2023. "Hence, in 2023, quiet luxury companies notably outperformed their loud peers by 23% points. According to DBS, a company fall under its categorization of "quiet luxury" if it's understated and focused on high quality, while maintaining exclusivity and scarcity. Loud luxury not in vogue

Persons: Karin Teigl, Kelly, Baum, Jeremy Moeller, Miu Miu, Brunello, Hou Wey Fook, Hermes, LVMH Moët Hennessy Louis Vuitton, Markus Hansen, Hansen, Goldman Sachs, — Organizations: Getty, DBS Bank, Financière Richemont, Swatch Group, DBS, Richemont, Swatch, CNBC, U.S Locations: VIENNA, AUSTRIA, Asia, South Korea, Japan, India

☆ Oil climbs as Mideast tension back in focus
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: +2 min

Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to $79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at $74.36 a barrel, up 29 cents, or 0.4%. "A re-emergence of geopolitical tension over the weekend has come to the aid of an ailing crude oil price on the reopen this morning," IG markets analyst Tony Sycamore said. The resumption of the Israel-Hamas war fueled the bullish momentum for oil prices, CMC Markets analyst Tina Teng said. "However, oil prices may continue to be under pressure for the time being due to China's disappointing economic recovery and the ramp-up of U.S. production," Teng said.

Persons: Brent, Tony Sycamore, Israel's, Tina Teng, Teng, Baker Hughes, Mike Tran Organizations: Chevron Corporation, U.S, West Texas, IG, CMC, Organization of, Petroleum, RBC Capital, Washington Locations: San Ardo , California, Middle, Gaza, Israel, U.S, Russia, Moscow, Ukraine, Venezuela, India

HAWSTON, South Africa (AP) — Nearly every house in Hawston has a boat in its yard, sometimes two. It's reduced the endangered South African abalone to unprecedented low levels, wildlife groups say. Political Cartoons View All 1256 ImagesAt first, the South African government banned abalone fishing completely. Hong Kong is importing between 2,000-3,000 metric tons of illegal South African abalone a year, the report estimated. Chan also rates South African abalone highly, as so many do, with its rich taste and slightly chewy texture.

Persons: Raphael Fisher, perlemoen, Fisher, ”, “ It’s, Wendy Chan, Chan, “, Keet, It's, Bertus van, van Oordt, Van Oordt, we'll, ” van Oordt, “ We'll, Markus Burgener, ” Burgener, Burgener, Zara, Toby, ” Fisher, Kanis Leung, Alice Fung Organizations: South, Global, Transnational, International Union for Conservation, Nature, Divers, Lookouts, Trade Monitoring, AP Locations: South Africa, Hawston, East Asia, Hong Kong, China, Japan, Taiwan, Gansbaai, HIK, Hawston's, Africa, africa

☆ Stock Market News Today: Dow, S&P 500 Tick Up; Inflation, Credit Downgrade Worries Rattle Wall Street
▼ + stars: | 2023-11-13 | by ( ) www.wsj.com time to read: +1 min

Treasury yields rose in early trading but have also reversed. Stocks are coming off a two-week rally during which the S&P 500 gained 7.2%, rising in nine of 10 sessions. This week’s big markets event: Tuesday’s inflation reading, which is expected to show U.S. consumer-price growth slowed last month. Yields edged up late Friday after Moody’s Investors Service cut its outlook for the U.S. government’s credit rating to negative. Weakening demand has pulled down crude prices recently, helping damp inflation.

Persons: Biden, Stocks, Dow Organizations: Dow Jones, Nasdaq, Boeing, Nvidia, Treasury, Moody’s, Service, U.S, Overseas Locations: San Francisco, Europe

☆ EU’s best way to close its US growth gap: growth
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Oct 26 (Reuters Breakingviews) - The European Union would have a better chance of catching the U.S. if it aimed for growth, instead of rearranging the regulatory deck chairs. Lowering political barriers in the 27-country single market could boost investment without breaking the bank on subsidies, Jean-François van Boxmeer told Breakingviews, citing a new European Round Table for Industry report. In the telecommunications sector, the European Commission has kept four providers in most of the EU’s markets, and screens out Chinese equipment-makers over security concerns. The European Commission reckons completing the single market by 2030 would hike EU GDP by 12%, or 713 billion euros. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: François van Boxmeer, Breakingviews, van Boxmeer, Jacob Wallenberg, Rebecca Christie, George Hay, Streisand Neto Organizations: Reuters, European, Vodafone, Reuters Graphics Business, EU, European Commission, Investor, X, News Corp, Thomson Locations: BRUSSELS

☆ Photos: Dave Portnoy bought a $42 million home in Nantucket, complete with an underground tunnel. They're becoming a thing for the rich.
▼ + stars: | 2023-09-29 | by ( Kelsey Vlamis | Lauren Steussy | ) www.businessinsider.com time to read: +4 min

Dave Portnoy bought a $42 million waterfront home in Nantucket, The Wall Street Journal reported. AdvertisementAdvertisementDave Portnoy bought a record-setting $42 million home in Nantucket, The Wall Street Journal reported, citing people familiar with the deal. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe sale set a residential real estate record for the island as well as the entire state of Massachusetts, according to the Nantucket Current. AdvertisementAdvertisementPhotography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDThe waterfront compound, built in 2018, was designed by Andrew Kotchen, a renowned local architect and designer, Dunlap said. Photography: Read McKendree, Architecture and interior design: Workshop/APDPhotography: Read McKendree, Architecture and interior design: Workshop/APDTunnels in luxury homes aren't entirely new.

Persons: Dave Portnoy, —, Portnoy, Shellie Dunlap, Andrew Kotchen, Dunlap, Alice, Ron Syrnyk, Peter Engen, Lee Organizations: Street Journal, Service, Lee, Street, Penn Entertainment, Insider Locations: Nantucket, Massachusetts, Wonderland

☆ Nvidia is targeting the ad industry as its next major chip-buying market
▼ + stars: | 2023-09-26 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

Jamie Allan, Nvidia director of business development for global agencies and advertising. For Nvidia, the advertising industry unlocks access to a client base that includes virtually every single major corporation across every industry. Taboola is using Nvidia GPUs to speed up its natural language processing, which analyzes articles and serves relevant content to users. More recently, it's been using Nvidia and OpenAI technologies to allow advertisers to create images within its platform. Allan said Nvidia intends to be more involved in the advertising industry discourse and help advise companies about the adoption of AI.

Persons: Nvidia's Jamie Allan —, —, Allan, Jamie Allan, Microsoft's Bing, Stephan Pretorius, There's, Adam Singolda, it's, Media.Monks, Jay Pattisall, Forrester, Nvidia, Jensen Huang Organizations: Nvidia, Big Tech, Google, Meta, EMEA, WPP, DENZA, AWS, Adobe, Media.Monks, Oracle, Cannes Lions, pharma, they're

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

REUTERS/Stringer Acquire Licensing RightsSept 25 (Reuters) - Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts fell last week, snapping a three-week winning streak, after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at the November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day (bpd) to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.

Persons: Stringer, Tony Sycamore, Vandana Hari, Baker Hughes, Goldman Sachs, Mohi Narayan, Florence Tan, Sonali Paul, Christian Organizations: REUTERS, Brent, . West Texas, IG, Northern, Vanda Insights, Thomson Locations: Heilongjiang province, China, Moscow, Saudi Arabia, Russia, United States, Florence

☆ Oil climbs with tight supply back in focus
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Both contracts snapped a three-week winning streak to fall last week after a hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns. Prices had rallied more than 10% in the previous three weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year. However, analysts flagged that oil prices face technical resistance at November 2022 highs that were hit last week. In a positive sign, China's oil demand increased 0.3 million barrels per day to 16.3 million bpd last week, partly due to a gradual recovery in jet fuel demand for international flights, they added.

Persons: Tony Sycamore, Baker Hughes, Goldman Sachs Organizations: Brent, . West Texas, IG Locations: Moscow, Saudi Arabia, Russia, United States, China

"We are negatively surprised by lack of revenue growth, increased capital target, payout & ROTE cut, and by the lack of details," Jefferies analysts said in a note. It also said its new targets were based on annual revenue growth expectations between zero and 2% between 2022 and 2026, but that it would aim to improve its cost-to-income ratio. A SocGen veteran and former head of its investment bank, Krupa said he would streamline the bank's activities but didn't elaborate. The share price decline put SocGen on course for the biggest one-day drop since March. "It will take time for the shares to discount the cost improvement given SG's mixed track record," they said.

Persons: Gonzalo Fuentes, Krupa, Slawomir Krupa, SocGen, JP Morgan, Tassilo Hummel, Silvia Aloisi, Elisa Martinuzzi, Michal Alexandrowicz, Mathieu Rosemain, Ingrid Melander, Mark Potter Organizations: Societe Generale, La Defense, REUTERS, BNP, Jefferies, Thomson Locations: La, Paris, France, Russia

☆ Ex-Nvidia executive on fund raised for his new venture capital firm
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEx-Nvidia executive on latest fund raised for his new VC firm: 'We look to fund the next Databricks'Jeff Herbst, Co-Founder & Managing Partner at GFT Ventures says his investments will focus on "solving really hard problems for really big markets with incredible founders".

Persons: Jeff Herbst Organizations: Nvidia, GFT Ventures

Sept 15 (Reuters) - Shell Plc (SHEL.L) said on Friday that it has identified a cybersecurity incident involving some employees who worked with the company's unit BG Group in Australia before the merger, becoming the latest victim of the MOVEit hack. A number of businesses globally have lately been affected by a cybersecurity breach on the software tool MOVEit that is typically used to transfer large amounts of often sensitive data including pension information and social security numbers. Shell said it has identified some personal information related to the affected individuals that was accessed without any authorization and has made attempts to notify them of the breach. Shell did not immediately respond to a Reuters request for comment to clarify the exact number of individuals impacted in the cybersecurity incident. Reporting by Roushni Nair and Navya Mittal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shell, Hebe Chen, Chen, Roushni Nair, Navya Mittal, Shailesh Organizations: Shell Plc, Group, IG Markets, Reuters, BG, Thomson Locations: Australia, Brazil, Bengaluru

☆ Regulator sues AustralianSuper over multiple pension accounts
▼ + stars: | 2023-09-08 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSept 8 (Reuters) - The Australian securities regulator said on Friday it initiated a lawsuit against the trustee of AustralianSuper, citing the country's largest superannuation fund failed to have adequate policies to identify members who held multiple accounts. The Australian Securities and Investments Commission (ASIC) started civil penalty proceedings alleging that AustralianSuper did not have substantial procedures for almost 10 years to help merge multiple accounts of a single member. AustralianSuper has more than 2.87 million members and A$258 billion ($164.48 billion) in member assets, as of June 30, 2022, according to the ASIC. "AustralianSuper regrets that its processes to identify and combine multiple accounts did not cover all instances of multiple member accounts. As of June 2022, three million people had multiple superannuation accounts in Australia, ASIC stated, adding that a significant proportion of these multiple accounts were held within the same fund.

Persons: Loren Elliott, AustralianSuper, Sarah Court, Hebe Chen, unreservedly, Roushni Nair, Devika Syamnath, Sherry Jacob, Phillips Organizations: REUTERS, Australian Securities and Investments Commission, IG Markets, Reuters, Thomson Locations: Sydney, Australia, Australian, Bengaluru

But the future of the Games was thrown into doubt on Thursday when the province of Alberta withdrew its support for a bid, dealing another blow to the embattled Commonwealth Games Federation (CGF). Victoria withdrew due to projected cost overruns, with Commonwealth Sport Canada saying it believed the Australian state's decision had prompted Alberta's pullout. The expense to host a Commonwealth Games in any country is significant," Cary Kaplan, president of Canadian marketing firm Cosmos Sports & Entertainment, told Reuters. MARKET DISPARITYDespite the disparity, Payne said the Commonwealth Games could not be written off. "That will in turn erode the relevance of the Games unless the Commonwealth Games steps up its marketing and branding efforts in the years ahead.

Persons: Matthew Klugman, Victoria, Alberta's pullout, Cary Kaplan, Klugman, Michael Payne, Payne, Kaplan, Queen Elizabeth, Rich, Karolos Grohmann, Aadi Nair, Ed Osmond Organizations: Commonwealth, Commonwealth Games Federation, Victoria, Games, Reuters, Commonwealth Sport Canada, Commonwealth Games, Cosmos Sports & Entertainment, European, Birmingham Commonwealth Games, Paris Olympics, Olympic Committee, Olympic, Birmingham, Thomson Locations: Canada, Alberta, Hamilton , Ontario, COVID, Australia, Great Britain, Britain

☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

It is a new challenge for formerly government-owned Air India, which Tata Group took over last year. The CCI, Air India and Vistara did not immediately respond to requests for comment. To address the CCI's concerns, Air India could make concessions such as giving up certain routes or reducing frequency, the second source said, adding that Air India remains confident the matter can be resolved by recommending certain changes. Vistara and Air India both fly on international routes such as London and Dubai and would need antitrust clearances in other jurisdictions, the first source said. Air India is expecting similar queries from foreign countries once it applies for clearance there, but is waiting for the India process to first close, the source added.

Persons: Vistara, Vaibhav Choukse, India's J, Choukse, Aditi Shah, Aditya Kalra, Gerry Doyle Organizations: Vistara, Air India, Tata Group, Tata, Air, The, of India, Singapore Airlines, India's, Sagar Associates, IndiGo, Thomson Locations: DELHI, Air India, India, London, Dubai

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