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☆ 5G push catches European telecom kit makers short
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 14 (Reuters Breakingviews) - The race to roll out faster 5G networks in the past two years has turned into a trap for telecom kit makers in Europe. The Finnish telecom gear group surprised investors with a profit warning; it cut its full-year net sales guidance to between 23.2 billion euros and 24.6 billion euros ($26.05 billion and $27.62 billion) from 24.6 billion euros to 26.2 billion euros previously. Mobile networks in big markets like the United States invested aggressively to roll out 5G equipment in 2021 and 2022, ending up with excessively high inventories. Yet this came just as mobile equipment makers’ customers started to rein in spending on the back of inflation, exacerbating their problem. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Karen Kwok, Lisa Jucca, Oliver Taslic Organizations: Reuters, Nokia, Ericsson, U.S, Twitter, Cathay, Thomson Locations: Europe, Swedish, Scandinavian, United States, India

It is a new challenge for formerly government-owned Air India, which Tata Group took over last year. The CCI, Air India and Vistara did not immediately respond to requests for comment. To address the CCI's concerns, Air India could make concessions such as giving up certain routes or reducing frequency, the second source said, adding that Air India remains confident the matter can be resolved by recommending certain changes. Vistara and Air India both fly on international routes such as London and Dubai and would need antitrust clearances in other jurisdictions, the first source said. Air India is expecting similar queries from foreign countries once it applies for clearance there, but is waiting for the India process to first close, the source added.

Persons: Vistara, Vaibhav Choukse, India's J, Choukse, Aditi Shah, Aditya Kalra, Gerry Doyle Organizations: Vistara, Air India, Tata Group, Tata, Air, The, of India, Singapore Airlines, India's, Sagar Associates, IndiGo, Thomson Locations: DELHI, Air India, India, London, Dubai

New York CNN —Homeowners insurance is becoming more expensive and, in many places, more difficult to find. The companies also blame limits placed on insurance premiums in some states, including California. Insurance premiums nationwide aren’t up significantly – only 1.6% in the last 12 months according to the Consumer Price Index, the government’s main inflation measure. For instance, in Louisiana, 17% of homeowners insurance policyholders had their policies canceled last year, according to an annual report from Louisiana State University. Meanwhile, more than two-thirds of policyholders said homeowners and flood insurance are more expensive in Louisiana than other states.

Persons: Ian, ”, Matthew Carletti, “ They’ve, it’s, ” Carletti, Dave Jones, ” Jones, policyholders, Carletti, Frank Frievalt’s, ” Frievalt, “ Organizations: New, New York CNN — Homeowners, Farm, Allstate, JMP Securities, Consumer, State Farm, State, Louisiana State University, Citizens Property Insurance, UN Locations: New York, Florida, California, California , Florida, Louisiana, Nevada, , California

☆ Asia shares buoyed by Fed pause bets; dollar heavy
▼ + stars: | 2023-06-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Japanese and Australian bond yields followed those on U.S. Treasuries lower, and the dollar remained on the defensive early in the Asian session. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) added 0.6%, and at one point touched its strongest level since Feb. 16. Traders now lay 1-in-4 odds for the Fed to raise rates by a quarter point on June 14, versus 75% probability of a pause. "I wouldn't go all in and say we're going to get a rate hike, but I think we should be at least 50% priced," said Tony Sycamore, an analyst at IG Markets in Sydney. The dollar added 0.15% to 139.135 yen , after earlier slipping to a one-week low of 138.765.

Persons: Hong, Tony Sycamore, Jerome, Powell's, Powell, undertightening, Tayyip Erdogan's, WTI fututes, Kevin Buckland, Stephen Coates Organizations: Federal Reserve, Japan's Nikkei, Nasdaq, Fed, Bank of Canada, Reserve Bank of Australia, IG Markets, New, U.S, West Texas, Brent, Thomson Locations: TOKYO, Asia, Pacific, Sydney, Tokyo, New York, U.S, United States, Iran

☆ Dollar adrift as traders assess Fed options; Aussie buoyant
▼ + stars: | 2023-06-07 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

In the broader currency market, the U.S. dollar dipped in early Asia trade, as traders pared back their expectations of a rate hike at next week's FOMC meeting. Against the greenback, sterling rose 0.08% to $1.2432, while the kiwi gained 0.08% to $0.6084. "We don't think the FOMC will hike next week ... but risks again are skewed to the upside," said Kong. The U.S. dollar index slipped 0.03% to 104.05, while the euro rose 0.07% to $1.0698. CRYPTO SHAKEOUTIn the cryptoverse, bitcoin , the world's biggest cryptocurrency, was last marginally higher at $27,273, after jumping nearly 6% on Tuesday.

Persons: Philip Lowe, Carol Kong, Lowe, CRYPTO, Coinbase, Binance, Changpeng Zhao, Tony Sycamore, Rae Wee, Shri Navaratnam Organizations: Federal Reserve, Australian, Reserve Bank of Australia's, Commonwealth Bank of Australia, U.S, Fed, The U.S, European Central Bank, U.S . Securities, Exchange Commission, SEC, IG Markets, Thomson Locations: SINGAPORE, Asia, U.S, The, Turkish

June 6 (Reuters) - Investors have pulled around $1.43 billion from the crypto exchange Binance and its U.S. affiliate as of 11 a.m. ET (1500 GMT) on Tuesday, data firm Nansen said, a day after a top U.S. regulator sued both exchanges. Binance saw net outflows of $1.34 billion of crypto tokens on the ethereum blockchain, with its U.S. affiliate, Binance.US, registering net outflows of $70.8 million, Nansen tweeted. The U.S. Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a "web of deception" to evade U.S. laws. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, Tony Sycamore, Binance's BNB cryptocurrency, Zhao, Tom Wilson, Rae Wee, Ankur Banerjee, Kevin Buckland, Hannah Lang, Sonali Paul, Tom Hogue, Nick Zieminski, Louise Heavens Organizations: U.S, Binance.US, U.S . Securities, Exchange Commission, Monday, SEC, Reuters, IG Markets, U.S . Commodity Futures Trading Commission, Thomson Locations: U.S, London, Singapore, Tokyo, Washington

☆ Dollar on back foot after weak ISM; Aussie awaits RBA
▼ + stars: | 2023-06-06 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Leading cryptocurrency bitcoin sagged toward the psychological $25,000 mark after U.S. regulators sued Binance, the world's biggest cryptocurrency exchange. "The soft ISM services PMI was unexpected to say the least," said Tony Sycamore, a market analyst at IG Markets in Sydney. The dollar was little changed at 139.55 yen , while the euro edged 0.08% higher to $1.0718. "The market is still short the Aussie dollar," he said. Elsewhere, bitcoin attempted to find its feet around $25,370, after tumbling 5.1% overnight in its biggest drop since April 19.

Persons: Binance, Tony Sycamore, Sycamore, you've, bitcoin, Changpeng Zhao, Kevin Buckland, Shri Navaratnam Organizations: Federal, Reserve Bank of, Global, U.S, Fed, Market, PMI, IG Markets, Services, China, Securities, Exchange Commission, SEC, Thomson Locations: TOKYO, Sydney

☆ Bitcoin steadies above $25,000 as Binance SEC lawsuit rattles investors
▼ + stars: | 2023-06-06 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

SINGAPORE, June 6 (Reuters) - Bitcoin stabilised above $25,000 on Tuesday after a steep dive overnight, as investors grappled with news that the U.S. securities regulator sued crypto exchange Binance, dealing a severe blow to the industry. Bitcoin , the world's largest cryptocurrency, was last at $25,797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. The U.S. Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a "web of deception" to evade U.S. laws, among other charges. "It's another blow to the crypto industry and the crypto exchanges of the world," said Tony Sycamore, market analyst at IG Markets. Reporting by Rae Wee in Singapore and Kevin Buckland in Tokyo; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Tony Sycamore, cyptocurrency, Wayne Huang, Rae Wee, Kevin Buckland, Sonali Paul Organizations: U.S . Securities, Exchange Commission, Monday, IG Markets, SEC, Reuters, XREX Inc, Thomson Locations: SINGAPORE, Asia, Singapore, Tokyo

LONDON/SINGAPORE, June 6 (Reuters) - Investors have pulled around $790 million from the crypto exchange Binance and its U.S. affiliate in the last 24 hours, data firm Nansen said on Tuesday, a day after a top U.S. regulator sued both exchanges. Binance saw net outflows of $778.6 million of crypto tokens on the ethereum blockchain, with its U.S. affiliate, Binance.US, registering net outflows of $13 million, Nansen tweeted. The U.S. Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a "web of deception" to evade U.S. laws. The world's biggest cryptocurrency was last at $25,723, flat on the day but pinned near a more than two-month low. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, Tony Sycamore, Binance's BNB cryptocurrency, Zhao, Tom Wilson, Rae Wee, Ankur Banerjee, Kevin Buckland, Sonali Paul, Tom Hogue, Louise Heavens Organizations: LONDON, U.S, Binance.US, U.S . Securities, Exchange Commission, Monday, SEC, Reuters, IG Markets, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, U.S, London, Singapore, Tokyo

☆ Binance hit by outflows of $790 million in last 24 hours, data shows
▼ + stars: | 2023-06-06 | by ( ) edition.cnn.com time to read: +2 min

Investors have pulled around $790 million from the crypto exchange Binance and its US affiliate in the last 24 hours, data firm Nansen said Tuesday, a day after a top US regulator sued both exchanges. Binance saw net outflows of $778.6 million of crypto tokens on the ethereum blockchain, with its US affiliate, Binance.US, registering net outflows of $13 million, Nansen tweeted. The US Securities and Exchange Commission on Monday sued Binance, its CEO Changpeng Zhao and the operator of Binance.US over what it called a “web of deception” to evade US laws. The world’s biggest cryptocurrency was last at $25,723, flat on the day but pinned near a more than two-month low. The SEC complaint is the latest in a series of legal headaches for Binance.

Persons: Nansen, Binance, Changpeng Zhao, “, ”, Tony Sycamore, Binance’s BNB cryptocurrency, Zhao Organizations: Binance.US, US Securities and Exchange Commission, Monday, SEC, Reuters, IG Markets, US, Futures Trading Commission

LONDON/TOKYO, June 1 (Reuters) - Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. The Euro STOXX 600 index (.STOXX) rose 0.8% after closing at a two-month low in the previous session. The MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, added 0.2%. Also bolstering the mood were U.S. Federal Reserve officials including governor and vice chair nominee Philip Jefferson pointing to a rate hike "skip" at the Fed's June 13-14 policy meeting. However, shortly after, the Fed's Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision.

Persons: Joe Biden, Ray Attrill, Philip Jefferson, Sandrine Perret, Jefferson, Patrick Harker, It's, it's, Tony Sycamore, Tom Wilson, Kevin Buckland, Simon Cameron, Moore, Lincoln, Emelia Organizations: U.S . House, Republicans, National Australia Bank, Federal, Fed, Philadelphia Fed, IG Markets, Treasury, Thomson Locations: TOKYO, U.S, Unigestion, Asia, London, Tokyo

☆ Despite poor guidance, Snowflake CEO says he is optimistic about the future
▼ + stars: | 2023-05-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

After an earnings report that saw a beat on revenue but poor guidance, CEO of data cloud company Snowflake Frank Slootman was firm in his optimism about the company's future. "If you were to zoom out a little bit and say, 'let me take a five-year view of the growth here,' it is tremendous," Slootman told CNBC's Jim Cramer. Snowflake reported $624 million in fiscal first-quarter revenue on Wednesday, showing 48% growth year over year, and comfortably topped the consensus Refinitiv estimate of $608 million. The company CEO went so far as to say Snowflake is rapidly becoming an AI company as well as a data company. Snowflake also announced Wednesday that it was acquiring search startup Neeva, saying in a blog post that it will "infuse and leverage" the company's AI-equipped search products.

Persons: Frank Slootman, Slootman, CNBC's Jim Cramer, Snowflake

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa. Della Valle was given a mandate to turn Vodafone around when she permanently took on the top job from the role of CFO last month. Della Valle started cutting jobs when she took the helm at the start of the year, targeting Vodafone's central operations in London. Della Valle said the European telecoms market had long delivered a poor return on the capital invested in networks, but Vodafone's relative performance had worsened over time. "It will take as long as it takes to get a good deal," Della Valle told reporters.

☆ Vodafone's new boss to cut 11,000 jobs as cash flow to fall
▼ + stars: | 2023-05-16 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Della Valle said Germany, Vodafone's biggest market, was underperforming, while Spain, which has suffered cut-throat competition in recent years, was under strategic review. Underscoring the pressures on the business, Vodafone said it would generate 3.3 billion euros ($3.6 billion) of cash this financial year, down from 4.8 billion euros in the year to end-March 2023. Analysts had expected 3.6 billion euros. For the year to end-March, pressures in Germany and higher energy costs resulted in a 1.3% decline in Vodafone's group core earnings to 14.7 billion euros, missing its own guidance. Vodafone has already started to cut jobs in its big markets, shedding 1,000 in Italy earlier this year, while a media report said it was looking to cut around 1,300 in Germany.

☆ Vodafone to cut 11,000 jobs, sees big drop in cash flow
▼ + stars: | 2023-05-16 | by ( Paul Sandle | ) www.reuters.com time to read: +1 min

LONDON, May 16 (Reuters) - Vodafone's (VOD.L) new boss Margherita Della Valle said she would cut 11,000 jobs over three years to simplify the telecoms group, which she said "must change", as it forecast a 1.5 billion euro decline in free cash flow this year. "Our performance has not been good enough," said Della Valle, who was appointed permanently last month. Vodafone said it would generate about 3.3 billion euros of cash this financial year, compared with 4.8 billion euros in the year to end-March it reported on Tuesday, and around 3.6 billion euros expected by analysts. Growth in Africa and higher handset sales, however, enabled it to eek out a 0.3% rise in revenue to 45.7 billion euros. Vodafone has recently cut jobs in several of its big markets, shedding 1,000 in Italy earlier this year and a media report said it was looking to cut around 1,300 in Germany.

☆ Asian stocks edge lower amid gloomy China data as US CPI looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

TOKYO, May 9 (Reuters) - Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, while gloomy Chinese trade data also kept risk sentiment in check. Mainland Chinese blue chips (.CSI300) turned lower after early gains, with the benchmark CSI 300 dropping 0.8%. "So when you have some trend data which is not as good as people expect, it raises doubts," he said. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. Brent crude was down 30 cents at $76.71 and U.S. West Texas Intermediate (WTI) crude fell 26 cents to $72.90.

☆ Asian stocks edge lower, dollar firm as US inflation data looms
▼ + stars: | 2023-05-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), though, slipped 0.3%, erasing part of Monday's 0.9% rally. Hong Kong's Hang Seng (.HSI) dropped 0.4%, while Australia's benchmark (.AXJO) lost 0.2% and South Korea's Kospi declined 0.4%. Investors were mostly unmoved by Chinese data showing exports surged last month while imports eased. "The surprise lies on the downside" for the inflation data, particularly the risk of a drop below 5%, said Tony Sycamore, a market analyst at IG markets. The dollar index , which measures the currency against six major peers, was little changed after earlier rising overnight from near the bottom of its trading range since the middle of last month.

☆ Consultancies are coming off a pandemic boom. Are they still worth hiring?
▼ + stars: | 2023-04-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +9 min

Management consultancies helped design vaccination programs during the pandemic and are currently providing advice on how to rescue one of the world’s biggest banks. The $230 billion management consulting industry is a broad church: it includes companies offering everything from project management expertise to designing new organizational structures. Many big firms — think EY and KPMG — also conduct audits and advise on their clients’ tax issues, though these services are generally seen as distinct from their consulting work. In The Big Con, published in February, prize-winning economist Mariana Mazzucato and her co-author Rosie Collington argue that management consultancies “infantilize” governments by keeping them dependent on their services. Nearly 80% of firms surveyed globally have told the think-tank that consultants’ work is either of high or very high quality, she noted.

☆ SVB deal helps to steady banks amid credit crunch concerns
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +5 min

The sudden collapse of tech-focussed SVB earlier this month destabilised the sector and drew some of Europe's biggest banking names into investors' focus. In March, the Stoxx index of European bank shares .SX7P is down more than 18% and the U.S. KBW regional bank index .KRX has lost 21%, with investors on edge about what's next. In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high. First Citizens said it would take on assets of $110 billion, deposits of $56 billion and loans of $72 billion, and expand in California. It will share further potential losses with the FDIC and the FDIC retains some $90 billion in securities held for disposal.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes. Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, moved on Sunday to bolster the flow of cash around the world. Other market players predicted that bitcoin would benefit from central bank efforts to bolster liquidity in the global financial system. It rose to a record of $69,000 in November 2021 after central banks and governments launched unprecedented monetary and fiscal stimulus measures. Reporting by Tom Wilson in London and Georgina Lee in Hong Kong; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Markets Are Telling Investors Two Things at Once
▼ + stars: | 2023-03-09 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

There is a big puzzle in today’s market: Treasurys appear to be anticipating a recession, while stocks and corporate bonds aren’t, despite recent falls. How can such big markets be sending such different signals? There are several decent answers—and none of them suggest an easy time for investors.

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high against the euro of $1.0524 , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Having dropped over 2% on Tuesday, the Australian dollar weakened a bit more to hit a four-month low of $0.6568 on Wednesday. China's yuan finished the domestic session at 6.9706 per dollar, the weakest such close since Dec. 29, 2022.

☆ Powell's warning on higher U.S. rates pushes dollar to 3-mth high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Higher rates benefit the dollar by improving its yield and as traders look for safety while global stockmarkets drop. The dollar hit a two-month high of $1.0528 to the euro , extending Tuesday's 1.2% jump. The Australian dollar has weakened for a similar reason as the Reserve Bank of Australia has softened its tone. Futures imply U.S. rates peaking above 5.6% and holding higher than 5.5% through 2023. The U.S. dollar index rose 0.2% in Asia trade to a more than three-month high of 105.86.

☆ Powell pushes dollar to three-month high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - The dollar was riding high on Wednesday, flung to three-month peaks when Federal Reserve Chair Jerome Powell surprised investors by warning that interest rates might need to go up faster and higher than expected to rein in inflation. Overnight it had shot more than 1.2% higher on the euro, its biggest one-day move in five months. The U.S. dollar index , which measures the dollar against a basket of six major currencies, jumped 1.3% overnight to a three-month peak of 105.65. The blockbuster week of central bank meetings and speakers rolls on later in the day, with the Bank of Canada setting policy and European Central Bank President Christine Lagarde speaking. "If they don't hike, the Canadian dollar will likely fall into a bucket of currencies where the central bank is unwilling to keep up with the Fed."

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