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☆ Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers. Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent(0700.HK) .

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Goldman Sachs, Naspers, Van Dijk's, van Dijk, Van Dijk, Prosus, Tannur Anders, Toby Sterling, Radhika Anilkumar, Sherry Jacob, Phillips, Stephen Coates, Michael Perry, Louise Heavens Organizations: REUTERS, Rights, Prosus NV, Johannesburg Stock Exchange, HK, Thomson Locations: Johannesburg, South Africa, Rights JOHANNESBURG, Prosus, Tencent, Russia, Ukraine, Amsterdam, Bengaluru

☆ Google nears release of AI software Gemini - The Information
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

Sept 14 (Reuters) - Alphabet's (GOOGL.O) Google has given a small group of companies access to an early version of Gemini, its conversational artificial intelligence software, The Information reported on Thursday, citing people familiar with the matter. Gemini is intended to compete with OpenAI's GPT-4 model, according to the report. Google has intensified investments in generative AI this year as it plays catch-up after Microsoft-backed OpenAI's launch of ChatGPT last year took the tech world by storm. It is also expected to help software engineers write code and generate original images based on what users ask to see. The search and advertising giant plans to make Gemini available to companies through its Google Cloud Vertex AI service.

Persons: OpenAI's, Rishabh, Sherry Jacob, Phillips Organizations: Google, Microsoft, Thomson Locations: India, Japan, Bengaluru

U.S. gold futures gained 0.3% to $1,938.90. The yuan hit two-week highs against the U.S. dollar after data showed China factory output and retail sales in August beat forecasts, making greenback-priced bullion more attractive for Chinese buyers. "The outlook for rates to be kept high for longer has been keeping non-yielding gold prices under pressure," said Yeap Jun Rong, a market strategist at IG. We, therefore, do not view monetary policy as supportive of gold until well into 2024," HSBC said in a note. "Institutional investors have yet to commit to gold, as net long positions on the CME and ETF holdings indicate."

Persons: Yuan, Bullion, Jun Rong, Swati Verma, Sherry Jacob, Phillips Organizations: U.S, Reuters Graphics, IG, HSBC, CME, Thomson Locations: China, U.S, Bengaluru

☆ FTSE 100 climbs nearly 1% as China data boosts miners
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummary FTSE 100 climbs 0.9%, FTSE 250 adds 0.3%Sept 15 (Reuters) - UK's FTSE 100 extended gains on Friday, driven by miners following better-than-expected economic data from China, while the prospects of global central banks nearing the end of their monetary tightening cycle further boosted risk sentiment. The blue-chip FTSE 100 index (.FTSE) climbed 0.9% by 0705 GMT, after it hit a six-week high in the previous session. Tracking metal prices higher, miners (.FTNMX551020) gained 0.9% after the data from top consumer, China, was published. Reporting by Siddarth S in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Siddarth, Sherry Jacob, Phillips Organizations: London Stock Exchange, REUTERS, Investors, U.S . Federal Reserve, Bank of, European Central Bank, Thomson Locations: Canary Wharf, London, Britain, China, Bank of England, Bengaluru

☆ Tesla jumps on prediction supercomputer unit could add $600 bln to mkt value
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Dojo can open up new addressable markets that "extend well beyond selling vehicles at a fixed price," Morgan Stanley analysts led by Adam Jonas said in a note on Sunday. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and made it their "top pick," replacing Ferrari's U.S.-listed shares . That's about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate from Tesla's network services business to $335 billion in 2040, from $157 billion earlier. Jonas expects the unit to account for more than 60% of Tesla's core earnings by 2040, nearly doubling from 2030.

Persons: Matthew Childs, Morgan Stanley, Tesla, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Organizations: REUTERS, Dojo, Ferrari's U.S, Ford, Motors, Thomson Locations: London, Britain, Bengaluru

☆ Tesla jumps as analyst predicts $600 billion value boost from Dojo
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo Acquire Licensing RightsSept 11 (Reuters) - Tesla rallied 6% on Monday after Morgan Stanley said its Dojo supercomputer could power a near $600 billion surge in the electric-car maker's market value by helping speed up its foray into robotaxis and software services. The Wall Street brokerage upgraded Tesla's stock to "overweight" from "equal-weight" and replaced Ferrari's U.S.-listed shares with it as "top pick". That is about 76% higher than Tesla's market value of about $789 billion, based on the stock's close of $248.5 on Friday. Morgan Stanley raised its revenue estimate for Tesla's network services business to $335 billion in 2040 from $157 billion earlier.

Persons: Matthew Childs, Tesla, Morgan Stanley, Adam Jonas, Jonas, Roshan Abraham, Susan Mathew, Medha Singh, Savio D'Souza, Sherry Jacob, Phillips, Rashmi Aich, Anil D'Silva Organizations: REUTERS, Dojo, Ford, Motors, Thomson Locations: London, Britain, Ferrari's U.S, Bengaluru

☆ Regulator sues AustralianSuper over multiple pension accounts
▼ + stars: | 2023-09-08 | by ( Roushni Nair | ) www.reuters.com time to read: +2 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSept 8 (Reuters) - The Australian securities regulator said on Friday it initiated a lawsuit against the trustee of AustralianSuper, citing the country's largest superannuation fund failed to have adequate policies to identify members who held multiple accounts. The Australian Securities and Investments Commission (ASIC) started civil penalty proceedings alleging that AustralianSuper did not have substantial procedures for almost 10 years to help merge multiple accounts of a single member. AustralianSuper has more than 2.87 million members and A$258 billion ($164.48 billion) in member assets, as of June 30, 2022, according to the ASIC. "AustralianSuper regrets that its processes to identify and combine multiple accounts did not cover all instances of multiple member accounts. As of June 2022, three million people had multiple superannuation accounts in Australia, ASIC stated, adding that a significant proportion of these multiple accounts were held within the same fund.

Persons: Loren Elliott, AustralianSuper, Sarah Court, Hebe Chen, unreservedly, Roushni Nair, Devika Syamnath, Sherry Jacob, Phillips Organizations: REUTERS, Australian Securities and Investments Commission, IG Markets, Reuters, Thomson Locations: Sydney, Australia, Australian, Bengaluru

☆ Canada's Rogers to sell $2.2 bln in bonds to repay debt
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSept 7 (Reuters) - Canada's Rogers Communications (RCIb.TO) said on Thursday it is pricing in a C$3 billion ($2.19 billion) bond offering to repay short-term debt and other borrowings. Rogers is selling its Canadian dollar-denominated senior bond in four parts, the telecoms company said in a statement, adding that the longest tranche of the offering, due for 2033, is priced at C$1 billion of 5.9% senior bonds. In March, Canada approved Rogers' buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network. ($1 = 1.3685 Canadian dollars)Reporting by Nilutpal Timsina in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Rogers, Nilutpal, Rashmi Aich, Sherry Jacob, Phillips Organizations: Rogers, Rogers Communications, REUTERS, Canada's Rogers Communications, Shaw Communications, Thomson Locations: Toronto, Ontario, Canada, Bengaluru

☆ Alchemy Copyrights to buy Round Hill Music for about $469 mln
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Alchemy Copyrights has agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million, the companies said on Friday, giving it access to songs including Backstreet Boys' "I Want It That Way". Shareholders in Round Hill Music will get $1.15 in cash per scheme share, representing a premium of about 67% to the stock's closing price on Thursday. Alchemy Copyrights, trading as Concord, is an acquirer of music rights and companies, with transactions spanning recorded music, music publishing and theatricals. Round Hill Music's portfolio of music rights comprises 51 catalogues with a collection of more than 150,000 songs, including Backstreet Boys' "I Want It That Way" and the Beatles' "She Loves You". Guernsey-based Round Hill Music has seen shares slide this past year due to inflationary pressures and a higher interest rate environment, which have impacted many listed alternative investment companies.

Persons: Yadarisa, Savio D'Souza, Sherry Jacob, Phillips Organizations: Royalty, Backstreet, Thomson Locations: Concord, Guernsey, Bengaluru

☆ Tobacco firm BAT sells Russian business to local management
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

A woman poses with a cigarette in front of BAT (British American Tobacco) logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - British American Tobacco (BATS.L) said on Thursday it entered into a deal to sell its Russian and Belarusian businesses to a consortium led by members of BAT Russia's management team. The company controlled just under 25% of the Russian tobacco market at the time. BAT, which had previously been in talks with its local distributor over a sale, said it had now formally entered into an agreement to sell the business to a consortium led by its local management team, in compliance with local and international laws. The company took a 957 million pound impairment related to the transfer of its Russian business in July 2022.

Persons: Dado Ruvic, Emma Rumney, Yadarisa, Sherry Jacob, Phillips Organizations: BAT, British, Tobacco, REUTERS, American Tobacco, BAT Russia's, Lucky, European, Thomson Locations: Russia, United States, European Union, Ukraine, Belarus, London

☆ Elon Musk borrowed $1 bln from SpaceX in same month of Twitter deal - WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

SpaceX approved the $1 billion loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, according to the report, citing documents. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents. Both SpaceX and X did not immediately respond to a Reuters request for comment. Elon Musk sold a massive chunk of his Tesla shares in 2022, both before and after the Twitter deal, bringing his total sales to about $40 billion which frustrated investors in the EV maker. In addition to Tesla and X, Musk is a co-founder of brain-chip startup Neuralink.

Persons: Porte, Gonzalo Fuentes, Elon Musk, Musk, Tesla, Nilutpal Timsina, Mrinmay Dey, Sherry Jacob, Phillips, Eileen Soreng Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Twitter, Wall Street, Federal Communications Commission, Thomson Locations: Paris, France, Bengaluru

☆ Elon Musk borrowed $1 billion from SpaceX in same month of Twitter deal, Wall Street Journal reports
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Sept 5 (Reuters) - Elon Musk withdrew a loan of $1 billion from SpaceX - the two-decade-old rocket company run by the billionaire - around the same time he was acquiring Twitter, now known as X, for $44 billion, the Wall Street Journal reported on Tuesday. SpaceX approved the $1 billion loan, which was backed by some of Musk's SpaceX stock, in October and Musk drew all of it down the same month, according to the report, citing documents. SpaceX had $4.7 billion in cash and securities on hand at the end of last year, the paper said, citing documents. REUTERS/Gonzalo Fuentes Acquire Licensing RightsBoth SpaceX and X did not immediately respond to a Reuters request for comment. In addition to Tesla and X, Musk is a co-founder of brain-chip startup Neuralink.

Persons: Elon Musk, Musk, Tesla, Porte, Gonzalo Fuentes, Nilutpal Timsina, Mrinmay Dey, Sherry Jacob, Phillips, Eileen Soreng Organizations: SpaceX, Twitter, Wall Street, Federal Communications Commission, Tesla, Viva Technology, Porte de, REUTERS, Thomson Locations: Paris, France, Bengaluru

The deal would give privately held C&S, primarily a supplier rather than an operator of grocery stores, a much more significant footprint. The stores that Kroger and Albertsons plan to shed are primarily in the Pacific Northwest and the Mountain states, along with some in California, Texas, Illinois, and the East Coast, the sources said. Bloomberg News reported about the talks between C&S, Kroger and Albertsons on Monday, as well as SoftBank's involvement but gave no information about the deal terms. Previously, Kroger and Albertsons said they may divest between 100 and 375 stores by placing them in a new company that Albertsons shareholders would own. In a regulatory filing Kroger said the upper limit for divestitures was 650 stores.

Persons: Rick Cohen, Cohen, SoftBank, Kroger, Ahold, Anirban Sen, Abigail Summerville, Juby Babu, Sherry Jacob, Phillips, Rashmi Aich, David Gregorio Our Organizations: Kroger, Albertsons Cos Inc, S Wholesale Grocers, Grand Union, Piggly, SoftBank Group Corp, Symbotic Inc, Albertsons, Bloomberg News, Thomson, & $ Locations: Pacific Northwest, California , Texas , Illinois, East Coast, New York, Bengaluru

☆ European stocks extend losses as economic slowdown jitters weigh
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsSept 6 (Reuters) - European stocks extended losses for a sixth consecutive session on Wednesday as worries about global economic slowdown and higher crude prices spurring inflationary pressures weighed on risk sentiment. The pan-European STOXX 600 index (.STOXX) slipped 0.5% by 0713 GMT, hovering near a one-week low. While oil prices pulled back slightly, government bond yields continued to rise, with the German 10-year yield jumping to two-week highs. Further denting the mood, German industrial orders fell more than expected in July, the federal statistics office said.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Telefonica, Saudi Arabia's STC, Spanish, Thomson Locations: Frankfurt, Germany, Saudi Arabia, Russia, Bengaluru

☆ C&S, SoftBank near deal to buy stores from Kroger, Albertsons - source
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The deal value and the number of stores included in the transaction could not be immediately learned. C&S lost one of its largest customers, Ahold Delhaize (AD.AS), when the supermarket group decided to transition to self-distribution in 2019. Kroger, Albertsons, C&S and SoftBank did not respond to Reuters' request for a comment. Reuters had reported in February that Kroger and Albertsons were advancing their plans to sell between 250 and 300 stores that they hope will alleviate U.S. antitrust concerns over their combination. In March, the companies reiterated that they would divest some stores to win the regulatory clearance required to go ahead with the merger.

Persons: Ahold, SoftBank, Kroger's, Juby Babu, Anirban Sen, Abigail Summerville, Sherry Jacob, Phillips, Rashmi Organizations: S Wholesale Grocers, SoftBank, Kroger, Albertsons Companies Inc, Reuters, Bloomberg, Albertsons, Federal Trade Commission, Thomson Locations: Pacific Northwest, Southern California, Phoenix, Chicago, Bengaluru, New York

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ European shares flat as Volkswagen, Aurubis offset energy boost
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. By 0711 GMT, the pan-European STOXX 600 (.STOXX) was flat at 457.9 points, but on track for its second weekly gain, if trend holds. Germany's DAX (.GDAXI) fell 0.2% as Aurubis (NAFG.DE) slumped 18% after Europe's largest copper producer said it would not reach its full-year profit outlook after identifying "considerable discrepancies" in target inventories. The broader mining sector (.SXPP), however, gained 0.7% after tracking a rally in most base metal prices. Shares of Volkswagen AG (VOWG.DE) slipped 2.5% after UBS downgraded the German automaker to "sell" from "neutral".

Persons: Germany's DAX, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Volkswagen, Volkswagen AG, UBS, Thomson Locations: Frankfurt, Germany, OPEC, Bengaluru

☆ LatAm startups lay off staff, expect more IPOs next year - report
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Aug 30 (Reuters) - Two-thirds of Latin American startups have laid off staff over the last 18 months, as venture capital funding fell sharply in the region, according to "Latin America Digital Transformation" report by venture capital fund Atlantico. Venture capital funding in the second quarter slumped 65% in Latin America, compared with last year, and down more than the 49% globally during the reported period. As the volume of IPOs recovers globally, venture capitalists and Latin American unicorns may return to capital markets. Fintechs are among the fastest growing startups in the region, with digital payment systems such as the Central Bank of Brazil's PIX scheme helping to increase bank account penetration in the region. The launch of a new digital payment system in Mexico, as well as the arrival of digital banks, can change the scenario, according to the report.

Persons: IPOs, Julio Vasconcellos, Tatiana Bautzer, Sherry Jacob, Phillips Organizations: Atlantico, Venture, SoftBank, Arm Holdings, Central Bank of, Thomson Locations: Latin America, Atlantico, Argentina, Mexico

The quarterly production dropped 2.2% to 3.9 million barrels per day, Rosneft said, adding that its first-half sales reached 3.9 trillion roubles ($41 billion), down by more than a quarter from the previous year due to weaker oil prices. Still, revenue in the reported quarter increased 12.1% to 2 trillion roubles. Profits for global oil majors this year have dropped by about half from a bumper 2022, when Russia's actions in Ukraine sent oil and gas prices soaring. Russia divested its oil sales away from Europe to Asia and other global regions after the West imposed sanctions, including an embargo on Russia sea-borne oil purchases, over Moscow's actions in Ukraine. Rosneft's earnings before interest, taxes, depreciation and amortization (EBITDA) in the January-June period declined 5.1% to 1.4 trillion roubles.

Persons: Sechin, Rosneft, Igor Sechin, Vladimir Putin, Vladimir Soldatkin, Jacqueline Wong, Sherry Jacob, Phillips Organizations: OPEC, Gazprom, of, Petroleum, Kremlin, Thomson Locations: Russia, Ukraine, Europe, Asia, India, China

☆ Canada's competition bureau ordered to pay nearly $10 mln to Rogers, Shaw
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Rogers Communications Inc FollowAug 29 (Reuters) - Canada's merger court asked the competition bureau to pay about C$13 million ($9.58 million) to Rogers Communications (RCIb.TO) and Shaw Communications for the lengthy court battle after its failed attempt to block the telecom firms' C$20-billion merger. The Competition Tribunal, Canada's merger court, in a ruling dated Aug. 28 said the Commissioner of Competition Matthew Boswell's approach to block the deal was "unreasonable". The Rogers-Shaw merger had faced intense opposition from Canada's antitrust regulator whose efforts to block it were rejected by the Competition Tribunal and a Canadian court. In March, Canada approved Rogers' buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network.

Persons: Chris Helgren, Matthew Boswell's, Boswell, Rogers, Shaw, Nilutpal Timsina, Sherry Jacob, Phillips Organizations: Rogers, Rogers Communications, REUTERS, Shaw Communications, Competition, Thomson Locations: Toronto, Ontario, Canada, Bengaluru

☆ Railroad operator Norfolk Southern says outage impact to last for weeks
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

A Norfolk Southern train rests near the University of North Carolina's energy generation plant in Chapel Hill, North Carolina, U.S. August 11, 2022. REUTERS/Jonathan Drake/File Photo/File Photo Acquire Licensing RightsAug 28 (Reuters) - Norfolk Southern (NSC.N) said it has restored all rail systems after the U.S. railroad operator experienced a hardware-related outage that affected its operations earlier on Monday. All systems were restored at 0700 pm ET (11 pm GMT), the company said, adding that it expects the impact on its operations to last at least a couple of weeks. There is no indication that the outage was a cybersecurity incident, Norfolk said, without disclosing further details. The company said it has been in touch with its customers to work on updated timings for their shipments.

Persons: Jonathan Drake, Akanksha, Sherry Jacob, Phillips Organizations: University of North, REUTERS, Norfolk Southern, U.S, Transportation, Transportation Department's Federal Railroad Administration, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Norfolk, Transportation Department's, East Palestine , Ohio, Bengaluru

☆ Australia's Pexa set for biggest weekly loss in 11 months on annual profit miss
▼ + stars: | 2023-08-25 | by ( Poonam Behura | ) www.reuters.com time to read: +1 min

Aug 25 (Reuters) - Shares of Australia's Pexa Group (PXA.AX) on Friday were poised for their biggest weekly decline since last September after the online property company posted a lower-than-expected annual profit. The company's net profit after tax attributable for the year ended June 30 came in at A$17.6 million ($11.29 million), below UBS estimate of A$43.3 million. The group posted a net loss from ordinary activities after tax attributable of A$21.8 million, as opposed to a profit of A$21.9 million in the year-ago period. "FY23 was a highly challenging year for property markets," Group Managing Director and CEO Glenn King said. The group's annual business revenue was A$283.4 million for 2023 fiscal, compared with A$279.8 million a year ago.

Persons: Glenn King, Poonam Behura, Sherry Jacob, Phillips Organizations: UBS, Thomson

☆ Huawei is building secret network for chips, trade group warns - Bloomberg News
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Visitors walk past the Huawei logo at the World Artificial Intelligence Cannes Festival (WAICF) in Cannes, France, February 10, 2023. REUTERS/Eric Gaillard/File Photo Acquire Licensing RightsCompanies Huawei Technologies Co Ltd FollowAug 22 (Reuters) - Huawei Technologies Co is building a collection of secret semiconductor-fabrication facilities across China to let the company skirt U.S. sanctions, a Washington-based semiconductor association has warned, Bloomberg News reported on Tuesday. The U.S. Commerce Department had added Huawei to its export control list in 2019 over security concerns. If Huawei is constructing facilities under names of other companies as Semiconductor Industry Association says, then it might be able to circumvent U.S. government restrictions to indirectly purchase American chip-making equipment, according to the Bloomberg report. Huawei and the Semiconductor Industry Association did not immediately respond to Reuters' requests for comment.

Persons: Eric Gaillard, Akanksha, Sherry Jacob, Phillips Organizations: Huawei, Artificial Intelligence Cannes, REUTERS, Huawei Technologies Co, Huawei Technologies, Bloomberg, Semiconductor Industry Association, U.S . Commerce Department, Thomson Locations: Cannes, France, China, Washington, United States, Bengaluru

☆ Qantas focuses on international capacity recovery after record annual profit
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

"Travel demand is incredibly robust and we've taken delivery of more aircraft and opened up new routes to help meet it," Qantas Group CEO Alan Joyce said. Qantas said its group domestic capacity is expected to remain above pre-COVID levels throughout fiscal 2024. Additionally, its profit was helped by the completion of the group's A$1 billion recovery programme launched in 2020, in the wake of the COVID-19 pandemic. The results beat the mid-point of Qantas' profit outlook of A$2.43 billion to A$2.48 billion, nearly A$850 million higher than its 2018 record levels of A$1.60 billion. The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years.

Persons: Loren Elliott, Alan Joyce, Refinitiv Eikon, Roushni Nair, Archishma Iyer, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways Ltd, Thomson Locations: Sydney, Australia, Bengaluru

☆ European shares open lower as rate jitters, China woes loom large
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 17, 2023. As of 0703 GMT, the pan-European STOXX 600 (.STOXX) was down 0.5% and poised for its fourth consecutive day of losses, if trend holds. Surging bond yields have pressured equities this week, with the STOXX 600 headed for a weekly fall of nearly 2%. European miners (.SXPP), who also face an exposure to China, fell 1.1% in early trade. UK's blue-chip FTSE 100 (.FTSE) fell 0.6% after data showed British retail sales slumped more sharply than expected in July.

Persons: Hermes, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, China Evergrande, HK, EQT, Thomson Locations: Frankfurt, Germany, China, U.S, Bengaluru

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