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☆ Toyota supplier Denso posts 76% rise in Q2 profit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 28 (Reuters) - Denso Corp (6902.T), Toyota Motor Corp's major supplier, reported a 76% rise in second-quarter operating profit on Friday, missing analysts' estimates. It posted 91.8 billion yen ($626.5 million) in operating profit for the three months to end-September, versus an average 120.48 billion yen profit estimated by five analysts, according to Refinitiv data. A year earlier, the company earned 52.1 billion yen in profit. The company specialising in vehicle air conditioning, power trains and automated driving systems stuck to its already downgraded full-year operating profit forecast of 480 billion yen for the year ending March 31. That compares with a 211 billion yen average forecast by 21 analysts.

It reported 15 million paid subscribers for its Peacock streaming service, up from 13 million in the previous quarter. Total company revenue fell 1.5% to $29.85 billion in the quarter, compared with estimates of $29.65 billion, according to Refinitiv data. Net loss attributable to Comcast was $4.6 billion, or $1.05 per share, compared with a profit of $4.04 billion, or 86 cents per share, a year earlier. The net loss was partly due to an $8.6 billion goodwill impairment charge in its UK pay-TV company, Sky. NBCUniversal's theme parks division generated $2.06 billion in revenue, versus $1.45 billion a year ago.

☆ Toyota considers sharp boost in output of first EV, but not before 2025, sources say
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 26 (Reuters) - Toyota is considering a sharp increase in production of its first mass-market battery-electric vehicle from 2025, according to three people with knowledge of the developing plans, ramping up output of the vehicle amid a broader strategy rethink. The car is produced at Toyota Motor Corp's Motomachi plant near its headquarters on a shared assembly line with gasoline cars and hybrids. Both the current and potential production numbers include those of the Subaru Corp Solterra, which is made on the same platform. The increase would see Toyota add production at another plant near its headquarters, the Takaoka factory, said the three people, all of whom spoke on condition of anonymity because the information was not public. Reporting by Maki Shiraki; Writing by Kevin Krolicki; Editing by David DolanOur Standards: The Thomson Reuters Trust Principles.

☆ Yellen to visit Cleveland to tout Biden efforts to revive U.S. manufacturing
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - U.S. Treasury Secretary Janet Yellen will travel to Cleveland on Thursday to promote the Biden administration's economic initiatives aiming to revive U.S. manufacturing, especially in overlooked cities, the Treasury said. Yellen will join Senator Sherrod Brown, an Ohio Democrat, to deliver at the opening of the Manufacturing Advocacy and Growth Network (MAGNET), a Cleveland-based non-profit incubator for small and midsized manufacturers. Among investments she is planning to highlight are Intel Corp's planned semiconductor manufacturing plant, an initial $20 billion investment that could grow to $100 billion to become the world's largest chip facility. Yellen also plans to discuss over $100 billion in private sector funding for electric vehicle production, battery factories, and charging infrastructure made possible by infrastructure and clean energy legislation. Reporting by David Lawder; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft powers up search for Chinese gaming hits in race against Sony
▼ + stars: | 2022-10-24 | by ( Josh Ye | ) www.reuters.com time to read: +6 min

Register now for FREE unlimited access to Reuters.com RegisterGrowing Western interest in Chinese games reflects a maturing of China's game development industry, analysts said. Chinese games are now on a par with big-budget Western games, said Daniel Ahmad, senior analyst at researcher Niko Partners. "Chinese game developers are trying to standardise their development tools, create advanced production processes, invest in really large-scale teams," Ahmad said. Microsoft has been building a team to scout for Chinese games, two industry sources said. Gaming executives now point to "Genshin Impact" as a global industry milestone, lauding its production value and seamless cross-platform game play.

☆ Mobileye IPO not capital raise, but market entry -Intel CEO at WSJ Tech Live Conf
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Intel Corp's (INTC.O) Chief Executive Pat Gelsinger on Monday said the initial public offering of its self-driving tech company Mobileye was not a capital raise, but more of an entry into the market. "It is a move to potentially move them into the market. It's not a capital raise," said Gelsinger at the WSJ Tech Live conference when asked about why Intel was moving ahead with an IPO during such tough market environments and whether Intel needed that cash. It's a tough market. Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion.

President Joe Biden last week doled out $2.8 billion to miners developing new U.S. sources of lithium, nickel, copper and other EV minerals, as well as battery parts manufacturers and recyclers. Those grants followed August's Inflation Reduction Act, which links EV tax credits to minerals extracted domestically or from 20 allies. "People have a misconception about how quickly we can get mines up and running given the U.S. permitting process," said Megan O'Connor, Nth Cycle's CEO. "Hopefully, they'll give us some help and fast track some of the permitting process," said Kent Masters, Albemarle's CEO. The yawning divide between America and China's approaches to funding the EV supply chain is now a top concern for many policymakers and their advisers in the nation's capital.

☆ U.S. DoJ seeks more details on $8 bln CVS-Signify Health deal
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

Oct 20 (Reuters) - The U.S. Department of Justice (DoJ) has asked for more details on CVS Health Corp's (CVS.N) proposed $8 billion deal to buy Signify Health (SGFY.N), the pharmacy chain operator said on Thursday. The deal, announced last month, was expected to face a tough antitrust review even though the two companies do not compete directly in any market, according to experts. read moreThe acquisition will enable CVS, one of the largest U.S. healthcare companies, to provide further care management to patients in their homes. The deal is still expected to close in the first half of 2023, CVS said in a filing. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manas Mishra in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

The Superior Electoral Court (TSE) said the measures are intended to curb the "distribution and sharing of knowingly untrue or gravely decontextualized information affecting the electoral process," according to the resolution. The tougher stance, defined by Supreme Court Justice Alexandre de Moraes, who currently runs the TSE, reflects a more aggressive approach to a tidal wave of dirty campaigning that has engulfed Brazil ahead of the Oct. 30 runoff. The TSE has already ordered some disinformation videos to be taken down, including ones that say Lula consorts with Satan and Bolsonaro embraces cannibalism. The campaigns have also been ordered by the court to pull online ads saying the leftist will legalize abortion and the incumbent entertains pedophilia. Moraes said the platforms had helped keep disinformation within reasonable bounds ahead of the election's first-round vote on Oct. 2.

☆ Hulu insiders are confused and frustrated about their future as Disney and Comcast battle it out for control of the streamer
▼ + stars: | 2022-10-20 | by ( Lucia Moses | Elaine Low | ) www.businessinsider.com time to read: +10 min

Sparring between Disney and Comcast CEOs over Hulu has stoked uncertainty among insiders about the streamer's future. Many wonder how Hulu will stay differentiated from Disney+ if Disney becomes Hulu's sole owner. Insiders and advertisers alike are also watching to see if Hulu will lose some of its distinctiveness as Disney invests more in Disney+. "That was a clear departure from Disney being family-focused and Hulu being general entertainment," said a second former Hulu exec. And as the CEOs posture, people inside the streamer are eager for leadership to tell them, as a third former company insider put it, "what Hulu means to the Walt Disney Company."

☆ JetBlue, Spirit Airlines inch closer to forming fifth-largest U.S. carrier
▼ + stars: | 2022-10-19 | by ( Makiko Yamazaki | ) www.reuters.com time to read: 1 min

Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/IllustrationsOct 19 (Reuters) - Shareholders of U.S. carrier Spirit Airlines Inc (<SAVE.N>) voted in favor of JetBlue Airways Corp's (<JBLU.O>) $3.8 billion takeover offer, but face an uphill struggle getting regulators to approve their combination. read moreBelow are the key events of the takeover saga:Register now for FREE unlimited access to Reuters.com RegisterReporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Baker Hughes taps Newmont's Nancy Buese as CFO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Wednesday Nancy Buese will take over as chief financial officer, effective Nov. 2, replacing Brian Worrell. Buese is currently gold miner Newmont Corp's (NEM.N) CFO and executive vice president. Baker Hughes also reported a higher-than-expected third quarter adjusted profit on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ruhi Soni in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korean chat app Kakao's co-CEO steps down after widespread outage
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Oct 19 (Reuters) - Kakao Corp's (035720.KS) co-CEO Namkoong Whon has stepped down, the company said on Wednesday, after an outage that shut down South Korea's largest mobile chat app and other services, triggering widespread backlash from authorities and the public. The resignation, effective Wednesday, leaves co-CEO Hong Euntaek as sole CEO. The company apologised for the outage that started on Saturday due to a fire at a data centre run by SK C&C (034730.KS) near Seoul. More than 500 small businesses complained about lost sales due to the Kakao outage, lobby group Korea Federation of Micro Enterprise said. ($1 = 1,415.6400 won)Register now for FREE unlimited access to Reuters.com RegisterReporting by Joyce Lee; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Spirit Airlines shareholders vote in favor of $3.8 bln JetBlue merger
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/IllustrationsOct 19 (Reuters) - Shareholders of U.S. carrier Spirit Airlines Inc (SAVE.N) on Wednesday voted in favor of JetBlue Airways Corp's (JBLU.O) $3.8 billion takeover offer, moving the companies closer to creating the nation's fifth-largest carrier. Spirit and JetBlue expect to conclude the regulatory process and close the deal no later than the first half of 2024. However, New York-based Spirit in July sided with JetBlue's revised offer, a day after terminating its $2.7 billion merger deal with Frontier. read more read moreSpirit's shares were up 0.7% in morning trade on Wednesday.

☆ Hyundai Motor, Kia say $2 bln provision to hit Q3 earnings
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 18 (Reuters) - Hyundai Motor (005380.KS) and affiliate Kia Corp's (000270.KS) third-quarter earnings will reflect provisions totalling a combined 2.9 trillion won ($2 billion), they said on Tuesday. The costs include provisions related to their Theta GDI engines, the South Korean automakers said in regulatory filings. Hyundai Motor said a provision of 1.36 trillion won would be reflected in its earnings, while Kia flagged a hit of 1.54 trillion won. In 2020, Hyundai and Kia together made 3.6 trillion won in provisions related to engine issues. Hyundai Motor is scheduled to report its July-September earnings next Monday, while Kia has not yet announced when it will report its third quarter results.

The logo of Toshiba Corp is displayed atop of the company's facility building in Kawasaki, Japan, June 24, 2022. JIP's initial offer was below 6,000 yen per share, the two sources told Reuters, putting the value of a potential tender offer at less than 2.6 trillion yen ($17.5 billion). Investors have considered 6,000 yen to be a key threshold. During a strategic review last year, at least one global private equity firm told Toshiba's review committee that a deal to take the conglomerate private could be done at 6,000 yen a share or more. In Japan, the court-led rehabilitation of auto parts supplier Marelli Holdings Co Ltd - owned by U.S. private equity firm KKR & Co Inc (KKR.N) - has turned banks cautious about terms for financing leveraged buyouts, private equity sources said.

☆ Gulfstream Aerospace weighs G550 replacement for special missions
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

ORLANDO, Fla., Oct 17 (Reuters) - General Dynamics Corp's (GD.N) Gulfstream Aerospace is weighing one of its business jets to replace its popular G550 aircraft which is now out of production for special mission purposes, President Mark Burns said on Monday. Governments are eying "special mission" business jets capable of looking or listening at potentially lower running costs than converted passenger or military planes. The rising demand for small jets with systems once reserved for bigger planes has energised a market led by Gulfstream, which faces challenges from rivals Bombardier (BBDb.TO) and France's Dassault Aviation SA (AM.PA). In September, Canada's Bombardier Inc (BBDb.TO) said the company's defense business involving special mission private jets could grow to a possible $1 billion in annual revenues from a 'fraction' of it right now. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Allison Lampert in Orlando, Fla.

☆ Private jet makers tout emission-fighting efforts, backlogs at air show
▼ + stars: | 2022-10-17 | by ( Allison Lampert | ) www.reuters.com time to read: +5 min

It will also test the strength of business jet demand, which surged during COVID-19 and swelled order backlogs, but could now face a softer economy. Honeywell International Inc (HON.O) has forecast up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook. BUSY QUARTERU.S. business jet traffic recovered faster in 2021 than commercial flight traffic, soaring above 2019 levels. Independent aviation analyst Brian Foley expects private jet usage in the United States to go down to more traditional levels this fall. Despite being a sellers' market, aviation attorney Stewart Lapayowker sees some early signs of softness.

☆ Private jet makers tout emissions-fighting efforts, backlogs at air show
▼ + stars: | 2022-10-17 | by ( Allison Lampert | ) www.reuters.com time to read: +4 min

It will also test the strength of business jet demand, which surged during COVID-19 and swelled order backlogs, but could now face a softer economy. BUSY QUARTERU.S. business jet traffic recovered faster in 2021 than commercial flight traffic, soaring above 2019 levels. Independent aviation analyst Brian Foley expects private jet usage in the United States to go down to more traditional levels this fall. Despite being a sellers' market, aviation attorney Stewart Lapayowker sees some early signs of softness. Some buyers in real estate and construction, sectors hit by rising rates, are reconsidering their orders, said Lapayowker, who leads Lapayowker Jet Counsel in Florida.

☆ Wall Street rallies, dollar dips on solid earnings, UK policy U-turn
▼ + stars: | 2022-10-17 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. "More and more economists are embracing recession," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "Usually when the market has discounted everything - and I believe it has - usually (the last months of the year) are positive for the stock market." Emerging market stocks rose 0.42%. Treasury prices rose, tracking similar moves in the UK bond market, pushing benchmark Treasury yields lower for the first time in three days.

☆ Investor Irenic Capital wants News Corp to split media, real estate units - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Activist investor Irenic Capital Management, which has a $150 million stake in News Corp (NWSA.O), wants the company to split its media and online real estate units, sources familiar with the matter said on Monday. Irenic's push comes after media mogul Rupert Murdoch's proposal last week to reunite his media empire by combining News Corp (NWSA.O) and Fox Corp (FOXA.O), nearly a decade after the companies split. Irenic has sought a meeting with panel from News Corp, sources said, adding the investor would be prepared to oppose a deal if it undervalues the company. Register now for FREE unlimited access to Reuters.com RegisterNews Corp did not immediately respond to a request for comment. It is anchored by REA Group, in which News Corp has a 61.4% stake, which is worth about $5.8 billion.

Register now for FREE unlimited access to Reuters.com RegisterRNG, or biogas, is gas captured from organic waste in landfills or farms. BP has offered $26 in cash for each Archaea share, or $3.3 billion, and will take on about $800 million of net debt. The deal will double the expected earnings before interest, taxes, depreciation, and amortization (EBITDA) from biogas to around $2 billion by 2030, BP said. BP plans to invest $1.7 billion in the business by 2027 to accelerate its growth which will not change BP's overall capital expenditure plans, Looney said. BP plans to spend $14 to $16 billion in 2022, the majority of which going towards oil and gas.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

☆ Here are Monday's biggest analyst calls of the day: Apple, Amazon, Netflix, Kroger, SunPower & more
▼ + stars: | 2022-10-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are the biggest calls on Wall Street on Monday: Morgan Stanley reiterates Apple as overweight Morgan Stanley named the tech giant as its top pick in a downturn. Cowen reiterates Amazon as outperform Cowen said shares remain attractive heading into earnings later this month. Morgan Stanley resumes Prologis as overweight Morgan Stanley resumed coverage of the supply chain logistics company and named it a top pick. Morgan Stanley upgrades Clorox to equal weight from underweight Morgan Stanley said in its upgrade of Clorox that it sees some earnings upside ahead of the company's earnings later this quarter. Oppenheimer reiterates Chipotle as outperform Oppenheimer says Chipotle is a "rarity" as the firm sees earnings upside among a deteriorating macro.

TOKYO, Oct 13 (Reuters) - Shares in Toshiba Corp (6502.T) surged on Thursday following a report that a domestic investor-led group was looking at a $19 billion bid in a deal that could lead to foreign activist shareholders being bought out after years of tension. A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Register now for FREE unlimited access to Reuters.com RegisterJapan Industrial Partners has contacted multiple Japanese firms, sources have said. Japan Industrial Partners declined to comment. Toshiba and activist shareholders have been at odds over the direction of the company, with several large foreign funds pushing the conglomerate to consider private equity bids.

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