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☆ Microsoft extends cloud lead over Alphabet with focus on OpenAI, big clients
▼ + stars: | 2023-10-25 | by ( Aditya Soni | ) www.reuters.com time to read: +4 min

In the battle to tap the next growth driver for the cloud business, Microsoft has focused on its core business clients that already use many of its software services, while Google has turned to startups. The results show cloud spending is coming from enterprise clients, whereas smaller businesses are reducing their expenditure, he said. Strong AI use was responsible for a 3 percentage point boost to the Microsoft's cloud business in the September quarter. "Unlike many others who are touting their AI story, Microsoft is capable of delivering meaningful AI products to their customers," brokerage D.A. Many analysts were also optimistic about strength in Alphabet's core search business, but they warned the weakness in the cloud business would continue.

Persons: Morningstar, Ali Mogharabi, Krishna Chintalapalli, Satya Nadella, Davidson, Bernstein, Sundar Pichai, Aditya Soni, Akash Sriram, Arun Koyyur Organizations: Microsoft, Google, Parnassus Investments, Fortune, Thomson Locations: Bengaluru

☆ If Amazon, why not Walmart?
▼ + stars: | 2023-10-25 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

Shopping habits vary widely, however, and the company’s pricing strategies are commonly used, including at Walmart (WMT.N). According to the complaint, if Amazon finds a cheaper product elsewhere, it punishes the seller by removing merchandise from the “buy box,” effectively tanking sales. Thus, the argument goes, Amazon prevents rivals from competing on price. Walmart, which bought Jet.com in 2016 for $3 billion, is also just as discerning when it comes to online pricing. The agency accuses Amazon of stifling competition on price, product selection and quality, and preventing rivals from attracting a critical mass of shoppers and sellers.

Persons: Lina Khan, Andy Jassy, Walton, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, U.S . Federal Trade Commission, Walmart, Amazon, FTC, eBay, Amazon.com, Thomson Locations: United States

☆ Nvidia says U.S. speeded up new export curbs on AI chips
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 24 (Reuters) - Chip designer Nvidia (NVDA.O) said new U.S. export curbs on the sale of its high-end artificial intelligence chips to China came into effect on Monday as regulators advanced the deadline. The restrictions were supposed to come into play 30 days from Oct. 17 when the Biden administration unveiled measures to stop countries, including China, Iran and Russia, from receiving advanced AI chips designed by Nvidia and others. The restrictions bar exports of Nvidia's modified advanced AI chips A800 and H800 - both of which were created for the Chinese market to comply with previous export rules. The Nvidia A100, H100 and L40S chips are also impacted by the curbs.

Persons: Dado Ruvic, Nvidia, Biden, Aditya Soni, Arun Koyyur, Anil D'Silva Organizations: NVIDIA, REUTERS, Nvidia, Devices, U.S . Department of Commerce, Intel, Gaudi, Thomson Locations: China, Iran, Russia, U.S, Bengaluru

☆ Roche's $7 bln deal is pricey and partial cure
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Roche tablets are seen positioned in front of a displayed Roche logo in this photo illustration shot January 22, 2016. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Oct 23 (Reuters Breakingviews) - Roche (ROG.S) has taken a small step towards curing its drug pipeline problem. JPMorgan analysts estimate that the drug’s U.S. sales could peak at 2.4 billion Swiss francs ($2.7 billion), but will take until 2037 to get there, assuming a 2028 launch. Analysts expect Roche’s pharmaceutical division to generate revenue of almost 45 billion Swiss francs this year, according to estimates compiled by LSEG. With expected free cash flow of around 16 billion Swiss francs this year and next, Roche can afford to buy a little more diversification.

Persons: Roche, Dado Ruvic, Thomas Schinecker, Peter Thal Larsen, Jean, Pierre Mustier, Atos, Jonathan Guilford, Aditya Sriwatsav Organizations: REUTERS, Reuters, Pfizer, U.S, New, JPMorgan, Merck, Prometheus Biosciences, Analysts, LSEG, X, News Corp, Thomson Locations: Swiss, U.S

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 23 (Reuters) - The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker's driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday. Tesla said in a regulatory filing it has received requests for information "including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features" and other requests "associated with personal benefits, related parties, vehicle range and personnel decisions." Reuters reported in October 2022 that Tesla was under a Justice Department criminal investigation over claims the company's electric vehicles can drive themselves, citing people familiar with the matter. The company's spending is, however, expected to return to the $7 billion to $9 billion range in the next two years, a regulatory filing showed.

Persons: Mike Blake, Tesla, Elon Musk, Musk, Aditya Soni, Juby Babu, David Shepardson, Maju Samuel, Savio D'Souza, Jonathan Oatis Organizations: Tesla, Beta, REUTERS, U.S . Justice Department, DOJ, Reuters, Justice Department, Street, Chief, Traffic, Administration, Thomson Locations: Encinitas , California, U.S, Mexico

☆ Tesla to top $9 bln spending target this year as it rolls out new models
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. The company's spending is, however, expected to return to the $7 billion and $9 billion range in the next two years, a regulatory filing showed. He warned that rising interest rates could impact demand at Tesla, on top of a margin-sapping price war this year to maintain sales. Tesla shareholders -- including Gary Black, managing partner of The Future Fund, which owns Tesla stock -- have been calling for the automaker to advertise, saying that price cuts have only had a limited impact on demand. Reporting by Aditya Soni and Juby Babu; Editing by Maju Samuel and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Tesla, Elon Musk, Musk, Gary Black, Aditya Soni, Juby Babu, Maju Samuel, Savio D'Souza Organizations: Tesla, REUTERS, Fund, Thomson Locations: Taipei, Taiwan, Mexico

☆ Wall Street cues a lesson in Ivory Tower finance
▼ + stars: | 2023-10-20 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +5 min

NEW YORK, Oct 20 (Reuters Breakingviews) - Wall Streeters are trying to teach universities a lesson, but may provide them with a broader understanding of economics instead. The median family income for Harvard students is nearly $169,000, or about 2.5 times the U.S. average. Stockpiles of cash donated by Rowan, Ackman and other alumni also should theoretically make such institutions more accessible, but haven’t. Elite universities funnel many graduates to lucrative careers in finance and consulting, and studies have shown that social class often predetermines success. Ideally, Ivory Towers would price education closer to its actual value rather than what people are willing to pay.

Persons: Marc Rowan, Bill Ackman, Ackman, Rowan, Israel, grads, Liz Magill, Scott Bok, David Magerman, Estee Lauder, Ronald Lauder, Jon Huntsman, Larry Summers, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, University of Pennsylvania, Harvard, Rowan, Ivy League, Reuters Graphics Investment, Apollo Global Management, Ackman’s, Palestine, Literary, Renaissance Technologies, Pershing, Harvard University, Thomson Locations: Cambridge , Massachusetts, Wharton

☆ We expect Q4 to be meaningfully softer than Q3, says BofA's Aditya Bhave
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect Q4 to be meaningfully softer than Q3, says BofA's Aditya BhaveAditya Bhave, Bank of America senior U.S. economist, joins 'Squawk on the Street' to discuss the bond market's outlook, the impact of broadly strong balance sheets on consumer spending, and more.

Persons: BofA's Aditya Bhave Aditya Bhave Organizations: Bank of America

☆ Merck’s cancer rush may spawn lower returns
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

The American drug company said on Thursday it signed a giant deal with Daiichi Sankyo (4568.T) for the rights to sell three potential drugs outside Japan. Merck will pay $4 billion upfront, up to another $1.5 billion over the next two years, and as much as $16.5 billion if the drugs pass certain sales milestones. Merck’s Keytruda accounts for about 40% of the company’s revenue, and that cancer drug might face cut-price competition before the end of the decade. The potential is giant, as these targeted therapies might eventually account for a quarter of the current oncology market. With over 100 of these drugs in clinical trials, the stampede might lead to lower-than-expected returns.

Persons: Jeff Zelevansky, Robert Cyran, Jean, Pierre Mustier, Atos, Jennifer Saba, Aditya Sriwatsav Organizations: Merck & Co, REUTERS, Reuters, Merck, Pfizer, X, News Corp, Thomson Locations: Linden , New Jersey, American, Japan

The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements. The comments marked a change in tone from Tesla CEO Musk, who had said his company was "recession-resilient" last year. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts. Reuters GraphicsOverall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Tesla shares fell 6.1% at $227.96 in premarket trading.

Persons: Tyrone Siu, Elon, Tesla, Musk, Canaccord, Bernstein, Toni Sacconaghi, Craig Irwin, Aditya Soni, Akash Sriram, Shounak Dasgupta, Anil D'Silva Organizations: Tesla, REUTERS, Ford Motor, General Motors, Reuters Graphics, Ford, Roth Capital, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

☆ Tesla tumbles as Wall St raises doubt over growth outlook
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. Overall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Cash crunches at small EV startups and the ongoing strike at the Detroit Three automakers have also added to the optimism around Tesla. Tesla trades at about 59 times its 12-month forward earnings estimates, compared with 6.3 times for Ford and General Motors' 4.2. Reuters GraphicsReporting by Aditya Soni and Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Tesla, Elon Musk, Canaccord, Chaim Siegel, Elazar, Cybertruck, Cash, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: Tesla, REUTERS, Wall Street, EV, Reuters, Elazar Advisors, Detroit Three, Ford, General Motors, Thomson Locations: Taipei, Taiwan, Bengaluru

German Chancellor Olaf Scholz's coalition unveiled in July a strategy toward de-risking Germany's economic relationship with China, calling Beijing a "partner, competitor and systemic rival". German investment in Asia excluding China is rising as a share of overall investment. "No company is going to say that it will leave China," said Sandra Ebner, senior economist at Union Investment, Germany's second-largest fund manager. "But what companies are increasingly doing is to produce in China for China and to position themselves around China for the remaining Asian or global market." In July, German Economy Minister Robert Habeck travelled to India with a delegation of executives to discuss opportunities for German companies.

Persons: Thomas Nuernberger, Nuernberger, Olaf Scholz's, Volker Treier, Munk, Ferdinand Munk, Scholz, Angela Merkel's, Martin Brudermueller, Max Zenglein, Juergen Matthes, Markus Horn, Matthias Bianchi, Joe Biden, Wolfgang Niedermark, Jan Roennfeld, Roennfeld, Sandra Ebner, BDI's Niedermark, Robert Habeck, Christoph Steitz, Sarah Marsh, Maria Martinez, Aditya Kalra, Sarita Chaganti Singh, Xinghui, Orathai, Brenda Goh Organizations: Reuters, Commerce and Industry, Volkswagen, Mercedes, Benz, BASF, IW Institute, Big, Mercator Institute for China Studies, Economic Institute, Horn, German Association of, Indonesian Chamber of Commerce, Union Investment, Thomson Locations: FRANKFURT, BERLIN, Berlin, Beijing, China, Taiwan, India, Asia, Germany, Europe, Vietnam, South Korea, Indonesia, South China, European, Thailand, United States, Mexico, Indonesian, Eastern Germany, Malaysia, Frankfurt, New Delhi, Xinghui Kok, Singapore, Bangkok, Shanghai

☆ Sold out hotels and spike in beer sales: How the Cricket World Cup could boost India's economy
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

Spectators react in the crowd during the ICC Men's Cricket World Cup India 2023 between India and Afghanistan at Arun Jaitley Stadium on October 11, 2023 in Delhi, India. Matt Roberts-icc | Icc | Getty ImagesIndia is once again hosting the Cricket World Cup after more than a decade. "We must remember that the World Cup coincides with the Diwali season. Media and advertisingDuring the last Cricket World Cup in 2019, a global average of 1.6 billion people tuned in. Spectators watch the 2023 ICC Men's Cricket World Cup one-day international (ODI) match between Australia and Sri Lanka at the Ekana Cricket Stadium in Lucknow on Oct. 16, 2023.

Persons: Matt Roberts, Shantanu Bhargava, Lalitya, Avi Mehta, Waterfield, Bhargava, Dhavala, Aditya Suresh, Suresh, Zomato, Prakash Singh, Mehta, —, Radico Khaitan, Shibani Kurian, It's, Tauseef Mustafa Organizations: ICC Men's Cricket, Arun, icc, Icc, Getty, Cricket, Waterfield Advisors, Hospitality, CNBC, International Cricket Council, Macquarie Group Demand, Bangladesh, Pakistan, Indian Hotels Company, Macquarie Group, Alcohol, Afp, Spirits, Kotak Mahindra AMC, Media, Disney, ICC, Board, Control, BCCI, Ekana Cricket Locations: India, Afghanistan, Delhi, Bangladesh, Sri Lanka, Pakistan, Ahmedabad, Australia, New Zealand, Netherlands, Pune, LSEG, New Delhi, Lucknow

☆ P&G price hikes have no-tears effect on US wallets
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Pampers, a brand owned by Procter & Gamble, is seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsWashington/NEW YORK, Oct 18 (Reuters Breakingviews) - If Americans are fed up with inflation, their checking accounts aren’t showing it. Procter & Gamble (PG.N) topped earnings expectations on Wednesday after raising prices 7% year-over-year in the third quarter. Imagine all producers of such goods raised prices by 7% in the past year, as P&G did. P&G credits innovation, and if it can squeeze where others can’t, it may even be able to raise prices more.

Persons: Andrew Kelly, Forrester, Ben Winck, John Foley, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Procter & Gamble, REUTERS, Washington, Reuters, of America, PepsiCo, X, News Corp, Thomson Locations: Manhattan , New York City, U.S

SummaryCompanies India's Avendus to launch investment banking in Southeast AsiaKKR-backed Avendus' managing director Gupta to move to SingaporeAvendus expects Southeast Asia to grow fast in coming yearsMUMBAI, Oct 17 (Reuters) - Indian financial services firm Avendus will start offering investment banking services from Singapore to cash in on an expected technology sector dealmaking boom in the Southeast Asia region. Karan Sharma, a managing director for Avendus in India said the operations from Singapore will focus on advising technology sector funding rounds of $40-50 million in Southeast Asia. Sharma said Avendus India Managing Director Varun Gupta will lead the Southeast Asia operations and relocate to Singapore early next year. The demographics and infrastructure challenges are similar," said Sharma, who co-heads Avendus' Digital & Technology Investment Banking division in India. Dealmaking in Southeast Asia should help lift Asian mergers and acquisitions (M&A) activity in the second half of the year, bankers told Reuters in June.

Persons: Gupta, Avendus, Karan Sharma, Sharma, Varun Gupta, GoTo, Morgan Stanley, Goldman Sachs, Sriram, Yantoultra Ngui, Aditya Kalra, Sharon Singleton Organizations: Asia KKR, Singapore Avendus, U.S, KKR, Avendus, & Technology Investment Banking, Tiger Global, Reuters, Asia, Accel, Lightspeed, Venture Intelligence, Thomson Locations: Asia, Singapore, Southeast Asia, MUMBAI, India

A keyboard is placed in front of a displayed LinkedIn logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 16 (Reuters) - Microsoft's (MSFT.O) LinkedIn said on Monday it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals amid slowing revenue growth. LinkedIn makes money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates. In the fourth quarter of its fiscal 2023 year, LinkedIn's revenue increased 5% year-on-year, compared to 10% in the previous quarter. LinkedIn in May decided to cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions.

Persons: Dado Ruvic, Krystal Hu, Yuvraj Malik, Aditya Soni, Arun Koyyur, Emelia Organizations: REUTERS, Microsoft, LinkedIn, Thomson Locations: New York, Bengaluru

☆ Starboard dusts off old plan at News Corp
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A view of the signage outside the News Corporation building in New York, U.S., September 21, 2023. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) - Maybe it takes a pile on to move the Murdoch family’s thinking. Reuters reported on Friday that Jeff Smith’s Starboard is the latest activist to try and unlock value at News Corp (NWSA.O), the publisher of the Wall Street Journal, owner of book conglomerate HarperCollins and Realtor.com. Starboard, which took a position in the $13 billion company, is pushing for a spinoff of the real estate assets, according to the Wall Street Journal. Last year Irenic Capital Management agitated for the same transaction in reaction to the Murdochs’ desire to reunite News Corp with broadcasting company Fox (FOXA.O).

Persons: Bing Guan, Murdoch, Jeff Smith’s, pushback, Jennifer Saba, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: News Corporation, REUTERS, Reuters, News Corp, Wall Street Journal, HarperCollins, Wall Street, Capital Management, Fox, X, Thomson Locations: New York, U.S, Europe

☆ Netflix may tap price hikes after success of password-sharing crackdown
▼ + stars: | 2023-10-16 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

The only profitable major streamer, Netflix has resisted joining rivals like Walt Disney (DIS.N) in hiking ad-free prices this year and instead curbed password-sharing outside households to tap the more than 100 million viewers who use its service without subscribing. "Netflix now closely resembles a utility in many markets," analysts at Bernstein said. So far, most viewers subscribing to Netflix after the password crackdown have opted for the ad-free plans, analysts said. "Using these tactics, Netflix will likely double its ad-supported viewership next year," said Insider Intelligence analyst Ross Benes. Revenue in the third quarter likely rose 7.7% to $8.54 billion, the fastest growth in five quarters, thanks to strong programming that included the latest seasons of "Sex Education" and "Virgin River".

Persons: Dado, Walt Disney, Bernstein, Ross Benes, Samrhitha, Aditya Soni, Sayantani Ghosh, Devika Organizations: Netflix, REUTERS, Hollywood, Writers Guild of America, Intelligence, Wall, Revenue, Thomson Locations: Hollywood, Bengaluru

☆ Netflix may hike prices after success of password-sharing crackdown
▼ + stars: | 2023-10-16 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

The only profitable major streamer, Netflix has resisted joining rivals like Walt Disney (DIS.N) in hiking ad-free prices this year and instead curbed password-sharing outside households to tap the more than 100 million viewers who use its service without subscribing. It could hike prices after the end of the Hollywood actors strike, a media report said earlier in October. So far, most viewers subscribing to Netflix after the password crackdown have opted for the ad-free plans, analysts said. "Using these tactics, Netflix will likely double its ad-supported viewership next year," said Insider Intelligence analyst Ross Benes. Revenue in the third quarter likely rose 7.7% to $8.54 billion, the fastest growth in five quarters, thanks to strong programming that included the latest seasons of "Sex Education" and "Virgin River".

"I don't think the price cuts are over, mainly for the reason that demand is still weak," said Thomas Martin, senior portfolio manager at Tesla shareholder Globalt Investments. Tesla has already cut U.S. prices of its Model 3 compact sedan and Model Y SUV in October. The slump will continue into the fourth quarter and margins could dip below 15%, said Wells Fargo analyst Colin Langan. However, that likely falls short of offsetting the price cuts," Langan said. Tesla slashed the technology's price by a fifth in August and analysts said that more cuts could be on the cards.

Persons: Florence, China's, Thomas Martin, Elon Musk, Tesla, Wells, Colin Langan, Langan, Musk, Gary Black, Akash Sriram, Aditya Soni, Sayantani Ghosh, Arun Koyyur Organizations: Fair for Trade, Services, REUTERS, HK, Globalt Investments, Reuters, Visible Alpha, Fund, Reuters Graphics Reuters, Thomson Locations: Beijing, China, Europe, MEXICO, Nuevo Leon, Mexican, Bengaluru

☆ Global smartphone market slumps to lowest Q3 level in decade - Counterpoint
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 16 (Reuters) - The global smartphone market contracted by 8% to its lowest third-quarter level in a decade on subdued demand for major brands including Apple (AAPL.O) and Samsung (005930.KS) in most developed markets, according to data from Counterpoint Research. Market leader Samsung posted a 13% drop in sell-through volumes in the period. It said the festive season in India, the 11.11 sale event in China and end-of-year promotions across regions would also support the market. So far, emerging markets have been a bright spot for smartphone sales in an otherwise dour year. In the third quarter, the Middle East and Africa were the only regions to record year-on-year growth, according to Counterpoint data.

Persons: Shannon Stapleton, Samsung, Akash Sriram, Juby Babu, Aditya Soni, Pooja Desai Organizations: REUTERS, Apple, Samsung, Counterpoint Research, Reuters, HK, Huawei, Thomson Locations: Midtown, New York City, U.S, United States, Europe, Korea, India, China, East, Africa, Bengaluru

The deal was the biggest test of the CMA's global power to take on the tech giants since Britain left the European Union. "The new deal will stop Microsoft from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers," it said in a statement. Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard's games characters in this illustration taken January 18, 2022. Activision Blizzard said: "The CMA's official approval is great news for our future with Microsoft, and we look forward to becoming part of the Xbox Team." The European Commission said the new commitments given by Microsoft to the CMA did not interfere with its EU commitments.

Persons: Dado Ruvic, Jeremy Hunt, Sarah Cardell, Ben Barringer, Brad Smith, Activision Blizzard, Paul Sandle, Yadarisa Shabong, Aditya Soni, Foo Yun Chee, Varun H, Kate Holton, Sonali Paul, Jane Merriman, Sherry Jacob, Phillips Organizations: CMA, Microsoft, LONDON, Activision Blizzard, Sony, Activision, Competition, Markets Authority, Ubisoft Entertainment, Britain, European Union, PlayStation, U.S . Federal Trade Commission, FTC, REUTERS, British, Finance, Xbox, European Commission, Thomson Locations: Britain, Cheviot, London, Bengaluru, Foo

☆ Jamie Dimon makes anxiety a feature not a bug
▼ + stars: | 2023-10-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

The mega-bank Jamie Dimon runs is performing strongly, and yet he openly frets and rants about what’s coming: higher interest rates, smothering regulation, recession, war. Lest nerves be soothed by those trends, Dimon lays on caveats with a trowel. Dimon can afford to dwell on the negative because JPMorgan is strong and liquid. If calamity strikes, JPMorgan’s high returns, high capital levels and sheer size make it akin to a safe haven. It also slightly reduced its forecast of expenses and credit-card write-offs from numbers given with second-quarter earnings.

Persons: Jamie Dimon, Marco Bello, delinquencies, Wells, Dimon, Peers, Jane Fraser, hasn’t, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: JPMorgan Chase &, Chase, Business The, Miami, REUTERS, Reuters, JPMorgan, Citigroup, Basel, Citi, Reuters Graphics, Thomson Locations: East, Ukraine

"I just want to say how deeply saddened that we all are about the recent horrific attacks on Israel ... He warned that the war in Ukraine, compounded by the attacks on Israel, could have "far-reaching impacts on energy and food markets, global trade, and geopolitical relationships." On Friday, Citigroup CEO Jane Fraser included Israel in her opening remarks on the bank's earnings call. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said. Some large companies including Apple (AAPL.O) and Walmart (WMT.N) had yet to issue statements, while some prominent personalities including NBA star LeBron James have spoken out.

Persons: JPMorgan Chase, Jamie Dimon, Albert Bourla, Jefferies, Michael Bloomberg, Goldman Sachs, Jane Fraser, Israel, Fraser, Larry Fink, David Kotok, Cumberland, Kotok, Antonio Neri, Andy Jassy, Sundar Pichai, Satya Nadella, LeBron James, Gigi Hadid, Lananh Nguyen, Aditya Soni, Stephen Nellis, Siddharth Cavale, David Gaffen, Arriana, Sayantani Ghosh, David Gregorio Our Organizations: JPMorgan, Pfizer, UBS, New York City, Bloomberg, Delta Air Lines, Citigroup, BlackRock, Cumberland Advisors, Hewlett Packard Enterprise, Amazon, Meta, Union, Google, Microsoft, Apple, Walmart, NBA, Thomson Locations: Israel, Ukraine, New York, Florida, Bengaluru

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