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AI deals give investment banks a glimmer of hope
  + stars: | 2023-09-26 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +6 min
About a third of all M&A deals in the first half of 2023 were technology deals, and a lot of that was related to AI, said Berlin. The success of these deals mean more M&A is likely on the horizon, said Dan Ives, a tech analyst at Wedbush. Costco members now have access to $29 online health care visitsCostco is known for its giant tubs of mac and cheese, cheap hotdogs and more-for-less warehouse deals. The retailer is offering the new service in partnership with Sesame, a direct-to-consumer health care marketplace that connects medical providers nationwide with consumers. Costco is among several retailers, including Amazon, CVS and Walgreens, who are directly providing health care to customers as the demand booms for urgent care access outside of a traditional hospital setting.
Persons: CNN —, Goldman Sachs, Goldman, ” Goldman, David Solomon, Instacart’s, , Mitch Berlin, “ You’re, Dan Ives, ” Ives, Taavon Naja, Ramishah Maruf, Parija Kavilanz, Sesame Organizations: CNN Business, Bell, CNN, Wall, Companies, Renaissance, Nasdaq, Cisco, Wedbush, of Foreign, Control, Costco, Costco Pharmacy’s, Amazon, CVS, Walgreens Locations: Americas, Berlin, Iran, Switzerland, United States, PFAS, New York
CNN —3M has agreed to pay almost $10 million to settle apparent violations of Iranian sanctions, the US Office of Foreign Assets Control said last week. The agency said 3M had 54 apparent violations of OFAC sanctions on Iran. One US person employed by 3M Gulf, a subsidiary in Dubai, was “closely involved” in the sale, OFAC said. OFAC notes Iranian law enforcement stands accused of human rights violations both in Iran and Syria. 3M voluntarily self-disclosed the apparent violations after discovering the sale hadn’t been authorized, according to OFAC.
Persons: Taavon Naja, OFAC, ” OFAC, Organizations: CNN, of Foreign, Control, 3M, Law Enforcement Forces, Locations: Iran, Switzerland, Dubai, Syria, United States, PFAS
3M warns of 'slow growth environment' in 2024, shares drop
  + stars: | 2023-09-13 | by ( ) www.reuters.com   time to read: +2 min
The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsSept 13 (Reuters) - U.S. industrial conglomerate 3M Co (MMM.N) on Wednesday warned of "a slow growth environment" in 2024 and forecast weakness in its electronics and consumer segments for the current and following quarter. "The consumer has shifted spending from discretionary to staples and other experimental activities," 3M CFO Monish Patolawala said. The dour outlook comes as the company grapples with the fallout from lawsuits related to its Combat Arms earplugs and water pollution claims tied to "forever chemicals". The St. Paul, Minnesota-based company in June reached a $10.3 billion settlement related to the water pollution claims.
Persons: Nicholas Pfosi, Monish Patolawala, Kannaki, Shinjini Ganguli Organizations: REUTERS, 3M, FX, U.S, Thomson Locations: Maplewood , Minnesota, U.S, China, Paul , Minnesota, Bengaluru
Hate speech continues to flourish on the messaging service formerly known as Twitter, according to the Center for Countering Digital Hate. The CCDH said Wednesday that X fails to remove posts that contain hate speech despite being notified that the content violates the company's current hateful conduct guidelines. About 140 of those 300 posts contained antisemitic content, including images of Nazi swastikas, messages supporting Holocaust denial and notes promoting conspiracy theories related to Jews. The CCDH said it reported the posts to X via the company's user-reporting tools on Aug. 30 and 31. Major companies like Apple and Disney ran online ads on X that appeared next to the hateful content, the CCDH report said.
Persons: CCDH, X, Imran Ahmed, Adolf Hitler, CCDH's Ahmed, Ahmed, they've, Elon Musk, Jonathan Greenblatt, Musk, Linda Yaccarino Organizations: Center, Apple, Disney, Walt Disney, CNBC, Anti, Defamation League, ADL Locations: U.S
Fewer US temp jobs may flag longer lasting concern
  + stars: | 2023-09-01 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Sept 1 (Reuters Breakingviews) - A steady drop in the temporary worker employment is a concerning blight in an otherwise steady U.S. labor market. Companies that recruit and place temps tend to cut payrolls when the first signs of an economic slowdown emerge. The crest, at 3.2 million, occurred 17 months ago, in March 2022, signaling that weakness could be ahead. Although the jobless rate reached 3.8% in August, its highest since early 2022, there are few other glaring employment concerns. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Ben Winck, Pernod Ricard, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Bureau of Labor Statistics, Companies, X, Thomson
India's twin growth engines face turbulent weather
  + stars: | 2023-09-01 | by ( ) www.reuters.com   time to read: +2 min
MUMBAI, Sept 1 (Reuters Breakingviews) - India’s gross domestic product grew 7.8% in the April to June quarter, its fastest pace in a year. The print preserves the South Asian nation’s title for the fastest-growing major economy, yet the eye-popping level may not sustain. A patchy monsoon and high food costs threaten the twin engines behind the latest headline figure. Meanwhile, El Nino weather conditions mean the winter agriculture crop could be as weak as the summer yield, keeping prices high for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Narendra Modi’s, Modi, Shritama Bose, Pernod Ricard, Una Galani, Thomas Shum Organizations: Reuters, Tata Consultancy Services, Reserve Bank, India’s, X, Microsoft, Thomson Locations: MUMBAI, El Nino
Pernod Ricard shares face a lengthy dry spell
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +2 min
A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas
Thriving US makes Dollar General a tougher sell
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Aug 31 (Reuters Breakingviews) - The U.S. economy’s gain is shaping up to be Dollar General’s (DG.N) loss. Dollar General sales grew a record 16.3% when Covid-19 slammed the U.S. in 2020, but rose only 2.5% when the economy reopened in 2021. During the recession years of 2008 and 2009, sales grew 9% and 9.5%, respectively. Dollar General now reckons earnings in the year to January 2024 could fall as much as 34%, compared to a previous estimate of a drop of up to 8%. Dollar General’s valuation is still far from discounted.
Persons: Jeff Owen, Ben Winck, Pernod Ricard, Peter Thal Larsen, Sharon Lam Organizations: Reuters, Atlanta Federal, X, Microsoft, Thomson
Microsoft swerves to avoid EU speeding ticket
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +2 min
Microsoft Teams app is seen on the smartphone placed on the keyboard in this illustration taken, July 26, 2021. Yet Microsoft has arguably created a lot more value using its market clout. Back in 2016, Slack was the hottest new product for helping office workers communicate with over 4 million users. Combining Teams with its Office 365 and Microsoft 365 software bundles gave the messaging and collaboration app a big leg up. Microsoft said on a call in April that Teams had over 300 million monthly users.
Persons: Slack, Robert Cyran, Pernod Ricard, Mukesh Ambani’s, Peter Thal Larsen, Sharon Lam Organizations: Microsoft, Reuters, Big Tech, European Union, Apps, X, Thomson Locations: Europe
Adani fault lines raise bar for India’s regulator
  + stars: | 2023-08-31 | by ( ) www.reuters.com   time to read: +2 min
Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una
Bonds rally, stocks drift as China boost fades
  + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com   time to read: +3 min
The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing. Hong Kong's Hang Seng (.HSI) closed less than 1% higher on Monday and was 1% firmer in early trade on Tuesday. On Tuesday in New Zealand shares in Tourism Holdings (THL.NZ), the world's largest campervan rental company, surged 13% after the company reported a record underlying profit. On Tuesday, U.S. job openings figures are due, ahead of Friday's broader labour market data and the ISM manufacturing survey.
Persons: Damian Rooney, Kazuo Ueda, Goldman Sachs, Ryan Felsman, Jason Xue, Sam Holmes Organizations: Nikkei, Argonaut Securities, HK, Bank of Japan, Tourism Holdings, New, Commonwealth Bank of Australia, Thomson Locations: SINGAPORE, U.S, Asia, Pacific, Japan, Hong Kong, China, Perth, New Zealand, Sydney, Shanghai
The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. The lawsuits were consolidated before U.S. District Judge M. Casey Rodgers in Pensacola, Florida federal court in 2019. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.
Persons: Nicholas Pfosi, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, Aearo Technologies, 3M, U.S, District, Thomson Locations: Maplewood , Minnesota, U.S, Afghanistan, Iraq, Pensacola , Florida, New York
3M’s $6 bln earplugs settlement is a little sticky
  + stars: | 2023-08-29 | by ( ) www.reuters.com   time to read: +2 min
A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California
Best Buy — Best Buy rose about 1.3% after topping Wall Street's fiscal second-quarter expectations on the top and bottom lines. Heico reported revenue of $723 million for the previous quarter, ahead of the $702 million expected by analysts polled by Refinitiv. Nio — Nio's stock lost more than 6% before the bell after the Chinese electric vehicle company reported a wider-than-expected quarterly loss. The company reported $2.21 in adjusted earnings per share, while analysts were looking for $2.02 per share, according to FactSet's StreetAccount. BYD — The Chinese automaker's U.S.-traded shares rose more than 2% Tuesday premarket, a day after it announced a 204.68% jump in net profit for the first half of 2023.
Persons: Safra Catz, PDD, Heico, FactSet's, BYD, CNBC's Hakyung Kim, Tanaya Macheel, Jesse Pound Organizations: Oracle Corporation, New York Stock Exchange, UBS, Oracle, Verizon —, Verizon, Citi, Refinitiv . Revenue, FactSet . Revenue, PDD Holdings —, Refinitiv, Toyota Motor —, Toyota Motor Locations: U.S, Japan
3M, the chemical and manufacturing giant, said on Tuesday that it reached a $6 billion settlement over claims that it had sold defective combat earplugs to the U.S. military. The lawsuits were brought by military service members and veterans who claimed that the earplugs sold by 3M had led to hearing damage and tinnitus, a ringing sensation in the ears. 3M said that it would pay $5 billion in cash and $1 billion in stock as part of the settlement. The earplugs, designed to protect service members from combat noise, were used by the military from 2003 to 2015. Tinnitus rates increased significantly among active duty service members from 2001 to 2015, according to a 2019 study.
Organizations: ., 3M
3M is on the verge of ending the largest mass tort litigation in U.S. history, but it's still facing other expensive legal headaches. The company said Tuesday that it settled with roughly 250,000 plaintiffs in a $6.01 billion deal. Military veterans and service members alleged 3M manufactured defective earplugs that resulted in hearing loss. While news of the settlement relieves one big legal overhang, 3M is still awaiting approval of its $10.3 billion settlement with water utilities over drinking water contaminated with substances known as "forever chemicals." That settlement, which is facing pushback from more than 20 states, only covers a subset of liabilities and does not include a growing list of states that have sued 3M.
Persons: Bryan Aylstock Organizations: Military, CNBC, Capstone
Best Buy — Shares popped nearly 6% after the retailer's fiscal second-quarter earnings beat on both the top and bottom lines. Big Lots — The discount retailer surged 26.7% after its earnings report came in better than analysts expected. Big Lots lost $3.24 per share, on an adjusted basis, less than the $4.11 forecasted by analysts surveyed by FactSet. Bernstein reiterated its outperform rating and said investors should buy the stock after a recent pullback in share prices. Futu Holdings — The Asian wealth management stock popped 10% following a double-upgrade to buy from underperform by Bank of America.
Persons: Heico, Tesla, Morgan Stanley, tailwinds, General Motors, they're, — Catalent, Catalent, Elliott, Ginkgo, Wells, it's, Bernstein, Jefferies, Splunk, Raymond James, , Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh, Jesse Pound Organizations: Refintiv, Revenue, FactSet, Marathon, Securities and Exchange Commission, Marathon Digital, Industry, Nvidia, Holdings —, Oracle — Software, Oracle, UBS, Verizon, Citi, General Motors, Google, General, Motors, Elliott Investment Management, Rockwell Automation, Bank of America, Futu Holdings, NextEra Energy Partners Locations: San Francisco , California, underperform
New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.
Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States
About 240,000 people are expected to be eligible for the settlement, Chris Seeger, a lead lawyer for the plaintiffs, said at a press conference. The money will be paid out from 2023 to 2029, and $1 billion will be in the form of 3M stock, the company said in a statement. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.
Persons: Brendan McDermid, Chris Seeger, Seeger, Bryan Aylstock, Clayton Clark, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Kannaki, Alexia Garamfalvi, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S, 3M, Aearo Technologies, District, Thomson Locations: New York City, U.S, Minnesota, Afghanistan, Iraq, Pensacola , Florida, New Yorkk, Bengaluru
People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. Focus now shifts to a report on the personal consumption expenditures price index, the Fed's preferred inflation gauge, to be released on Thursday, and non-farm payrolls data due on Friday. According to preliminary data, the S&P 500 (.SPX) gained 27.49 points, or 0.62%, to end at 4,433.20 points, while the Nasdaq Composite (.IXIC) gained 114.49 points, or 0.84%, to 13,705.13. Micron's and Intel's shares gained for much of the session. Horizon's shares rose.
Persons: Brendan McDermid, Goldman Sachs, Jerome Powell, Powell didn't, Ross Mayfield, Gina Raimondo, Wang Wentao, Shristi Achar, Noel Randewich, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Investment, Baird, Nvidia, Creative Planning, Nasdaq, Dow Jones, JD.com, Baidu, U.S . Commerce, Intel, Micron, Chinese Commerce, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: New York City, U.S, China, Bengaluru, Oakland, Calif
People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. Horizon's shares rose 5.5%. Advancing issues outnumbered decliners for a 3.82-to-1 ratio on the NYSE and a 1.78-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 101 new lows. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Stocks, Jerome Powell, Roosevelt Bowman, Gina Raimondo, Wang Wentao, Goldman Sachs, decliners, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bernstein Private Wealth Management, Traders, Fed, Nvidia, U.S, Baidu, U.S . Commerce, Intel, Micron, Chinese Commerce, Intel's, Dow Jones, U.S . Federal Trade Commission, Horizon Therapeutics, Creative Planning, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru
The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. They were used by the U.S. military in training and combat from 2003 to 2015, including in Afghanistan and Iraq. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits. 3M argued that the mass tort litigation was unfair because Rodgers had kept scientific evidence favorable to the company out of trials and allowed thousands of "unvetted" claims to swell the court's docket.
Persons: Nicholas Pfosi, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, U.S, Bloomberg, Wall Street Journal, Aearo Technologies, 3M, District, Thomson Locations: Maplewood , Minnesota, U.S, Afghanistan, Iraq, Pensacola , Florida, New York
People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. Focus now shifts to a report on the personal consumption expenditures price index, the Fed's preferred inflation gauge, which is set to be released on Thursday and the non-farm payrolls data due on Friday. ET, Dow e-minis were up 74 points, or 0.22%, S&P 500 e-minis were up 6.5 points, or 0.15%, and Nasdaq 100 e-minis were up 41.5 points, or 0.28%. Horizon Therapeutics' shares rose 5.2%. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Stocks, Jerome Powell, Mark Haefele, Powell's Jackson, Shristi Achar, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Fed, UBS Global Wealth Management, U.S, PDD Holdings, Baidu, Dow e, U.S . Federal Trade Commission, Horizon Therapeutics, Therapeutics, Thomson Locations: New York City, U.S, China, Xpeng, Bengaluru
Stocks around the world kicked off a new week on a positive note, with U.S. indexes rising. The stock market's gains were broad-based, with nearly all of the S&P 500's sectors rising and some big tech stocks lagging. The yield on the 10-year U.S. Treasury note fell slightly, recently trading at 4.218%, after settling at 4.239% on Friday. Hawaiian Electric shares leapt after the utility pushed back against claims that its power lines caused the deadly Lahaina wildfire. Chinese indexes swung after the government cut a trading tax and said it will take more steps to revive markets.
Persons: Stocks, Jerome Powell, Jackson Organizations: Nasdaq, Dow, Treasury, Hawaiian Electric Locations: Jackson Hole, U.S, Shanghai
Stock futures were near flat Monday night as investors looked to the final days of what's been a difficult August for the market. S&P 500 futures and Nasdaq 100 futures wavered near the flat line. The moves follow a winning day on Wall Street, a rarity in recent weeks. The S&P 500 and Nasdaq Composite climbed 0.6% and 0.8%, respectively. The S&P 500 and Nasdaq are poised for losses of 3.4% and 4.5%, respectively.
Persons: what's, Dow, Chris Barto Organizations: Futures, Dow Jones Industrial, Nasdaq, Dow, 3M, Bloomberg, Fort Pitt Capital, Traders, HP Locations: August's
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