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☆ Nestle India's profit tops estimates on price hikes, demand rebound
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - Nestle India (NEST.NS) reported a bigger-than-expected rise in third-quarter profit on Wednesday, benefiting from price increases and a rebound in demand for its chocolates and packaged foods in rural areas. The Maggi noodles maker's profit rose 8.3% to 6.68 billion Indian rupees ($81.1 million) in the quarter ended Sept. 30. Analysts on average were expecting a profit of 6.57 billion rupees, according to IBES data from Refinitiv. "Growth has been very strong in the large metros and mega cities and continued to be robust across smaller town classes, including rural markets," Nestle India Managing Director Suresh Narayanan said in a statement. However, analysts says that certain categories, including noodles and biscuits, defied the trend as people consider such items small treats during economic downturns, adding to Nestle's resilient urban sales momentum.

☆ Indian rupee falls to record low on broad dollar strength
▼ + stars: | 2022-10-19 | by ( Lucila Sigal | ) www.reuters.com time to read: 1 min

MUMBAI, Oct 19 (Reuters) - The Indian rupee fell to record low versus the U.S. dollar on Wednesday, as surging U.S. Treasury yields prompted a broad rally in the greenback. The rupee fell to a record low of 82.7750 per dollar, down from 82.36 in the previous session. "Once the RBI (Reserve Bank of India) moved away from the 82.40 level, which it was protecting, there was absolute panic dollar buying," a trader at a private sector bank said. Traders from two private banks said that large dollar demand from two public sector companies had contributed to the rupee's fall to record low. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nimesh Vora; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Medibank says hackers claim to have customer data
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Australia's Medibank Private Ltd (MPL.AX) said on Wednesday an unnamed hacker group had contacted it negotiate about customer data it claimed to have retrieved from the health insurer's IT systems. The news comes six days after Medibank reported an attempted ransomware attack on its network, but said there was no evidence that customer data had been removed. Medibank said it was working urgently to establish if the hacker's claims were true. Register now for FREE unlimited access to Reuters.com RegisterThe Melbourne-based company is working with cyber security firms and has also informed the Australian Cyber Security Centre (ACSC), the government's lead agency for cyber security. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's external buffers sufficient to cushion risks - Fitch Ratings
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

"India's external buffers appear sufficient to cushion risks associated with rapid monetary policy tightening in the U.S. and high global commodity prices," Fitch said in a release. The ratings agency added that India's public finances remain the key driver of the country's sovereign rating and its limited reliance on external financing helps. The strong cover gives authorities the scope to utilise reserves to smooth over periods of external stress, the rating agency added. Fitch sees India's current account deficit at 3.4% of GDP in the current financial year. "We expect India's current account deficit will be wider in the next few years, than it was in the period prior to the pandemic."

☆ 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.

☆ Microsoft cuts about 1,000 jobs - Axios
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Microsoft Corp (MSFT.O) laid off under 1,000 employees across several divisions this week, Axios reported on Tuesday, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown. The layoffs affected less than 1% of Microsoft's total workforce of around 221,000 as of June 30. The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line. Microsoft did not immediately respond to a Reuters' request for comment on the Axios report. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jyoti Narayan in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares rise 1% as cenbank eases inflation fears
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 18 (Reuters) - Indian shares jumped to three-week highs in early trade on Tuesday, as rate hikes fears were soothed after the country's central bank said inflation looked set to ease and as risk sentiment improved globally on Britain's fiscal policy U-turn. In domestic trading, Nifty's automobile (.NIFTYAUTO), IT (.NIFTYIT), energy (.NIFTYENR) and public sector bank (.NIFTYPSU) indexes climbed more than 1% each. Inflow of funds from domestic investors in equities were strong even as foreign institutional investors sold shares. Foreign investors sold a net of 3.72 billion Indian rupees ($45.3 million) worth of equities on Monday, while domestic investors bought 15.82 billion rupees worth of shares, the National Stock Exchange's provisional data showed. ($1 = 82.1780 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Rupee ends flat, gives up intraday gains; outlook dim
▼ + stars: | 2022-10-18 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

The rupee closed at 82.36 per dollar, compared with 82.3500 in the previous session. Still, analysts reckon that the rupee will likely add to its 10.5% decline so far this year. "Until the global turmoil eases out and the trend changes across, pressure on the rupee will remain." The rupee's climb to near 82 earlier in the session was aided by investors' relatively stronger risk appetite. Open interest on USD/INR futures on the NSE fell, likely due to traders taking advantage of the dip to 82 to lock in profits on dollar short positions.

☆ India cenbank's 2013 playbook to rebuild FX reserves unlikely to work-analysts
▼ + stars: | 2022-10-18 | by ( Swati Bhat | ) www.reuters.com time to read: +5 min

Register now for FREE unlimited access to Reuters.com RegisterTo defend the rupee, the Reserve Bank of India has dipped into its forex reserves. "It would be important to rebuild FX reserves for sure. Reuters GraphicsUNPROFITABLE SPREADSBack in 2013, the RBI had offered to swap the U.S. dollars banks had raised via foreign currency non-resident (FCNR) deposits or foreign currency funding for rupees at concessional rates. And while reserves at current levels are adequate to cover more than eight months of imports, analysts say a sustained depletion could cause some concern. Bank of Baroda's Sabnavis suggested floating sovereign bonds, like the Resurgent India bonds (RIBs) India Millennium Deposit bonds (IMDs) in the past, to help boost forex reserves.

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.

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

Oct 17 (Reuters) - Apple Inc (AAPL.O) has put on hold plans to use memory chips from China's Yangtze Memory Technologies Co (YMTC) in its products, the Nikkei reported on Monday, citing people familiar with the matter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares decline as metal stocks weigh
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 17 (Reuters) - Indian shares fell in early trading on Monday, dragged down by metal stocks and in line with Asian peers amid growing fears that aggressive rate hikes by central banks globally would lead to a slowdown and weigh on corporate earnings. The NSE Nifty 50 index (.NSEI) was 0.15% lower at 17,159.30 as of 0352 GMT, and the S&P BSE Sensex (.BSESN) fell 0.19% to 57,808.78. Nifty's metal (.NIFTYMET) and realty (.NIFTYREAL) sub-indexes were among the top losers, falling more than 1% each. Among other stocks, Shree Cement Ltd (SHCM.NS) fell 5% after it posted a 67.2% slump in second-quarter profit as fuel costs surged. ($1 = 82.4000 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance Jio selects Nokia as equipment provider in 5G push
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 17 (Reuters) - Indian telecom service provider Reliance Jio has chosen Nokia (NOKIA.HE) as a major supplier, the Finnish telecom equipment maker said on Monday, as India's biggest mobile carrier gears up to expand next-generation wireless services across the country. Nokia will supply Reliance Jio, which has more than 420 million customers, with 5G radio access network (RAN) equipment in a multi-year deal, the company said in a statement. Reliance (RELI.NS) snapped up airwaves worth $11 billion in a $19 billion 5G spectrum auction in August and had launched 5G services in select cities. "Jio is committed to continuously investing in the latest network technologies to enhance the experience of all of its customers," Akash Ambani, chairman of Reliance Jio, said. Meanwhile, Reliance Jio is planning to raise an additional $1.5 billion via external commercial borrowings to fund its 5G capital expenditure plans, the Economic Times newspaper reported, citing sources.

☆ 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.

☆ Royal Mail could cut 5,000-6,000 jobs by next August
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Royal Mail could cut as many as 5,000 to 6,000 jobs by the end of August next year, parent company International Distributions Services (IDSI.L) said on Friday, as the British company remains locked in a bitter dispute with its largest labour union. The Communication and Workers Union (CWU), representing 115,000 Royal Mail postal workers, have held strikes in September and early October, and have threatened more strikes this month and next. Royal Mail would post an adjusted operating loss of around 350 million pounds this year, after taking into account the hit from the strikes that have taken place or are scheduled, International Distributions Services forecast. The company said there could be more job losses at Royal Mail, its UK business, if strikes went ahead during the holiday period. Royal Mail, the former British postal monopoly recently changed the name of its holding company to International Distributions Services from Royal Mail Plc.

☆ FTSE rallies on hopes of fiscal plan reversal
▼ + stars: | 2022-10-14 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focussed FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five. However, futures point to a weak start for U.S. stocks on Friday, with investors nervously awaiting quarterly reports from big Wall Street banks. read moreEmerging markets-focussed investment group Ashmore (ASHM.L) dipped 2.6% after reporting an $8 billion fall in assets under management for the September quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ BA-owner IAG summer profit beats expectations, no weakness in forward bookings
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - British Airways-owner IAG (ICAG.L) reported better than expected results for its key summer period due to strong demand and pricing and said that future bookings were not showing any signs of weakness, pushing its shares up as much as 10%. European airline stocks have plunged over the last six months over worries that rising household bills will dampen appetite for travel, but IAG said it was confident on future demand. Register now for FREE unlimited access to Reuters.com Register"Forward bookings remain at expected levels for the time of year, with no indication of weakness, and accordingly our fourth quarter expectations remain unchanged as of today," the group said in a statement. The full results statement is due to be announced on Oct. 28. ($1 = 1.0272 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Sinchita Mitra in Bengaluru and Sarah Young in London; Editing by Savio D'Souza and James DaveyOur Standards: The Thomson Reuters Trust Principles.

Oct 13 (Reuters) - Pfizer (PFE.N) and its German partner BioNTech said their COVID-19 vaccine booster, adapted for the BA.4 and the BA.5 subvariants of Omicron, generated a strong immune response and was well-tolerated in testing on humans. With the results, which the companies described as consistent with preclinical data, the partners are following up with human trial data that had previously been missing from their successful filings for regulatory approval. Register now for FREE unlimited access to Reuters.com RegisterThey did not disclose the levels of antibodies generated in the preliminary analysis of the study. Healthcare regulators for the European Union and the United States had already approved the upgraded shot last month, even though trial data from testing on humans had at the time not been available. “While we expect more mature immune response data from the clinical trial of our Omicron BA.4/BA.5-adapted bivalent vaccine in the coming weeks, we are pleased to see encouraging responses just one week after vaccination in younger and older adults," said Pfizer Chief Executive Albert Bourla.

☆ FTSE 100 extends losing run to seventh day as homebuilders drag
▼ + stars: | 2022-10-13 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

SummarySummary Companies FTSE 100 on longest losing streak since July 2019Taylor Wimpey down on ex-dividend tradingHousing stocks hover at near decade-lowsFTSE 100 down 0.5%, FTSE 250 off 0.1%Oct 13 (Reuters) - UK's FTSE 100 extended its losing run to a seventh straight session on Thursday, as homebuilders took a fresh hit after data showed slowing house prices, while investors were cautious ahead of U.S. inflation data later in the day. The blue-chip FTSE 100 index (.FTSE) fell 0.5%, setting it up for its longest losing streak since July 2019. The midcap FTSE 250 (.FTMC) slipped 0.1% to hold near May 2020 lows. "Add to that all the confidence issues about the direction of fiscal and monetary policies (and) it's a pretty poisonous combination." read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Infosys beats Q2 profit estimates, sets $1.13 bln share buyback
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 13 (Reuters) - India's Infosys Ltd (INFY.NS) on Thursday reported a bigger-than-expected increase in second-quarter profit, boosted by strong demand, and raised its full-year revenue growth forecast. The country's second-largest IT services company by revenue also approved a share buyback worth 93 billion Indian rupees ($1.13 billion). Infosys's raised forecast is in contrast to its rivals, who have issued cautious outlooks so far due to the challenging macro-environment and fears of an economic meltdown in their major markets of the U.S. and Europe. read moreInfosys's consolidated net profit rose 11% to 60.21 billion rupees year-over-year in the quarter ended Sept. 30, beating analysts' average estimate of 57.82 billion rupees, according to Refinitiv data. The company's revenue from operations jumped 23.4% to 365.38 billion rupees.

☆ Apple, Samsung to upgrade phone software for Indian 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +3 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Xiaomi India President Muralikrishnan B said their smartphones support Airtel 5G at present and by the end of this month most devices will start receiving updates for Jio 5G network support. Meanwhile, Oppo India Vice President Tasleem Arif said the company will roll out 5G software upgrade on all compatible devices, which already support Airtel 5G, at the earliest.

☆ Apple, Samsung to upgrade phone software in India for 5G rollout by Dec
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

The iPhone 14, iPhone 14 Pro and iPhone 14 Pro Max are displayed at the Apple Fifth Avenue store, in Manhattan, New York City U.S. September 16, 2022. REUTERS/Andrew KellyNEW DELHI, Oct 12 (Reuters) - Apple Inc (AAPL.O) and Samsung Electronics (005930.KS) will upgrade software for their 5G-enabled phones in India by December, the companies said on Wednesday, as Indian authorities press mobile phone manufacturers to adopt the high-speed network. Apple said it would push software upgrades to recent models, including the iPhone 14, 13, 12 and iPhone SE, which, industry sources say, do not yet support the network. A Samsung India spokesperson said the company would roll out updates across all its 5G devices by mid-November. Ministry of electronics and IT officials held a meeting on Wednesday dedicated to 5G adoption, which executives from Apple, Samsung, Vivo and Xiaomi, and telecom operators Reliance, Airtel and Vodafone Idea (VODA.NS) attended.

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