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☆ Krispy Kreme looks to sell Insomnia Cookies unit
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

A Krispy Kreme Doughnuts logo is pictured in Burbank, California, U.S., July 1, 2021. Insomnia Cookies, which operates in three countries with over 250 bakeries, is expected to deliver revenues of about $230 million in fiscal year 2023, Krispy Kreme said. For the full year 2022, Krispy Kreme earned a net revenue of $1.53 billion. It was not immediately clear how much stake Krispy Kreme held in Insomnia. Krispy Kreme has hired Evercore and Morgan Stanley to act as financial advisors.

Persons: Mario Anzuoni, Campbell, JM Smucker, Krispy Kreme, Evercore, Morgan Stanley, Granth, Shailesh Organizations: REUTERS, Thomson Locations: Burbank , California, U.S, Bengaluru

☆ Spirit Aero names board member Shanahan as interim CEO
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 2 (Reuters) - Aerospace supplier Spirit AeroSystems (SPR.N) on Monday named board member Patrick Shanahan as its interim chief executive, effective immediately, succeeding under-pressure Thomas Gentile, who has resigned from the board. Shanahan, who has served on the company's board since November 2021, was previously an executive with Boeing Co (BA.N), Spirit's biggest customer. Spirit said its board will conduct a search to identify a new CEO, while Gentile will stay on as a consultant for three months. Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Patrick Shanahan, Thomas Gentile, Shanahan, Spirit, Gentile, Abhijith, Shailesh Organizations: Boeing, International Paris Air, Le, REUTERS, Aerospace, Spirit, Boeing Co, Thomson Locations: Le Bourget, Paris, France, Bengaluru

A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. Shanahan, who has served on the company's board since November 2021, will become interim CEO effective immediately, Spirit announced Monday. Spirit said its board will conduct a search to identify a new CEO, while Gentile will stay on as a consultant for three months. Gentile was named Spirit's CEO in August 2016, months after he joined the company as its chief operating officer. Over a 31-year career at Boeing, Shanahan was known as "Mr. Fix-It" for his ability to turn around poorly-performing programs.

Persons: Benoit Tessier, Patrick Shanahan, Tom Gentile, Shanahan, Spirit, Gentile, Richard Aboulafia, Aboulafia, Jim Mattis, Alex Krutz, Abhijith, Valerie Insinna, Shailesh Kuber, Sharon Singleton Organizations: Boeing, International Paris Air, Le, REUTERS, Pentagon, Spirit, Airbus, Patriot Industrial Partners, Aerospace Industries, Thomson Locations: Le Bourget, Paris, France, Kansas, Wichita , Kansas, Bengaluru, Washington

☆ TSX tumbles to near seven-month low as commodity-linked stocks fall
▼ + stars: | 2023-10-02 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. Rate-sensitive utilities (.GSPTTUT) fell nearly 3%, leading declines amid a dramatic run-up in 10-year U.S. Treasury yields that hit 16-year highs. "U.S. Treasury yields continue to march higher and that's just crushing the dividend-paying stocks like utilities in Canada," said Douglas Porter, chief economist of BMO Capital Markets. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.5 last month, from 48.0 in August. Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Douglas Porter, Eric Provost, Siddarth, Shailesh Kuber, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, TSX, Treasury, Toronto Stock, Materials, Brent, U.S . West Texas, BMO Capital Markets, Data, P Global Canada Manufacturing, Laurentian Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, Bengaluru

☆ India's Adani Group to build 10 GW solar manufacturing capacity by 2027 - ET
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo/File Photo Acquire Licensing RightsBENGALURU, Oct 2 (Reuters) - India's Adani Group plans to build 10 gigawatts (GW) of integrated solar manufacturing by 2027, more than double its current capacity, the Economic Times reported, citing news agency PTI. The conglomerate owned by Indian billionaire Gautam Adani produces solar photovoltaic cells or solar PVs through Adani Solar, with a manufacturing capacity of 4 GW. Adani Solar has confirmed orders worth over 3,000 megawatts (MW), the report said, citing sources. India's current annual solar panel manufacturing capacity of 32 GW per annum falls short of the required 52 GW.

Persons: Amit Dave, Gautam Adani, Nandan Mandayam, Shailesh Organizations: Adani, REUTERS, Rights, Economic Times, PTI, Barclays, Deutsche Bank AG, Thomson Locations: Ahmedabad, India, Bengaluru

☆ UAW to expand strike at Ford, General Motors
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 29 (Reuters) - The United Auto Workers (UAW) union will walk off the job at an additional plant at General Motors and at Ford, President Shawn Fain said on Friday, as the first-ever simultaneous strike against the Detroit Three automakers enters its third week. The UAW had been planning to announce a new strike at Stellantis NV (STLAM.MI), but the company called moments before the scheduled 10 a.m. address and made significant changes in its contract proposal, Fain said. The strike will expand to Ford's (F.N) Chicago assembly plant and GM's (GM.N) Lansing, Michigan, assembly plant, covering about 7,000 workers. Here is a timeline of events beginning with the election of the Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Arun Koyyur, Shailesh Kuber and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Arun Koyyur, Shailesh Organizations: REUTERS, United Auto Workers, UAW, General Motors, Ford, Detroit Three, Stellantis NV, Thomson Locations: Belvidere , Illinois, U.S, Chicago, Lansing , Michigan, Bengaluru

☆ NBCUniversal names insider Rick Cordella president of sports division
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

General Sport - Leaders Sport Summit2012 - Stamford Bridge - 10/10/12 Rick Cordella, SVP and GM NBC Sports and Olympics Digital during a talk called "The Digital Olympics: Expensive experiment or a new era in sport?" during the summit Mandatory Credit: Action Images / Matthew Childs/File Photo Acquire Licensing RightsSept 22 (Reuters) - Comcast's (CMCSA.O) NBCUniversal on Friday appointed veteran executive Rick Cordella as president of its sports division. Cordella will take charge of NBC Sports' platforms including NBC Olympics, Golf Channel and oversee sports on the company's streaming platform Peacock, home to Sunday Night Football and NASCAR. He was most recently president of programming for NBC Sports and Peacock Sports. In the role, he led NBCUniversal's sports programming strategy across broadcast, cable and streaming and oversaw sports betting and sports fantasy.

Persons: Rick Cordella, Matthew Childs, NBCUniversal, Cordella, Arsheeya, Dawn Chmielewski, Shailesh Organizations: Sport, Summit2012, GM NBC Sports, Olympics, NBC Sports, NBC, Golf Channel, Sunday Night Football, NASCAR, Peacock, Thomson Locations: Stamford, Bengaluru, Los Angeles

☆ Coty boosts core sales forecast as price hikes, strong beauty demand help
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Covergirl makeup, owned by Coty Inc., is seen for sale in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 20 (Reuters) - Coty (COTY.N) on Wednesday raised its annual core sales forecast on the back of higher pricing and strong demand as customers splurge on its high-end and affordable cosmetics and fragrances. The company said since it reported earnings in August it has seen a strong momentum in beauty demand, particularly in prestige fragrances - its high-end segment that houses cosmetics and fragrances from the Hugo Boss, Gucci and Burberry brands. Coty now expects fiscal 2024 core like-for-like (LFL) sales growth between 8% and 10%, up from its earlier outlook of LFL growth being at the top end of its target range of 6% to 8%. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Hugo Boss, Gucci, Ananya Mariam Rajesh, Shailesh Organizations: Coty Inc, REUTERS, Coty, Burberry, Wall, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ AutoZone posts strong quarterly results on auto parts demand
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

The entrance to an AutoZone store is pictured in Temple City, California December 10, 2013. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsSept 19 (Reuters) - Auto parts retailer AutoZone Inc (AZO.N) on Tuesday posted better-than-expected profit and revenue for the fourth quarter, boosted by demand for its do-it-yourself (DIY) automotive parts. AutoZone, which competes with Advance Auto Parts (AAP.N) and O'Reilly Automotive (ORLY.O), reported a nearly 2% jump in domestic same-store sales in the quarter ended Aug. 26. Quarterly net sales rose about 6.4% to $5.69 billion from a year earlier. Fourth-quarter net income rose to $864 million, or $46.46 per share, compared to $810 million, or $40.51 per share, a year ago.

Persons: Mario Anzuoni, Bill Rhodes, Nathan Gomes, Shailesh Organizations: REUTERS, AutoZone Inc, Advance, O'Reilly Automotive, Thomson Locations: Temple City , California, Bengaluru

☆ Disney to nearly double parks spending to $60 billion over 10 years
▼ + stars: | 2023-09-19 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

Sept 19 (Reuters) - Walt Disney (DIS.N) said on Tuesday it would nearly double its capital expenditure for its parks business to about $60 billion over the next 10 years. Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, announced the accelerated pace of investment at a gathering of Wall Street analysts and investors at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business. Parks have become a reliable profit engine for Disney and has helped cushion losses in the Disney+ streaming business, which is expected to become profitable only next year. The announcement of the planned investment followed a slowdown at Walt Disney World in Orlando, as attendance surges at its parks around the world, particularly Shanghai Disney Resort and Hong Kong Disneyland. Disney also plans to nearly double the capacity of its cruise line, adding two ships in fiscal 2025 and another in 2026.

Persons: Walt Disney, Bob Iger, Josh D'Amaro, Parks, Iger, Disney, Ron DeSantis, Mario Anzuoni, Paul Verna, Thomas Hayes, Samrhitha, Dawn Chmielewski, Shailesh Kuber, Chizu Nomiyama, Paul Simao, Aurora Ellis Organizations: Disney, Wall Street, Walt Disney World, Disney California, Hollywood Studios, Republican, REUTERS, Insider Intelligence, Walt Disney, Shanghai Disney Resort, Great, Thomson Locations: Orlando , Florida, California, Orlando, Florida, Anaheim , California, U.S, Shanghai, Hong Kong, Great Hill, Bengaluru, Dawn, Los Angeles

☆ GE HealthCare gets $44 mln grant to develop AI-assisted ultrasound tech
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 18 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) has received a grant of more than $44 million from the Bill & Melinda Gates Foundation to develop AI-assisted ultrasound technology, the company said on Monday. The grant will facilitate development of AI-assisted ultrasound imaging auto-assessment applications and tools to help address maternal and fetal health and respiratory diseases. The X-ray and ultrasound machine maker added that the grant is aimed at expanding access to high quality care around the world with an emphasis on low- and middle-income countries. Caption Health, acquired by GE HealthCare earlier this year, will design the technology to run across a range of ultrasound devices and probes, including lower-cost handheld devices. Reporting by Pratik Jain in Bengaluru; Editing by Dhanya Ann Thoppil and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Melinda Gates, Pratik Jain, Dhanya Ann Thoppil Organizations: REUTERS, GE HealthCare Technologies Inc, Melinda Gates Foundation, GE HealthCare, Thomson Locations: Bengaluru

☆ US CDC Expects 'Tripledemic' Hospitalizations to Remain High This Year Vs Pre-Pandemic Levels
▼ + stars: | 2023-09-14 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - The U.S. Centers for Disease Control and Prevention (CDC) said on Thursday it expects the total number of hospitalizations from COVID-19, respiratory syncytial virus infections and flu this year to be similar to last year, higher than pre-pandemic levels. The government health agency also said it expects flu and RSV infections to increase over the fall and winter seasons. Vaccines for all three major respiratory viruses – COVID-19, flu, and RSV – will be available this fall, the CDC said. Higher levels of vaccination across the population will help reduce the number of hospitalizations and risk of straining the country's hospitals, CDC added. A surge in cases of RSV infections coinciding with an increase in COVID transmission and an earlier-than-normal flu season has raised the specter of a so-called 'tripledemic' of respiratory illness across the United States.

Persons: Mariam Sunny, Shailesh Kuber Organizations: Reuters, U.S . Centers for Disease Control, Prevention, CDC, Pfizer Locations: COVID, United States, Bengaluru

☆ India's August wholesale price index falls 0.52% y/y
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A worker carries a sack of potatoes at a wholesale market in Mumbai, India July 14, 2017. REUTERS/Shailesh Andrade/File Photo Acquire Licensing RightsNEW DELHI, Sept 14 (Reuters) - India's wholesale price index (INWPI=ECI) fell 0.52% in August from a year earlier, according to government data released on Thursday. Economists polled by Reuters had estimated the wholesale price index for August would fall 0.6%. Food prices rose 5.62% year-on-year, compared with a sharp rise of 7.75% in July, and manufactured product prices fell 2.37% in August, against a 2.51% fall the previous month. Reporting by Nikunj Ohri; Writing by Shivangi Acharya; Editing by Jacqueline Wong and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Shailesh Andrade, Shaktikanta Das, Nikunj Ohri, Shivangi Acharya, Jacqueline Wong, Sharon Singleton Organizations: REUTERS, Reuters, Reserve Bank of India, Thomson Locations: Mumbai, India, DELHI

☆ Tata Motors tests export markets for EVs, to roll out EV-only dealerships in India
▼ + stars: | 2023-09-14 | by ( Aditi Shah | ) www.reuters.com time to read: +4 min

[1/5] Tata Motors' Nexon and Nexon.ev cars are seen parked for display outside a hotel ahead of its launch in New Delhi, India, September 14, 2023. Chandra said it was too early to discuss details of the export markets and there would be more clarity next year. Sales of EVs globally have been growing as tighter emission regulations push carmakers to increase the share of electric cars in their portfolio. Growing sales and the new Nexon EV have become the catalyst for its plan to launch EV-only dealerships, Chandra said. Tata has a country-wide dealership network for its gasoline and diesel cars through which it currently also sells its EVs.

Persons: Anushree, Shailesh Chandra, Chandra, Tata, Tesla, Aditi Shah, Sharon Singleton Organizations: Tata Motors, REUTERS, India EV, Reuters, Tata, China's, Mahindra, Thomson Locations: New Delhi, India, BYD, Mumbai

Sept 15 (Reuters) - Shell Plc (SHEL.L) said on Friday that it has identified a cybersecurity incident involving some employees who worked with the company's unit BG Group in Australia before the merger, becoming the latest victim of the MOVEit hack. A number of businesses globally have lately been affected by a cybersecurity breach on the software tool MOVEit that is typically used to transfer large amounts of often sensitive data including pension information and social security numbers. Shell said it has identified some personal information related to the affected individuals that was accessed without any authorization and has made attempts to notify them of the breach. Shell did not immediately respond to a Reuters request for comment to clarify the exact number of individuals impacted in the cybersecurity incident. Reporting by Roushni Nair and Navya Mittal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shell, Hebe Chen, Chen, Roushni Nair, Navya Mittal, Shailesh Organizations: Shell Plc, Group, IG Markets, Reuters, BG, Thomson Locations: Australia, Brazil, Bengaluru

☆ Adobe forecasts fourth-quarter profit above estimates on AI strength
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsSept 14 (Reuters) - Photoshop software maker Adobe (ADBE.O) forecast current-quarter profit above Wall Street estimates on Thursday, after beating revenue estimates for the third quarter on strong demand for its photo, video editing and document tools with generative AI integrations. Excluding items, it reported earnings of $4.09 per share in the quarter ended Sept. 1, above analysts' estimates of $3.98 per share, according to LSEG data. Quarterly revenue stood at $4.89 billion, compared with estimates of $4.87 billion. Adobe expects revenue between $4.98 billion and $5.03 billion for the fourth quarter, compared with analysts' expectation of $5 billion, according to LSEG data. The company expects fourth-quarter adjusted profit between $4.10 and $4.15 per share, compared with analysts' average estimate of $4.06 per share.

Persons: Dado Ruvic, Akash Sriram, Shailesh Organizations: REUTERS, Adobe, Wall, Thomson Locations: San Jose , California, Bengaluru

☆ Apollo Global among suitors for IGT's global gaming division- Bloomberg News
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 13 (Reuters) - Private equity giant Apollo Global Management (APO.N) is among the potential suitors seeking to acquire International Game Technology's (IGT.N) global gaming division, Bloomberg News reported on Wednesday. IGT's gaming unit could fetch $4 billion to $5 billion in a sale, including debt, the report said, citing people with knowledge of the matter. Apollo Global did not immediately respond to a Reuters' request for comment and IGT could not be reached for comment. UK-based IGT said in June that it was exploring strategic alternatives for its global gaming and PlayDigital segments, which includes, but is not limited to, a sale. Reporting by Jose Joseph in Bengaluru; Editing by Shailesh Kuber and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, IGT, Jose Joseph, Shailesh Kuber, Subhranshu Organizations: Game Technology PLC, New York Stock Exchange, REUTERS, Apollo Global Management, Bloomberg, Apollo, Thomson Locations: Bengaluru

☆ Caesars Entertainment paid heavy ransom after cyberattack - Bloomberg News
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

Sept 13 (Reuters) - Caesars Entertainment (CZR.O) paid millions of dollars to hackers who broke into the company's systems and threatened to leak data, Bloomberg News reported on Wednesday, citing two people familiar with the matter. The hackers, allegedly known as Scattered Spider or UNC 3944, started targeting Caesars as early as Aug. 27, according to the people. Caesars did not immediately respond to a Reuters request for comment. Earlier this week, MGM Resorts International (MGM.N) said it had shut down some of its computer systems due to cybersecurity issues. Reporting by Seher Dareen in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Seher, Shailesh Organizations: Caesars Entertainment, Bloomberg, UNC, Caesars, MGM Resorts International, Thomson Locations: Bengaluru

☆ US looks to offload $13 bln of mortgage bonds seized from SVB, Signature - Bloomberg News
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

A customer leaves after speaking with FDIC representatives inside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small Acquire Licensing RightsSept 12 (Reuters) - The U.S. government is looking to offload nearly $13 billion of mortgage bonds it amassed from Silicon Valley Bank and Signature Bank following the collapse of the lenders, Bloomberg News reported on Tuesday, citing people with knowledge of the transactions. The FDIC has also discussed alternatives to cutting the prices on the bonds, including potentially repackaging the debt into new securities, the report said. The FDIC in April retained BlackRock (BLK.N) unit Financial Market Advisory to sell the securities portfolios of the two failed lenders. BlackRock had preliminary discussions with investors about the mortgage bonds, but they proved hard to sell, the Bloomberg report said on Tuesday.

Persons: Brittany Hosea, Deborah Sophia, Shailesh Organizations: Bank, REUTERS, U.S, Silicon Valley Bank, Signature Bank, Bloomberg, Federal Deposit Insurance Corp, FDIC, Advisory, BlackRock, Thomson Locations: Santa Clara , California, U.S, Silicon, BlackRock, Bengaluru

☆ Wireless cellular service to be made available to all Toronto subway riders from October
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/3] The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 14, 2022. François-Philippe Champagne, minister of innovation, science and industry, also said all carriers operating in Toronto must expand their existing network coverage to provide full voice, text and data services throughout the subway system. The lack of reliable cellular connectivity across the transit system has been a pain point for metro riders in Toronto, hampering access to emergency services when commuting via public transit, leaving passengers frustrated. Currently, only some carriers, including Rogers Communications (RCIb.TO) and Freedom Mobile, provide customers with wireless service in the subway system. "Cellular connectivity on the subway is about more than just convenience.

Persons: Chris Helgren, Philippe Champagne, Champagne, Deborah Sophia, Shailesh Organizations: Rogers, Rogers Communications, REUTERS, Canadian, Monday, Champagne, Freedom Mobile, Thomson Locations: Toronto, Ontario, Canada, François, Bengaluru

☆ China's Gotion to set up a $2 billion lithium battery plant in Illinois
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Companies Gotion High tech Co Ltd FollowSept 8 (Reuters) - China's Gotion High-tech Co Ltd (002074.SZ) will set up a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, Illinois that would create about 2,600 new jobs, the state governor's office said on Friday. "Gotion's battery technology will help to boost e-mobility in North America and the economic and trade exchanges between China and the United States," said Gotion chairman Li Zhen. Gotion will be eligible to receive tax benefits totaling $213 million over 30 years and also get $125 million in capital funding from the U.S. state's Reimagining Energy and Vehicles incentive package. Once completed, the facility in Manteno is expected to produce 10 GWh of lithium-ion battery packs and 40 GWh of lithium-ion battery cells, according to the statement. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Zhen, Pratyush Thakur, Shailesh Organizations: Gotion, Co, Global EV, state's Reimagining Energy, Thomson Locations: Manteno , Illinois, North America, China, United States, Manteno, Bengaluru

☆ US CDC says existing antibodies can work against new COVID variant
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Early research data has shown that antibodies produced by prior infection or existing vaccines against the coronavirus were sufficient to protect against the new BA.2.86 variant, the U.S. Centers for Disease Control and Prevention (CDC) said on Friday. The Food and Drug Administration in the coming days is expected to authorize the updated vaccines that target the XBB.1.5 subvariant of Omicron, and early data provide encouraging signs for the new shots, CDC said. Since CDC's initial risk assessment last month, BA.2.86 has been identified in nine U.S. states as of Friday. The Omicron offshoot has also been identified from both human and wastewater specimens in countries including Japan, UK and Canada. Reporting by Vaibhav Sadhamta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: coronavirus, Vaibhav, Shailesh Organizations: U.S . Centers for Disease Control, Prevention, Drug Administration, CDC, Omicron, Canada, Thomson Locations: United States, Japan, Bengaluru

☆ Microsoft to defend customers on AI copyright challenges
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Sept 7 (Reuters) - Microsoft (MSFT.O) will pay legal damages on behalf of customers using its artificial intelligence (AI) products if they are sued for copyright infringement for the output generated by such systems, the company said on Thursday. Microsoft will assume responsibility for the potential legal risks arising out of any claims raised by third parties so long as the company's customers use "the guardrails and content filters" built into its products, the company said. It offers functionality meant to reduce the likelihood that the AI returns infringing content. The company's Copilot Copyright Commitment extends Microsoft's existing intellectual property indemnification coverage to copyright claims relating to the use of its AI-powered assistants called Copilots and Bing Chat Enterprise. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: OpenAI, Yuvraj Malik, Shailesh Organizations: Microsoft, Bing, Thomson Locations: ChatGPT, Bengaluru

☆ Zoom talks with regulators on Microsoft competition concerns - Bloomberg News
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Eric Yuan, CEO of Zoom Video Communications walks on the street as he takes part in a bell ringing ceremony at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsSept 7 (Reuters) - Zoom Video Communications (ZM.O) has met with regulators from the United States, European Union and other jurisdictions to outline concerns about Microsoft's (MSFT.O) alleged anti-competitive behavior, Bloomberg News reported on Thursday. Zoom had expressed its concerns about the way Microsoft has given preference to its chat and video app Teams through price bundling and product design, the report added. "If you have unfair competition, you may not win," Zoom CEO Eric Yuan said, while answering a question at the Goldman Sachs Communications & Technology conference on Tuesday. FTC declined to comment, while Zoom and Microsoft did not immediately respond to Reuters requests for comment.

Persons: Eric Yuan, Carlo Allegri, Zoom, Granth, Shailesh Organizations: Zoom Video Communications, NASDAQ, REUTERS, Communications, European, Bloomberg, U.S . Federal Trade Commission, EU, Microsoft, Goldman Sachs Communications, Technology, European Union, Salesforce, Thomson Locations: New York , New York, U.S, United States, European Union, Germany, Bengaluru

☆ Imbue raises $200 mln at over $1 bln valuation in AI funding boost
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

Sept 7 (Reuters) - AI research lab Imbue has raised $200 million in a Series B funding round, which included participation from Astera Institute and Nvidia (NVDA.O), at a valuation of over $1 billion, the company said in a blog post on Thursday. Companies across the world, from banks to big tech, have doubled down on investments in artificial intelligence (AI) after ChatGPT, a generative AI chatbot by Microsoft-backed MSFT.O OpenAI took the world by storm in late 2022. "The latest funding will accelerate our development of AI systems that can reason and code," the company said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Imbue, MSFT.O OpenAI, Jaiveer Singh, Shailesh Organizations: Astera Institute, Nvidia, Companies, Microsoft, Thomson Locations: Bengaluru

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