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☆ Gavi rejects Novavax's claim on COVID vaccine deal breach
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Global vaccine alliance Gavi on Tuesday rejected Novavax's (NVAX.O) claim that the group had breached an advance purchase agreement to procure 350 million doses of the company's COVID-19 vaccine. Novavax also has a pact with Serum Institute of India for manufacturing a version of the vaccine under the brand Covovax, which would also be supplied to the COVAX facility. Gavi's spokesperson said Serum Institute had a 300 million dose commitment for Covovax, with options for 750 million more doses if needed. A spokesperson for Serum Institute declined to comment. Novavax recently cut its full-year forecast yet again, hurt by late authorizations of its COVID vaccine globally amid a waning demand for shots.

☆ Disney's Iger may have to cut costs as streaming loses money
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Bob Iger must show Wall Street a new side to his character as he returns to lead Walt Disney Co (DIS.N) by cutting costs and restoring profits in just two years after splurging cash on acquisitions and a streaming business last time round. The entertainment giant shocked investors late on Sunday evening announcing the ouster of Chief Executive Bob Chapek and appointing Iger, 71, to a two-year contract to return the company to growth. read moreThe move evoked other return engagements such as Steve Jobs' return to Apple and Howard Schultz's return to Starbucks in times of crisis. The most immediate target of that could be Disney+, the streaming service that Iger helped launch in 2019. Some brokerages have also raised concern on whether the two-year period Iger has agreed to return for would be enough to transform the business and find a successor.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. IGER'S RETURNSIger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

☆ India's forex reserves rise at fastest pace since August 2021
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Nov 18 (Reuters) - India's foreign exchange reserves (INFXR=ECI) rose to $544.72 billion in the week through Nov. 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday. The country's reserves were at $529.99 billion by Nov. 4. In the week ended Nov. 11, softer-than-expected U.S. inflation data helped the rupee mark its best weekly performance in about four years and strengthened it to the 80-per-dollar handle for the first time since mid-September. For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar. Reporting by Anushka Trivedi in Mumbai; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Aerospace suppliers flag cash flow warning as jet production hits turbulence
▼ + stars: | 2022-11-18 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +2 min

Nov 18 (Reuters) - Aerospace suppliers are staring at the prospect of dwindling cash flow as they struggle with excess inventory due to production challenges at top planemakers Boeing Co (BA.N) and Airbus SE (AIR.PA). Boeing-supplier Spirit AeroSystems Holdings Inc (SPR.N) said earlier this month a "challenging environment" is "putting a lot of pressure on our ability to generate cash". "We've got to carry extra inventory buffers because of supply chain," Spirit's finance chief, Mark Suchinski, had said. An inventory build opens up the possibility that companies may struggle in the event of a downturn but aerospace executives maintain demand is strong. "Our analysis indicates healthy growth in aircraft deliveries even through a severe recession," CFRA Research senior equity analyst Colin Scarola said.

☆ New CEO says FTX had 'complete failure of corporate control'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

Nov 17 (Reuters) - New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. Bankruptcy specialist Ray, who took over from Bankman-Fried as CEO when FTX filed for protection on Friday, did not name any specific overseas regulator in that part of the 30-page filing. FTX founder Bankman-Fried did not immediately respond to a request for comment on the allegations contained in the filing. Vox on Wednesday published an interview with Bankman-Fried in which he said he regretted his decision to file for bankruptcy protection and criticized regulators.

☆ New FTX CEO says 'complete failure of corporate control' at crypto exchange
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - FTX's new chief executive officer, John Ray, has criticized the oversight of the bankrupt crypto exchange, a court filing showed on Thursday. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said. Ray also criticized his predecessor and FTX co-founder Sam Bankman-Fried for making "erratic and misleading public statements". Vox on Wednesday published an interview with Bankman-Fried where he said he regretted his decision to file for bankruptcy protection and criticized regulators. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Corporate America cuts thousands of jobs as recession looms
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +5 min

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read moreThe move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets. Walt Disney Co (DIS.N):The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

☆ Target warns of dour holiday sales, shares plunge 15%
▼ + stars: | 2022-11-16 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Shares of the big-box retailer fell more than 15% in premarket trading after it also said that its third-quarter profit had halved. In contrast, Walmart, which dedicates most of its shelf space to groceries and other daily essentials, raised its full-year sales and profit forecast on Tuesday. However, the top U.S. retailer warned that its customers could slow spending, especially in general merchandise categories, in the holiday quarter. FedEx (FDX.N) and Amazon (AMZN.O) have also warned of a slump in holiday season demand in recent weeks, while overall U.S. holiday sales are expected to rise at a slower pace this year, according to an industry trade group. On an adjusted basis, Target's profit was $1.54 per share for the quarter ended Oct. 29, missing analysts' expectations of $2.13.

☆ Pacific Life Insurance Names New Tech Chief From USAA
▼ + stars: | 2022-11-16 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

She replaces Mike Shadler, who has served as CIO since 2018 and plans to retire at the end of the year, a spokesperson for the life insurance company said. She will report directly to Pacific Life Chief Executive Darryl Button. Still, many life insurers aren’t meeting customer expectations in terms of speed of service and method of communication, said Ted Epps, Global Life Insurance Technology Leader at Ernst & Young. Insurance technology is “the convergence of modern digital experiences and advice with proven products,” Mr. Epps said. Prudential Financial Inc. is using more digital and cloud-based tools for managing expenses and financial planning, chief financial officer Ken Tanji told The Wall Street Journal in February.

☆ Tata Motors' JLR says CEO Bollore to resign
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 16 (Reuters) - Tata Motors (TAMO.NS)-owned luxury carmaker Jaguar Land Rover said on Wednesday Chief Executive Officer Thierry Bollore would resign due to personal reasons after more than two years in the role. Adrian Mardell will take over as CEO on an interim basis, JLR said. A 32-year JLR veteran, Mardell is currently a member of the company's executive board. JLR said earlier this month its second-quarter loss before tax narrowed to 173 million pounds ($206.06 million), while revenue rose 36% from a year earlier. The division's performance is key to India's Tata Motors as it contributes nearly 60% to the group's revenue from operations.

☆ Australia's Nitro Software recommends KKR's Alludo takeover offer of $335 mln
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Australia's Nitro Software (NTO.AX) said on Tuesday its board had determined the near A$500 million ($335 million) offer from KKR Inc's (KKR.N) Alludo to be "superior" to an earlier bid from major shareholder Potentia Capital Management. In late October, the company took on an offer from Alludo at A$2.00 per share, which it said was an 11% premium to tech-focused private equity firm Potentia's offer of A$1.80 per share. read moreNitro in a statement said it has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails. The company expects to hold a shareholders meet related to the Alludo offer in March 2023. ($1 = 1.4930 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

☆ Illumina cuts 5% of its workforce
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

Nov 14 (Reuters) - Illumina Inc (ILMN.O) said on Monday it was cutting 5% of its global workforce to realign its operating expenses as stubborn inflation and a strong dollar weigh on the genetic sequencing equipment maker's business. The company said it was expecting to take a restructuring charge, which would include expenses related to optimizing its facilities, in the fourth quarter. The layoffs come on the back of a near $4 billion impairment it took in the third quarter related to its cancer test unit GRAIL(GRAL.O). The company, which is in the process of launching its next-generation NovaSeq X DNA sequencing systems, has over 9,100 employees globally, according to its website. Reporting by Leroy Leo in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Estee Lauder nears $2.8 billion deal to buy Tom Ford - FT
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

The luxury brand, founded by fashion designer Tom Ford, entered into exclusive negotiations with Estee Lauder this week and a deal could be announced as early as Monday, the FT reported. Estee Lauder and Tom Ford did not immediately respond to Reuters requests for comment. Earlier in August, the Wall Street Journal reported that Estee was in talks to acquire the luxury brand in what could be a $3 billion deal. The Journal later reported that French luxury group Kering(PRTP.PA) was also in advanced discussions to buy the fashion brand, competing with Estee. Tom Ford is known for its menswear, but also counts women's apparel, handbags, cosmetics and perfumes as part of its product line.

☆ Disney plans to freeze hiring and cut some jobs, memo shows
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +3 min

Nov 11 (Reuters) - Walt Disney Co (DIS.N) is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney's leaders, saying the company is instituting a targeted hiring freeze and anticipates "some small staff reductions" as it looks to manage costs. Disney has said the fast-growing service added 12 million subscribers in its fiscal fourth quarter but reported an operating loss of nearly $1.5 billion. The company said Disney+ would become profitable in fiscal 2024, with losses having peaked in the quarter. Meta Platforms (META.O) said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

In a 250-page proposed decision, regulators outlined reforms to the so-called "net energy metering", a state policy that issues credits to solar energy customers for generating excess electricity and feeding it back to the grid. The proposal will not affect current home solar owners and will maintain their current compensation, the California Public Utilities Commission (CPUC) said. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Sunnova Energy International Inc (NOVA.N), closed 20% to 27% higher on Thursday. "This has been an overhang for rooftop solar stocks that would be alleviated if passed similar to today's proposal," said Morningstar analyst Brett Castelli. "The CPUC's new proposed decision would really hurt.

☆ Bahamas securities regulators freeze assets of FTX's unit
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - The Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, a subsidiary of the cryptocurrency exchange. The regulator said it had also suspended the registration and applied to the Supreme Court of The Bahamas for the appointment of a provisional liquidator of FTX Digital Markets Ltd. Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ California's incentive proposal for rooftop solar targets low-income households
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

OAKLAND, Nov 10 (Reuters) - California regulators on Thursday made a new proposal for incentivizing rooftop solar systems, a contentious matter as the state tries to expand renewable energy and respond to critics who want more equitable distribution of incentives. Shares of rooftop solar system providers, including Sunrun Inc (RUN.O), SunPower Corp (SPWR.O) and Solaredge Technologies Inc (SEDG.O), were up between 12% and 26% in afternoon trading. The new policy proposals outlined by the California Public Utilities Commission (CPUC) include an additional $900 million to support battery and solar systems, mostly for low-income customers. The proposal will not affect current home solar owners and will maintain their current compensation, the CPUC said. Reporting by Peter Henderson, Nichola Groom and Ruhi Soni; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Project Eleven: Google is quietly working on a wearable device for preteens as it chases a surging number of younger tech users
▼ + stars: | 2022-11-08 | by ( Blake Dodge | Hugh Langley | ) www.businessinsider.com time to read: +4 min

Google is working on a wearable for preteens in an effort called "Project Eleven." Google is developing a wearable device for preteens under its Fitbit group as it attempts to capture a growing demographic of younger users who own wearable tech, three employees familiar with the project told Insider. Apple in 2021 accounted for about 30% of global wearable shipments, according to the IDC Worldwide Quarterly Wearable Device Tracker. Are you a Google employee with a tip? Are you a Google employee with a tip about health projects?

☆ Inflation top worry for G20 countries - survey
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Runaway inflation, an unfolding debt crisis and cost-of-living problems pose the biggest threats to doing business for G20 countries in the next two years, data from the World Economic Forum showed on Monday. Inflation has surged to levels not seen in several decades, prompting a third of G20 countries to identify rising prices as their top concern, the Executive Opinion Survey conducted by the World Economic Forum's Centre for the New Economy and Society showed. Although central banks across the globe have embarked on an aggressive policy tightening path their efforts to tame inflation run the risk of tipping the global economy into a recession. Cyber attacks, despite rising instances of data breach and technology-based security threats, were among the least commonly cited risks. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Corporate America lays off thousands as recession worries mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +7 min

DoorDash Inc (DASH.N):The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees. Twitter Inc:The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover. Chime Financial Inc:The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Apple to expand live TV advertising around new soccer deal -Bloomberg News
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

Nov 4 (Reuters) - Apple Inc (AAPL.O) is preparing to expand its advertising network for live television as part of its deal to stream Major League Soccer (MLS) games next year, Bloomberg News reported on Friday, citing people with knowledge of the matter. The iPhone maker is in talks with advertising partners and MLS sponsors in advance of the launch next February about airing advertisements during soccer games and related shows, according to the report. Earlier this year, MLS and Apple TV announced a partnership that will see every game streamed on the app for the next decade. The deal was reported to be worth about $2.5 billion. read moreReporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Warner Bros. Pictures, film subsidiary of Warner Bros. "We're spending more money this year than we've ever spent historically," Warner Bros Chief Executive David Zaslav told a conference call. Warner Bros posted a third-quarter loss of $2.3 billion, or 95 cents a share, which includes $1.5 billion in pre-tax restructuring charges. Warner Bros Discovery, home to hit franchises such as "Batman" and "Euphoria," added 2.8 million new streaming subscribers in the third quarter, bringing its total to 94.9 million. A merger of HBO Max and Discovery+ will debut on an accelerated timetable, in spring of 2023.

☆ S&P upgrades Qatar's credit rating on shrinking debt burden
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - Ratings agency S&P on Friday raised Qatar's long-term sovereign credit rating to "AA" from "AA-", citing improvements in the government's fiscal position. "Qatar's debt interest costs as a share of government revenue have fallen, and we expect them to remain low because the government is repaying maturing debt," the agency said in a statement. read moreS&P believes that higher oil prices should result in strong government surpluses in 2022-2023. read moreS&P said Qatar government's revenue stream will substantially increase by the North Field Expansion, which is part of the world's biggest gas field that Qatar shares with Iran. Reporting by Vansh Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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