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☆ Ant group quarterly profit rises 17.5% on year to 13.37 bln yuan - Alibaba filing
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A booth of Ant Group is pictured at the Singapore FinTech Festival, Singapore, November 4, 2022. REUTERS/Anshuman DagaSHANGHAI, Aug 10 (Reuters) - China's Ant Group made net profit of 13.37 billion yuan ($1.85 billion) in the three months to March 31, up 17.5% from a year earlier, according to Reuters calculations from Alibaba Group Holding's (9988.HK) earnings report released Thursday. The e-commerce giant reports profit from Ant one quarter in arrears. Chinese authorities in July announced a fine of 7.12 billion yuan ($984 million) for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. ($1 = 7.2097 Chinese yuan renminbi)Reporting by Casey Hall Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Ant's, Casey Hall, Bernadette Baum Organizations: Ant, Singapore FinTech Festival, REUTERS, Alibaba, HK, Ant Group, Thomson Locations: Singapore, SHANGHAI

☆ Poland plans to send up to 10,000 soldiers to border with Belarus
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

A sign is seen near the Bug River at the Poland-Belarus border, near Kostomloty, Poland July 20, 2023. REUTERS/Kuba Stezycki/File PhotoWARSAW, Aug 10 (Reuters) - Poland is planning to move up to 10,000 additional troops to the border with Belarus to support the Border Guard, Defense Minister Mariusz Blaszczak said on Thursday. "About 10,000 soldiers will be on the border, of which 4,000 will directly support the Border Guard and 6,000 will be in the reserve," the minister said in an interview for public radio. Deputy interior minister Maciej Wasik said on Wednesday that Poland would send 2,000 additional troops to its frontier with Belarus. The head of the Border Guard, Tomasz Praga, said earlier this week that 19,000 people have tried to cross the Polish-Belarusian border illegally this year, up from 16,000 last year.

Persons: Kuba, Mariusz Blaszczak, Blaszczak, Maciej Wasik, Wagner, Alexander Lukashenko, Tomasz Praga, Pawel, Bernadette Baum Organizations: REUTERS, Border Guard, Defense, Thomson Locations: Poland, Belarus, Kostomloty, Belarusian

☆ U.S. forecaster sees 95% chance of El Nino prevailing through winter
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Earlier in the day, Japan's weather bureau forecast the chances of an El Nino through the northern hemisphere winter at 90%. The World Meterological Organization had in May warned that the weather pattern could contribute to rising global temperatures. "In July, El Niño continued as indicated by above-average sea surface temperatures across the equatorial Pacific Ocean," the CPC said. Given recent developments, forecasters are more confident in a "strong" El Nino event, with roughly two in three odds of temperatures rising by about 1.5 degrees Celsius (2.7 degrees Fahrenheit) or more in November-January, it added. It was also expected to bring drier weather across West Africa, South-East Asia and northern South America, and wetter conditions to southern South America in the second half of the year.

Persons: Feisal Omar, El Niño, El Nino, Brijesh Patel, Anjana Anil, Seher Dareen, Bernadette Baum, Mark Potter Organizations: El Nino, REUTERS, Meterological Organization, CPC, El, India, Thomson Locations: Marodijeex, Hargeysa, Somalia's, Somaliland, U.S, Pacific, El, El Nino, Asia, Africa, West Africa, South, East Asia, South America, Bengaluru

☆ Uganda president defiant after World Bank suspends funding over LGBT law
▼ + stars: | 2023-08-10 | by ( Elias Biryabarema | ) www.reuters.com time to read: +2 min

Ugandan President Yoweri Museveni attends a session of the Russia-Africa summit in Saint Petersburg, Russia, July 28, 2023. The World Bank said on Tuesday that the law, which imposes the death penalty for certain same-sex acts, contradicted its values and that it would pause new funding until it could test measures to prevent discrimination in projects it finances. The World Bank has an existing portfolio of $5.2 billion in Uganda, although these projects will not be affected. "It is, therefore, unfortunate that the World Bank and other actors dare to want to coerce us into abandoning our faith, culture, principles and sovereignty, using money. He added he hoped the World Bank would reconsider its decision.

Persons: Yoweri Museveni, Mikhail Tereshchenko, Museveni, Henry Musasizi, Musasizi, Joe Biden, Elias Biryabarema, Hereward Holland, George Obulutsa, Aaron Ross, Bernadette Baum, Tomasz Janowski Organizations: Agency, REUTERS, Bank, World Bank, Thomson Locations: Russia, Africa, Saint Petersburg, KAMPALA, Uganda, Western, United States

☆ Uganda president defiant after World Bank funding suspended over LGBT law
▼ + stars: | 2023-08-10 | by ( Elias Biryabarema | ) www.reuters.com time to read: +2 min

Ugandan President Yoweri Museveni attends a session of the Russia-Africa summit in Saint Petersburg, Russia, July 28, 2023. The World Bank has an existing portfolio of $5.2 billion in Uganda, although these projects will not be affected. "It is, therefore, unfortunate that the World Bank and other actors dare to want to coerce us into abandoning our faith, culture, principles and sovereignty, using money. He added he hoped the World Bank would reconsider its decision. In June, the United States imposed visa restrictions on some Ugandan officials in response to the law.

Persons: Yoweri Museveni, Mikhail Tereshchenko, Museveni, Joe Biden, Elias Biryabarema, George Obulutsa, Aaron Ross, Bernadette Baum Organizations: Agency, REUTERS, Bank, World Bank, Thomson Locations: Russia, Africa, Saint Petersburg, KAMPALA, Uganda, Western, United States

☆ Indonesia says Mitsubishi Motors plans to invest $375 mln in 2024
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

A man walks near Mitsubishi cars as he visits Tokyo Motor Show in Tokyo, Japan October 24, 2019. "We are optimistic that, if implemented, this can boost investment and increase demand to use EVs," Agus said. A Mitsubishi spokesperson said executives from its Tokyo headquarters on Wednesday met with Agus for talks, declining to comment further. Mitsubishi reported combined retail and wholesale sales in the ASEAN region of 120,000 vehicles for the three months to June 30, dropping 1.6% from a year earlier. In Thailand, its retail and wholesale sales slumped to 17,000 units during that period, down from 25,000 a year earlier.

Persons: Soe Zeya, Agus Gumiwang Kartasasmita, Agus, Bernadette Christina, Fransiska, Rocky Swift, Daniel Leussink, Louise Heavens, David Evans Organizations: Mitsubishi, Tokyo Motor, REUTERS, Mitsubishi Motors, Wednesday, Japan's Nikkei, Guangzhou Automobile Group, Thomson Locations: Tokyo, Japan, JAKARTA, Indonesia, Thailand, China, ASEAN, Jakarta

☆ Oil hits new highs as tighter supply offsets China demand concern
▼ + stars: | 2023-08-09 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude was 54 cents, or 0.6%, higher at $86.71 by 1110 GMT having touched $87.09, the highest since April 13. Crude posted its sixth consecutive weekly gain last week helped by a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in China. "There is no doubt that there is plenty of momentum here," said Naeem Aslam, chief investment officer at Avatrade. On Tuesday, oil also came under pressure from Chinese data showing crude oil imports in July fell 18.8% from the previous month to their lowest daily rate since January, although they were up 17% from a year earlier.

Persons: Brent, Charalampos Pissouros, Naeem Aslam, Yuka Obayashi, Andrew Hayley, Bernadette Baum, Kirsten Donovan Organizations: Saudi, XM, . West Texas, Organization of, Petroleum, American Petroleum Institute, Official U.S . Energy, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Russian, Saudi Arabia, Russia, U.S, OPEC, Tokyo, Beijing

The parliament's five-year term is due to expire on Aug. 12, but this move would dissolve it three days earlier. "I will tonight advise the president to dissolve the parliament," the premier told parliament. He said he would start discussions with the opposition leader on Thursday to pick a name from candidate lists of both sides to nominate as caretaker prime minister. The vote, however, could be delayed several months with the election commission set to start redrawing hundreds of constituencies based on a fresh census. The last general election in July 2018 was won by the party of cricketer-turned-politician Imran Khan, who was sworn in days later as prime minister for the first time.

Persons: Shehbaz Sharif, Arif Alvi, Imran Khan, Khan, Sharif, Asif Shahzad, Gibran Peshimam, Andrew Heavens, Bernadette Baum Organizations: Pakistan, International Monetary Fund, Thomson Locations: ISLAMABAD, Pakistan, Islamabad, Karachi

☆ 2025 Escalade IQ joins Cadillac’s growing all-electric family
▼ + stars: | 2023-08-09 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The Escalade IQ borrows styling cues from the Celestiq, as well as its 55-inch panoramic display screen. Escalade IQ will overlap with and eventually replace the combustion-engine Escalade. The dimensions of the electric Escalade are close to those of the long-wheelbase Escalade ESV. The Escalade IQ is about three inches shorter, while the wheelbase is two inches longer. Cadillac has not provided a weight estimate for the Escalade IQ, but the current Escalade ESV weighs nearly three tons.

Persons: General Motors, We’ll, ” Cadillac, John Roth, Optiq, Roth, Today's Escalade, Paul Lienert, Bernadette Baum Organizations: General, Cadillac, GM, GMC, Thomson Locations: Detroit

☆ Two dead after Russian attack on Ukrainian city of Zaporizhzhia -minister
▼ + stars: | 2023-08-09 | by ( Vladyslav Smilianets | ) www.reuters.com time to read: +1 min

[1/4] A view shows the site of a Russian missile strike, amid Russia's attack on Ukraine, in Zaporizhzhia, Ukraine August 9, 2023. National Police/Handout via REUTERSZAPORIZHZHIA, Ukraine, Aug 9 (Reuters) - Two people were killed and seven injured in an apparent missile attack by Russia on the Ukrainian city of Zaporizhzhia on Wednesday, Ukrainian officials said. Zaporizhzhia city council secretary Anatoliy Kurtev earlier said that Russia had hit a residential area of the city. Ukraine suspects that an Iskander missile was used in the attack, Yermak said. Reporting by Vladyslav Smilianets in Zaporizhzhia, editing by Bernadette Baum, Andy Sullivan and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Vyacheslav, Ihor Klymenko, Anatoliy Kurtev, Volodymyr Zelenskiy, Andriy Yermak, Yermak, Vladyslav Smilianets, Bernadette Baum, Andy Sullivan, Grant McCool Organizations: National Police, Handout, REUTERS, Reuters, Thomson Locations: Russian, Ukraine, Zaporizhzhia, REUTERS ZAPORIZHZHIA, Russia, Ukrainian

☆ Eleven dead in fire at French holiday home for disabled
▼ + stars: | 2023-08-09 | by ( Tilman Blasshofer | ) www.reuters.com time to read: +2 min

WINTZENHEIM, France, Aug 9 (Reuters) - Eleven people died in a fire that tore through a holiday home for disabled people in eastern France in the early hours of Wednesday, officials said. A neighbour, Nathalie, told BFM TV that she heard people scream and saw huge clouds of smoke from her window. "Everything happened very quickly," an unnamed witness told France 3 TV. [1/5]Dark clouds are seen over the remnants of a holiday home in eastern France near Colmar where disabled people were killed as fire broke out during their summer holidays in Wintzenheim, France, August 9, 2023. Kielwasser told reporters it had likely been a low-level fire that had burnt for a while before growing bigger and tearing the house down.

Persons: Nathalie Kielwasser, Elisabeth Borne, Borne, Nathalie, BFM, Tilman Blasshofer, Philippe Hauwiller, Kielwasser, Daniel Leroy, Elizabeth Pineau, Zhifan Liu, Sudip Kar, Gupta, Charlotte Van Campenhout, Blandine, Ingrid Melander, Angus MacSwan, Bernadette Baum, Toby Chopra, Jonathan Oatis Organizations: France, REUTERS, Thomson Locations: WINTZENHEIM, France, Wintzenheim, Strasbourg, Colmar, Paris

[1/3] Pakistan's former Prime Minister Imran Khan, gestures as he speaks to the members of the media at his residence in Lahore, Pakistan May 18, 2023. REUTERS/Mohsin Raza//File PhotoISLAMABAD, Aug 9 (Reuters) - A Pakistani high court on Wednesday turned down an appeal by jailed former prime minister Imran Khan that his conviction on corruption charges be suspended, his lawyer said, suggesting it was unlikely he would be released on bail anytime soon. The case was adjourned for an indefinite time, Panjutha said, adding; "Our request to suspend the conviction wasn't accepted." Khan, who has denied any wrongdoing, was arrested at his Lahore house and is currently in a prison near Islamabad. Reporting by Asif Shahzad, Editing by Raju Gopalakrishnan, Nick Macfie and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Imran Khan, Mohsin Raza, Khan, Naeem Panjutha, Panjutha, wasn't, Asif Shahzad, Raju Gopalakrishnan, Nick Macfie, Bernadette Baum Organizations: REUTERS, Thomson Locations: Lahore, Pakistan, ISLAMABAD, Rawalpindi, Islamabad

☆ VP Harris to celebrate new rules boosting wages, protections on federal projects
▼ + stars: | 2023-08-08 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

Vice President Kamala Harris will visit Philadelphia on Tuesday to celebrate the new labor reforms at a union hall. "The rules are more important than ever to ensure fair wages for workers and ensuring good wages for them," a senior administration official said. The Davis-Bacon Act, first established in 1931, tasks the federal government with establishing wage floors - known as prevailing wages - that apply to construction projects partially or fully funded by the federal government. It applies to more than one million construction workers on $200 billion of such projects, the administration said. Trade groups have long criticized the prevailing wage requirements under the Davis-Bacon Act, saying they are burdensome and discourage small businesses from seeking federal contracts.

Persons: Kamala Harris, Kevin Wurm, Biden, Harris, Joe Biden, Davis, Bacon, Ronald Regan, Jarrett Renshaw, Bernadette Baum Organizations: Eastern, Jobs, REUTERS, Philadelphia, Labor Department, Bacon, Trade, The Labor Department, Thomson Locations: Rewild, Washington , U.S

☆ UAW says Chrysler parent Stellantis seeking concessions in talks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - The United Auto Workers (UAW) union said on Tuesday that Chrysler parent Stellantis (STLAM.MI) is seeking numerous concessions in ongoing contract talks, including cuts to existing medical coverage. The UAW also said the company opposes an end to two-tier wages, a practice of newer workers getting paid much less than veteran workers. The UAW is seeking more than 40% pay raises over four years, significant additional time off and a restoration of defined benefit pensions previously eliminated for newer workers. The UAW wants new limits on temporary workers and for them to receive profit sharing.

Persons: Gonzalo Fuentes, Stellantis, Shawn Fain, David Shepardson, Bernadette Baum Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Stellantis, General Motors, Ford, Reuters, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France, Illinois

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

"It's probably going to be a rough July and a rough summer," she said in a phone interview. Canada's trade deficit with countries other than the United States, its biggest trading partner, widened to an all-time high as month-over-month exports declined 5.5%, while imports were down marginally. The overall trade deficit matched the C$3.73 billion shortfall in October 2020. The Canadian dollar traded slightly higher at C$1.3477 to the U.S. dollar, or 74.20 U.S. cents, up from C$1.3498 to the U.S. dollar, or 74.09 U.S. cents. By volume, imports were up 0.9%.

Persons: Chris Helgren, Statscan, Meena Aier, It's, Olivia Cross, Cross, Ismail Shakil, David Ljunggren, Bernadette Baum, Jonathan Oatis Organizations: Port, REUTERS, OTTAWA, Statistics, Export Development, Capital Economics, Canadian, U.S ., Thomson Locations: Port of Vancouver , British Columbia, Canada, Statistics Canada, United States, of Nova Scotia, Ottawa

☆ US agency opens probe into 1.1 mln Ram 1500 pickup trucks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Chrysler Group LLC assembly workers put together 2014 Ram 1500 pickup trucks on the assembly line at the Warren Truck Plant during a tour of the plants redesigned work stations in Warren, Michigan, September 25, 2014. REUTERS/Rebecca Cook/File PhotoWASHINGTON, Aug 8 (Reuters) - U.S. auto safety regulators said on Tuesday they were investigating whether 1.1 million older Ram 1500 pickup trucks should be recalled for power steering loss issues. The National Highway Traffic Safety Administration (NHTSA) has received 380 reports alleging intermittent or complete loss of power steering assistance in 2013-2016 model year Ram 1500 pickup trucks, including reports of three crashes. In March 2016, Fiat Chrysler Automotive, now known as Stellantis (STLAM.MI), recalled 440 vehicles to address a possible contamination of the electrical power steering unit. A complaint filed in March by a 2015 Ram 1500 driver said due to a power steering assist failure, "the contact drove into a ditch which caused minor damages to the front end of the vehicle."

Persons: Rebecca Cook, Stellantis, David Shepardson, Jon Boyle, Bernadette Baum Organizations: Chrysler Group, Warren Truck, REUTERS, Traffic Safety Administration, Fiat Chrysler Automotive, NHTSA, Thomson Locations: Warren , Michigan, Florida, California

Tensions have soared between the two neighbours over the South China Sea under Philippine President Ferdinand Marcos Jr, with Manila pivoting back to the United States, which supports the Southeast Asian nation in its maritime disputes with China. China's embassy in Manila criticised Washington for "gathering" its allies to continue "hyping up" the South China Sea issue and the boat incident. "South China Sea is not a 'safari park' for countries outside the region to make mischief and sow discord," the embassy said in a statement on Tuesday. The Second Thomas Shoal, which lies within the Philippines exclusive economic zone, is home to a handful of troops living aboard the former warship Sierra Madre. China claims sovereignty over almost the entire South China Sea, which overlaps with the exclusive economic zones of Malaysia, Vietnam, Brunei, Taiwan and the Philippines.

Persons: Ferdinand Marcos Jr, Thomas, Thomas Shoal, Erik De Castro, Rommel Ong, Ong, Collin Koh, There's, Koh, Jonathan Malaya, Lloyd Austin, Gilbert Teodoro, Bernadette Baum, Alex Richardson, Sharon Singleton Organizations: South China, coastguard, BRP, BRP Sierra Madre, Philippine Navy, REUTERS, Singapore's, Rajaratnam, of International Studies, Philippines National Security Council, China, U.S . Defense, Philippines Defense, Pentagon, Thomson Locations: BEIJING, MANILA, China, Philippines, Manila, South, Philippine, United States, China's, Washington, Sierra Madre, BRP Sierra, Spratly, Beijing, Malaysia, Vietnam, Brunei, Taiwan, U.S, Japan, France

☆ UAW calls Stellantis contract offer 'trash'
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. Stellantis said the cumulative increase in employee health-care costs over the next four years is expected to be $613 million. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is "not seeking a concessionary agreement." The union also wants new limits on temporary workers.

Persons: Gonzalo Fuentes, Shawn Fain, Fain, Stellantis, David Shepardson, Bernadette Baum, Marguerita Choy, Leslie Adler Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Reuters, Stellantis, General Motors, Ford, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France

☆ British water companies face $1 bln lawsuits over pollution - law firm
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Environmental and water consultant Carolyn Roberts, who plans to bring the claims, says water companies would have faced penalties if they had properly reported pollution incidents. The firm said it will also be filing cases against five other companies – Thames Water, United Utilities, Anglian Water, Yorkshire Water and Northumbrian Water – in the coming months. Water companies have pushed back against the proposed claims, describing them as "highly speculative". A Thames Water spokesperson said the company was aware of the potential claim, which they said was without merit. Water companies have avoided being penalised by regulator Ofwat for "serial and serious under-reporting" of pollution incidents, she said in a statement.

Persons: Trent, Darren Staples, Carolyn Roberts, Roberts, Leigh Day, Severn, Sam Tobin, Bernadette Baum Organizations: REUTERS, Severn Trent, United Utilities, Yorkshire Water, Environment Agency, Water, Thomson Locations: Cropston, England, British, United, Water, Yorkshire, United States

☆ UK house prices fall for 4th month but market shows resilience - Halifax
▼ + stars: | 2023-08-07 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

But the decline in house prices has so far been small compared with the surge in valuations during the COVID pandemic. Kim Kinnaird, director of Halifax Mortgages, said house prices were likely to continue falling into next year, echoing previous comments by the lender. A Reuters poll of analysts published in early June pointed to a 3% fall in house prices in 2023 before flat-lining in 2024. This should leave house prices 10.5% below their peak on the Nationwide measure." Nationwide, another mortgage lender, said last week its index of house prices fell by the most since 2009 in the 12 months to July.

Persons: Susannah Ireland, Kim Kinnaird, Kinnaird, Imogen Pattison, William Schomberg, Kate Holton, Bernadette Baum Organizations: City of, REUTERS, Halifax, Bank of England, Capital Economics, Nationwide, Thomson Locations: City, City of London, South London, Britain, Halifax

☆ Morning Bid: Wall St set for rebound after worst week since March
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +3 min

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. "The sell off in back-end rates is concerning," Anshul Sehgal, Goldman Sachs co-head of U.S. rates trading, said in an emailed note to clients. Futures on Wall Street , , are signaling a slightly higher open, although European equities (.STOXX) are shedding around 0.4% - playing catch up following a late drop on Wall Street on Friday - and Asian shares were a fraction lower on Monday. The more upbeat Wall Street mood might be because a tightening in financial conditions could give the Fed another excuse to ease off the pedal when it comes to further tightening or even cut rates sooner. Meanwhile, the number of companies reporting earnings is set to slow sharply, with 33 S&P 500 (.SPX) and 55 STOXX 600 companies reporting this week, according to Deutsche Bank.

Persons: Carlo Allegri, Samuel Indyk, Sehgal, Goldman Sachs, Goldman's Sehgal, June's, Bowman, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Bank of Japan, Treasury, Wall, Fed, CPI, Deutsche Bank, Reuters, Tyson Foods, Thomson Locations: New York, U.S

Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion. The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter. Aramco will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter, it said. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. The firm still sees capital expenditure at between $45 billion and $55 billion this year, Nasser said on a media call.

Persons: Maxim, Graphics Brent, Brent, Amin Nasser, Nasser, Maha El Dahan, Yousef Saba, Jan Harvey, Bernadette Baum Organizations: Aramco, Investment Fund, Saudi, REUTERS, Graphics, of, Petroleum, Thomson Locations: China chem, DUBAI, Saudi Arabian, Aramco, Saudi, Saudi Arabia, Russia, Saudi Aramco, Abqaiq, Moscow, Riyadh

European shares (.STOXX) slipped 0.6%, bruised by disappointing earnings reports and elevated U.S. bond yields, on course for their third straight day of losses. Sterling extended losses after the BoE decision, falling as much as 0.7% to its lowest since June 30. The BoE decision was closely watched for clues on how central banks globally will balance taming inflation and maintaining growth. U.S. 10-year yields hit a new nine-month peak of 4.17%, while 30-year yields rose to a fresh nine-month top. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.4%, extending losses after a drop of 2.3% a day earlier.

Persons: Sterling, BoE, Stuart Cole, Morgan Stanley, Tom Wilson, Stella Qiu, Mark Potter, Bernadette Baum Organizations: REUTERS, Staff, Sterling, LONDON, Bank of England, FTSE, Equiti, Nasdaq, Treasury, U.S, AMAZON Investors, Apple, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, China, London, Sydney

☆ BMW forecasts growth in Europe, warns supply chain issues remain
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A BMW iX electric car is displayed during a media tour at the plant of German automaker BMW in San Luis Potosi, Mexico, February 3, 2023. Still, it warned that supply chain issues and inflation would likely continue to weigh on the rest of the year. BMW reported a 2.9% drop in second-quarter net profit, in line with analysts' expectations, after last year's figures were boosted by its decision to take majority control of its Chinese joint venture BMW Brilliance Automotive. BMW saw significantly higher revenues for the first half at 74 billion euros due in part to the integration of its Chinese joint venture BMW Brilliance Automotive (BBA) as well as higher sales and pricing. It paid 3.7 billion euros to take majority control of the Chinese joint venture in February last year, pushing up earnings before tax in the first half of 2022 by 7.7 billion euros.

Persons: Toya Sarno Jordan BERLIN, Victoria Waldersee, Friederike Heine, Edmund Klamann, Bernadette Baum Organizations: BMW iX, BMW, REUTERS, Thomson Locations: San Luis Potosi, Mexico, United States, China

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