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☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

☆ U.S. to Fund a $1.2 Billion Effort to Vacuum Greenhouse Gases From the Sky
▼ + stars: | 2023-08-11 | by ( Coral Davenport | More About Coral Davenport | ) www.nytimes.com time to read: +1 min

The Biden administration will spend $1.2 billion to help build the nation’s first two commercial-scale plants to vacuum carbon dioxide pollution from the atmosphere, a nascent technology that some scientists say could be a breakthrough in the fight against global warming, but that others fear is an extravagant boondoggle. Jennifer Granholm, the energy secretary, announced Friday that her agency would fund two pilot projects that would deploy the disputed technology, known as direct air capture. Occidental Petroleum will build one of the plants in Kleberg County, Texas, and Battelle, a nonprofit research organization, will build the other in Calcasieu Parish on the Louisiana coast. The federal government and the companies will equally split the cost of building the facilities. “These projects are going to help us prove out the potential of these next-generation technologies so that we can add them to our climate crisis fighting arsenal, and one of those technologies includes direct air capture, which is essentially giant vacuums that can suck decades of old carbon pollution straight out of the sky,” Ms. Granholm said on a telephone call with reporters on Thursday.

Persons: Biden, Jennifer Granholm, Ms, Granholm Organizations: Occidental Petroleum, Battelle Locations: Kleberg County , Texas, Calcasieu Parish, Louisiana

☆ Palantir's A.I. ambitions divide analysts. A bull and bear make their cases
▼ + stars: | 2023-08-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Alex Karp, chief executive officer of Palantir Technologies Inc., speaks during the 2023 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 7, 2023. Palantir Technologies raised its annual revenue target on Monday as it sees an opportunity to commercialize AI, but not all analysts are convinced. On Monday, CEO Alex Karp said Palantir's aim is to make money from AI, instead of merely producing tools that write computer-generated poetry. "We will figure out how to monetize it," Karp said, referring to Palantir's artificial intelligence platform, or AIP. Dan Ives, managing director at Wedbush Securities, is bullish on Palantir's AI ambitions.

Persons: Alex Karp, Karp, Dan Ives, That's, Ives, Palantir Organizations: Palantir Technologies Inc, P Global, Palantir Technologies, AIP, Wedbush Securities, U.S . Special Operations Command Locations: Houston , Texas, CNBC's

☆ Top US utility group opposes emissions plan for existing gas plants-source
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Companies Edison Electric Institute FollowJuly 31 (Reuters) - The top U.S. utility lobby group intends to push back on the Biden administration's proposals requiring upgrades to existing natural gas-fired power plants to curb climate-warming emissions, two sources familiar with the matter said on Monday. The power industry accounts for a quarter of the nation's greenhouse gas emissions, second only to transportation, according to Environmental Protection Agency (EPA) data. The rules would also regulate coal and new natural gas plants separately. It also said retrofitting those plants for CCS would be "difficult" due to space constraints and other limitations. EEI and others have until Aug. 8 to submit comments on the proposed rules.

Persons: Biden, Joe Biden's, EEI, Brian Reil, Nichola Groom, Valerie Volcovici, Sonali Paul Organizations: Edison Electric, Edison Electric Institute, Environmental Protection Agency, CCS, EPA, Thomson

Miniatures of solar panel and electric pole are seen in front of SolarEdge logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/IllustrationCompanies Solaredge Technologies Inc FollowAug 1 (Reuters) - SolarEdge Technologies (SEDG.O) forecast third-quarter revenue below Wall Street estimates as demand slows for its solar inverters in the United States and Europe, sending its shares nearly 13% lower in extended trading on Tuesday. The U.S. solar market has been dented by low electricity prices, high borrowing costs and a new metering reform in California, the country's largest solar market. SolarEdge expects third-quarter revenue to average between $880 million and $920 million, compared with analysts' estimates of $1.05 billion, according to Refinitiv data. U.S. solar revenue, however, decreased 23% compared with the last quarter.

Persons: Dado Ruvic, SolarEdge, Johnson Gordon, Zvi Lando, Lando, Mrinalika Roy, Sourasis Bose, Devika Organizations: REUTERS, Technologies, SolarEdge Technologies, Wall, Thomson Locations: United States, Europe, U.S, California, Herzliya, Israel, Germany, Bengaluru

☆ Exxon Mobil in talks with Tesla, Ford to supply lithium - Bloomberg Law
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Oil major Exxon Mobil (XOM.N) is in talks with Tesla (TSLA.O), Ford Motor (F.N), Volkswagen (VOWG_p.DE) and other automakers to supply lithium, Bloomberg Law reported on Monday citing people familiar with the matter. The talks are in early stages and also include the likes of Samsung (005930.KS) and SK On Co, the report added. Tesla, Ford, Volkswagen did not respond to Reuters requests for comment, while Exxon declined to comment. Its rapid expansion into the lithium sector comes amid growing interest from traditional energy companies and others into emerging technologies that aim to boost global supply of the ultralight metal. Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Sourasis Bose, Krishna Chandra Organizations: Oil, Exxon Mobil, Ford Motor, Volkswagen, Bloomberg, Samsung, SK, Co, Ford, Exxon, Tetra Technologies Inc, Thomson Locations: Arkansas, Bengaluru

NEW YORK, July 31 (Reuters) - Shares of SoFi Technologies Inc (SOFI.O) rose by more than 22% on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations. That result exceeded the average analyst estimate of $476.2 million and $261.3 million for SoFi's revenue and NII, according to Refinitiv data. SoFi's shares rose as high as $11.70, the highest level since March last year, before closing at $11.45 on Monday - a nearly 20% gain from the previous session. "(Second quarter) results beat expectations and were largely positive with continued rapid member and deposit growth," Jefferies analysts, led by John Hecht, said in an investor note. "We highlight that results were more from net interest income and less from fair value marks relative to our forecast, which represents recurring revenues," the analysts added.

Persons: John Hecht, Jefferies, Chibuike Oguh, Medha Singh, Nick Zieminski, Susan Heavey Organizations: YORK, SoFi Technologies, JPMorgan, Jefferies, Wall, Thomson Locations: San Francisco, New York, Bangalore

☆ Palantir stock up 10% as company rides A.I. craze
▼ + stars: | 2023-07-31 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Palantir, a data analytics company best known for its work with the U.S. government's defense and intelligence agencies, offers a number of AI-powered services for organizations across public and private sectors. Shares of Palantir popped 10% Monday as the company continues to capitalize on investors' hopes for its artificial intelligence software ahead of its earnings report next week. In an interview with CNBC's "The Exchange" Friday, Dan Ives, managing director of equity research at Wedbush Securities, described Palantir as "the [Lionel] Messi of AI," referencing the pro soccer player. Ives said there is a "golden path" for the company to monetize, adding in a note that Palantir has built "an AI fortress that is unmatched." "This is an arms race of a different kind, and it has begun," Karp wrote.

Persons: Alex Karp, CNBC's, Dan Ives, Lionel, Messi, Ives, Palantir, Karp, William Blair, SPACs Organizations: Palantir Technologies Inc, P Global, U.S, Wedbush Securities, New York Times, Palantir Locations: Houston , Texas, A.I, U.S

☆ Backup driver in 2018 Uber self-driving crash pleads guilty
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies Uber Technologies Inc FollowJuly 28 (Reuters) - The backup safety driver behind the wheel of a self-driving Uber Technologies (UBER.N) test vehicle that struck and killed a woman in Tempe, Arizona, in 2018 pleaded guilty on Friday and was sentenced to probation, prosecutors said. The first recorded death involving a self-driving vehicle prompted significant safety concerns about the nascent autonomous vehicle industry. Police said previously the crash was "entirely avoidable" and that Vasquez was streaming "The Voice" TV program at the time of the crash. In 2019, the National Transportation Safety Board (NTSB) faulted Vasquez's inactions and Uber for inadequate attention to safety and decisions in the company's autonomous vehicle development. In 2020, Uber announced the sale of its autonomous driving unit to self-driving car startup Aurora for $4 billion.

Persons: Rafaela Vasquez, Uber, Vasquez, Elaine Herzberg, Rachel Mitchell, Vasquez's inactions, Herzberg, David Shepardson, Jonathan Oatis, Richard Chang Organizations: Uber Technologies, Technologies, Prosecutors, Police, National Transportation Safety Board, NTSB, Volvo, Aurora, Thomson Locations: Tempe , Arizona, Maricopa County, Tempe

☆ Enphase Energy slumps as lukewarm US demand weighs on revenue forecast
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Shares of Enphase Energy (ENPH.O) slumped nearly 11% on Friday, after the solar inverter maker's third-quarter revenue target fell well short of analyst estimates due to weak demand. The Fremont, California-based company forecast revenue between $550 million and $600 million for the quarter ending Sept. 30, compared with analysts' estimate of $746.5 million. Therefore, we are taking aggressive and prudent actions in the U.S. to manage down the channel inventory," said Enphase Energy CEO Badrinarayanan Kothandaraman. Enphase also announced a new $1 billion share buyback plan, which failed to stem the share selloff. Reporting by Medha Singh and Mrinalika Roy in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Badrinarayanan Kothandaraman, Wells Fargo, Enphase, Medha Singh, Mrinalika Roy, Krishna Chandra Organizations: Enphase Energy, SolarEdge Technologies, Thomson Locations: United States, Texas, Arizona, Fremont , California, U.S, Bengaluru

☆ U.S. orders antiviral drugs worth $138 million from SIGA Tech
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies SIGA Technologies Inc FollowJuly 27 (Reuters) - SIGA Technologies Inc (SIGA.O) on Thursday said it has won a new contract for its antiviral drug, Tpoxx, from the U.S. Department of Health and Human Services, sending the company's shares up about 20% after the bell. The order is for delivery of about $113 million worth of oral Tpoxx treatment courses and about $25 million worth of the intravenous formulation of the treatment, SIGA said. SIGA expects to fully deliver the order of oral Tpoxx drugs in 2023 and expects to start delivering IV TPOXX in 2024. Prior to the delivery of the IV drugs, it will focus on fulfilling a prior IV order, the company said. The U.S. Centers for Disease Control and Prevention expanded its use to help tackle the spread of mpox in 2022.

Persons: SIGA, Phil Gomez, Sriparna Roy, Devika Organizations: SIGA Technologies, U.S . Department of Health, Human Services, U.S . Food, Drug Administration, U.S . Centers for Disease Control, U.S . Department of Defense, World Health Organization, Thomson Locations: mpox, Bengaluru

☆ Sneak peek at NASA aircraft that could transform air travel by the 2030s
▼ + stars: | 2023-07-26 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

The US aerospace behemoths want to build, test and fly an emission-reducing, single-aisle aircraft before the decade is out. We’re trying to validate technology.”The first test flight of this full-scale demonstrator is set to take place in 2028. NASA hopes that one day the technology should serve about half of the commercial market through short- to medium-haul single-aisle aircraft. Airlines largely rely on single-aisle aircraft, which account for nearly half of aviation emissions worldwide, according to NASA. Boeing estimates that the demand for the new single-aisle aircraft will increase by 40,000 planes between 2035 and 2050.

Persons: CNN —, they’ll, “, Bill Nelson, It’s, Bob Pearce, Nelson, CNN’s Ashley Strickland Organizations: CNN, NASA, Boeing, EAA, Aeronautics Research Mission, GE Aerospace, Saab, AeroTEC Locations: Oshkosh, “, United States

☆ GE HealthCare raises 2023 profit forecast as supply chain woes ease
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) raised its annual profit forecast on Tuesday, after beating quarterly earnings estimates due to easing supply chain issues that had largely impacted electronic components during the pandemic. Johnson & Johnson (JNJ.N) and Abbott Laboratories (ABT.N), which make medical devices like heart stents and implants, surpassed quarterly profit estimates last week as patients underwent their delayed procedures. GE HealthCare on Tuesday reported total quarterly sales of $4.8 billion, in line with analysts' estimates. Of this, $2.6 billion came from sales of imaging devices such as magnetic resonance imaging (MRI) and $839 million from ultrasound devices. The healthcare equipment firm operates four medical device businesses - imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

Persons: Johnson, Khushi, Shailesh Organizations: GE HealthCare Technologies Inc, GE, Johnson, Abbott Laboratories, GE HealthCare, General Electric, Thomson Locations: Bengaluru

Adolph sued Uber in 2019, claiming the company misclassified UberEats drivers as independent contractors rather than employees, who must be reimbursed for work expenses under California law. A unique California law called the Private Attorney General Act, or PAGA, allows workers to sue for employment law violations on behalf of the state and keep one-quarter of any money they win. The California Supreme Court said nothing in that law bars workers from pursuing claims on their own behalf in arbitration while separately litigating large-scale claims in court. Michael Rubin, who represents Adolph, said the ruling could spur companies to reconsider forcing workers' claims into arbitration if large-scale PAGA lawsuits can still proceed in court. Business groups maintain that arbitration is quicker and more efficient than court, allowing workers to recoup more money.

Persons: Erik Adolph, Adolph, Uber, Theane, Michael Rubin, Rubin, Daniel Wiessner, Alison Frankel, Alexia Garamfalvi, Josie Kao Organizations: Technologies, California Supreme, Private, Supreme, Viking, Business, Trade, U.S . Chamber of Commerce, Thomson Locations: California, U.S, Albany , New York, New York

[1/2] A response by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. The EU and its member states have dispatched officials for talks on governing the use of AI with at least 10 Asian countries including India, Japan, South Korea, Singapore and the Philippines, they said. Officials from Singapore and the Philippines expressed concern that moving overly hasty regulation might stifle AI innovation. Seoul will continue discussing AI regulation with the EU but is more interested in what the G7 is doing, a South Korean official said following a meeting with Breton. The EU is planning to use the upcoming G20 meetings to further push for global collaboration on AI, notably with 2023 president India, van Huffelen told Reuters.

Persons: Florence, Alexandra van Huffelen, van Huffelen, Thierry Breton, Breton, Fanny Potkin, Sam Nussey, Supantha Mukherjee, Joyce Lee, Tomasz Janowski Organizations: REUTERS, European, EU, Reuters, Officials, General Data, European Union, South Korean, Thomson Locations: Florence Lo, SINGAPORE, TOKYO, STOCKHOLM, Asia, India, Japan, South Korea, Singapore, Philippines, Canada, Turkey, Israel, EU, France, Germany, Italy, Britain, United States, Hiroshima, Seoul

[1/2] A response by ChatGPT, an AI chatbot developed by OpenAI, is seen on its website in this illustration picture taken February 9, 2023. The EU and its member states have dispatched officials for talks on governing the use of AI with at least 10 Asian countries including India, Japan, South Korea, Singapore and the Philippines, they said. The officials asked not be named as the discussions, whose extent has not been previously reported, remained confidential. Officials from Singapore and the Philippines expressed concern that moving overly hasty regulation might stifle AI innovation. Seoul will continue discussing AI regulation with the EU but is more interested in what the G7 is doing, a South Korean official said following a meeting with Breton.

☆ Exclusive: Bonderman's Wildcat seeks to thwart $2.9 billion Consolidated Communications deal
▼ + stars: | 2023-07-12 | by ( Anirban Sen | Thomson Reuters | Anirban Sen Is The Editor In Charge For U.S. M A At Reuters In New York | ) www.reuters.com time to read: +3 min

Wildcat said it owned 3 million Consolidated Communications shares, equivalent to about a 2.6% stake. The offer was made on April 12 by a consortium led by private equity firm Searchlight Capital, which owns 34% of Consolidated Communications. Consolidated Communications formed a special committee to consider the offer later that month but has not provided an update since. TD Cowen analysts wrote in an April 13 note that they expected Consolidated Communications to accept the deal given its capital needs and operational challenges. But Wildcat argues that any deal should not be for less than $14 per share because the value of Consolidated Communications' investment in its business has yet to be realized.

Persons: David Bonderman, Wildcat, TD Cowen, Tom McConnon, McConnon, Anirban Sen, Greg Roumeliotis, Edwina Gibbs, Jonathan Oatis Organizations: YORK, Wildcat Capital Management LLC, TPG, Consolidated Communications Holdings Inc, Consolidated Communications, Reuters, Searchlight Capital, Consolidated Communications . Consolidated Communications, Apollo Global Management, Lumen Technologies, Sorrento Therapeutics Inc, Thomson Locations: New York, , Illinois, Sorrento

☆ Demand for lithium and other critical minerals is skyrocketing, IEA says, but concerns over supply linger
▼ + stars: | 2023-07-12 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

The IEA's Critical Minerals Market Review said the main factor behind the increase was "demand from the energy sector." Investment in the development of critical minerals increased by 30% in 2022, building upon a 20% rise in 2021, the IEA said. If all the projects planned for the critical minerals sector come to fruition, there may be enough supply to meet climate pledges announced by governments, the IEA said. Start-ups in the critical minerals sector raised $1.6 billion last year, a record. The record deployment of technologies like batteries and solar PV was, the IEA said, driving "unprecedented growth in the critical minerals markets."

Persons: John Moore Organizations: Getty, International Energy Agency, Investment Locations: Chile, Paris, China

NEW YORK, July 7 (Reuters) - Private equity firms Blackstone Inc (BX.N) and Veritas Capital Fund Management LLC are competing against large defense companies to acquire the aerospace business of Ball Corp (BALL.N), according to people familiar with the matter. The unit, which accounted for 13% of Ball's consolidated net sales in 2022, provides aerospace and national defense hardware, such as sensors and antennas. In June, Ball said it was considering options for its aerospace unit, after Reuters reported on the sale process. Blackstone owns Arka Group, an aerospace and defense technologies firm whose clients include the U.S. military, while Veritas owns companies including CAES Space Systems, which is a supplier of advanced electronic systems for aerospace and defense. Ball could incur a hefty tax bill of over $1 billion if the aerospace unit is sold for $5 billion or more, according to analysts at Jefferies.

Persons: Ball, Blackstone, David Carnevali, Mike Stone, Daniel Wallis Organizations: YORK, Blackstone Inc, Veritas Capital Fund Management, Ball Corp, BAE Systems, General Dynamics Corp, Textron Inc, Reuters, Blackstone, Veritas, Arka Group, U.S ., CAES, Systems, Bae Systems, Textron, General Dynamics, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Jefferies, Thomson Locations: New York, Washington

July 6 (Reuters) - Uber Technologies Inc (UBER.N), DoorDash Inc (DASH.N) and other app-based food delivery companies filed lawsuits on Thursday seeking to strike down New York City's novel law setting a minimum wage for drivers. The companies filed separate complaints in New York state court claiming the law, which takes effect next week, is based on a misunderstanding of how the food delivery industry works. Relay Delivery Inc also filed a lawsuit in the same court claiming the law will put the New York-based company out of business unless it raises the fees it charges to restaurants. The law will require that drivers be paid $17.96 an hour, which will rise to nearly $20 in April 2025. Reporting by Daniel Wiessner in Albany, New York; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Wiessner, Josie Kao Organizations: Technologies, DoorDash Inc, Grubhub Inc, DoorDash, Companies, Thomson Locations: New York, York, Albany , New York

A softer Japanese approach could dull EU efforts to establish its rules as a global benchmark, with requirements such as companies disclosing copyrighted material used to train AI systems that generate content like text and graphics. EU industry chief Thierry Breton is visiting Tokyo this week to promote the bloc's approach to AI rule-making as well as to deepen cooperation in semiconductors. The government official did not elaborate on areas where Japan's rules were likely to differ from those of the EU. For Japan, AI could help cope with the population decline that is causing a labour shortage. "If you increased the GPUs in Japan by 10 times, it would probably still be less than what OpenAI has available," said Prof. Matsuo.

Persons: Dado Ruvic, Thierry Breton, Yutaka Matsuo, Matsuo, Breton, Japan's, Sam Nussey, Tim Kelly, Christopher Cushing Organizations: REUTERS, European Union, EU, The University, Tokyo's, Learning, SoftBank, Microsoft, Japan, Thomson Locations: TOKYO, Japan, European, U.S, Tokyo, China

REUTERS/Dado Ruvic/IllustrationTOKYO, July 3 (Reuters) - Japan is leaning toward softer rules governing the use of artificial intelligence (AI) than the European Union, said an official close to deliberations, as it looks to the technology to boost economic growth and make it a leader in advanced chips. A softer Japanese approach could dull EU efforts to establish its rules as a global benchmark, with requirements such as companies disclosing copyrighted material used to train AI systems that generate content like text and graphics. EU industry chief Thierry Breton is visiting Tokyo this week to promote the bloc's approach to AI rule-making as well as to deepen cooperation in semiconductors. The government official did not elaborate on areas where Japan's rules were likely to differ from those of the EU. For Japan, AI could help cope with the population decline that is causing a labour shortage.

☆ Exclusive: Exxon Mobil expands lithium bet with Tetra Technologies deal
▼ + stars: | 2023-06-28 | by ( Ernest Scheyder | Thomson Reuters | Ernest Scheyder Is An Award-Winning Senior Correspondent Covering The Green Energy Transition | ) www.reuters.com time to read: +3 min

Exxon acquired it earlier this year when it bought a neighboring Arkansas parcel of 100,000 acres from Galvanic Energy. Galvanic remains an independent, privately held company and is not affiliated with Tetra or Exxon. By partnering with Exxon, Tetra gains a large partner with capital to help it produce bromine, which is used in flame retardants, from the acreage. Exxon, meanwhile, gains access to yet another U.S. supply of lithium as the country rapidly expands its EV supply chain. Tetra had previously agreed to lease more than 27,000 acres in Arkansas to Standard Lithium (SLI.V) to produce lithium.

Persons: Tetra, Ernest Scheyder, Chris Reese Organizations: Exxon Mobil, Tetra Technologies Inc, Exxon, Energy, Tetra, Representatives, Eos Energy Enterprises, Arkansas, Reuters, Battery Metals, EnergySource Minerals, Thomson Locations: Arkansas, Tetra

☆ Circor sticks with sale to KKR despite higher Arcline bid
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

Circor, an industrial machinery maker, said KKR had sweetened its all-cash deal from $49 to $51 per share in the wake of a rival bid of $52.65 per share in cash from an unidentified party. One of Fairbanks' subsidiaries is Hunt Valve, which competes with Circor in providing valve systems to the Navy. Arcline and KKR declined to comment. Circor said it rejected the higher offer because it concluded there was a risk of a protracted review by antitrust regulators that would jeopardize the deal. Circor shares ended at $51.49 on Tuesday, above the $51 per share deal clinched with KKR, indicating that some investors believed an even better deal was possible.

Persons: snubbing, Circor, Arcline, Gardner, Rand Inc's, Aishwarya Nair, David Carnevali, Vinay Dwivedi, Saumyadeb Chakrabarty, Leslie Adler Organizations: KKR, Co Inc, Arcline Investment Management, Fairbanks Morse Defense, U.S . Navy, Fairbanks, Hunt Valve, Circor, Navy, Representatives, Gardner Denver, Ingersoll, Lockheed Martin Corp, Rocketdyne Holdings, L3Harris Technologies, Thomson Locations: Arcline, U.S, Bengaluru, New York

Apple and Broadcom have argued that they should have been allowed to raise the patent challenges during the trial. A jury found that the companies infringed Caltech's patents, ordering Apple to pay $837.8 million and Broadcom to pay $270.2 million. The Federal Circuit took issue with the amount of the award, and sent the case back for a new trial on damages. Apple and Broadcom told the Supreme Court that the Federal Circuit misread the law, which they said only blocks arguments that could have been raised during the review itself. President Joe Biden's administration urged the justices in May to reject the case and argued that the Federal Circuit had interpreted the law correctly.

Persons: Joe Biden's, Blake Brittain, Andrew Chung Organizations: U.S, Supreme, Apple Inc, Broadcom Inc, Caltech, Apple, Broadcom, California Institute of, Appeals, Federal Circuit, U.S . Patent, Federal, Microsoft Corp, Samsung Electronics Co, Dell Technologies Inc, HP Inc, Thomson Locations: Pasadena , California, Cupertino, San Jose, Los Angeles, Washington, New York

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