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A general view of an exterior of the Ericsson headquarters in Stockholm, Sweden, January 24, 2020. The Swedish telecom equipment maker's shares fell 9% in early trade to lows last seen in 2017, when the company was going through another downturn. Gear makers such as Ericsson and Nokia (NOKIA.HE) have been hit by a slowdown in spending by telecoms companies. Mellander said the company had increased its previously announced 2023 cost saving target of 11 billion Swedish crowns ($1.01 billion), including the laying off 8,500 employees, to 12 billion crowns. India has been a rare growth area with sales quadrupling to about 10 billion crowns, but that is expected to slow down next year.

Persons: Fredrik Sandberg, Carl Mellander, Mellander, Borje Ekholm, Supantha Mukherjee, Terje Solsvik, Kirsten Donovan Organizations: Ericsson, TT News Agency, REUTERS, Reuters, Gear, Nokia, Jefferies, Thomson Locations: Stockholm, Sweden, India, STOCKHOLM, North America, Swedish

☆ A bigger war in Israel would send oil prices skyrocketing and hurt the economy's chances of avoiding a recession
▼ + stars: | 2023-10-16 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

The impact on oil prices would be enormous with one prediction of $150 per barrel. A surge in oil prices could undo the fight against inflation and cause prices to soar again. International Monetary Fund managing director Kristalina Georgieva expressed concern on Thursday over how global oil markets would be impacted by the war. If that were to happen, they predict that oil prices would skyrocket more than 70% to $150 per barrel from just under $90 we have now. An estimated 20-30% of global oil supply passes through the Strait of Hormuz, which is controlled by Iran.

Persons: —, Kristalina Georgieva, Steven Mnuchin, That's, Mnuchin, Mustafa Hassona, there's, Jerome Powell, Liu Jie Organizations: Service, Hamas, Monetary Fund, Bloomberg Economics, Bloomberg, US, Fox Business, Anadolu Agency, Getty, Biden, US Strategic Petroleum Reserve, Strategic Petroleum Reserve Locations: Israel, Iran, Hormuz, Iraq, Kuwait, Abu Nasr, Gaza City, Ukraine, Washington ,, Xinhua

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.

Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel

Cars for sale are parked at used car dealerships in Singapore October 17, 2022. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 ($183,000) in Singapore, compared with $28,855 in the U.S. A small, government-subsidised flat in Singapore costs about S$125,000. Now Guan lives without a car, focusing on other perks that Singapore offers for his family. "As a family man, it doesn’t affect me much as Singapore still has a good and stable education system. ($1 = 1.3725 Singapore dollars)Reporting by Xinghui Kok; Editing by Miyoung Kim and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, COEs, Tan Ern Ser, Tan, Jason Guan, Guan, Xinghui Kok, Miyoung Kim, Gerry Doyle Organizations: REUTERS, Rights, Toyota Camry, Toyota Rush, COE, Singapore, Thomson Locations: Singapore, Rights SINGAPORE, U.S

☆ States announce major push to get to 20 million installed heat pumps, a cleaner alternative to gas furnaces that also provide AC
▼ + stars: | 2023-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

A coalition of 25 state governors announced a major push to reach 20 million deployed heat pumps by 2030, they said in New York City on Thursday. Heat pumps are energy efficient replacements for fossil fuel powered furnaces and air conditioners. Heat pumps can also save consumers money -- around $300 a year in the United States, according to the IEA. In places like Europe, where gas prices are higher, having a heat pump can save customers around $900 a year, the IEA says. Maine, for example, has been remarkably successful in installing heat pumps with its own legislative action.

Persons: Matt Johnson, Jay Inslee, Inslee, Kathy Hochul, Ali Zaidi, Zaidi Organizations: Energy, RMI, International Energy Agency, IEA, U.S . Climate Alliance, Washington, Washington State Department of Health, Brookings Institution, New, Infrastructure Investment, Jobs Locations: New England, Windham , Maine, New York City, United States, Europe, U.S, Washington , New York, California, Seattle , Washington, Seattle, Georgia, it's Maine, Maine

CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.

Persons: ”, David Jones, Jeremy Porter, “, ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California

☆ China's central bank set to boost liquidity but keep policy rate steady
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Sept 14 (Reuters) - China's central bank is expected to boost liquidity while keeping the borrowing cost steady when rolling over its medium-term policy loans on Friday, a Reuters survey showed, after a string of data showed some signs of economic stabilisation. China has already lowered the medium-term policy rate twice since June to stimulate credit demand and support a faltering economic recovery. New bank lending in China beat expectations by nearly quadrupling in August from July's level, as the central bank sought to shore up economic growth amid soft demand at home and abroad. To revive broad credit demand and rescue the troubled property sector, China unexpectedly cut the MLF rate last month. For this reason alone, it seems unlikely that the PBOC will embrace large-scale rate cuts."

Persons: Frances Cheung, Julian Evans, Pritchard, Shri Navaratnam Organizations: People's Bank of China, OCBC Bank, U.S, Capital Economics, Shanghai, Thomson Locations: SHANGHAI, China, United States, OCBC Bank .

LAUNCESTON, Australia, Sept 14 (Reuters) - The spot price of iron ore has climbed to a five-month high amid improving sentiment and some supportive fundamentals in China, the world's top buyer of the steel raw material. China, which buys about 70% of global seaborne iron ore, imported 106.42 million metric tons in August, the most since October 2020, according to customs data. For the first eight months of the year, imports were 775.66 million metric tons, up 7.4% on the same period in 2022. The need to rebuild stockpiles and nascent signs of a recovery in the property sector do support the recent rally in iron ore prices. This works out at around 76.7 million metric tons a month, which is well below the 90.8 million produced in July.

Persons: It's, it's, SteelHome, Christian Schmollinger Organizations: Dalian Commodity Exchange, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, July's, Beijing

☆ China's central bank vows to support demand, price rebound
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo Acquire Licensing RightsBEIJING, Sept 13 (Reuters) - China's central bank will boost demand and support a modest rebound in prices, the Financial News, a publication run by the People's Bank of China (PBOC) said on Wednesday, citing a unnamed senior central bank official. The central bank "will create an appropriate monetary and financial environment to promote effective demand in the real economy, support a moderate recovery in prices and enhance economic vitality," the official said. New bank loans beat expectations by nearly quadrupling in August from July, as the central bank sought to shore up economic growth amid soft demand at home and abroad. The central bank last cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - in March.

Persons: Jason Lee, Zhou Maohua, Kevin Yao, Liangping Gao, Tom Hogue, Sam Holmes, Miral Organizations: People's Bank of China, REUTERS, Rights, Financial, China Everbright Bank, Officials, Beijing Newsroom, Thomson Locations: Beijing, China, Rights BEIJING

☆ Yen stands tall, dollar finds floor ahead of U.S. inflation
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +3 min

Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index, which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda Organizations: U.S, Bank of Japan, Federal Reserve, New Zealand, Fed Locations: Tokyo, Japan, United States, U.S, Tony Sycamore ., Monday's, China

☆ Yen stands tall, dollar finds floor ahead of US inflation
▼ + stars: | 2023-09-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The Japanese currency was last marginally lower at 146.61 per dollar, after scaling a one-week top of 145.91 in the previous session. Elsewhere, the U.S. dollar reversed some of its close to 0.5% loss against a basket of currencies on Monday. The U.S. dollar index , which ended last week with an eight-week winning streak, rose 0.03% to 104.60, after falling 0.46% in the previous session. The offshore yuan found some support near Monday's one-week high and last bought 7.3020 per dollar.

Persons: Florence Lo, Kazuo Ueda, Ueda, Chris Weston, we've, Tony Sycamore, Sterling steadied, bitcoin, Ether, Kyle Rodda, Rae Wee, Sam Holmes Organizations: U.S, REUTERS, Rights, Bank of Japan, Federal Reserve, New Zealand, Fed, Capital.com, Thomson Locations: Rights SINGAPORE, United States, U.S, Tony Sycamore ., Monday's, China

☆ Nvidia's AI-driven stock surge pushed earnings multiple three times higher than Tesla's
▼ + stars: | 2023-08-11 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

They're widely viewed as the best chips for training AI models, and Nvidia's financial forecasts suggest insatiable demand. Even with all that momentum and seemingly insatiable demand, baked into Nvidia's stock price is a slew of assumptions about growth, including the doubling of sales in coming quarters and the almost quadrupling of net income this fiscal year. Looking at the last 12 months of company earnings, Nvidia has a price-to-earnings ratio of 220, which is stunningly rich even compared with notoriously high-valued tech companies. Should Nvidia meet analysts' projections, the current price still looks high compared to most of the tech industry, but certainly more reasonable. It's the steepest weekly decline for Nvidia's stock since September of last year.

Persons: Jensen Huang, Piper Sandler, Harsh Kumar, Amazon's, There's, Christopher Gannatti Organizations: Nvidia, Apple, Microsoft, Amazon, Tesla, Google, AMD, Nasdaq Locations: Taipei, Silicon, Friday's, U.S

There were plenty of reasons to think the “Barbie” movie might have a hard time finding an audience in China. It’s an American film, when Chinese moviegoers’ interest in, and government approval of, Hollywood movies is falling. It’s been widely described as feminist, when women’s rights and political representation in China are backsliding. But not only did the film screen in China — it has been something of a sleeper hit, precisely because of its unusual nature in the Chinese movie landscape. It has an 8.3 rating on the movie rating site Douban, higher than any other currently showing live-action feature.

Persons: Barbie, It’s, ”, Mina Li, Greta Gerwig, “ Barbie ” Locations: China, Beijing, Weibo

☆ Canada guarantees up to $2.2 billion in fresh loans to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Companies Kinder Morgan Inc FollowAug 5 (Reuters) - A Canadian government agency has guaranteed fresh commercial loans of up to C$3 billion ($2.2 billion) to the controversial Trans Mountain pipeline expansion project that has suffered repeated cost overruns. Prime Minister Justin Trudeau's Liberal government bought the Trans Mountain pipeline in 2018 from Kinder Morgan Inc (KMI.N) to ensure the expansion project got built and provided a C$10 billion loan guarantee to TMC. It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee.

Persons: Justin Trudeau's, Chrystia Freeland, Anirudh, Alistair Bell Organizations: Kinder Morgan, Canadian, Export Development Canada, Justin Trudeau's Liberal, Kinder Morgan Inc, TMC, Finance, Liberal, Thomson Locations: United States, Burnaby , British Columbia, Bengaluru

☆ Canada govt body guarantees up to $2.2 bln fresh loan to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. Critics have also slammed the ownership of a pipeline project by the Liberal government, which they argue runs counter to Trudeau's ambitious climate goals. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee. In June, a finance ministry spokesperson said the loan guarantee was "common practice" and did not reflect any new public spending.

Solar and wind power generation is set to triple by 2030, according to a new report from the Rocky Mountain Institute, leading to a disruption in the global electricity sector. According to the report, solar and wind power will fuel 33% of electricity generation in 2030, up from 12% in 2022. RMI predicts solar energy, which is already the cheapest energy source in history, will halve in price by 2030, continuing the dramatic downward trajectory of solar and wind energy costs. CNBC Pro used FactSet data to screen for companies that are well-positioned to outperform from the rise of solar and wind energy production. Maxeon shares have popped 68% in 2023 and could jump another 50%, per the average price target on shares.

Persons: Morgan Stanley, Andrew Percoco, Percoco, MAXN, — CNBC's Michael Bloom Organizations: Rocky Mountain Institute, RMI, CNBC, New York Stock Exchange, Nasdaq, Technologies, SolarEdge Technologies, Enphase Energy

☆ Zoom is 'extremely optimistic' about growth in Asia-Pacific despite weaker outlook
▼ + stars: | 2023-07-07 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +2 min

watch nowZoom is "doubling down" on its technical investments in the Asia-Pacific region as it seeks to strengthen growth, said the video communications company on Friday. We made a strong commitment about two years ago to really turn on the speed and step on the gas," Abe Smith, Zoom's head of international, told "Squawk Box Asia." watch nowHowever, Smith said Zoom is "extremely optimistic" about the growth of its phone product in Asia Pacific. Zoom's A.I. Zoom's big bet on AI also includes an investment in Anthropic, an AI safety and research company, back in May.

Persons: Abe Smith, Zoom's, Smith Organizations: Microsoft Locations: Asia, Pacific, Singapore, India, Chennai, Bangalore, Asia Pacific, Anthropic

☆ American companies are draining their cash at the dumbest possible time
▼ + stars: | 2023-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Companies are sitting on a lot less cash than they were last year, largely because they’re spending it on share buybacks and corporate dividends. What’s happening: A new report from Moody’s Investors Service finds that nonfinancial companies’ corporate cash declined 12% last year to $2 trillion. But debt was flat year over year, meaning that companies didn’t use much of their cash reserves to pay down outstanding loans. Now that it’s more expensive to borrow, companies in the US should reconsider the amount of money they’re spending on buybacks, he added. Preventing companies from repurchasing their own shares, they argue, would free corporate cash to invest in growth and raise wages instead.

Persons: Emile El Nems, ”, Ben Lofthouse, Janus Henderson, ” El Nems, Joe Biden, buybacks, “, Brian Moynihan, Moynihan, CNN’s Poppy Harlow, Nathaniel Meyersohn, That’s Organizations: CNN Business, Bell, New York CNN — Companies, Moody’s Investors Service, Moody’s, Federal Reserve, Bank of America, Corporations, ”, CNN, Commerce Department, UBS Locations: New York, buybacks

☆ Yellow-crested cockatoos find an unlikely urban refuge in Hong Kong
▼ + stars: | 2023-06-26 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +18 min

Hong Kong CNN —It’s dusk in Hong Kong Park. On a sweltering summer day in Hong Kong Park, nestled between skyscrapers in the urban center of the Asian metropolis, a yellow-crested cockatoo perches on a branch. Noemi Cassanelli/CNN Yellow-crested cockatoos nest in old trees, typically more than 100 years old, which form cavities in the trunk. Hong Kong, despite its urban sprawl and concrete veneer, is a stronghold for several endangered species, including Chinese pangolins, Hong Kong groupers, and the black-faced spoonbill. (According to the AFCD, it has “not received any report related to poaching of yellow-crested cockatoos in the past three years.”)Extremely picky about where they roost, the yellow-crested cockatoos use cavities that form in the trunks of trees that are typically older than 100 years.

Persons: Hong Kong CNN —, –, Astrid Andersson, it’s, ”, Andersson, Quadrupling, Noemi Cassanelli, Cassanelli, CNN Andersson, CNN There's, they’ve, “, Tom Booth, Fox, It’s, ’, Fiona Woodhouse, Woodhouse, Hong Kong’s, Jovy Chan, Chan, “ They’ve Organizations: CNN, Hong Kong CNN, Press, University of Hong, Timor Leste, International Trade, Fisheries, Conservation Department, CITES, Scottish wildcats, ADM Capital Foundation, Society for, Bird, Cultural Services Department, Facebook, Hong, SPCA HK, WWF Locations: Hong Kong, Swedish, Indonesia, Timor, Australia, University of Hong Kong, Hong, ”, Mainland China, HKD28,000, Indonesian

REUTERS/Mike Segar/File PhotoNEW YORK, June 21 (Reuters) - JPMorgan Chase & Co's (JPM.N) commercial bank is entering Singapore and Israel this year as its unit catering to midsize and small companies makes a global push, the bank said. The moves will give the commercial bank a presence in 28 countries by year-end. The largest U.S. lender has been beefing up its global presence, with a goal of quadrupling the number of commercial clients as it enters new geographies. JPMorgan's commercial bank began branching outside of the U.S. and Canada in 2019, establishing bases in Europe and Asia. Revenue for the international commercial business stood at $847 million at the end of 2022, reflecting annual growth of 17%.

Persons: Morgan Chase, Mike Segar, Andrew Kresse, Doug Petno, Morgan McGrath, Nupur Anand, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, JPMorgan Chase, U.S, JPMorgan, World Trade Organization, Revenue, Thomson Locations: New York, Singapore, Israel, U.S, Paris, London, Tel Aviv, Sydney, Canada, Europe, Asia

☆ GM investing $920 million in Ohio diesel engine plant
▼ + stars: | 2023-06-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies General Motors Co FollowWASHINGTON, June 20 (Reuters) - General Motors (GM.N) on Tuesday said it was investing $920 million to expand operations at its Ohio diesel engine plant for production of future internal combustion engine (ICE) heavy-duty truck powertrain products. GM on Tuesday said it will build a 1.1-million-square-foot expansion of the its Brookville, Ohio, diesel engine facility and install new technology and equipment, more than quadrupling the current size of the facility, which produces Duramax diesel engines for the Chevrolet Silverado HD and the GMC Sierra HD. GM declined to release "product details and timing related to its "future HD truck powertrain products." GM also announced C$280 million ($210 million) in its Canadian Oshawa Assembly and $632 Million in Fort Wayne, Indiana, for future next-generation ICE full-size trucks. GM did not post an announcement on its website about the $920 million Ohio investment, but sent a press release to Reuters after Senator Sherrod Brown, of Ohio, issued a statement touting the plan.

Persons: Sherrod Brown, David Shepardson, Leslie Adler Organizations: General Motors, Ohio, U.S, GM, Chevrolet Silverado, GMC Sierra HD, Canadian Oshawa Assembly, U.S . Environmental Protection Agency, Reuters, Thomson Locations: WASHINGTON, Brookville , Ohio, Flint , Michigan, Arlington , Texas, Fort Wayne , Indiana, California, Ohio

☆ TikTok is dialing up its efforts to dominate in search and it should scare Google
▼ + stars: | 2023-06-13 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

TikTok is testing a visual-search tool in its shopping tab that could put more pressure on Google. A May analyst report said TikTok may be "the most imminent threat to Google's Search dominance." TikTok is testing a new visual-search tool within its shopping feature that could dial up the pressure on search-giant Google. The short-video app has already become a go-to search engine for Gen Zers looking for restaurants or how to do things, threatening Google's search dominance. "Younger Gen Z users don't have the baggage and memory of opening the browser and searching on Google," he continued.

Persons: Zers, TikTok, Bernstein, Mark Shmulik, ChatGPT, Shmulik, They're, Z, Yelp, Morgan Stanley Organizations: Google, Tech, YouTube, Bloomberg Locations: Asia, TikTok

☆ 10 Things in Tech: A French Gigafactory, Google's WFH crackdown, and Tesla's bioweapon defense mode
▼ + stars: | 2023-06-09 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Speculation is rife ahead of Elon Musk's trip to Paris, where he's due to attend the VivaTech conference next week. The video platform is aiming to challenge the tech giant by quadrupling its ecommerce business, according to a Bloomberg report. Musk has repeatedly criticized OpenAI's relationship with tech giant Microsoft. The tech giant is planning to include attendance figures in performance reviews, according to an internal email sent on Wednesday, which was seen by Insider. Tesla drivers are using the car's bioweapon defense mode to escape wildfire smoke.

Persons: Nathan Rennolds, let's, Clive Mason, Tesla, Elon, Marc Benioff, Dan Schulman, Bernard Arnault, Maurice Lévy, Sam Altman, Elizabeth Frantz, Morgan Stanley, TikTok, Musk, Altman, Tesla's, Ted Lasso, Keeley, Lionel Messi, Getty, Simon Bruty, he's, Messi, Brandon Baum, Instagram, Hallam Bullock Organizations: Google, Getty, Twitter, Reuters, Big Tech, Amazon, Bloomberg, Elon, Microsoft, Economic, Juno, Messi, Inter Miami —, YouTube Locations: London, WFH, France, Paris, Southeast Asia, Miami

OTTAWA, June 1 (Reuters) - The Canadian government is backing up to C$3 billion ($2.24 billion) in loans for Trans Mountain Corp (TMC), the crown corporation building an over-budget and long-delayed oil pipeline expansion to Canada's Pacific Coast. Last year Liberal Prime Minister Justin Trudeau's government, which bought the Trans Mountain pipeline in 2018 to ensure the expansion project got built, provided a C$10 billion loan guarantee to TMC. The Trans Mountain Expansion will nearly triple the flow of crude from Alberta's oil sands to Burnaby, British Columbia, to 890,000 barrels per day and is intended to boost access to Asian refining markets. Finance Ministry spokeswoman Marie-France Faucher said the loan guarantee was "common practice" and did not reflect any new public spending. TMC is paying a fee to the government for the loan guarantee, she said.

Persons: Justin Trudeau's, Chrystia Freeland, Marie, France Faucher, Faucher, Stephen Ellis, Keith Stewart, Ismail Shakil, Nia Williams, Daniel Wallis, Richard Chang Organizations: OTTAWA, Canadian, Trans Mountain Corp, Export Development, Liberal, TMC, Finance, Morningstar, Greenpeace Canada, Thomson Locations: Coast, Burnaby , British Columbia, France

☆ ASCO conference will put the focus on the fight against cancer. These stocks are in the spotlight
▼ + stars: | 2023-05-28 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Developments in cancer research will be in the spotlight as the American Society of Clinical Oncology hosts the world's biggest cancer research conference in Chicago, starting Thursday. The pair has already has won regulatory approval for Enhertu for metastatic HER2-low breast cancer, but the companies are also studying its use in a variety other HER2 tumors in breast cancers. Lilly's drug, Verzenio, is used in high-risk patients with HR-positive HER2-negative breast cancer that is more likely to reoccur and has already breached the patient's lymph nodes. In a research note earlier this month, Guggenheim analyst Seamus Fernandez said Kisqali is already taking market share from Pfizer's Ibrance in metastatic breast cancer. Merck's Keytruda is also being watched for what benefits it could offer early-stage lung cancer patients .

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