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☆ GSK Confidentially Settles Another Zantac Lawsuit in California
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) -GSK said on Thursday it agreed to confidentially settle one more lawsuit in California that alleged its discontinued heartburn drug Zantac caused cancer, the latest in a series of settlements to end costly litigation. While NDMA can be present in low levels in food and water, research has found it causes cancer in larger amounts. The US Food and Drug Administration (FDA) in 2020 pulled Zantac and its generic versions off the market, triggering a wave of lawsuits. As of October, GSK still faced about 79,000 cases related to Zantac in the United States, with 73,000 of them in Delaware. Analysts have estimated total settlement costs for GSK of around $5 billion, set to be realised in the first quarter of 2024.

Persons: drugmaker, Zantac, Eva Mathews, Savio D'Souza, Rashmi Organizations: Reuters, GSK, US Food and Drug Administration Locations: California, United States, Delaware . California, Bengaluru

☆ India to be world's third-largest economy by 2030 -S&P Global Ratings
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 5 (Reuters) - India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world's third-largest economy by 2030, S&P Global Ratings said in a report. S&P expects India, currently the world's fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027. However, S&P, which had raised its forecast even before the latest data, said India's growth will depend on its successful transition to a manufacturing-dominated economy from a services-dominated one. "A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity," S&P said in its Global Credit Outlook 2024 report, dated Dec. 4. India has one of the youngest working populations in the world, with nearly 53% of its citizens under the age of 30.

Persons: Narendra Modi's, Nandan Mandayam, Savio D'Souza Organizations: India, Global, Thomson Locations: BENGALURU, India, Bengaluru

☆ Indian foodtechs Zomato, Swiggy get notice for $90 mln in unpaid taxes -CNBC TV18
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 22 (Reuters) - India's top organization for indirect taxes has issued notices on unpaid taxes worth about 7.5 billion rupees ($90 million) to food delivery companies Zomato (ZOMT.NS) and Swiggy, CNBC-TV18 reported on Wednesday, citing sources. The Directorate General of GST Intelligence (DGGI) has sent a tax demand of more than 4 billion rupees to Zomato and of around 3.5 billion rupees to Swiggy, the report said. Zomato declined to comment, while Swiggy and the DGGI did not immediately respond to Reuters' requests for comment. ($1 = 83.2440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Zomato, Varun Vyas, Savio D'Souza Organizations: REUTERS, Rights, CNBC, TV18, GST Intelligence, Thomson Locations: Bengaluru

A logo of Spotify is seen on a beach during the Cannes Lions International Festival of Creativity in Cannes, France, June 20, 2023. Spotify has been an early adopter of AI, which it used for music recommendation algorithms a decade earlier. The Swedish company is now aiming to use LLMs to replicate that across its non-music content such as podcasts and audiobooks. The music streaming giant has been looking to boost its earnings by increasing its slate of revenue-generating formats such as podcasts and audiobooks. With the expanded Google partnership, Spotify is also exploring the use of LLMs to provide a safer listening experience and identify potentially harmful content.

Persons: Eric Gaillard, Google Bard, Gustav Söderström, Supantha Mukherjee, Savio D'Souza Organizations: Spotify, Cannes Lions International, Creativity, REUTERS, Rights, Google, Thomson Locations: Cannes, France, Rights STOCKHOLM, Swedish, Stockholm

☆ GKN Aerospace-owner Melrose lifts 2023 profit expectations
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 16 (Reuters) - British aerospace supplier Melrose (MRON.L) said on Thursday it expected 2023 profit to be 7% higher than its previous expectations, partly driven by stronger aftermarket demand and improved pricing. The owner of GKN Aerospace, which counts Airbus (AIR.PA) and Boeing (BA.N) as its top customers, said trading and margin performance during the four month ended Oct. 31 was better than its previous expectations. Melrose, which spun off its auto and other businesses in April to become a pure-play aerospace supplier, now expects an adjusted core profit of 680 million pounds to 700 million pounds ($842.5-$867.2 million) for the year ending Dec. 31. In September, Melrose flagged a potential cash hit of about 200 million pounds through 2026 after Pratt & Whitney parent RTX (RTX.N) warned of grounding of some engine variants for quality checks. GKN Aerospace has a 4% programme share on the GTF PW1100G variant impacted by this issue.

Persons: Hannah McKay, Pratt & Whitney, Yadarisa Shabong, Aby Jose Koilparambil, Savio D'Souza Organizations: REUTERS, Melrose, GKN Aerospace, Boeing, Pratt &, Thomson Locations: GKN, Redditch, Britain, British, Bengaluru

☆ Tullow in $400 million debt deal, Ghana oil marketing pact with Glencore
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tullow Oil (TLW.L) said on Monday it signed a $400 million five-year debt deal with Glencore (GLEN.L) to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields. The facility "significantly de-risks" Tullow's ability to refinance its 2026 notes, Peel Hunt analysts wrote in a note. Tullow's shares were up 3.6% at 31.5 pence in early trade. The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon. Tullow reiterated its free cashflow guidance of $800 million between this year and 2025.

Persons: Arnd, Rahul Dhir, Peel, Tullow, Radhika Anilkumar, Shadia Nasralla, Savio D'Souza, Jason Neely Organizations: REUTERS, Glencore Energy UK Ltd, Peel Hunt, Glencore, Thomson Locations: Baar, Switzerland, Ghana, Gabon, Bengaluru, London

☆ India to get electric air taxis in 2026 via InterGlobe, Archer venture
▼ + stars: | 2023-11-09 | by ( Chris Thomas | ) www.reuters.com time to read: +2 min

[1/4] Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, U.S. August 2, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsBENGALURU, Nov 9 (Reuters) - InterGlobe Enterprises, which backs India's top airline IndiGo, and U.S.-based Archer Aviation (ACHR.N) will launch an all-electric air taxi service in India in 2026 that will be "cost-competitive" with on-road services, the companies said Thursday. The companies said that a trip that typically takes 60 to 90 minutes by car in Delhi, for example, will take about 7 minutes in an air taxi. InterGlobe Enterprises, which owns nearly 38% of IndiGo-parent InterGlobe Aviation (INGL.NS) as well as hospitality and logistics businesses, also plans to use the e-aircraft for cargo, logistics, medical, emergency and charter services. Archer secured a $142 million-deal from the U.S. Air Force in July to provide six Midnight aircraft and said in October it would launch an air taxi service in the UAE.

Persons: Carlos Barria, Archer, Archer Aviation's, InterGlobe Aviation's, Chris Thomas, Savio D'Souza Organizations: Archer Aviation, Salinas Municipal Airport, REUTERS, Rights, InterGlobe Enterprises, IndiGo, Chrysler, Boeing, United Airlines, InterGlobe Aviation, U.S . Air Force, Midnight, Thomson Locations: Salinas, Salinas , California, U.S, India, Delhi, Mumbai, Bengaluru, UAE

☆ Wizz Air narrows profit forecast on difficult operating conditions
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Wizz Air's aircraft is parked on the tarmac at Ferenc Liszt International Airport in Budapest, Hungary, August 18, 2022. REUTERS/Bernadett Szabo/File Photo Acquire Licensing RightsNov 9 (Reuters) - European budget carrier Wizz Air (WIZZ.L) on Thursday narrowed its annual profit forecast below analyst expectations, citing continuing macroeconomic uncertainty and difficult operating conditions. Wizz Air was also one of the main airlines hit by issues with RTX (RTX.N) engines this year and had said it would face a capacity reduction as a result. That knocked its net income guidance for the financial year to between 350 million euros and 400 million euros ($374.7 million to $428.2 million), down from 350 million to 450 million euros. The budget carrier posted operating profit of 522.9 million euros ($559.8 million) for the six months to Sept. 30, compared with a loss of 63.8 million euros a year earlier.

Persons: Wizz, Bernadett Szabo, Jozsef Varadi, Varadi, RTX, Joanna Plucinska, Yadarisa, Savio D'Souza, David Goodman Organizations: Ferenc Liszt International, REUTERS, Wizz, Aerospace, Thomson Locations: Budapest, Hungary, London, Bengaluru

☆ Aussie 'big four' banks hike home loan rates after RBA decision
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People use Commonwealth Bank of Australia (CBA) bank ATMs in Sydney, Australia May 3, 2018. The National Australia Bank (NAB.AX), ANZ Group Holdings (ANZ.AX) and Westpac Banking Corp (WBC.AX), the other three of Australia's "big four", had hiked their home loan rates on Wednesday by 0.25%. The rate hike by the National Australia Bank (NAB.AX) and ANZ Group Holdings (ANZ.AX) would be effective from Nov. 17, while Westpac Banking Corp (WBC.AX) would raise rates from Nov. 21, the lenders said in separate statements on Wednesday. CBA said its home loan variable rate change would be effective from Nov. 17. Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Rishav Chatterjee, Upasana Singh, Savio D'Souza, Rashmi Organizations: Commonwealth Bank of Australia, REUTERS, Thursday, National Australia Bank, ANZ Group Holdings, Westpac Banking Corp, Reserve Bank of Australia, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru

☆ Tesla to recall 159 Model S, X vehicles - NHTSA
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: 1 min

The Tesla Logo is seen at a dealership in Durango, northern Spain, October 30, 2023. REUTERS/Vincent West/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowNov 9 (Reuters) - Tesla will recall 159 Model S and Model X cars due to the possibility of the driver air bag deploying incorrectly, which increases the risk of an injury during a crash, according to a notice by the National Highway Traffic Safety Administration (NHTSA) on Thursday. Reporting by Chandni Shah in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Vincent West, Tesla, Chandni Shah, Savio D'Souza Organizations: REUTERS, National, Traffic Safety Administration, Thomson Locations: Durango, Spain, Bengaluru

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBENGALURU, Nov 7 (Reuters) - Wipro (WIPR.NS), India's fourth-largest IT services provider, is mandating that all its employees globally work from office at least thrice a week from this month, according to a company-wide email seen by Reuters on Tuesday. 2 software services exporter, asked some employees to return to office 10 days a month, while industry leader TCS (TCS.NS) has asked employees to return to the office for five days a week. Wipro has been encouraging employees to work from office thrice a week since May and about 55% of the workforce are currently working from office at that frequency, a company spokesperson said. Wipro had 244,707 employees as of Sept. 30. Starting Jan. 7 next year, consistent defaulters may face consequences, according to the email dated Nov. 6.

Persons: Dado, Sai Ishwarbharath, Varun, Savio D'Souza Organizations: Wipro, REUTERS, Rights, Reuters, Companies, Infosys, TCS, Varun Vyas, Thomson Locations: Bengaluru

☆ Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru

☆ Japan's Itochu raises profit forecast on strong machinery business
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) posted a 14.5% drop in six-month net profit on Monday but raised its full-fiscal year profit forecast on stronger expectations for its machinery business and the weaker yen. Itochu increased its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen ($5.4 billion) after weaker coal and iron ore prices resulted in its half-year net profit falling to 412.90 billion yen. "We have raised our full-year profit forecast for the machinery segment, backed by strong performance of automobile, construction machinery and North America's power business," President and Chief Operating Officer Keita Ishii told a news conference. The full-year profit forecast for Itochu's machinery business -- its second-biggest profit contributor after the metals and minerals segment and which makes ship and car parts and industrial machinery -- was increased by 10 billion yen to 115 billion yen. The company also said it will buy back up to 1.2% of its shares, worth 75 billion yen.

Persons: Toru Hanai, Keita Ishii, Ishii, Katya Golubkova, Yuka Obayashi, Kim Coghill, Savio D'Souza Organizations: Itochu, REUTERS, Mitsui, Mitsubishi, Sumitomo, Thomson Locations: Tokyo, Japan, China

☆ India's Infosys says US unit hit by cyber security event
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: 1 min

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsBENGALURU, Nov 3 (Reuters) - Indian IT service provider Infosys (INFY.NS) said on Friday its U.S. unit, Infosys McCamish Systems, was impacted by a cyber security event, resulting in the non-availability of certain applications and systems. The company said it is working with a cyber security company to resolve the issue and that it had launched an investigation to identify the potential impact on systems and data. Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Savio D'Souza Organizations: Infosys, REUTERS, Rights, Indian IT, Infosys McCamish Systems, Sethuraman NR, Thomson Locations: Toronto , Ontario, Canada, Indian, Bengaluru

☆ BT maintains 2024 outlook after Q2 core profit beat
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - BT Group (BT.L), Britain's biggest broadband and mobile provider, posted second quarter earnings slightly ahead of forecasts putting it on track to meet 2024 guidance, in one of the outgoing CEO's final announcements. Strong cost controls helped BT post a 3% rise in adjusted core profit (EBITDA) to 2.06 billion pounds ($2.51 billion) for the three months to the end of September, beating the 2.03 billion pounds consensus forecast. "These results show that BT Group is delivering and on target: we're rapidly building and connecting customers to our next generation networks, we're simplifying our products and services," Jansen said in a statement on Thursday. The quarterly result meant BT maintained its outlook to grow revenue and profits for its current 2024 financial year, and the group said it expected free cash flow towards the top end of its 1 billion to 1.2 billion pound range. ($1 = 0.8215 pounds)Reporting by Yadarisa Shabong in Bengaluru and Sarah Young in London; Editing by Savio D'Souza and James DaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Allison Kirkby, Sweden's, Philip Jansen, Jansen, Yadarisa, Sarah Young, Savio D'Souza, James Davey Organizations: BT, Britain's, Sweden's Telia, Thomson Locations: Bengaluru, London

☆ AstraZeneca to invest $245 mln in Cellectis to boost gene therapy prospects
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

The logo for AstraZeneca is seen outside its North America headquarters in Wilmington, Delaware, U.S., March 22, 2021. Cellectis' gene-editing technology and manufacturing capabilities to design novel cell and gene therapy products will help strengthen AstraZeneca's growing offering in the space, it said. AstraZeneca said that as part of the deal, it will pay Cellectis $105 million by the end of this year. That includes an $80 million equity investment, which will be followed by another $140 million in early 2024, which will give AstraZeneca a stake of about 44% in the French company. The Anglo-Swedish pharma company said it had exclusive rights to 25 genetic targets, of which up to 10 candidate products could be explored for development.

Persons: Rachel Wisniewski, Aby Jose Koilparambil, Savio D'Souza Organizations: AstraZeneca, REUTERS, Swedish pharma, Thomson Locations: North America, Wilmington , Delaware, U.S, Swedish, Bengaluru

☆ Toyota pledges $8 billion more for US battery plant to rev up EV push
▼ + stars: | 2023-10-31 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .

Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru

☆ London stocks slip as downbeat earnings weigh
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.8%, FTSE 250 off 0.6%Oct 26 (Reuters) - The UK's FTSE 100 edged lower on Thursday as Standard Chartered led a slide in bank stocks and Unilever led a drop in consumer shares after the two blue-chip companies posted disappointing earnings. The FTSE 100 (.FTSE) declined 0.8% by 0709 GMT, while the mid-cap FTSE 250 (.FTMC) dipped 0.6%, extending losses to a third straight day. Shares of Standard Chartered (STAN.L) dropped 12.8%, the most on the FTSE 100, after the UK lender flagged a 33% drop in pre-tax profit in the third quarter. The Dove soap maker's shares fell 3.1%, while the personal care, drug and grocery stores index (.FTNMX452010) lost 1.9%.

Persons: Toby Melville, Khushi Singh, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, Chartered, Unilever, FTSE, Standard Chartered, WPP, Thomson Locations: City, City of London, Britain

☆ Weight-loss drug worries add to US restaurants' weak traffic woes
▼ + stars: | 2023-10-26 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +4 min

Investors' knee-jerk reaction to those comments sent the under-pressure S&P 500 restaurants index (.SPLRCREST) down 1.3% at the time. THE FUNDAMENTALS** On Thursday, Chipotle is expected to report a 4.5% increase in Q3 same-store sales, according to LSEG data, slower both on a year-over-year and a sequential basis. Profit likely rose about 18%. WALL STREET SENTIMENT** The S&P 500 restaurant sub-index (.SPLRCREST) has risen just 0.4% year-to-date, lagging a more than 10% jump in the benchmark S&P 500 (.SPX). Growth in top restaurant stocks has broadly lagged the benchmark S&P 500 indexReporting by Deborah Sophia in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Peter Saleh, Taco Bell, Wells, Chipotle, Deborah Sophia, Savio D'Souza Organizations: REUTERS, KFC, Yum Brands, Walmart, Conagra, Taco, WALL, Thomson Locations: New York, McDonald's, Wells Fargo, Bengaluru

☆ Microsoft, OpenAI-backed AI safety forum names first director, plans advisory board
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The Frontier Model Forum also said it created a fund to back research into the technology, with initial funding commitments of more than $10 million from its backers and partners. It said its first-ever director would be Chris Meserole, who most recently served as director of AI and emerging technology initiative at the Brookings Institution, a Washington-based think tank. He joins a forum launched in July with a focus on "frontier AI models" that exceed the capabilities present in the most advanced existing models. Industry leaders have warned that such models could have dangerous capabilities sufficient to pose severe risks to public safety. The Frontier Model Forum is backed by ChatGPT-owner OpenAI, Microsoft (MSFT.O), Google's parent Alphabet (GOOGL.O) and AI startup Anthropic.

Persons: Dado Ruvic, Chris Meserole, OpenAI, Juby Babu, Savio D'Souza Organizations: REUTERS, Microsoft, Google, Brookings Institution, Industry, Britain, ChatGPT, Thomson Locations: Washington, Bengaluru

☆ UK extends deadline on in-depth probe into Adobe's $20 bln deal for Figma
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Figurines are seen in front of displayed Adobe logo in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 25 (Reuters) - Britain's competition regulator, on Wednesday, extended by eight weeks the deadline to complete its in-depth probe into Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma, to February 2024. The CMA now has until Feb. 25 to conclude its investigation, compared to the earlier deadline of Dec. 27. In September 2022, Adobe announced a cash-and-stock deal for Figma, the biggest buyout of a privately owned software startup. Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Eva Mathews, Sherry Jacob, Phillips, Savio D'Souza Organizations: REUTERS, Adobe, Markets Authority, CMA, Figma, Zoom Video Communications, Airbnb Inc, Thomson Locations: Bengaluru

☆ Fortive cuts full-year profit forecast
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct, 25 (Reuters) - Fortive (FTV.N), whose industrial measurement equipment and software-enabled automation are used in a range of industries, cut its full-year profit forecast on Wednesday due to inflationary pressures and ongoing supply chain snarls. The company, whose technology is used in industries ranging from hospitals to construction and broadcast to food, now expects full-year earnings per share of $2.30 to $2.33. It had forecast earningws of $2.38 to $2.44 per share earlier. Fortive, like its peers Emerson Electric Co (EMR.N) and Rockwell Automation (ROK.N), has benefited from companies revamping their facilities as labor gets expensive. Reporting by Abhinav Parmar and Nathan Gomes in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Emerson, Abhinav Parmar, Nathan Gomes, Savio D'Souza Organizations: Emerson Electric Co, Rockwell Automation, EA, Automatik Holdings, Thomson Locations: Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. Google-parent Alphabet (GOOGL.O) slid 6.6% in premarket trading as its cloud business crawled to its slowest growth in at least 11 quarters. Microsoft (MSFT.O), on the other hand, rose 3.9% after topping expectations for first-quarter results in all segments, including its cloud business. Of the 118 S&P 500 companies that have reported so far, 81% have beaten analysts' earnings expectations, LSEG data showed on Tuesday. ET, Dow e-minis were up 47 points, or 0.14%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 78.75 points, or 0.53%.

Persons: Brendan McDermid, Danni Hewson, AJ Bell's, Israel, Ankika Biswas, Shashwat Chauhan, Savio D'Souza, Shounak Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S, Treasury, Google, Microsoft, Apple, Mobile, Dow e, . Federal Reserve, Traders, Texas, Thomson Locations: New York City, U.S, Texas, Gaza, Bengaluru

While enterprise demand stabilized for legacy products, that has not extended to cloud computing, the mainstay for Microsoft and Amazon. Alphabet and Meta are set to benefit from an uptick in digital ad sales ahead of the holiday-shopping season. Last month, media research and investment firm Magna raised its forecast for U.S. ad spending growth to 5.2%, from 4.2%, for calendar 2023. Reuters GraphicsAmazon, however, is expected to be shielded by strong retail sales, thanks to a strong labor market. Meta reports on Wednesday and Apple will round off Big Tech earnings with results next week, on Nov. 2.

Persons: Gil Luria, It's, Rishi Jaluria, Yuvraj Malik, Zaheer Kachwala, Sayantani Ghosh, Savio D'Souza Organizations: Apple, Facebook, Google, Microsoft, D.A, RBC Capital, Nvidia, RBC, Google Services, Magna, Amazon Web Services, Reuters Graphics, Big Tech, Thomson Locations: Davidson, Bengaluru

REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 23 (Reuters) - The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker's driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday. Tesla said in a regulatory filing it has received requests for information "including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features" and other requests "associated with personal benefits, related parties, vehicle range and personnel decisions." Reuters reported in October 2022 that Tesla was under a Justice Department criminal investigation over claims the company's electric vehicles can drive themselves, citing people familiar with the matter. The company's spending is, however, expected to return to the $7 billion to $9 billion range in the next two years, a regulatory filing showed.

Persons: Mike Blake, Tesla, Elon Musk, Musk, Aditya Soni, Juby Babu, David Shepardson, Maju Samuel, Savio D'Souza, Jonathan Oatis Organizations: Tesla, Beta, REUTERS, U.S . Justice Department, DOJ, Reuters, Justice Department, Street, Chief, Traffic, Administration, Thomson Locations: Encinitas , California, U.S, Mexico

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