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☆ Danaher Beats Profit Estimates on Respiratory Testing Demand
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Danaher on Tuesday beat Wall Street estimates for third-quarter profit as strong demand for its diagnostic tests for respiratory diseases helped soften the blow from weaker sales at the healthcare conglomerate's life-sciences unit. "Revenue in the third quarter came in ahead of our expectations, with Biotechnology performing as anticipated, and higher respiratory testing revenue more than offsetting slightly softer-than-anticipated demand in Life Sciences," Danaher CEO Rainer Blair said in a statement. Rising interest rates squeezed funding needed for drug development programs, weighing on demand for contract research services offered by Danaher and rival Thermo Fisher. On an adjusted basis, Danaher reported a profit per share of $2.02, beating analysts' expectations of $1.87. Third-quarter sales of $6.87 billion also topped estimates of $6.63 billion.

Persons: Rainer Blair, Danaher, Christy Santhosh, Krishna Chandra Eluri Organizations: Reuters, Biotechnology, Life Sciences, Washington D.C, Danaher, Fisher, Applied Solutions

☆ Dow forecasts lower-than-expected net sales in Q4 on low prices, weak demand
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Dow Inc (DOW.N) forecast average net sales for the current quarter below analyst estimates on Tuesday, as the chemical maker continues to navigate weak demand and low prices for its products in key markets. Dow reported a sequential decline of 7% in prices of their products in Europe, the Middle East, Africa and India, primarily due to lower feedstock and energy rates. However, the company added it expects to see benefits from rising oil prices in the next few quarters. Prices of Dow products such as polyethylene, poly vinyl chloride and other base metals increase on the back of rising crude oil.

Persons: Lucas Jackson, Dow, Howard Ungerleider, Jeffrey Tate, Sriraj Kalluvila, Vinay Dwivedi, Krishna Chandra Organizations: Dow, New York Stock, REUTERS, Dow Inc, Saikeerthi, Thomson Locations: New York, U.S, China, Europe, East, Africa, India, Bengaluru

The company also approved a $10 billion share repurchase program that will be funded through short and long-term debt. But profit at RTX's Collins Aerospace unit, which deals with commercial aftermarket service, rose 22% to $903 million. RTX reported an overall third-quarter adjusted profit of $1.25 per share, beating Wall Street estimates of $1.21, according to LSEG data. The company now expects reported sales of $68.5 billion, up from about $67.5 billion, and adjusted sales of $74 billion, up from $73 billion. Adjusted earnings per share - previously projected to be $4.95 to $5.05 - are now expected to be between $4.98 and $5.02.

Persons: Benoit Tessier, Pratt, Whitney, RTX, Neil Mitchill, Pratyush Thakur, Mike Stone, Valerie Insinna, Krishna Chandra Eluri, Mark Potter Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Collins Aerospace, Reuters, RTX, RTX's Collins Aerospace, Wall, Intelligence, Services, Raytheon, Thomson Locations: Le Bourget, Paris, France, Arlington , Virginia, Bengaluru, Washington

☆ Apple to hold special event on Oct. 30 dubbed 'Scary Fast'
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsOct 24 (Reuters) - IPhone maker Apple (AAPL.O) said on Tuesday it will hold a special event named "Scary Fast" on Oct. 30. The company will hold the event at 5 pm Pacific Time (8 pm EST), a departure from its usual morning events. In June, Apple launched a larger MacBook Air with the new M2 chip at a price of $1,299, a year after the company upgraded the 13-inch MacBook Air with the same processor. Reporting by Akash Sriram in Bengaluru and Stephen Nellis in San Francisco; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Akash Sriram, Stephen Nellis, Krishna Chandra Organizations: Apple, REUTERS, Media, Air, Thomson Locations: Manhattan, New York City, Bengaluru, San Francisco

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 23 (Reuters) - Bitcoin, the world's largest cryptocurrency, hit a three-month high on Monday, rising 4.73% to $31,420 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund. The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global (COIN.O) and Marathon Digital Holdings (MARA.O) up 6.5% and 11.9% respectively. Bitcoin is up more than 18% from the year's low of $26,533 on Oct. 11. Bitcoin briefly soared on Oct. 16 following an erroneous news report about asset manager BlackRock's high-profile application for a spot bitcoin ETF, which would track the underlying price of the token.

Persons: Benoit Tessier, bitcoin, Bitcoin, Zach Pandl, Treasuries, BlackRock's, Matteo Greco, Fineqia, Hannah Lang, Kanjyik Ghosh, Krishna Chandra Eluri, Jonathan Oatis Organizations: La Maison du, REUTERS, Marathon Digital Holdings, Hamas, U.S . Securities, Exchange Commission, BTC, Thomson Locations: La, Paris, France, cryptocurrency, Washington, Bengaluru

☆ UAW reaches tentative deal with General Dynamics, preventing strike
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Earlier this month, over 1,000 UAW members in Michigan, Ohio and Pennsylvania plants had voted to authorize a strike after a four-year agreement was set to expire on Oct. 22, 11.59 pm ET. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. Details of the proposed agreement, which needs to be ratified by UAW workers, were not immediately available. General Dynamics has said it expects to negotiate the terms of 28 agreements with unions and works councils, covering about 12,600 employees this year.

Persons: Rebecca Cook, staving, Abrams, Abhinav Parmar, Priyamvada, Krishna Chandra Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Dynamics, Dynamics, U.S ., Detroit Three, General Motors Co, Ford Motor, Thomson Locations: Delta Township, Michigan, Michigan , Ohio, Pennsylvania, Ukraine, U.S, China, Taiwan, Bengaluru

☆ Fisker adjusts prices as EV market sees signs of demand slowdown
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 23 (Reuters) - Fisker (FSR.N) cut prices of its high-end Ocean Extreme SUV on Monday, while raising prices on two lower-priced variants, as the firm grapples with a slowdown in electric-vehicle demand and a price war started by dominant player Tesla (TSLA.O). The Ocean Extreme will now be about 11% cheaper in the U.S. at $61,499, while its Canada price has been reduced by approximately the same percentage to C$79,799 ($58,166.78). The starting price of the Tesla Model Y in the United States is $48,490. "It is essential Fisker responds to competitive realities in the rapidly growing EV market," CEO Henrik Fisker said. EV startups have borne the brunt of a price war started by Tesla to solidify its foothold in the competitive market in the face of rising borrowing costs and sticky inflation.

Persons: Brendan McDermid, Tesla, Henrik Fisker, Fisker, Arsheeya, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tesla, EV, Air, Thomson Locations: New York City, U.S, Canada, United States, Bengaluru

Through the lawsuit, Attorney General James is seeking restitution for investors and "disgorgement of ill-gotten gains," along with a ban on all the three cryptocurrency firms from the financial investment industry in New York. At the heart of the lawsuit is a program that Gemini ran in partnership with Genesis, dubbed "Gemini Earn". Gemini did not reveal any of this information to the investors of Gemini Earn, she added. Genesis and Gemini have clashed several times over the past few months, including over Gemini Earn. DCG said it was blindsided by the attorney general's complaint and the company's CEO Barry Silbert said the lawsuit had "baseless allegations".

Persons: Dado Ruvic, Letitia James, cryptocurrency, Sam Bankman, James, Gemini, Genesis, Mark Zuckerberg, DCG, Barry Silbert, Silbert, Niket, Krishna Chandra Eluri, Shinjini, Shounak Organizations: REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Meta, Arrows, Thomson Locations: New York, Alameda, Bengaluru

☆ Fifth Third expects further interest income weakness after quarterly profit falls
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Joe Skipper/File photo Acquire Licensing RightsOct 19 (Reuters) - Fifth Third Bancorp (FITB.O) said on Thursday it expects interest income (NII) to decline again in the current quarter after posting a 1.3% fall in third-quarter profit. The bank's net interest margin in the quarter contracted to 2.98% from 3.22% a year earlier. Cincinnati, Ohio-based Fifth Third sees net interest income - the difference between the interest banks earn on loans and pay out on deposits - down roughly between 1% and 2% in the fourth quarter. Fifth Third's third-quarter NII fell 4% from a year earlier to $1.44 billion. Average deposits at Fifth Third were up 4% at $165.64 billion in the third quarter compared with a year earlier.

Persons: Joe Skipper, Tim Spence, Pritam Biswas, Krishna Chandra Organizations: Fifth Third Bank, REUTERS, Third Bancorp, Fifth, Thomson Locations: Boca Raton , Florida, Cincinnati , Ohio, Bengaluru

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

☆ Ford reshuffles top management as UAW strike drags on
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsCompanies Ford Motor Co FollowOct 18 (Reuters) - Ford Motor Co (F.N) on Wednesday announced a management rejig, promoting combustion vehicle unit chief Kumar Galhotra to the position of chief operating officer, even as the ongoing autoworkers strike shows little signs of ending. Galhotra, who previously headed Ford Blue unit that makes gas and hybrid vehicles, will now lead the automaker's global industrial system. Ford also named Andrew Frick as the new head of Ford Blue. Frick previously managed Ford Blue's sales and distribution functions, trucks, SUVs and enthusiast vehicles, and operations in Mexico and Canada.

Persons: Wolfgang Rattay, Kumar Galhotra, Galhotra, Ford, Andrew Frick, Frick, Nathan Gomes, Krishna Chandra Organizations: REUTERS, Ford, Ford Motor, Wednesday, Ford Blue, United Auto Workers, Anderson Economic Group, UAW, Thomson Locations: Frankfurt, Germany, Mexico, Canada, East Lansing , Michigan, Ford's Kentucky, Bengaluru

☆ US Bancorp Profit Beats Wall Street Estimates on Higher Interest Income
▼ + stars: | 2023-10-18 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - US Bancorp beat estimates for third-quarter profit on Wednesday, as higher interest income from loans offset a hit from bigger credit-loss provisions. The U.S. Federal Reserve's aggressive monetary tightening over the past year to tame inflation has boosted profits at consumer-facing banks as customers pay a higher rate on their mortgages and credit card debt. Net interest income, which is the difference between what banks earn from lending and pay out on deposits, for the third quarter ended Sept. 30 rose 10.7% to $4.27 billion for USB. But even though lenders have reaped a windfall from interest income, the 'higher-for-longer' interest rate environment has soured the outlook for the economy as consumers feel the burn of higher credit costs and lower household budgets. USB set aside $515 million as provisions anticipating more loan defaults, compared with $362 million a year earlier.

Persons: Pritam Biswas, Krishna Chandra Eluri Organizations: Reuters, US Bancorp, U.S Locations: Federal, Bengaluru

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lockheed Martin (LMT.N) reported higher third-quarter revenue on Tuesday, as geopolitical tensions fueled sustained demand for its military equipment. Lockheed's weapons, such as the guided multiple launch rocket system and Javelin anti-tank missiles, made in conjunction with defense company RTX (RTX.N), have proven critical to Ukraine's war efforts. Revenue at the Missiles and Fire Control unit, which makes the High Mobility Artillery Rocket System, was $2.94 billion, up 3.8% from a year earlier. Bethesda, Maryland-based Lockheed posted a net income of $6.73 per share for the quarter ended Sept. 24, compared with $6.71 per share a year earlier. Quarterly net sales rose around 1.78% to $16.88 billion.

Persons: Cheney Orr, Lockheed Martin, LMT.N, restocking, Frank St John, Pratyush Thakur, Mike Stone, Krishna Chandra Organizations: Lockheed, Association of, United States Army, Global, REUTERS, Reuters, Missiles, Control, High Mobility Artillery, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Bethesda , Maryland, Bengaluru, Washington

☆ 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

☆ Japan firms to issue digital currency for clear energy transaction
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Edgar Su/File photo Acquire Licensing RightsOct 12 (Reuters) - A group of Japanese firms will issue a digital currency by July 2024 for the transaction and settlement of clean energy certificates, cryptocurrency exchange DeCurret said on Thursday. GMO Aozora Net Bank will issue the yen-based digital currency, called "DCJPY", which will then be used by telecommunication firm Internet Initiative Japan (IIJ) for settlement of clean energy certificates, DeCurret said. Transaction of DCJPY will be made using a network launched by DeCurret which, unlike stablecoin, is backed by bank deposits through block-chain technology, DeCurret added. DeCurret has been spearheading the launch of a digital currency by anchoring discussions at a consortium of Japanese firms keen to tap the technology. The consortium, which includes megabanks Mitsubishi UFJ Financial Group Inc (8306.T), Mizuho Financial Group Inc (8411.T) and Sumitomo Mitsui Financial Group Inc (8316.T), has been meeting regularly to study ways to build a common settlement infrastructure for digital payments.

Persons: Edgar Su, DeCurret, Leika Kihara, Krishna Chandra Organizations: REUTERS, Aozora, Internet Initiative Japan, Japan, Mitsubishi UFJ Financial, Inc, Mizuho Financial Group Inc, Sumitomo Mitsui Financial Group Inc, Thomson Locations: Tokyo, Japan

☆ India's central bank imposes penalty on Paytm Payments Bank
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsBENGALURU, Oct 12 (Reuters) - India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions. According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services. It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others. The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. Paytm Payments Bank had also breached the regulatory ceiling of end-of-the-day balance in certain customer advance accounts that were availing payout services, the central bank said in a statement.

Persons: Dado Ruvic, Vijay Shekhar Sharma, Antfin, China's, Ashish Chandra, Sohini Goswami Organizations: REUTERS, Rights, Paytm Payments Bank, Reserve Bank of India, Bank, Google, HK, Thomson Locations: India, Paytm, Bengaluru

☆ Activist investor Peltz boost Disney stake, seeks board seat for himself -WSJ
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

A vehicle drives through the main gate at The Walt Disney Studios the day after the Writers Guild of America (WGA) announced it reached a preliminary labor agreement with major studios in Burbank, California, U.S., September 25, 2023. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsOct 8 (Reuters) - Nelson Peltz's Trian Fund Management has increased its stake in Disney (DIS.N) and the activist investor is expected to request multiple board seats, including for himself, the Wall Street Journal reported on Sunday. Trian is now one of Disney's largest investors with a stake worth upward of $2.5 billion after boosting its stake to more than 30 million shares, from roughly 6.4 million shares at the end of the second quarter, the WSJ reported. Trian thinks Disney shares are significantly undervalued and that the company needs a more focused board, the report said, citing people familiar with the matter. Disney and Trian did not immediately respond to a Reuters' request for comment.

Persons: Mario Anzuoni, Nelson, Trian, Peltz, Bob Iger, Urvi, Krishna Chandra Eluri, Savio D'Souza 私たち Organizations: Walt Disney Studios, Writers Guild of America, REUTERS, Management, Disney, Wall Street Locations: Burbank , California, U.S, Bengaluru

The Wall Street Journal was first to report Peltz's push for board seats. Disney had rejected Peltz as a possible board member. Disney has undergone a period of transformation, restructuring the company and streamlining operations to make the business more cost effective. In addition, Disney is laying plans to make its flagship ESPN sports network available via streaming at some point in the future. Facing trouble last year, Disney's board brought Iger out of retirement in November for a second turn at running the company.

Persons: Mario Anzuoni, Nelson Peltz, Mickey Mouse, Peltz's, Trian, Bob Iger, Peltz, Iger, Disney, Disney's, Ed Garden, Matthew, Josh Frank, Svea Herbst, Bayliss, Krishna Chandra Eluri, Savio D'Souza, Tomasz Janowski, Leslie Adler Organizations: Walt Disney Studios, Writers Guild of America, REUTERS, Walt Disney, Peltz's Trian Fund Management, Disney, Peltz, ESPN, Svea, Thomson Locations: Burbank , California, U.S, Disney, New York, Rhode Island, Bengaluru

☆ Imperial Brands sticks by forecast, announces $1.3 bln share buyback
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

A woman poses with a cigarette in front of Imperial Brands logo in this illustration taken July 26, 2022. The company also announced a share buyback of 1.1 billion pounds ($1.34 billion). Rival British American Tobacco (BATS.L) has lost more than 24% of its share value. In recent years, Imperial Brands has focused on its top five markets and expanding next-generation products deemed less harmful to health. ($1 = 0.8230 pounds)Reporting by Eva Mathews in Bengaluru; Editing by Nivedita Bhattacharjee, Krishna Chandra Eluri and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, buyback, Hargreaves, Derren Nathan, Winston, blu vapes, Richard Hunter, Eva Mathews, Nivedita Bhattacharjee, Krishna Chandra Eluri, Michael Perry Organizations: Imperial Brands, REUTERS, FTSE, British American Tobacco, Interactive, Thomson Locations: Bengaluru

☆ India's Tata Group in talks with Temasek to buy back stake in Tata Play, Bloomberg reports
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur/File photo Acquire Licensing RightsBENGALURU, Oct 5 (Reuters) - India's Tata Group is in advanced talks with Temasek Holdings [RIC:RIC:TEM.UL] to buy back about 20% stake in its entertainment content distribution platform, Tata Play, at a valuation of more than $1 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group didn't immediately respond to a Reuters request for confirmation, and Temasek declined to comment. Bloomberg News had in July reported that Tata Group is considering making an offer to buy back Temasek's stake as the conglomerate was weighing delaying a potential initial public offering for Tata Play. Tata Play is a subscription-based video streaming service for television and over-the-top apps.

Persons: Vijay Mathur, Tata Group didn't, Ashish Chandra, Kashish Tandon, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Tata Group, Confederation of Indian Industry, REUTERS, Rights, India's Tata Group, Temasek Holdings, Tata, Bloomberg, Temasek, Bloomberg News, Tata Play, Thomson Locations: New Delhi, Bengaluru

☆ UAW workers and Mack Trucks reach deal to avoid strike
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

U.S. President Joe Biden joins striking members of the United Auto Workers (UAW) on the picket line outside the GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File photo Acquire Licensing RightsOct 2 (Reuters) - About 4,000 workers represented by the United Auto Workers (UAW) reached an agreement with Volvo Group-owned Mack Trucks just before Sunday at midnight ET (0400 GMT), the union and the company both said. “The terms of this tentative agreement would deliver significantly increased wages and continue first-class benefits for Mack employees and their families,” said Mack President Stephen Roy, in a statement. The union announced the tentative deal on social media platform X, formerly known as Twitter. The deal must still be ratified by the UAW.

Persons: Joe Biden, Evelyn Hockstein, Mack Trucks, Mack, ”, Stephen Roy, Jahnavi, Krishna Chandra Organizations: United Auto Workers, UAW, REUTERS, Volvo Group, Twitter, Detroit, General Motors, Ford, Chrysler, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Bengaluru

☆ UAW workers at Volvo-owned Mack reach tentative agreement to avoid strike
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

U.S. President Joe Biden joins striking members of the United Auto Workers (UAW) on the picket line outside the GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File photo Acquire Licensing RightsOct 1 (Reuters) - About 4,000 workers represented by the United Auto Workers (UAW) reached an agreement with Volvo Group-owned Mack Trucks on Sunday midnight, UAW said in a post on social media X, formerly known as Twitter. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Evelyn Hockstein, Mack Trucks, Jahnavi, Krishna Chandra Organizations: United Auto Workers, UAW, REUTERS, Volvo Group, Twitter, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Bengaluru

☆ UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year. A full-scale investigation by the Department of Justice focusing mainly on Credit Suisse and potential sanctions violations was now underway, added the Bloomberg report, citing people familiar with the matter. "Credit Suisse has conducted a review of these issues, the UK and French aspects of which have been closed, and is continuing to cooperate with the authorities," UBS added. The Swiss bank has also adjusted its valuation of Credit Suisse by $3 billion to cover outflows related to contingent liabilities such as law suits.

Persons: Denis Balibouse, JP Morgan, Shivani Tanna, John Revill, Krishna Chandra Eluri, Emelia, Jane Merriman, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Rights, U.S . Department of Justice, Bloomberg, Department of Justice, Justice, United, European Union, Suisse, DOJ, Credit, Thomson Locations: Zurich, Switzerland, United Nations, United States, Switzerland's, Britain, Netherlands, France, Belgium, Swiss, Ukraine, Crimea, Bengaluru

☆ Citadel ready to battle SEC over WhatsApp probe, Bloomberg reports
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsSept 27 (Reuters) - Billionaire Ken Griffin's Citadel will take a tougher stance against the U.S. Securities and Exchange Commission and is willing to take the regulator to court over its WhatsApp probe, Bloomberg News reported on Wednesday citing people familiar with the matter. The firms targeted by the SEC include Carlyle Group (CG.O) , Apollo Global Management(APO.N), KKR & Co (KKR.N), TPG (TPG.O), and Blackstone(BX.N), as well as some hedge funds such as Citadel. Citadel did not immediately respond to a Reuters request for comment. Reporting by Pritam Biswas in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Bourg, Ken Griffin's, Pritam Biswas, Krishna Chandra Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Bloomberg, Reuters, Carlyle Group, Apollo Global Management, KKR, Co, TPG, Blackstone, Citadel, Thomson Locations: Washington, Miami, Bengaluru

☆ Cash-strapped Faraday Future's shares sink 20% on share sale plan
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Faraday Future's luxury electric car FF91 is seen at the company's headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSept 27 (Reuters) - Shares of Faraday Future Intelligent Electric (FFIE.O) slumped in premarket trading on Wednesday, after the cash-strapped electric-vehicle company announced plans to raise up to $90 million through a stock offering. Shares of the company, that has a market value of $45.75 million, dropped 20% to $1.94 in trading after closing at a record low of $2.46 on Tuesday. Its shares have dropped over 85% so far in 2023. Reporting by Medha Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Faraday, Lucy Nicholson, Matthias Aydt, Medha Singh, Krishna Chandra Organizations: REUTERS, FF, Thomson Locations: Gardena , California, U.S, Los Angeles, Bengaluru

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