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☆ Radio company SiriusXM cuts workforce by 8%
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - SiriusXM Holdings Inc (SIRI.O) on Monday said it would lay off 8% of its workforce, or about 475 employees, as the satellite radio firm takes a hit from slow subscriber growth. Weak auto sales are also expected to hurt the radio operator's subscriber base. "Today's decision to reduce our workforce was required for us to maintain a sustainably profitable company," Chief executive Jennifer Witz said in a letter to staff. SiriusXM joins tech titans such as Microsoft Corp (MSFT.O) and Google-parent Alphabet Inc (GOOGL.O) that cut headcount by the thousands to weather a tough economy. In January, music streaming platform Spotify Technology (SPOT.N) also cut its workforce by 6%.

"China was closed for months and just improving economic data gives buyers of commodity stocks confidence that those prices can hold, and as we know it is a good chunk of the TSX index," said Barry Schwartz, portfolio manager at Baskin Financial Services. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 244.37 points, or 1.2%, at 20,581.58, its highest closing level since Feb. 16. Wall Street also advanced as U.S. Treasury yields eased and economic data helped investors look past the growing likelihood that the Federal Reserve will keep its restrictive policy in place for longer than anticipated. Sleep Country Canada Holdings Inc (ZZZ.TO) was up 5.9% after the company's fourth-quarter sales and earnings beat estimates. Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ TSX climbs as materials stocks gain on higher gold, copper prices
▼ + stars: | 2023-03-03 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 99.49 points, or 0.49%, at 20,436.7. The materials sector (.GSPTTMT) climbed 0.6%, tracking strength in copper and gold prices as strong economic data in top consumer China raised demand hopes. Following a volatile February, the TSX tracked weekly gains of 1.2%, its best performance in seven weeks. The index is on track to snap three straight weekly declines as strong economic data from China allayed fears of a global economic slowdown. Among stocks, Suncor Energy Inc (SU.TO) added 0.8% after Equinor (EQNR.OL) said it would acquire the British oil and gas business of the energy firm for $850 million.

☆ U.S. business equipment borrowings grow 6% in January - ELFA
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - U.S. companies borrowed 6% more in January to finance equipment investments from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Friday. New business volume, however, was down 32% month-on-month after the typical end-of-quarter, end-of-year spike in new business activity. ELFA, which reports economic activity for the $1 trillion equipment finance sector, said credit approvals were 75.1%, down from 76.6% in December. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in February stood at 51.8, an increase from 48.5 in January.

☆ Loblaw forecasts annual profit above estimates on strong grocery demand
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Canadian retailer Loblaw Cos Ltd (L.TO) forecast annual earnings above analysts' expectations on Thursday, helped by strength in its pharmacy business and as demand holds up for groceries. Loblaw expects full-year 2023 adjusted earnings per common share to grow in low double-digits compared with the average analyst estimate of 9.64%, according to Refinitiv IBES data. The company's fourth-quarter revenue rose about 10% to C$14.01 billion ($10.35 billion), topping the average estimate of C$13.75 billion. On an adjusted basis, Loblaw earned C$1.76 per share, beating analysts' expectations of C$1.71 per share. ($1 = 1.3533 Canadian dollars)Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Amazon's VC arm leads $20 mln funding at entertainment firm Superplastic
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Entertainment company Superplastic said on Wednesday it had raised $20 million in a funding round led by the venture capital arm of Amazon.com Inc (AMZN.O) as it looks to expand its universe of digital characters. The latest cash infusion, a Series A extension, takes Superplastic's total funding to $58 million, the company said. Other investors that participated in the funding round include Craft Ventures, Google Ventures, Galaxy Digital, Kering, Sony Japan, Scribble Ventures, Kakao, Animoca Brands, Day One Ventures and Betaworks. Superplastic sells toys, apparel and non-fungible tokens in collaboration with brands, including Gucci, Fortnite, Mercedes-Benz, Tommy Hilfiger and celebrities such as Paris Hilton, Post Malone and The Weeknd. Reporting by Medha Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ BorgWarner sees EV business to grow at least 72% in 2023
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - BorgWarner Inc (BWA.N) said on Thursday it expects sales from its electric vehicle (EV) business to grow at least 72% in 2023 as the U.S. auto supplier increasingly shifts its focus toward EV makers. The company's sales were at $4.1 billion, compared with estimates of $3.90 billion. On an adjusted basis, the company's net income was $1.26 per share, compared with estimates of $1.08 per share. The Michigan-based company also expects net sales in the range of $16.7 billion to $17.5 billion for 2023, compared with estimates of $16.82 billion. It forecast adjusted net earnings of $4.50 to $5.00 per diluted share, compared with expectations of $4.92 per share.

☆ United Airlines announces JV to develop sustainable fuel using ethanol
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Airlines passenger jet takes off with New York City as a backdrop, at Newark Liberty International Airport, New Jersey, U.S. December 6, 2019. REUTERS/Chris Helgren//File PhotoJan 31 (Reuters) - United Airlines Holdings Inc (UAL.O) on Tuesday announced a new joint venture to develop and commercialize a sustainable aviation fuel (SAF) technology that will use ethanol as a feedstock. Blue Blade Energy, the JV formed by United Airlines, energy infrastructure company Tallgrass and biorefiner Green Plains Inc (GPRE.O), will see an investment of up to $50 million. The JV will provide up to 135 million gallons of ethanol-based SAF annually, and up to 2.7 billion gallons in total under an offtake agreement, United Airlines said. The JV expects to proceed with the construction of a pilot plant in 2024, followed by a full-scale facility that could begin commercial operations by 2028, United Airlines said.

☆ Britain's 2022 car production hits over six-decade low
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

SMMT, an automotive trade association in the UK, said 775,014 cars were made in Britain in 2022. UK factories, however, produced a record 234,066 battery electric vehicles (BEV), plug-in hybrid and hybrid electric vehicles, with combined volumes rising 4.5% year-on-year to account for almost a third of the overall car output. "These (total) figures reflect just how tough 2022 was for UK car manufacturing, though we still made more electric vehicles than ever before," SMMT Chief Executive Mike Hawes said. Total annual output for the domestic UK market rose 9.4%, while exports dropped 14%. In December, the overall car production fell 17.9% over the year earlier, snapping two straight months of growth in output.

☆ PACCAR beats earnings estimates on strong demand for trucks
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - PACCAR Inc (PCAR.O) beat market expectations for fourth-quarter earnings on Tuesday, aided by strong demand for its trucks from customers looking to replace ageing fleets. Rising e-commerce deliveries and a focus on bolstering logistics networks have driven demand for long-haul trucks, bolstering sales for companies such as PACCAR. "Good freight markets and an increased fleet age are driving strong demand...," PACCAR Vice President Darrin Siver said. Last week, logistics giant JB Hunt Transport Services (JBHT.O) also gave an upbeat forecast for the freight market this year. PACCAR said on Tuesday that U.S. and Canada Class 8 truck industry retail sales are estimated to be in the range of 270,000 and 310,000 trucks for 2023.

☆ Qualcomm, Salesforce to build new connected vehicle platform for automakers
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - U.S. chip designer Qualcomm Inc (QCOM.O) and cloud-based software firm Salesforce Inc (CRM.N) plan to develop a new connected vehicle platform for automakers, the companies said on Thursday. The platform for cars with internet access would use Qualcomm's Snapdragon digital chassis and Salesforce's cloud services to help automakers personalize user experiences using real-time data, according to the companies. The Snapdragon digital chassis, used by carmakers and their suppliers, can provide assisted and autonomous driving technology, as well as in-car infotainment and cloud connectivity. Earlier on Wednesday, Qualcomm unveiled a processor chip for cars called Snapdragon Ride Flex SoC that handles both assisted driving and cockpit functions, including entertainment. Japan's Sony Group Corp (6758.T) also said on Wednesday its newly unveiled prototype of the "Afeela" electric vehicles will use technology from Qualcomm, including its Snapdragon digital chassis.

☆ U.S. auto sales to fall in 2022, GM set to reclaim top spot from Toyota
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Full-year U.S. auto sales are forecast to be about 13.9 million units, down 8% from 2021 and 20% from the peak in 2016, according to industry consultant Cox Automotive. Inventory shortages, caused by surging material costs and persistent chip shortage, spilled into 2022, hobbling production at many automakers. Reuters GraphicsGM's 2022 U.S. sales are set to rise 2.3%, while Toyota's is expected to fall 9%, according to Cox Automotive. Both automakers are set to report sales figures on Wednesday. Some industry observers fret that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in the new year.

☆ Shopify launches new subscription product to lure big retail clients
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Shopify Technologies Inc on Tuesday launched a new service aimed at big retailers that will allow them to select tools and services the Canadian tech giant offers and integrate it with their own online platform. Shopify, which helps businesses set up their online store and website for a subscription fee, will allow retailers to pick and choose components, such as checkout and other back-office services, for their existing online businesses. The pricing for the service, called Commerce Components, will depend on the retailer's customization and components they choose to use. Currently, subscription for Shopify Plus starts at $2,000 a month and basic costs of $29. Reporting by Nivedita Balu in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Bunge to build $550-mln soy processing facility in Indiana
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Agriculture commodities trader Bunge Ltd (BG.N) said on Thursday it would invest about $550 million to build a soy protein concentrate facility in Indiana to cater to a rising demand for plant-based food products and processed meats. The new facility, which is adjacent to the company's soybean processing plant in Morristown, is expected to process an additional 4.5 million bushels of soybeans. Soy protein concentrate is used to make meat alternatives, but also helps to increase nutritional value in existing meat and poultry products. The global plant-based meat market size, according to a report by Grand View Research Inc, is projected to reach $24.8 billion by 2030. Bunge also operates a soy protein concentrate operation in Bellevue, Ohio.

☆ Malaria deaths dip in 2021 after rising in first year of COVID, says WHO
▼ + stars: | 2022-12-09 | by ( Pratik Jain | ) www.reuters.com time to read: +2 min

Estimated deaths from malaria globally declined to 619,000 last year from 625,000 in 2020 as healthcare services stabilized after pandemic-led disruptions, especially in Africa where the disease is most prevalent, the WHO stated in its World Malaria Report 2022. Four countries - Nigeria, the Democratic Republic of the Congo, the Niger and Tanzania - accounted for just over half of all malaria deaths globally in 2021. The decline in deaths comes even as the number of malaria infections continued to rise, albeit at a slower pace, to an estimated 247 million in 2021. The WHO also highlighted that lower funding due to the pandemic and rising costs have increased pressure on national malaria programmes. Funding in 2021 came in at nearly $3.5 billion, the report said, compared with a required investment of $7.3 billion.

☆ Mobileye beats revenue estimates in first quarterly report since IPO
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Mobileye Global Inc (MBLY.O) beat estimates for revenue on Wednesday in its first quarterly report after going public in October, as the Intel Corp (INTC.O) unit benefited from strong demand for its self-driving technology from carmakers. Total revenue at Mobileye grew 38% to $450 million in the third quarter ended Oct. 1. A push to incorporate assistive-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye. Mobileye listed on the Nasdaq on Oct. 26 after raising $861 million in an initial public offering. Its stock has risen 45% from the IPO price of $21, valuing the company at $24.45 billion.

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