DIRS.INFO The most relevant business & tech news

☆ Apple is cutting back production of iPhone 14 Plus due to weak demand - TrendForce
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Apple Inc (AAPL.O) is cutting back production of iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro due to lukewarm demand, market research firm TrendForce said Tuesday. The share of more expensive iPhone 14 Pro series has increased to 60% of the total output from the initially planned 50%, and it could rise to 65% in the future, the report said. This could lead to a 14% year-on-year drop in production to 52 million units. read moreLast month, the company said it would manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China to hedge risks arising from the growing tensions between Washington and Beijing. TrendForce estimates the share of Apple's output from India to exceed 5% in 2023 and increase over the years.

☆ FTSE 100 muted as HSBC earnings disappoint
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 flat, FTSE 250 up 0.2%Oct 25 (Reuters) - UK's FTSE 100 was subdued at the open on Tuesday after a burst of optimism following Rishi Sunak's victory in the race to become the new prime minister, while HSBC slipped, dragged by a sharp drop in quarterly profit. Register now for FREE unlimited access to Reuters.com RegisterOverall, the blue-chip FTSE 100 was flat after closing at its strongest level in over two weeks on Monday, while the domestically oriented FTSE 250 added 0.2%. Sunak will be appointed prime minister by King Charles on Tuesday, replacing Liz Truss, who lasted six weeks in the job after her economic programme sparked panic in financial markets. read moreOnline retail platform THG (THG.L) jumped 17.2% after it reiterated full-year forecast, and said it has made a positive start to the fourth quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ European shares at near two-week high amid UK fiscal plan optimism
▼ + stars: | 2022-10-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

The region-wide STOXX 600 index (.STOXX) was up 0.9% by 0826 GMT, hitting a near two-week high, as investors snapped up beaten-down tech (.SX8P) and bank (.SX7P) stocks. Shares of chipmakers, including ASML Holdings (ASML.AS) and BE Semiconductor (BESI.AS), rose between 0.9% and 4% amid a risk-on sentiment in markets. "If you make that U-turn too extreme and basically embark on a trajectory of significant fiscal tightening, that could also do more more harm. Investors also took comfort from a recent pullback in natural gas prices in Europe, which is battling an energy crisis amid growing risks of a recession. Rio Tinto (RIO.L) slipped 0.7% after it projected annual iron ore shipments at the lower end of its forecast amid weak global demand.

☆ Amazon to boost Thailand cloud infrastructure with $5 bln investment
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Amazon Web Services (AWS),the cloud computing division of Amazon.com Inc (AMZN.O), said on Monday it plans to invest $5 billion in Thailand over the next 15 years to strengthen its infrastructure in the country. The investment would include construction of data centers and purchase of goods and services from regional businesses, AWS said in a statement. It also plans to set up an infrastructure hub in Thailand's Bangkok to help customers in the region securely store data, and serve end users better. AWS last month opened its first cloud data center in UAE and announced plans to setup a local hub in Mexico to boost bandwidth for clients. The edge locations help to deliver data, videos and applications at higher speeds to end users.

Oct 17 (Reuters) - American rapper Kanye West, who now goes by Ye, has agreed in principle to buy Parler, the social media platform popular among U.S. conservatives, parent company Parlement Technologies said on Monday. Parler, which launched in 2018, has been reinstated on Google and Apple Inc's app stores after being removed following the U.S. Capitol riots in January 2021. Parler is one of several social media platforms, including Gettr, Gab and Truth Social, that position themselves as free-speech alternatives to Twitter Inc (TWTR.N). Register now for FREE unlimited access to Reuters.com RegisterLast month, Parler created a new parent company, Parlement Technologies Inc, as part of an overhaul. The Parler deal came together quickly, CEO Farmer said, and Parlement was "presented with an opportunity."

☆ Kanye West to buy social media app Parler
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - American rapper Kanye West, who now goes by Ye, has proposed to buy Parler, the social media platform popular among U.S. conservatives, parent Parlement Technologies said on Monday. Nashville-based Parler, which has raised about $56 million till date, said it expects the deal to close during the fourth quarter of 2022. The rapper has also had problems with major social media platforms, being restricted a number of times. Most recently, West was locked out of his Instagram by Facebook parent Meta Platforms (META.O) for posts that online users condemned as anti-Semitic. Last month Parler created a new parent company, Parlement Technologies Inc as part of an overhaul.

☆ European shares edge higher as investors await new UK fiscal plan
▼ + stars: | 2022-10-17 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

The region-wide STOXX 600 index (.STOXX) was up 0.3%, extending gains for a third straight session. European equities have suffered losses in the recent weeks as investors fret about the prospects of a recession from aggressive central bank actions to tame inflation. Most STOXX 600 sectors were trading up, with energy stocks (.SXEP) up 0.6% as oil prices rose driven by hopes of better demand from China. The bank has agreed to pay $495 million to settle a case brought against it in the United States. read moreNel (NEL.OL) rose 7.3% after the Norwegian hydrogen company received a NOK 600 million ($56.4 million) order from Woodside Energy (WDS.AX) for a U.S. hydrogen project.

☆ Apple freezes plans to use China's YMTC chips - Nikkei
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - U.S. tech giant Apple Inc (AAPL.O) has put on hold plans to use memory chips from China's Yangtze Memory Technologies Co (YMTC) in its products, after Washington imposed tighter export controls against Chinese technology companies, the Nikkei reported on Monday. Apple had originally planned to start using state-funded YMTC's NAND flash memory chips as early as this year, Nikkei said, citing people familiar with the matter. The chips were initially planned to be used only for iPhones sold in the Chinese market. It was considering eventually purchasing up to 40% of the chips needed for all iPhones from YMTC, the newspaper said. Apple did not immediately respond to Reuters' request for comment, while YMTC declined to comment.

☆ India should pause rate hikes as growth fears loom - MPC's Varma
▼ + stars: | 2022-10-17 | by ( Swati Bhat | ) www.reuters.com time to read: +4 min

MUMBAI, Oct 17 (Reuters) - India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma told Reuters on Monday. Varma, in his written MPC minutes, had said the country's economic growth outlook is "very fragile" and warned it could be "dangerous" to push the policy rate much higher. Varma said he would prefer the repo rate being held close to 6% for several quarters until inflation is stamped out. In his minutes, Varma had warned against using monetary policy to manage the fall in the currency, saying the external sector should be managed by other instruments. Further, raising the repo rate to ensure the interest rate differentials remain favourable for India was not a part of the MPC's mandate, particularly when there was lower risk of it causing imported inflation, he suggested.

☆ Woolworths says data of online unit's 2.2 mln users breached
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Australia's Woolworths Group Ltd (WOW.AX) said on Friday its majority-owned online retailer MyDeal identified that a "compromised user credential" was used to access its systems that exposed data of nearly 2.2 million users. Register now for FREE unlimited access to Reuters.com RegisterMyDeal's exposed customer data includes names, email addresses, phone numbers, delivery addresses, and in some instances date of birth of the customers, the Sydney-based retailer said. It further clarified that MyDeal's website and application were not impacted, and none of the other platforms of Woolworths group were compromised. MyDeal, owned 80% by the top grocer, said it was contacting the affected customers and working with authorities to investigate the incident. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: India's RBI asks banks to stop building positions in offshore market
▼ + stars: | 2022-10-13 | by ( Nimesh Vora | ) www.reuters.com time to read: +3 min

The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said. For instance, the USD/INR NDF 1-month rate is currently 7 paisa higher than the corresponding onshore rate and the 3-month forward rate is about 25 paisa higher. To take advantage of this arbitrage, eligible banks could buy spot dollars onshore and pay 1-month premium while selling USD/INR 1-month in the NDF market. Bankers argue that the RBI's curbs on the activity of banks on NDF will not ease pressure on the rupee. Instead, it would lead to offshore rates once again having more influence on the rupee exchange rate.

☆ INDIA STOCKS Indian shares fall as rate hike fears surface; Wipro plunges
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 13 (Reuters) - Indian shares were lower in early trade on Thursday after data showed the country's retail inflation accelerated to a five-month high in September, stoking fears of further rate hikes by the central bank. The NSE Nifty 50 index (.NSEI) fell 0.19% to 17,090.50 as of 0348 GMT, and the S&P BSE Sensex (.BSESN) declined 0.26% to 57,477.01. The country's annual retail inflation jumped to 7.41% last month, as food prices surged, and it remained above the Reserve Bank of India's target for three quarters. Market participants now await U.S. consumer price data due later in the day. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil and Neha AroraOur Standards: The Thomson Reuters Trust Principles.

☆ European shares fall for sixth day on earnings jitters
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

Weak results from Barratt Developments (BDEV.L), Britain's largest housebuilder, sparked a selloff in the sector. read more"Although depressed sentiment and cheapened valuations are tailwinds for European stocks, the region's macroeconomic outlook remains a potent headwind that could lead to further downside for European earnings," analysts at BCA Research wrote in a note. Overall, European companies are expected to report a 29.4% increase in third-quarter profit, slightly below the 33.2% rise forecast at the start of October, as per Refintiv IBES data. read moreOther luxury stocks such as Hermes (HRMS.PA), L'Oreal (OREP.PA) and Christian Dior (DIOR.PA) gained between 0.9% and 2.7%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's Wipro Q2 profit misses estimate
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 12 (Reuters) - India's Wipro Ltd (WIPR.NS) on Wednesday reported a weaker-than-expected second quarter profit hit by higher employee-related expenses. read moreConsolidated net profit for quarter-ended Sept. 30 came in at 26.59 billion Indian rupees ($323.3 million), compared with 29.31 billion rupees year ago. Analysts on average had expected a profit of 28.44 billion rupees, according to Refinitiv data. Revenue from operations rose nearly 15% to 225.40 billion rupees. ($1 = 82.2530 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Moody's withdraws ratings of China's Evergrande and Kaisa
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - Moody's on Tuesday said it withdrew the ratings of property developers China Evergrande Group (3333.HK) and Kaisa Group because of insufficient information. Moody's said it also withdrew its ratings on Evergrande's units - Hengda Real Estate Group Company Limited, Tianji Holding Limited and Scenery Journey Limited. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jose Joseph in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares extend fall as autos weigh
▼ + stars: | 2022-10-11 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, Oct 11 (Reuters) - Indian shares fell for a third session on Tuesday, with automobile stocks leading losses, as risk-averse trades take hold of financial markets globally. The NSE Nifty 50 index (.NSEI) fell 0.55% to 17,146 as of 0510 GMT, and the S&P BSE Sensex (.BSESN) was down 0.51% to 57,692.61. read moreIn domestic trading, the Nifty's automobile index (.NIFTYAUTO) and the energy index (.NIFTYENR) fell 0.98% and 0.69%, respectively. Tata Consultancy Services Ltd (TCS.NS) posted its biggest intraday pct fall in more than three weeks, weighing on the Nifty IT index (.NIFTYIT) which was down 0.75%. "We have seen the worst of inflation getting over so don't see much of a domestic inflation scare as of now."

☆ British pub group Mitchells & Butlers warns on costs, shares drop
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Q4 LfL sales up 1.5% vs 2019Flags higher energy and utility costsShares down ~7%Sept 29 (Reuters) - Mitchells & Butlers (MAB.L) warned of tighter margins in its new financial year as costs rise, driving shares in the British pub operator to two-year lows. Energy and utility costs have risen to roughly 150 million pounds ($161.6 million) in the year ending September 2022, from 80 million pounds in the 2019 period, and could rise further next year, it said in a statement on Thursday. Shares in the company, which have nearly halved in value this year, fell nearly 7% to their lowest since Oct. 2020. read moreBritain has tried to ease the pressure of soaring energy costs, saying it would cap wholesale electricity and gas costs for businesses at less than half the market rate from the coming month until the end of March. Like-for-like sales were up 1.5% for the fourth quarter ended Sept. 24, against 2019 levels, amid rail strikes and extreme heat.

☆ INDIA STOCKS Indian shares rise on metals, auto boost
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Sept 29 (Reuters) - Indian shares opened higher on Thursday after six consecutive sessions of losses, boosted by gains in metals and auto companies, with investors eyeing support from central banks to allay fears of a global recession. The NSE Nifty 50 index (.NSEI) rose 0.9% to 17,005 as of 0351 GMT, while the S&P BSE Sensex (.BSESN) gained 0.9% to 57,093.19. Register now for FREE unlimited access to Reuters.com RegisterForeign institutional investors sold a net 27.72 billion Indian rupees ($340.5 million) worth of equities on Wednesday, while domestic investors purchased 25.44 billion rupees of shares, as per provisional data available with the National Stock Exchange. The Nifty metals index (.NIFTYMET) rose 2.5%, while the auto index (.NIFTYAUTO) gained 1.4%Indian cosmetics-to-fashion retailer Nykaa's parent FSN E-Commerce Ventures (FSNE.NS) rose 4.3% after the company said it will consider an issue of bonus shares. read more($1 = 81.4060 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Synthomer shares plunge on lowered annual profit outlook
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Shares of Synthomer Plc (SYNTS.L) slumped to their lowest in more than a decade after the polymer maker slashed its annual core profit projections on Thursday, hit by destocking of medical gloves and declining demand due to macro challenges. Synthomer has been saddled with a high inventory of medical gloves post the pandemic, with reduced demand. Meanwhile, the deteriorating macroeconomic conditions led to reduced demand in construction and coatings end markets, hurting trading in Europe, it added. Shares of the London-listed company tanked 32% to 94 pence as of 0750 GMT, hitting their lowest level since 2010. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muhammed Husain in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares fall over 1% on global growth fears
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA man stands in front of a screen displaying news of markets updates inside the Bombay Stock Exchange (BSE) building in Mumbai, India, January, 3, 2020. REUTERS/Francis Mascarenhas/BENGALURU, Sept 26 (Reuters) - Indian shares fell on Monday in broadbased selling, tracking Asian peers, as investors shunned equities on renewed worries over economic growth in the face of a high-interest rate environment. The sterling slumped to a record low on Monday as investors piled in to dollars and out of almost everything else, spooked by the prospect of high interest rates and poor growth ahead. Last week, the United States and half a dozen other countries raised interest rates. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Made.com web site is seen on a smartphone in front of a displayed logo in this illustration taken June 16, 2021. Made.com employs around 700 people, indicating more than 200 jobs could be cut. In the past year supply chain disruptions, made worse by Russia's invasion of Ukraine, have also pushed up costs for companies, including Made.com. Made.com appointed PricewaterhouseCoopers (PwC) as its financial adviser to the strategic review and formal sale process. British retailer DFS Furniture (DFSD.L)last week also warned of a challenging outlook for the furniture sector, saying volumes have fallen as demand wanes.

☆ India's banking system liquidity may remain in deficit in second half - analysts
▼ + stars: | 2022-09-22 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File PhotoMUMBAI, Sept 21 (Reuters) - Liquidity in India's banking system is likely to remain in deficit in the second half of this financial year as credit growth picks up and the circulation of currency notes rises, analysts said. As of Tuesday, the systemic deficit stood at 218 billion rupees, its highest since May 2019, with tax outflows in past week also squeezing liquidity. "Unless we see reasonable improvement in the balance of payment deficit, liquidity tightness will continue to persist," said Soumyajit Niyogi, director at India Ratings. Reuters Graphics Reuters GraphicsRBI ACTIONThe U-turn in liquidity has pushed up the overnight inter-bank rate above the policy repo rate of 5.4%. The RBI announced an overnight repo auction for 500 billion rupees after the close of market on Wednesday.

☆ India's Ola Electric ventures abroad, to enter Nepal next quarter
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

A man checks his mobile phone as he waits while recharging his Ola electric scooter at an electric vehicle charging station in New Delhi, India, February 12, 2022. It has signed a partnership agreement with CG Motors in Nepal to distribute its Ola S1 e-scooters. Ola Electric, valued at $5 billion, has made inroads into India's EV market with over 80,000 electric scooters. Ola had planned to go public in the first half of 2022, but has since postponed the plan, amid a volatility in the market and lackluster listings of some start-ups in India this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ashish Chandra in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves Fennec's hearing loss therapy
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File PhotoSept 21 (Reuters) - The U.S. Food and Drug Administration has approved Fennec Pharmaceuticals Inc's (FENC.O) intravenous therapy to prevent chemotherapy-induced hearing loss in children, according to the health regulator's website. Cisplatin is used in treating a range of cancers in children such as liver, bone and brain cancer, but can cause permanent hearing loss. Register now for FREE unlimited access to Reuters.com RegisterPedmark is now the only approved therapy to prevent cisplatin-induced hearing loss in the United States, with most patients opting for either cochlear implants or hearing aids. Register now for FREE unlimited access to Reuters.com RegisterReporting by Raghav Mahobe and Mrinalika Roy in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ India's banking system liquidity slips into deficit - RBI
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterA man walks behind the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 8, 2022. REUTERS/Francis MascarenhasMUMBAI, Sept 21 (Reuters) - India's banking system liquidity has slipped into deficit for the first time in nearly 40 months, according to the Reserve Bank of India. The RBI infused 218 billion Indian rupees ($2.73 billion)into banking system on Tuesday, the biggest since May 2019. Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019. ($1 = 79.8000 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Dhanya"

25 mentions found