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☆ Cryptoverse: As good as gold? Spot bitcoin ETFs aim to whip up US demand
▼ + stars: | 2023-10-31 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +5 min

Mainstream investment giants such as BlackRock (BLK.N) and Fidelity, as well as crypto-focused firms like Grayscale, have filed applications for spot bitcoin ETFs. U.S. crypto firm NYDIG estimates demand for a spot bitcoin ETF at around $30 billion. Their calculation compares the sizes of the gold and bitcoin ETFs - $210 billion versus $28.8 billion, respectively - and adjusts them for their relative volatility. BlackRock declined to comment on its pending spot bitcoin ETF, other than to confirm that it is still awaiting final SEC approval. His forecast is based on how demand evolved in smaller markets where spot bitcoin ETFs already exist, such as Canada.

Persons: Dado, Dave Mazza, George Gagliardi, cryptocurrencies, bitcoin, Todd Sohn, Steven McClurg, Crypto, Matthew Sigel, Matthew Hougan, Steve Sosnick, Suzanne McGee, Ira Iosebashvili, Michelle Price Organizations: REUTERS, Roundhill Investments, Fidelity, U.S . Securities, Exchange, Coromandel Wealth Management, Strategas Securities, Boston Consulting, BlackRock, SEC, Bitwise Investments, Interactive, Thomson, Reuters Locations: U.S, BlackRock, Lexington , Massachusetts, Canada

☆ Meta introduces ad-free plans for Instagram, Facebook in Europe
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logos of Facebook and Instagram and the words "Monthly subscription" are seen in this picture illustration taken January 19, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 30 (Reuters) - Meta Platforms (META.O) said on Monday it will offer users in Europe a subscription plan to use Facebook and Instagram without advertisements to comply with the European Union regulations. The monthly subscription plans for users in the EU, European Economic Area and Switzerland, will cost 9.99 euros ($10.58) for web users, while iOS and Android users will have to shell out 12.99 euros a month. The EU regulations threaten to curb Meta's ability to personalize ads for users without their consent and hurt its major revenue source. ($1 = 0.9446 euros)Reporting by Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Meta, Akash Sriram, Shinjini Organizations: REUTERS, Facebook, European, European Economic, Ireland's, EU, Thomson Locations: Europe, EU, Switzerland, Meta, Bengaluru

☆ Amplifon lowers profit forecast on weak demand, global uncertainty
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Amplifon logo and stock graph are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsCompanies Amplifon SpA FollowOct 30 (Reuters) - Italian hearing aid maker Amplifon (AMPF.MI) lowered its full year guidance for recurring core profit on Monday, citing weaker than expected demand in Europe and global economic and political uncertainty. It now sees its recurring earnings before interest, depreciation and amortisation (EBITDA) at about 550 million euros ($582.34 million) for 2023, down from a previous forecast of between 570-585 million euros. Amplifon's recurring EBITDA stood at 109.8 million euros in the third quarter, marginally up from 109.4 million euros a year ago. ($1 = 0.9445 euros)Reporting by Alessandro Parodi, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, EBITDA, Alessandro Parodi, Louise Heavens Organizations: REUTERS, Thomson Locations: Europe, Israel

☆ Exxon names new shale oil chief to replace executive facing assault charge
▼ + stars: | 2023-10-30 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Cahir has previously run Exxon's shale business including its XTO unit as senior vice president of Unconventional from July 2020 through April 2022. Unconventional is Exxon's term for shale oil and gas. That purchase will bring Exxon's shale output to 1.3 million barrels of oil and gas (boepd), more than a quarter of its overall production. Cahir led Exxon's Unconventional unit as senior vice president as Exxon implemented tough costs cuts following the collapse of oil and gas prices during the pandemic. NO PLEAFormer shale boss Scott appeared before a Texas judge last week on second-degree felony sexual assault.

Persons: Dado Ruvic, Bart Cahir, Cahir, Exxon Mobil's, David Scott, Scott, Dan Cogdell, Cogdell, Ken Paxton, Paxton, Sabrina Valle, Erwin Seba, David Gregorio, Jonathan Oatis Organizations: Exxon Mobil, REUTERS, Exxon, Pioneer, Solutions, Natural Resources, Exxon's, Texas, Thomson Locations: HOUSTON, Cahir, Midland, U.S, Delaware, Texas

☆ TikTok, Snapchat and others sign pledge to tackle AI-generated child sex abuse images
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] TikTok app logo is seen in this illustration taken, August 22, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Tech firms including TikTok, Snapchat and Stability AI have signed a joint statement pledging to work together to counter child sex abuse images generated by artificial intelligence. "We resolve to sustain the dialogue and technical innovation around tackling child sexual abuse in the age of AI," the statement read. "We resolve to work together to ensure that we utilise responsible AI for tackling the threat of child sexual abuse and commit to continue to work collaboratively to ensure the risks posed by AI to tackling child sexual abuse do not become insurmountable." Britain cited data from the Internet Watch Foundation showing that in one dark web forum users had shared nearly 3,000 images AI generated child sexual abuse material.

Persons: Dado Ruvic, Susie Hargreaves, William James, Sarah Young Organizations: REUTERS, Tech, TikTok, Britain, Internet Watch Foundation, Thomson Locations: United States, Britain

☆ Canadian Solar to invest $800 million to build cell manufacturing plant
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Miniatures of solar panel and electric pole are seen in front of Canadian Solar logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsCompanies Canadian Solar Inc FollowOct 30 (Reuters) - Canadian Solar (CSIQ.O) said on Monday it would invest $800 million to build a solar photovoltaic (PV) cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The company said the plant would produce cells with an annual output of 5 gigawatts (GW), equivalent to about 20,000 high-power modules per day. The Guelph, Ontario-based company said cells produced at Jeffersonville facility would be used at its 5 GW module assembly plant in Mesquite, Texas, the company's first manufacturing facility in the U.S., announced in June. Shares in the company, which is exiected to start production at the Jeffersonville facility by the end of 2025, were up 1.56% at $19.51 in premarket trading.

Persons: Dado Ruvic, Tanay, Vinay Dwivedi Organizations: Canadian, REUTERS, Rights, Commerce, Thomson Locations: Jeffersonville , Indiana, Guelph, Ontario, Jeffersonville, Mesquite , Texas, U.S, Bengaluru

☆ Broadcom expects $69 bln VMware deal to close before November deadline
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) expects its $69 billion buyout of cloud-computing firm VMware (VMW.N) to close before the November deadline, the companies said on Monday, amid investor concerns about securing China's approval for the deal. The companies did not disclose details regarding China's approval on Monday, but said there was "no legal impediment" to the deal closing under U.S. merger regulations. Broadcom has received legal merger clearance in Australia, Brazil, Canada, the European Union, Israel, Japan, South Africa, South Korea, Taiwan and the United Kingdom, along with foreign investment control clearance in all necessary jurisdictions. The deal, Broadcom's largest ever, received EU antitrust approval after the company offered remedies to help rival Marvell Technology (MRVL.O).

Persons: Dado Ruvic, Joe Biden's, Harshita Mary Varghese, Devika Organizations: Broadcom, REUTERS, chipmaker Broadcom, VMware, China's, Administration of, Financial Times, U.S, European Union, Marvell Technology, Thomson Locations: Australia, Brazil, Canada, Israel, Japan, South Africa, South Korea, Taiwan, United Kingdom

☆ Britain to push ahead with rules for cryptoassets
▼ + stars: | 2023-10-30 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Britain said on Monday it would legislate to implement its first set of rules to regulate the crypto sector, requiring market participants to be authorised before they can offer services to consumers. The European Union has already approved the world's first set of comprehensive rules for cryptoasset markets, which are already attracting crypto firms to set up base in the bloc. Britain's finance ministry said it would move ahead as proposed in a February public consultation, requiring firms undertaking cryptoasset activities to be authorised by the Financial Conduct Authority. The rules focus on cryptoassets, such as bitcoin, and the underlying distributed ledger technology (DLT) or blockchain that underpins the sector. Crypto firms currently face only requirements to have safeguards against money laundering.

Persons: Dado Ruvic, bitcoin, Crypto, Huw Jones, Andrew Cawthorne, Peter Graff Organizations: REUTERS, European Union, Financial, Authority, Thomson Locations: Britain, United States

☆ Canada bans WeChat, Kaspersky applications on government devices
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOTTAWA, Oct 30 (Reuters) - Canada on Monday banned Chinese messaging application WeChat and Russian antivirus program Kaspersky on government-issued mobile devices due to privacy and security risks, but said government information had not been compromised. WeChat and Kaspersky did not immediately respond to requests for comment. "The decision to remove and block the WeChat and the Kaspersky applications was made to ensure that government of Canada networks and data remain secure and protected and are in line with the approach of our international partners," the statement said. The applications will be removed from government-issued mobile devices on Monday, and users will be blocked from downloading them in the future. Canada in February banned TikTok, the short-video app owned by Chinese company Bytedance, from government-issued devices due to similar privacy and security concerns.

Persons: Dado Ruvic, Kaspersky, TikTok, Ismail Shakil, Yuvraj Malik, Grant McCool Organizations: REUTERS, Rights OTTAWA, HK, Treasury Board of Canada, Treasury, Thomson Locations: Canada, Moscow, Ottawa, Bengaluru

New drilling technologies during the so-called Bakken Boom turned North Dakota into the nation's second-largest crude oil-producing state from 2012 to 2020. "This sale is a big deal in North Dakota," said Ron Ness, head of the North Dakota Petroleum Council, an industry trade group. "There's a sentimentality to this sale," said Kathy Neset, who runs a prominent North Dakota oil industry consulting firm and counts Hess as one of her largest clients. Chevron could take Bakken production higher than the output targeted by Hess in the future, said Matthew Bernstein, a senior analyst at Rystad Energy. Bakken oil production could drop to 1.15 million bpd from 2026 and be flat through 2030, before entering gradual decline as inventory exhaustion sets in, said Nathan Nemeth, a principal analyst at Wood Mackenzie.

Persons: Dado Ruvic, Hess, Boom, Mike Wirth, Wirth, Ron Ness, Kathy Neset, Matthew Bernstein, Bernstein, Jessie Jones, Jones, Nathan Nemeth, Wood Mackenzie, Stephanie Kelly, Ernest Scheyder, Marguerita Choy, Simon Webb Organizations: Chevron, Hess, REUTERS, Gulf Coast, Reuters Graphics Chevron, North Dakota Petroleum Council, Rystad Energy, Reuters Graphics Reuters, Energy, Thomson Locations: North Dakota, New Mexico, Gulf, Gulf Coast ., Midland, Texas

☆ White House unveils wide-ranging action to mitigate AI risks
▼ + stars: | 2023-10-30 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +4 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. The new executive order, which Biden will highlight at an event on Monday, goes further than those commitments. It also directs agencies to set standards for that testing and address related chemical, biological, radiological, nuclear, and cybersecurity risks, according to the White House. The official said the executive order had the force of law and the White House believed that legislative action from Congress was also necessary for AI governance. Biden is calling on Congress in particular to pass legislation on data privacy, the White House said.

Persons: Dado Ruvic, Joe Biden, Biden, Staff Bruce Reed, Kamala Harris, Rishi Sunak, Sunak, Jeff Mason, John Kruzel, Grant McCool Organizations: REUTERS, U.S ., Defense, Commerce Department, House, Staff, British, Thomson Locations: Europe, United States, Britain, China

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Oct 30 (Reuters) - China will send Wu Zhaohui, a Vice Minister of Science and Technology, to a global summit on artificial intelligence this week in Britain, two sources familiar with the matter said. Former Prime Minister Tony Blair visited Beijing earlier this month and met Chinese Foreign Minister Wang Yi, as Beijing seeks to boost ties with the Labour party ahead of a general election likely next year. China's science ministry and foreign ministry, as well as the Chinese Academy of Sciences, did not respond immediately to faxed requests for comment. Wu was appointed to his role in the science ministry in December 2022. Like many countries around the world, China has been caught up in a global craze over generative AI following the popularity of OpenAI's ChatGPT last year.

Persons: Dado Ruvic, Wu Zhaohui, James, Boris Johnson, Tony Blair, Wang Yi, Wu, Xi Jinping, OpenAI's ChatGPT, Laurie Chen, Brenda Goh, Miral Organizations: REUTERS, Rights, Science, Technology, Labour, Chinese Academy of Sciences, HK, Foreign, Commonwealth, Development, Thomson Locations: Rights BEIJING, SHANGHAI, China, Britain, Beijing, British, London, Hong Kong, United States, Shanghai

☆ Telegram to ban channels that called for anti-Semitic riots in Russia's Dagestan - founder
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

A keyboard is placed in front of a displayed Telegram logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsMOSCOW, Oct 30 (Reuters) - The popular messaging platform Telegram will block channels that called for anti-Semitic violence in Russia's Dagestan region, Telegram founder Pavel Durov said on Monday. "Channels calling for violence will be blocked for violating the rules of Telegram, Google, Apple and the entire civilised world," Durov wrote on his own Telegram channel. Durov posted a screenshot from "Utro Dagestan" (Morning Dagestan), a channel that contained threats to the tiny community of Jews living in Dagestan. Reporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Pavel Durov, Durov, Kevin Liffey Organizations: REUTERS, Rights, Google, Apple, Reuters, Thomson Locations: Dagestan, Russia's, Dagestan's, Makhachkala, Israel

☆ Pinterest beats third-quarter revenue estimates on ad market recovery
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - Pinterest (PINS.N) beat third-quarter revenue estimates on Monday, as a stabilizing digital advertising market helped draw marketers to the image-sharing platform ahead of the holiday season. Brokerages including Bernstein have been optimistic about the benefits from the partnership, saying it could drive up Pinterest's fourth-quarter revenue. The San-Francisco, California-based company's revenue rose 11% to $763.2 million for the quarter ended Sept. 30, compared with Wall Street estimates of $743.5 million, according to LSEG data. Global monthly active users (MAUs) on the image-sharing platform rose 8% to 482 million.

Persons: Dado Ruvic, Bernstein, Bill Ready, Jaspreet Singh, Shailesh Organizations: REUTERS, Global, Magna, Thomson Locations: San, Francisco , California, Bengaluru

☆ Top Wall Street analysts remain optimistic about these five stocks
▼ + stars: | 2023-10-29 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Mahaney reiterated a buy rating on NFLX stock with a price target of $500. Baird analyst Colin Sebastian recently initiated a buy rating on CART stock with a price target of $31. SLBOilfield services company SLB (SLB), formerly Schlumberger, recently reported better-than-expected third-quarter adjusted earnings. Calling SLB a structural winner, particularly during pullbacks, Mehta reiterated a buy rating on the stock with a price target of $65.

Persons: Dado Ruvic, Wall, Mark Mahaney, Mahaney, TipRanks, roadmaps, Harlan Sur, Sur, Baird, Colin Sebastian, Sebastian, Instacart, SLB, Goldman Sachs, Neil Mehta, Mehta, Tesla Organizations: Reuters, Netflix, Nvidia, JPMorgan, TipRanks, Schlumberger, Saudi Aramco, United Arab Locations: Saudi, United Arab Emirates, Qatar

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsBRUSSELS, Oct 29 (Reuters) - The Group of Seven industrial countries will on Monday agree a code of conduct for companies developing advanced artificial intelligence systems, a G7 document showed, as governments seek to mitigate the risks and potential misuse of the technology. The voluntary code of conduct will set a landmark for how major countries govern AI, amid privacy concerns and security risks, the document seen by Reuters showed. The 11-point code "aims to promote safe, secure, and trustworthy AI worldwide and will provide voluntary guidance for actions by organizations developing the most advanced AI systems, including the most advanced foundation models and generative AI systems", the G7 document said. The code urges companies to take appropriate measures to identify, evaluate and mitigate risks across the AI lifecycle, as well as tackle incidents and patterns of misuse after AI products have been placed on the market. Companies should post public reports on the capabilities, limitations and the use and misuse of AI systems, and also invest in robust security controls.

Persons: Dado Ruvic, Vera Jourova, Foo Yun Chee, Alexander Smith, Susan Fenton Organizations: REUTERS, Rights, Reuters, European Union, Companies, EU, Commission, Thomson Locations: Rights BRUSSELS, Canada, France, Germany, Italy, Japan, Britain, United States, Hiroshima, Southeast Asia, Kyoto

☆ Investors on edge as Middle East conflict intensifies
▼ + stars: | 2023-10-28 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +3 min

Investors have grown more worried about a widening conflict in recent days after the U.S. dispatched more military assets to the Middle East while Israel attacked targets in Gaza and Hamas supporters in Lebanon and Syria. Some investors also expect a widening conflict could prompt safe-haven buying of Treasuries. "However, an escalation of the conflict would likely shift attention away from monetary policy concerns and boost safe-haven demand for Treasuries." The Cboe Volatility index (.VIX) has climbed in the wake of the conflict and rose on Friday, approaching seven-month highs. The Federal Reserve is set to give its latest monetary policy statement on Wednesday, while Apple's quarterly results highlights another busy week of corporate reports.

Persons: Dado Ruvic, ”, Randy Frederick, Charles Schwab, Brent, Peter Cardillo, Lewis Krauskopf, David Randall, Ira Iosebashvili, David Gregorio Our Organizations: REUTERS, Federal, Hamas, Investors, U.S, Capital Economics, Spartan Capital Securities, UBS Global Wealth Management, Thomson Locations: Gaza, East, Israel, Lebanon, Syria, Treasuries, U.S

☆ Biden to deploy federal agencies to monitor the risks of AI - Politico
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: 1 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsWASHINGTON, Oct 27 (Reuters) - U.S. President Joe Biden will issue an artificial intelligence executive order as soon as Monday, Politico reported on Friday. Citing a draft of the order, Politico reported that Biden will deploy numerous federal agencies to monitor the risks of artificial intelligence and develop new uses for the technology while attempting to protect workers. Reporting by Jasper Ward; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Joe Biden, Biden, Jasper Ward, Sandra Maler Organizations: REUTERS, Rights, Politico, Thomson

☆ Global equity funds experience notable outflows amid U.S. yield worries
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Investors pulled out a net $7.46 billion from global equity funds during the week, extending outflows into a sixth straight week, data from LSEG showed. European equity funds logged about $7.39 billion worth of outflows during the week, the biggest amount since Sept. 28, 2022. Investors also divested $2.69 billion worth of U.S. equity funds but poured $2.53 billion in Asian funds. Investors also accumulated $18.3 billion worth of money market funds after $108.7 billion worth of net selling a week ago. Data covering 28,654 emerging market funds showed that investors exited EM equity funds of $2.55 billion, extending outflows into an 11th straight week.

Persons: Dado Ruvic, Gaurav Dogra, Patturaja, Alison Williams Organizations: REUTERS, Global, Investors, Reuters Graphics Reuters, Treasury, Commodities, Energy, Thomson Locations: outflows, LSEG, Bengaluru

☆ Chipmaker Intel soars on signs of PC market recovery
▼ + stars: | 2023-10-27 | by ( Samrhitha A | ) www.reuters.com time to read: +3 min

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. The chipmaker was set to increase its market value by more than $10 billion, if gains hold. Bernstein analyst Stacy Rasgon said Intel's "AI story still seems marginal" and the "datacenter performance continues to suffer from significant headwinds". The company is under heavy pressure in the data center chip market from Nvidia, whose graphic processing units are used for training artificial intelligence models. Sales at Intel's data center business, which also houses its AI chip division, dropped 10%.

Persons: Dado Ruvic, Bernstein, Pat Gelsinger, Taiwan's TSMC, Gelsinger, Logan Purk, Edward Jones, Stacy Rasgon, Gaudi, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Intel, AMD, Nvidia, Reuters, Thomson Locations: chipmaking, Bengaluru

☆ TikTok says Malaysia's claims it blocks pro-Palestinian content are 'unfounded'
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

A TikTok logo is displayed on a smartphone in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsKUALA LUMPUR, Oct 27 (Reuters) - Social media platform TikTok said on Friday allegations from the Malaysian government that it was blocking pro-Palestinian content were "unfounded". "Our community guidelines apply equally to all content on TikTok, and we're committed to consistently enforcing our policies to protect our community," a TikTok spokesperson said in an email to Reuters. Malaysia on Thursday warned of possible action against social media firms TikTok and Meta, saying their platforms had been accused of restricting content supporting Palestinians. Meta on Thursday said there was "no truth" to the claims, adding it was not deliberately suppressing voices on its Facebook platform.

Persons: Dado Ruvic, we're, Meta, Rozanna Latiff, Kanupriya Kapoor Organizations: REUTERS, Malaysian, Reuters, Facebook, Thomson Locations: KUALA LUMPUR, Malaysia

☆ Dollar eyes weekly gain as US economy stays robust
▼ + stars: | 2023-10-27 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. That added to bets the Federal Reserve is likely to keep monetary conditions restrictive for longer, driving the dollar broadly higher against a basket of currencies. The U.S. dollar index steadied at 106.57, having hit a three-week high of 106.89 in the previous session, and was on track for a weekly gain of about 0.4%. The European Central Bank (ECB) on Thursday left interest rates unchanged as expected, ending an unprecedented streak of 10 consecutive rate hikes. The yen last stood at 150.38 per dollar, languishing near the previous session's one-year trough of 150.78.

Persons: Dado Ruvic, Lint, PMIs, Julien Lafargue, Tony Sycamore, we've, we're, Rae Wee, Lincoln Organizations: REUTERS, Rights, Federal Reserve, U.S, European Central Bank, ECB, Barclays Private Bank, Analysts, IG, Treasury, Bank of Japan, Thomson Locations: Rights SINGAPORE, U.S, Asia, Gaza, Tokyo

☆ UniCredit CEO says shareholders prefer buybacks to dividends
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 27 (Reuters) - Italy's UniCredit (CRDI.MI) is using mostly share buybacks to return capital to shareholders, rather than dividends, because that is what investors prefer, Chief Executive Andrea Orcel said in a shareholders' meeting on Friday. "This is what shareholders tell us when we speak with them," Orcel told a meeting that approved a 2.5-billion-euro ($2.64 billion) share buyback. Presenting quarterly earnings on Tuesday, Orcel said that UniCredit would consider increasing over time the cash portion of its distribution, which is "arguably low." With shares trading at between 5 and 5.5 times the bank's forward earnings, "I think I am doing investors a favour by reducing the share count and boosting the yield going forward", Orcel said.

Persons: Dado Ruvic, Andrea Orcel, Orcel, UniCredit, Valentina Za, Alvise Organizations: REUTERS, Thomson

☆ Elon Musk's X launches two new premium subscription plans
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of social media platform X, formerly Twitter, is seen alongside the former logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 27 (Reuters) - Elon Musk's social media platform X, formerly known as Twitter, rolled out two new subscription plans on Friday, including a Premium+ tier for users willing to pay for an ad-free experience. It will, however, be available for users accessing the platform through a web browser for now, it added. X is also planning to bundle video and audio calling for some users, in a push to turn the platform into an everything app. Musk has been exploring several options to extensively monetize the social media platform, which he acquired for $44 billion in October 2022.

Persons: Dado Ruvic, Zaheer Kachwala, Anil D'Silva Organizations: REUTERS, Elon, Thomson Locations: Bengaluru

☆ Oil giants’ wavering discipline
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. The two companies reported somewhat similar results on Friday, with the $420 billion Exxon earning $9.1 billion, and the $279 billion Chevron making $6.5 billion. With more than $110 billion in acquisitions between the two of them, investors might wonder where they will slot in. Exxon returned over $8 billion to investors and Chevron $6 billion, and right now that’s not at the expense of their balance sheets. Over the past decade both stocks have sharply underperformed the S&P 500 Index (.SPX) as they’ve grown their positions dramatically.

Persons: Dado Ruvic, Hess, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Exxon, Pioneer Natural Resources, X, Investors, Unilever, Thomson

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