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☆ India's forex reserves jump to 9-month high
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, April 14 (Reuters) - India's foreign exchange reserves (INFXR=ECI) jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India's (RBI) statistical supplement showed on Friday. The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee . Changes in forex reserves also stem from valuation gains or losses. For the reported week, the rupee ended 0.3% higher against the U.S. dollar. The rupee closed at 81.85 on Thursday and clocked its fourth consecutive weekly rise for the holiday-shortened week ending April 14.

☆ Chinese battery maker SVOLT plans five Europe plants - Bloomberg News
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Chinese battery maker SVOLT Energy Technology Co is set to expand its footprint in Europe to as many as five factories, Bloomberg News reported on Thursday. SVOLT is looking at locations in eastern, northern and western Europe, with one larger site in the 20-gigawatt range, according to the report. The company is targeting production capacity of at least 50 gigawatt-hours in Europe by the end of the decade, SVOLT Europe head Kai-Uwe Wollenhaupt said in an interview with Bloomberg. Besides, SVOLT is in talks with several European car makers about battery cell supply agreements, the Bloomberg report said. Data shows some 44% of planned battery capacity in Europe by 2030 is expected from Asian companies, with Chinese battery giant CATL on top of the list.

☆ US first-quarter auto sales set to rise on better inventory
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say. "Consumers are facing credit uncertainty as rapidly rising interest rates have created barriers to entry for even the most qualified buyers," said Jessica Caldwell, executive director of insights at auto research firm Edmunds. The automaker is set to post a 15% rise in first-quarter U.S. sales, while Japanese rival Toyota Motor Corp's (7203.T) sales are likely to fall nearly 10%, when they publish data beginning Monday, according to consultant Cox Automotive. Toyota has continued to struggle with inventory shortages sparked by supply constraints, losing its crown as the top selling U.S. automaker to GM. Trucks and crossover SUVs are expected to account for majority of new retail sales in the quarter, according to automotive data company J.D.

☆ S&P changes Turkey's outlook to 'negative'
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - S&P Global Ratings revised its outlook for Turkey to "negative" from "stable" on Friday, citing vulnerabilities from the country's low policy rates, directed lending and regulatory control on its foreign currency positions and interest rates. And a devastating earthquake that hit the country earlier in February is expected to keep inflation elevated in the run-up to the presidential and parliamentary elections on May 14. Turkey's central bank, on Feb. 23, cut its main interest rate to 8.5% to cushion the impact of the earthquake on its economy. "Given Turkey's elevated current account deficits, limited usable reserves, high inflation and reliance on occasional capital inflows, the outlook for the exchange rate remains, at best, uncertain," S&P said in a statement. Reporting by Saikeerthi in Bengaluru, Darren Butler in Ankara; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Britishvolt deal at risk of collapse over power supply contract - FT
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Recharge Industries Pty Ltd's attempt to buy the Britishvolt site is at risk of collapsing due to a dispute with administrator EY over a power supply contract signed by the failed battery startup, the Financial Times reported on Friday. Australia-based Recharge Industries and the British accounting firm hit an impasse over payments related to transferring a grid connection contract with the UK's National Grid, the report said, citing people familiar with the matter. EY, Britishvolt and Recharge Industries did not immediately respond to Reuters' requests for comment. Recharge Industries bought Britishvolt's intellectual property for 8.6 million pounds ($10.61 million) last month, but is yet to pay the 9.7 million pounds for the land despite passing of the deadline, the FT report added. ($1 = 0.8108 pounds)Reporting by Rahat Sandhu in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Jared Kushner's PE firm was backed by Emirates, Qatar - NYT
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Wealth funds in the United Arab Emirates (UAE) and Qatar have invested hundreds of millions of dollars with former U.S. President Donald Trump's son-in-law Jared Kushner's private equity firm, the New York Times reported on Thursday. The Emiratis invested more than $200 million with Kushner's Affinity Partners, while a Qatari entity also put in a similar sum, the newspaper said, citing people with knowledge of the transactions. Kushner, who was also a top adviser to Trump, formed the Miami-based Affinity Partners in 2021, Reuters had reported. The investment from the UAE came through a sovereign wealth fund, but the Qatari investor's identity was unclear, the NYT report said. Abu Dhabi Investment Authority, Mubadala, Emirates Investment Authority, Affinity Partners, and the Qatar and UAE embassies in Washington did not immediately respond to Reuters requests for comment.

☆ Perenco UK says 60% of oil spill in southern England recovered
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/4] General view of Poole Harbour after about 200 barrels of reservoir fluid leaked into the water in Dorset, Britain, March 27, 2023. REUTERS/Peter CziborraMarch 29 (Reuters) - Anglo-French oil company Perenco's UK unit said on Wednesday it had recovered about 60% of the estimated oil leaked on Sunday at one of its well sites in Wytch Farm in Dorset, southern England. The location of the leak was identified and operations at Wytch Farm remain suspended, the company said in a statement. Perenco UK said it was investigating the cause of the spill, in consultation with the environment agency and local authorities. Perenco UK produces about 40,000 barrels of oil equivalent a day, with Wytch Farm accounting for about 14,000 barrels.

☆ Lululemon projects upbeat 2023 on strong demand, easing inventory
▼ + stars: | 2023-03-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Markdowns increased just 40 basis points in the holiday quarter compared to 2019 pre-pandemic levels, and are expected to remain flat in 2023. Inventories were up 50% at $1.4 billion at the end of the fourth quarter, compared to an 85% swell at the end of the prior quarter. Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, above analysts' average estimate of $9.14 billion, according to Refinitiv IBES data. The company forecast full-year profit in the range of $11.50 to $11.72 per share, compared with analysts' estimate of $11.26. Lululemon also issued upbeat forecasts for the first quarter, and topped expectations for fourth-quarter results.

☆ Lululemon sees 2023 sales, profit above estimates on strong demand
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Lululemon Athletica Inc (LULU.O) forecast annual sales and profit above Wall Street estimates on Tuesday, betting on strong demand for its pricier yoga wear even as inflation hurts consumer spending, sending its shares up about 9% in extended trading. Lululemon's Align high-rise yoga pants, listed among the best-selling items on its website, retails between $98 and $118. Vancouver, Canada-based Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, compared with analysts' average estimate of $9.14 billion, according to Refinitiv IBES data. The company expects full-year profit in the range of $11.50 to $11.72 per share, compared with analysts' estimate of $11.26 per share. Excluding items, Lululemon earned $4.40 cents per share in the fourth quarter ended Jan. 29, beating analysts' estimate of $4.26 per share.

☆ Pinterest to reduce office spaces as part of restructuring
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

March 27 (Reuters) - Pinterest Inc (PINS.N) will end leases of certain office spaces as part of a restructuring plan, the image-sharing platform said on Monday, in addition to about 4% workforce reduction it started last month. U.S. companies from technology to finance have stepped up cost cuts as they brace for a potential recession. Pinterest said it expected to incur between $100 million and $125 million in charges related to the restructuring plan. The office space reductions are expected to be completed in 2023. Reporting by Raghav Mahobe in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of America to redeploy wealth management, banking employees - source
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

March 24 (Reuters) - Bank of America Corp (BAC.N) is redeploying employees in wealth management and lending to other roles within the company, a source familiar with the matter said on Friday, as higher interest rates continue to weigh on the businesses. Less than 200 employees are being moved to product specialist positions within the company's global operations organization, the source told Reuters. Based on current market conditions, we are re-aligning talent to support these areas," a Bank of America spokesperson said. The move highlights the broader weakness in Wall Street banks' mortgage and wealth management businesses in a rising interest rate environment. Wells Fargo & Co (WFC.N) slashed hundreds of jobs in its mortgage business across the U.S., Bloomberg News reported in December.

☆ Rivian to relocate staff to Illinois EV plant to accelerate production - WSJ
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

Companies Rivian Automotive Inc FollowMarch 24 (Reuters) - Rivian Automotive Inc (RIVN.O) is relocating parts of its manufacturing engineering team to Illinois to speed up production, the Wall Street Journal reported on Friday, citing a person familiar with the matter. The reorganization, expected to be announced soon, would mean those working on manufacturing engineering would be asked to relocate to central Illinois or its headquarters in Irvine, California, according to the WSJ report. Rivian, which makes R1T electric pickup trucks and R1S SUVs at its factory in Normal, Illinois, in February forecast 2023 production below analysts' expectations as it grapples with lingering supply chain snarls. The electric-vehicle maker has been losing money on every vehicle it builds, and narrowly missed its annual production target of 25,000 units last year. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Thousands of UK civil servants to strike from April 11
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: 1 min

March 24 (Reuters) - More than 3,000 British civil servants across four government departments will strike from April 11 in a dispute over pay, pensions and job security, the Public and Commercial Services (PCS) union said on Friday. "They demand the government holds meaningful talks with us and puts some money on the table to give them a decent pay rise," PCS General Secretary Mark Serwotka said. The action will affect the Department of Environment, Food & Rural Affairs (Defra), Forestry Commission, Rural Payments Agency and Marine Management Organisation, the union added. Reporting by Radhika Anilkumar in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ BHP, engineering firm Hatch to design electric smelting plant in Australia
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - BHP Group (BHP.AX) on Thursday signed an agreement with an engineering and project management firm Hatch to design an electric smelting furnace pilot plant in Australia in an attempt to slash its greenhouse gas emissions to zero by 2050. The facility will help lower carbon dioxide intensity in steel production using iron ore from the global miner's Pilbara mines. The plant will be able to produce steel from iron ore using renewable electricity and hydrogen replacing coking coal. Last October, the mining giant teamed up with steelmaker ArcelorMittal (MT.LU) and two others to test a new technology to reduce carbon emissions in steelmaking at two plants in Belgium and North America. Reporting by Navya Mittal in Bengaluru; Editing by Shilpi Majumdar and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ US FDA to take steps to help gene therapies get accelerated approval
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

March 20 (Reuters) - The U.S. Food and Drug Administration is moving to optimize the development of gene therapies, including encouraging the use of biomarkers to help get accelerated approval of therapies for serious conditions, an agency official said. The FDA will support using biomarkers as substitutes for other biological indicators in gene-therapy clinical trials to help clinch "accelerated approval", the agency's Peter Marks said on Monday. The U.S. health regulator grants the so-called accelerated approval mainly for drugs and therapies targeted at rare diseases or small patient populations that have had no effective treatments available to them. "The FDA views gene therapy as an excellent opportunity to expedite the delivery of potentially life-saving therapies to patients with rare diseases," said Marks, who heads the FDA's Center for Biologics Evaluation and Research, in a statement. The company is seeking approval for its gene therapy under the FDA's accelerated pathway.

☆ Financials drag TSX at open
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: 1 min

March 17 (Reuters) - Canada's main stock index fell at the open on Friday, dragged down by losses in financial stocks as fears of a global banking meltdown continued to spook investors. At 9:31 a.m. ET (1331 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 87.72 points, or 0.45%, at 19,451.29. Reporting by Shashwat Chauhan in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Global money market funds draw massive inflows in week to March 15
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Global money market and government bond funds obtained massive weekly inflows as investors rushed to safer assets on fears of contagion from the collapse of three U.S. banks last week. Global money market funds drew $112.13 billion in the week to March 15, data from Refinitiv Lipper showed. Fund flows: Global equities, bonds and money marketInvestors pulled out $19.2 billion from global equity funds, in their biggest weekly net selling since the third week of December. Among equity sector funds, healthcare, industrials and metals & mining suffered $645 million, $613 million and $258 million worth of net selling, respectively. Data for 23,846 emerging market funds showed investors exited $1.23 billion worth of bond funds, and withdrew $1.37 billion out of equity funds after nine weeks of net purchases in a row.

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☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

☆ Most Gulf markets gain as fears about rapid Fed hikes, bank crisis ease
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

The Federal Reserve is seen raising its benchmark rate a quarter of a percentage point next week and again in May. Most Gulf currencies are pegged to the dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. But the index's gains were limited by a 1.5% fall in oil giant Saudi Aramco (2222.SE) as the stock went ex-dividend. The Qatari benchmark (.QSI), however, traded 0.2% lower, dragged down by a 5.8% slide in utility firm Qatar Electricity and Water Co (QEWC.QA) as the stock went ex-dividend. Reporting by Ateeq Shariff in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Toronto stocks join global selloff as Credit Suisse sparks concerns
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

March 15 (Reuters) - Canada's resources-heavy main stock index fell on Wednesday, dragged by energy and financial stocks, as Credit Suisse's turbulence sparked renewed concerns of a banking crisis. Global financial stocks slumped once again after a brief relief rally on Tuesday as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Energy stocks (.SPTTEN) were the top decliners, falling 5.7%, as oil prices extended losses with Brent crude hitting a three-month low. Financials (.SPTTFS), Canada's largest sector by weight, joined a global selloff in bank stocks, falling 2.2%. Canadian stocks have lost nearly all of their yearly gains in the last few days, with the index now at par after the collapse of U.S. lenders SVB and Signature sparked contagion concerns in global financial stocks.

Although insulin list prices are high in the U.S., drugmakers typically pay substantial rebates to private insurers and government programs, resulting in lower prices for most Americans with insurance. U.S.-listed Novo Nordisk shares rose as much as 1.7% to $142.95, while Denmark-listed shares closed marginally higher on Tuesday. Eli Lilly shares were down slightly. "I think it is a relatively natural consequence of what we have seen their competitor Eli Lilly do. Eli Lilly, Sanofi and Novo Nordisk make up 90% of the U.S. market for insulin.

☆ Novo Nordisk joins Lilly in plans to slash U.S. insulin prices
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Novo Nordisk (NOVOb.CO) said on Tuesday it would cut U.S. list prices for several insulin drugs by up to 75% next year, joining rival Eli Lilly as drugmakers come under pressure for high prices of the life-sustaining treatment. The moves follow President Joe Biden's Inflation Reduction Act last year that capped insulin prices for Medicare recipients at $35 per month, but that does not extend to patients without insurance. Novo will reduce the list price of its NovoLog insulin by 75%, and for Novolin and Levemir by 65%. The company also said it would reduce the list price of unbranded insulin products to match lowered price of respective branded insulin products. Eli Lilly and Co (LLY.N) said earlier this month that it would cut the list prices for its most commonly prescribed insulin products by 70% from the fourth quarter of this year.

☆ TSX set for worst week in five months as rate hike worries mount
▼ + stars: | 2023-03-10 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (1527 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 132.38 points, or 0.66%, at 19,954.34. The rate-sensitive financials sector (.SPTTFS) slumped 1.4% to a two-month low, while banks (.GSPTXBA) fell 1.3%. Across the border, U.S. stock indexes fell on a selloff in bank shares after SVB Financial's efforts to raise capital sparked worries about the sector's health. Among company news, Bank of Montreal (BMO.TO) shed 1.2% after it said it would acquire Loyalty Ventures' (LYLT.O) subsidiary's rewards program AIR MILES for an undisclosed amount. Loyalty Ventures fell 54.2% in U.S. trading.

☆ Brown-Forman misses quarterly profit estimates as costs weigh
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Brown-Forman Corp (BFb.N) missed Wall Street expectations for third-quarter profit on Wednesday, as the Jack Daniel's whiskey maker struggled to keep a tight lid on costs. Spirit makers such as Brown-Forman have had to raise prices to shield their margins from soaring transportation and input costs. The company's selling, general and administrative expenses rose 14% to $186 million in the quarter. On an adjusted basis, the company earned 25 cents per share, missing analysts' average estimate of 47 cents, according to Refinitiv data. The Louisville, Kentucky-based company's quarterly revenue rose 4.2% to $1.08 billion, edging past analysts' expectations of $1.01 billion.

☆ TSX inches higher as Bank of Canada keeps interest rates on hold
▼ + stars: | 2023-03-08 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies TC Energy falls after U.S. regulator seeks corrective actionsTSX rises 0.5%March 8 (Reuters) - Canada's main stock index edged higher on Wednesday, helped by gains in commodity-linked stocks and the banking sector after the Bank of Canada (BoC) kept interest rates on hold as expected. ET (1515 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 99.07 points, or 0.49%, at 20,374.61. The energy sector (.SPTTEN) gained 1.1%, while materials (.GSPTTMT) rose 1.5%. Miners, energy firms and financial stocks comprise nearly 60% of the TSX index. Among stocks, TC Energy (TRP.TO) fell 0.2% as the U.S. pipeline regulator said the oil services provider would be required to reduce operating pressure on its Keystone pipeline that spilled oil in rural Kansas in December.

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