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☆ Union Pacific's quarterly profit drops 19% on lower volumes
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Union Pacific livery on the side of a cargo locomotive is pictured ahead of a possible strike if there is no deal with the rail worker unions, at Union Station in Los Angeles, California, U.S., September 15, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsOct 19 (Reuters) - Union Pacific (UNP.N) reported a 19% fall in quarterly profit on Thursday, as higher labor costs and lower volumes outweighed the benefits from price hikes implemented by the railroad operator. The company's operating ratio, a key metric that indicates operating expenses as a percentage of revenue, rose to 63.4% in the third quarter from 59.9% reported a year ago. Union Pacific, which connects 23 states in the western two-thirds of the country by rail, also posted a 10% decline in quarterly operating revenue to $5.94 billion. Reporting by Ananta Agarwal and Amna Karimi in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Jim Vena, Ananta Agarwal, Amna, Shilpi Majumdar Organizations: Union Station, REUTERS, Union Pacific, Thomson Locations: Los Angeles , California, U.S, Bengaluru

[1/2] A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada, Dec. 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOct 18 (Reuters) - Bank of Nova Scotia (BNS.TO) on Wednesday announced plans to cut about 2,700 jobs globally - 3% of its workforce - and take a C$590 million ($430.94 million) charge in the fourth quarter, making it the latest Canadian bank to take cost-cutting steps in a challenging environment. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) similarly have cut hundreds of jobs in response to rising costs in a high interest rate environment. Scotiabank said the layoffs will result in a restructuring charge and severance provisions of about C$247 million. Analysts said the charge does not come as a surprise amid a review of is strategic direction.

Persons: Carlos Osorio, Scott Thomson, Darko Mihelic, Jaiveer Singh, Balu, Will Dunham, Shilpi Majumdar, Jonathan Oatis Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Wednesday, Royal Bank of Canada, Bank of Montreal, China's, China's Bank of Xi'an, Analysts, RBC Capital, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, China's Bank, Bengaluru, Toronto

SummaryCompanies Safe-haven buying pushes up goldFocus on Fed Chair Jerome Powell's speech on ThursdayOct 18 (Reuters) - Gold rose to a more than two-month peak on Wednesday as the escalating conflict in the Middle East sent investors flocking towards the safe-haven metal. Spot gold increased 1% to $1,950.67 per ounce by 2:48 p.m. "Gold could breach $2,000 in the near-term if there is an escalation of geopolitical conflict. "Gold will pull back if the Middle East situation simmers down, but right now the market place is expecting a further escalation," said Jim Wyckoff, senior analyst at Kitco Metals. Spot silver rose 0.2% to $22.87, platinum fell 1.4% to $884.89 and palladium fell 1% to $1,132.61.

Persons: Jerome Powell's, Ryan McIntyre, Jim Wyckoff, Fawad, Ole Hansen, Ashitha, Daksh Grover, Sharon Singleton, Shilpi Majumdar, Shailesh Organizations: East, Sprott Asset Management, Graphics, Kitco Metals, City, Reuters Graphics Reuters, Federal, Saxo Bank, Thomson Locations: Gaza City, Bengaluru

☆ Goldman Sachs lifts Europe Inc's 2023 profit growth forecast to 3%
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. According to Goldman Sachs, higher oil prices will feed into higher revenues, benefiting commodity-related sectors — for which analysts at the brokerage expect positive earnings upgrades. Shares of European oil majors BP (BP.L), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have gained between 4.5% and 7% since the conflict began. Adjusting for inflation, however, Goldman Sachs expects earnings in Europe to fall 2% this year. Through 2025, Goldman expects European and U.S. companies' profits to grow at 5% annually from current levels, but only 2% in real terms for Europe in the same period.

Persons: Goldman Sachs, Andrew Kelly, Brent, Lilia Peytavin, Goldman, Roshan Abraham, Susan Mathew, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Brent, East, BP, Shell, European, Thomson Locations: New York City , New York, U.S, Europe, Bengaluru

☆ EV maker Lucid's deliveries rise as special lower price aids demand
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru

☆ Thermo Fisher Scientific to buy Olink in $3.1 billion deal
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

A company flag flies outside the offices of Thermo Fisher Scientific offices in Waltham, Massachusetts, U.S., August 2, 2023. The deal lifted Olink's U.S.-listed shares nearly 67% in early trading, while shares of Thermo Fisher were down over 1%. Olink's acquisition will help Thermo Fisher's customers in the biotech industry "to meaningfully accelerate discovery and scientific breakthroughs," Thermo Fisher CEO Marc Casper said. Thermo Fisher said it would pay Olink shareholders $26 per share, an about 74% premium to the U.S.-listed stock's closing price on Monday. The deal is a good fit for Thermo Fisher and "checks the box strategically," Evercore ISI analyst Vijay Kumar wrote in a note.

Persons: Brian Snyder, Fisher, Marc Casper, Vijay Kumar, Mariam Sunny, Krishna Chandra Eluri, Shilpi Majumdar Organizations: REUTERS, Olink, U.S, Thomson Locations: Waltham , Massachusetts, U.S, Sweden, Bengaluru

☆ Instacart IPO banks tout e-grocery shopping potential, but challenges loom
▼ + stars: | 2023-10-16 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsOct 16 (Reuters) - Most Wall Street brokerages, including J.P.Morgan and Goldman Sachs, kicked off coverage on Instacart (CART.O) with a bullish view, betting on the grocery delivery app's growth amid a shift to online shopping. The stock — following a lukewarm debut in September — closed at $25.57 on Friday, below its $30 initial public offering (IPO) price. At least half of Instacart's 20 IPO underwriters have initiated coverage with their top ratings after the quiet period ended. Instacart's slow growth compared to rivals is a top concern, as a reduction in food stamp benefits and a shift back to in-store shopping could limit GTV growth, according to Piper Sandler analyst Alexander Potter. As of Friday, the six brokerages that were not involved in the IPO started coverage with an average rating of "hold", LSEG data showed.

Persons: Eric Cohn, Cheney Orr, Goldman Sachs, —, Baird, Colin Sebastian, Scott Devitt, Justin Post, Piper Sandler, Alexander Potter, Savyata Mishra, Shilpi Majumdar Organizations: Safeway, REUTERS, J.P.Morgan, underwriters, Walmart, Wedbush, BofA Global Research, Thomson Locations: Tucson , Arizona, U.S, Instacart, Bengaluru

☆ Moderna reaffirms annual COVID vaccine sales forecast
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: 1 min

Syringes with needles are seen in front of a displayed Moderna logo in this illustration taken, November 27, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Moderna Inc FollowPfizer Inc FollowOct 16 (Reuters) - Moderna (MRNA.O) on Monday reaffirmed its forecast of $6 billion to $8 billion in COVID vaccine sales for the year, after rival Pfizer (PFE.N) slashed forecast for its vaccine last week. Moderna said it will have "improved visibility" about the expected U.S. market size for vaccines after observing trends through October 2023. Shares of Moderna were down about 4% in premarket trading. Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Bhanvi, Shilpi Majumdar Organizations: REUTERS, Moderna Inc, Pfizer, Moderna, Thomson Locations: Bengaluru

☆ Honeywell sees steady demand for business jets over the next decade
▼ + stars: | 2023-10-16 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsOct 15 (Reuters) - Global demand for new business jets is expected to stay strong over the next decade, Honeywell (HON.O) said on Sunday, as the engine maker projected deliveries of about 8,500 new planes through 2033. Private aviation witnessed a surge in newcomers, both in users and buyers, after the COVID-19 pandemic lifted demand for private flying as the wealthy took control of their travel. The flight activity is anticipated to stabilize in 2024 and grow in 2025, according to Honeywell. New users in business aviation have also increased demand by 500 aircraft and 6% more flights over the next 10 years.

Persons: Denis Balibouse, Heath Patrick, Shivansh, Shilpi Majumdar Organizations: Honeywell, European Business Aviation Convention, REUTERS, Global Business Aviation, Private, Bombardier, General Dynamics, Gulfstream, Honeywell Aerospace, Thomson Locations: Geneva, Switzerland, Americas, Bengaluru

The July-September period, which analysts usually see it as a weak quarter, saw a 17% rise in funding to $3 billion for 103 companies, venture capital firm Space Capital said in the report. The upbeat figures could mean that investors are returning to startups that could tap government funding and develop tech crucial to space programs. The companies funded in the third quarter included Axiom Space which raised $350 million, and Sierra Space which saw an inflow of $290 million. "Despite continued headwinds in financial markets, the world is waking up to the importance of space-based technologies," Space Capital said. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: Space Capital, Investments, Reuters, Thomson Locations: Bengaluru

☆ Illumina to divest Grail within a year if it does not win challenge in EU court
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Companies Grail Inc FollowIllumina Inc FollowOct 13 (Reuters) - Illumina (ILMN.O) said on Friday it would divest cancer test maker Grail (GRAL.O) in 12 months, according to the terms of the European Commission's order, if the life sciences company does not win its challenge in court. EU antitrust regulators on Thursday ordered Illumina to divest Grail, after it completed the deal before securing their approval. The San Diego-based genetic testing company last year challenged the EU watchdog saying it does not have jurisdiction over the acquisition of Grail. But if it is not successful with either its ECJ jurisdictional appeal or in a final decision of the U.S. Fifth Circuit Court of Appeals, Illumina will divest Grail. Illumina had in June appealed against the order by the Federal Trade Commission, which enforces antitrust law in the U.S., to divest Grail.

Persons: Illumina, it's, Sriparna Roy, Shilpi Majumdar Organizations: Illumina, European Court of Justice, U.S, Fifth, Appeals, Federal Trade Commission, Thomson Locations: San Diego, U.S, Bengaluru

☆ Barclays appoints Geoffrey Belsher as new Canada CEO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - Barclays (BARC.L) on Friday named investment banking veteran Geoffrey Belsher as chairman and country chief executive officer for Canada, effective Oct. 16. Belsher has previously held senior role in Canadian Imperial Bank of Commerce (CM.TO). He was also the president of Canadian operations of Barclays Capital and its predecessor Lehman Brothers Canada, according to the company's statement. Belsher would be based in Toronto and report to CEO of Americas Richard Haworth and the global co-heads of investment banking Cathal Deasy and Taylor Wright.

Persons: Dado Ruvic, Geoffrey Belsher, Belsher, Richard Haworth, Cathal Deasy, Taylor Wright, Bruce Rothney, Pritam Biswas, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Barclays, Canadian Imperial Bank of Commerce, Barclays Capital, Lehman Brothers Canada, Citigroup, Jefferies Financial, Reuters, Thomson Locations: Canada, Toronto, U.S, Bengaluru

☆ Boeing, Spirit expand inspections for 737 MAX production defect
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

The Boeing logo is seen on the side of a Boeing 737 MAX at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. REUTERS/Peter Cziborra/File Photo Acquire Licensing RightsOct 12 (Reuters) - Boeing (BA.N) and Spirit AeroSystems (SPR.N) have expanded the scope of their ongoing inspections of a production defect affecting 737 Max 8 aircraft, Boeing said on Thursday. The planemaker in August identified a new quality problem with its popular 737 MAX aircraft involving supplier Spirit that resulted in improperly drilled holes on the aft pressure bulkhead made using an automated drill. Spirit said it continues working closely with Boeing to address rework related to the aft pressure bulkhead. Deliveries of Boeing's best-selling 737 MAX fell in September to the lowest level since August 2021 as it continues struggling with work needed to correct the manufacturing defect.

Persons: Peter Cziborra, Max, Brian West, Shivansh, David Shepardson, Valerie Insinna, Shilpi Majumdar, Chris Reese Organizations: Boeing, Farnborough, REUTERS, Federal Aviation Administration, The, FAA, Reuters, Thomson Locations: Farnborough, Britain, Bengaluru, Washington

☆ JPMorgan chief Dimon warns of 'ripple effects' from Middle East violence
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsOct 12 (Reuters) - The conflict in the Middle East will have "ripple effects that extend far beyond the region", JPMorgan Chase's (JPM.N) CEO Jamie Dimon warned in an internal memo to employees seen by Reuters. The deadliest attack on civilians in Israeli history on Saturday has led to a dramatic escalation of violence in the region. Reuters reported earlier this week that JPMorgan told its more than 200 employees in Israel to work from home. The bank is making an initial contribution of $1 million towards relief efforts and will be matching employees' donations, according to the memo.

Persons: Jamie Dimon, Marco Bello, Dimon, Niket, Shilpi Majumdar Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase's, Kan, U.S, JPMorgan, American, Thomson Locations: Miami , Florida, U.S, Gaza, Israel, Bengaluru

☆ Unity Software CEO to retire effective immediately
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: 1 min

Oct 9 (Reuters) - Video-game software maker Unity (U.N) said on Monday John Riccitiello would retire as chief executive officer, effective immediately. The company has appointed James Whitehurst as interim CEO and Roelof Botha as chairman, it said in a statement. He joined IBM through the acquisition of software company Red Hat, where he was president and CEO from 2008 to 2020. Riccitiello would continue to advise Unity and the board would initiate a process to appoint a permanent CEO. The company behind the Unity Engine software had in September rolled back key parts of a new "runtime fee" pricing policy that sparked backlash from gaming developers.

Persons: John Riccitiello, James Whitehurst, Roelof Botha, Whitehurst, Riccitiello, Samrhitha, Shilpi Majumdar Organizations: Unity, IBM, Hat, Thomson Locations: Bengaluru

☆ Clorox, reeling from cyberattack, expects quarterly loss
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Bottles of Clorox bleach are displayed for sale on the shelves of a Wal-Mart store in Rogers, Arkansas, June 4, 2009. "The company expects to experience ongoing, but lessening, operational impacts in the second quarter as it makes progress in returning to normalized operations," it said in a statement. A Clorox spokesperson said the company had informed law enforcement about the attack but had no further comment. The company expects a loss per share of between 35 cents and 75 cents in the quarter ended on Sept. 30, and for net sales to fall by 23% to 28% from a year earlier. "The impact from the cybersecurity attack more than offset the benefits of pricing, cost savings and supply chain optimization," Clorox said.

Persons: Jessica Rinaldi, Clorox, Savyata Mishra, Zeba Siddiqui, Shilpi Majumdar, Tom Hogue Organizations: REUTERS, cyberattacks, MGM Resorts International, Caesars Entertainment, Reuters, MGM, Caesars, Bloomberg, FBI, Thomson Locations: Rogers , Arkansas, U.S, Oakland , California, Bengaluru, San Francisco

Toyota logo is seen at a Toyota Society Motors showroom in Karachi, Pakistan, July 27, 2022. LGES will invest $3 billion in its Michigan battery facility to supply Toyota exclusively. LGES also is a partner with General Motors (GM.N) in the Ultium battery joint venture, which is building a separate $2.1 billion plant in Lansing, Michigan to supply GM's electric vehicles. LGES will supply Toyota with 20 gigawatt-hours of high-nickel NCMA battery modules annually from the South Korean company's Michigan facility. The battery maker will establish new production lines in Michigan for pouch-type battery cells and modules for Toyota.

Persons: Akhtar Soomro, LGES, Shivansh, Shilpi Majumdar, Cynthia Osterman Organizations: Toyota, Toyota Society Motors, REUTERS, LG Energy, General Motors, Hyundai, Honda, Panasonic, Prime Planet Energy & Solutions, Korean company's, Thomson Locations: Karachi, Pakistan, KS, U.S, Michigan, Lansing , Michigan, North Carolina, Korean company's Michigan, Bengaluru

☆ BlackBerry to separate IoT and cybersecurity businesses, plans IPO
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 4 (Reuters) - Canadian technology company BlackBerry (BB.TO), said on Wednesday it would separate its Internet of Things (IoT) and cybersecurity business units and target a subsidiary initial public offering for the IoT business next fiscal year. BlackBerry joins a number of companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses. BlackBerry said in May it would consider strategic options for its portfolio of businesses that could include the possible separation of one or more of its businesses. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices. IoT revenue was $49 million, while cybersecurity revenue came in at $79 million.

Persons: Mike Blake, Johnson, John Chen, BlackBerry, Savyata Mishra, Samrhitha, Shilpi Majumdar, Shinjini Organizations: REUTERS, BlackBerry, Kellogg, Healthcare, Johnson, General Electric, Reuters, Veritas Capital, Thomson Locations: Irvine , California, U.S, Canadian, Waterloo , Ontario, Bengaluru

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Programmable chips sit between Intel's general purpose chips and chips that are designed for a single task and used in everything from encrypting data to 5G wireless telecommunications equipment. Intel said Sandra Rivera, an Intel veteran, will oversee the new unit, which will keep using Intel's factory to make its chips. Programmable chips are used in defense applications such as fighter jets. The deal follows Intel's earlier moves to sell its memory chip unit to SK Hynix and take public part of its Mobileye self-driving car chip unit.

Persons: Dado Ruvic, Sandra Rivera, Rivera, Pat Gelsinger's, Michael Ashley Schulman, Stephen Nellis, Samrhitha, Shilpi Majumdar, David Gregorio 私たち Organizations: REUTERS, Intel, Nvidia, Devices, SK Hynix, Taiwan Semiconductor Manufacturing, Running, Capital Advisors Locations: Taiwan, North America, San Francisco, Bengaluru

☆ Insulet CFO to step down, join 3M's healthcare business
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

The company has been contracted by the U.S. government to produce extra masks in response to the country's novel coronavirus outbreak. REUTERS/Nicholas Pfosi/File Photo Acquire Licensing RightsCompanies Insulet Corp Follow3M Co FollowOct 3 (Reuters) - Insulet Corp (PODD.O) said on Tuesday Wayde McMillan would step down as the medical device maker's chief financial officer, effective Oct. 20, to join 3M's (MMM.N) healthcare business. McMillan will join 3M as the financial chief of its unit, which the U.S. industrial conglomerate plans to spin off into a listed company. Insulet on Tuesday also reaffirmed its annual forecast for sales of its insulin pumps and total revenue. Insulet's accounting chief, Lauren Budden, will assume the additional responsibilities of interim CFO until a permanent successor is appointed, the medical device maker said.

Persons: Nicholas Pfosi, Wayde McMillan, McMillan, Insulet, Lauren Budden, Sriparna Roy, Shilpi Majumdar, Maju Samuel Organizations: U.S, REUTERS, Insulet, 3M, Thomson Locations: Maplewood , Minnesota, U.S, Bengaluru

☆ TPG Telecom's $4 bln fiber assets bid's due diligence period expires
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

Oct 4 (Reuters) - Australia's TPG Telecom (TPG.AX) said on Wednesday the exclusive due diligence period granted to Macquarie-backed rival Vocus Group for the A$6.3 billion ($3.97 billion) bid for its non-mobile fiber assets has expired. Discussions between the parties for the commercial terms of the deal remain ongoing, with the consideration subject to change, TPG said in a statement. The bid, made in August, includes TPG's non-mobile fibre assets such as certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including the wholesale broadband business, Vision Network. A successful deal would create a combined entity with A$8 billion to A$9 billion enterprise valuation. Separately, TPG was in an asset swap deal with Telstra which faced strong regulatory opposition based on competition concerns.

Persons: Nausheen, Shilpi Majumdar Organizations: Australia's TPG Telecom, Vocus Group, TPG, Enterprise, Government, Wholesale, Vision Network, Telstra, Thomson Locations: Macquarie, Vocus, dealmaking, Bengaluru

☆ Visa launches $100 mln venture fund for generative AI startups
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 2 (Reuters) - Payments processor Visa (V.N) on Monday launched a $100 million venture fund for generative artificial intelligence (AI) startups, joining a list of investors who have flocked to the sector this year. Several high-profile names such as Microsoft (MSFT.O) and Alphabet's (GOOGL.O) Google have backed the AI space, a buzzword in technology circles this year, after chatbot ChatGPT's popularity. Generative AI is a technology that creates brand new content based on what it has learnt from past data. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jack Forestell, Niket, Shilpi Majumdar Organizations: REUTERS, Monday, Microsoft, Google, Thomson Locations: Bengaluru

[1/2] The BP logo is seen on gasoline pumps at a BP gas station in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Sept 29 (Reuters) - BP's (BP.L) top executive in the United States, Dave Lawler, is leaving the company, the energy company said on Friday in a memo to employees, less than three weeks after the company's chief executive, Bernard Looney, resigned. He is the younger brother of Doug Lawler, chief executive of Continental Resources, another large U.S. shale oil and gas producer. BPX operations in Texas and Louisiana last year produced an average of 325,000 barrels of oil and gas per day. Alvarez, who joined the company in 1996, will continue in his role as senior vice president gas and power trading, Americas.

Persons: Andrew Kelly, Dave Lawler, Bernard Looney, Helge Lund, Lawler, Doug Lawler, Orlando Alvarez, Alvarez, Kyle Koontz, Ron Bousso, Juby Babu, Shilpi Majumdar, Daniel Wallis, Leslie Adler Organizations: REUTERS, BP, Energy, Continental Resources, Reuters, BP America, BPX Energy, Thomson Locations: Manhattan , New York City, U.S, United States, Gulf of Mexico, Texas, Louisiana, BP America, Americas, London, Bengaluru

☆ India increases windfall tax on petroleum crude
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsSept 29 (Reuters) - The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees. On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees. India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: Amit Dave, refiners, Nikunj Ohri, Chandni Shah, Shilpi Majumdar Organizations: REUTERS, Thomson Locations: Vadinar, Gujarat, India, Bengaluru

☆ Robinhood sees $100 million finance costs tied to regulatory issues in third quarter
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 29 (Reuters) - Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. However, a stormy economic climate last year spooked retail traders, Robinhood's chief customer base. The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Robinhood's, Niket, Shilpi Majumdar, Shounak Organizations: Inc, REUTERS, GameStop, Thomson Locations: New York City, U.S, Bengaluru

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