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Earlier in the day, Australia's central bank held interest rates steady, but reiterated its warning that further tightening might be needed to cool prices. However, a 2.7% increase in real estate stocks (.SX86P) helped keep the STOXX 600 steady, while healthcare stocks (.SXDP) rebounded from the previous day's sharp declines. Travel and leisure (.SXTP) stocks edged higher as Irish airline Ryanair's(RYA.I) upbeat monthly traffic numbers helped sentiment for the sector. Britain's second-largest supermarket group Sainsubury (SBRY.L) fell 1.8% as fierce competition in the sector took shine off its robust quarterly sales. German chip firm Aixtron (AIXGn.DE) dropped 0.5% after China said it will control exports of some metals widely used in the semiconductor industry.

Persons: Michael Hewson, Stuart Cole, Amruta Khandekar, Shreyashi Sanyal, Dhanya Ann Thoppil, David Gregorio Our Organizations: U.S, Independence, CMC Markets, EU, Fed, ECB, European Central Bank, Equiti, Wall, Thomson Locations: China, U.S, Bengaluru

☆ European shares muted as miners weigh
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

July 4 (Reuters) - European shares were muted on Tuesday, as uncertainty about the direction of global interest rates prompted investors to stick to the sidelines, while miners weighed on concerns about weak demand from China. The pan-European STOXX 600 index (.STOXX) held steady at 461.17 points by 0710 GMT as investors weighed hawkish signals from central bankers against data pointing to slowing global growth. Miners (.SXPP) fell 0.3% as metal prices slipped on concerns about the demand outlook from China after a raft of weak economic data, while a 0.5% increase in banks (.SX7P) limited losses. Independence Day public holiday while the economic data calendar is also light. Wacker Chemie (WCHG.DE) advanced 2.7% to the top of the STOXX 600 after HSBC upgraded its rating to "buy" from "hold."

Persons: Amruta Khandekar, Dhanya Ann Thoppil Organizations: Wall, U.S, Independence, Wacker Chemie, HSBC, Thomson Locations: China

☆ Billionaire Ambani's Reliance Jio renews rural India push with $12 4G phone
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Reliance Jio said on Monday it would launch a 4G feature phone priced at 999 rupees ($12.19), the latest attempt by billionaire Mukesh Ambani's telecom arm to grab market share in India's massive and under-penetrated hinterlands. "There are still 250 million mobile phone users in India who remain 'trapped' in the 2G era, ... at a time when the world stands at the cusp of a 5G revolution," Akash Ambani, chairman of Reliance Jio, said in a statement. Currently, 4G feature phones account for less than 1% of the feature phone sales in India, per Counterpoint Research. "Feature phone to smartphone transition has slowed down due to high learning curve for a lot of rural Indian users and Jio Bharat aims to bridge that gap," said Tarun Pathak, analyst at Counterpoint Research. Feature phones are models that have higher functionalities than basic devices but falls short of the capabilities of a smartphone.

Persons: Jio, Mukesh, Akash Ambani, Bharat, Tarun Pathak, Pathak, Ashna Teresa Britto, Indranil Sarkar, Chris Thomas, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Reliance, Vodafone, Bharti Airtel, IIFL Securities, Counterpoint Research, Reliance Industries, Google, Thomson Locations: Jio, India

☆ Australia's BNPL firm Zip to streamline cost and operations - official
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australian buy-now-pay-later firm Zip Co (ZIP.AX) is further streamlining its operations and cost base following a recent review, a company official told Reuters on Monday. "Following a recent review, we have made decisions to further streamline our operations and cost base," Vivienne Lee, director for investor relations, said in an emailed comment. The new law would require BNPL firms to run credit checks before lending, notifying customers when credit limits increase and following dispute resolution processes. It also aims to reduce cash burn from the rest of its global operations by the end of 2023. Shares of Zip, which tanked over 88% last year, are down nearly 16% this year as of Monday's close.

Persons: Vivienne Lee, Zip, Ayushman Ojha, Nausheen Thusoo, Rashmi Aich, Dhanya Ann Thoppil Organizations: Co, Reuters, Australian Securities and Investments Commission, Thomson Locations: Australia, Central, Eastern Europe, South Africa

BENGALURU, June 30 (Reuters) - India's Karnataka High Court on Friday dismissed Twitter's plea challenging the federal government's orders to block tweets and accounts and imposed a fine of 5 million rupees ($60,943.65), a lawyer for Twitter told Reuters. The court on Friday ruled that Twitter was served notices, to which it did not comply, India's Deputy Minister for Information Technology Rajeev Chandrasekhar said in a tweet. The U.S.-based firm had last year asked the court to overturn some government orders to remove content from the social media platform. The country's IT act allows the government to block public access to content in the interest of national security, among other reasons. ($1 = 82.0430 Indian rupees)Reporting by Indranil Sarkar and Chris Thomas in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Twitter's, Jack Dorsey, Narendra Modi's, Information Technology Rajeev Chandrasekhar, Chandrasekhar, Twitter, Elon Musk, Indranil Sarkar, Chris Thomas, Dhanya Ann Thoppil Organizations: Twitter, Reuters, Information Technology, Elon, Thomson Locations: BENGALURU, Karnataka, U.S, Bengaluru

☆ IT, auto stocks help Indian shares hit new highs
▼ + stars: | 2023-06-30 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, June 30 (Reuters) - Information technology (IT) and auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment. Reuters GraphicsThe Nifty 50 (.NSEI) rose as much as 1.21% to hit an all-time high of 19,201.70, before closing at 19,189.05. The S&P BSE Sensex (.BSESN) also gained 1.26% to settle at a fresh record of 64,718.56. The Nifty 50 (.NSEI) has risen over 10.5% in the three months ended June 30, its best performance since the September quarter of 2021. Midcaps (.NIFMDCP100) also hit a fresh record while smallcaps (.NIFSMCP100) hovered around their 52-week high.

Persons: Deepak Jasani, MotoCorp, Maruti Suzuki, Bharath Rajeswaran, Dhanya Ann Thoppil Organizations: Reuters, BSE, HDFC Securities, Auto, Mahindra, Maruti, Infosys, Thomson Locations: BENGALURU, United States, Bengaluru

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.

Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru

SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.

Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish

☆ Cineworld to file for administration in UK as part of restructuring
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - Embattled cinema chain operator Cineworld Group (CINE.L) on Monday said it will file for administration in Britain and suspend trading on the London Stock Exchange next month, as part of a restructuring plan to reduce its massive debt. The proposed restructuring will involve the release of about $4.53 billion of the group's debt, a rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing, Cineworld said. It opted for a restructuring plan that effectively wipes out existing shareholders' equity. The company continues to expect to emerge from Chapter 11 bankruptcy protection in July, having said in May that its proposed debt restructuring had the backing of most of its lenders. However, the restructuring plan would still not provide for any recovery for its existing shareholders, Cineworld added.

Persons: Cineworld, Eva Mathews, Dhanya Ann Thoppil, David Goodman, Emelia Organizations: Cineworld, London Stock Exchange, U.S, Regal, Cinema, Thomson Locations: Britain, British, United States, Cinema City, Europe, United Kingdom, Republic of Ireland, Bengaluru

GSK on Friday said the settlement reflected its desire to avoid distraction related to protracted litigation in this case. It did not admit any liability and said it would vigorously defend itself in any other Zantac cases. The trial was due to start on July 24, the first test of how Zantac cancer claims would fare before a jury. Lucy Coutts, investment director at wealth management firm JM Finn, which holds GSK shares, said the Goetz settlement could create a precedent to settle other cases. "It also removes the distraction of any protracted litigation as the company must focus on its future pipeline which is where value will be created for shareholders," she said.

Persons: drugmaker, James Goetz, Emily Field, Lucy Coutts, JM Finn, Goetz, Dado Ruvic, Boehringer Ingelheim, Zantac, Natalie Grover, Eva Mathews, Dhanya Ann Thoppil, Barbara Lewis Organizations: GSK, Barclays, GlaxoSmithKline, REUTERS, Pfizer, Sanofi, Companies, Bank of America, FDA, Thomson Locations: U.S, British, California, Delaware, London, Bengaluru

In the fiscal year 2022 through 2023, HDFC raised 784.15 billion from the debt market, higher than the 500 billion rupees a year before. It has raised 460.62 billion rupees since April this year. Mutual funds hold around 270 billion rupees of HDFC's bonds as of May 31, data from information service provider Prime Database showed. Rival LIC Housing Finance may be the biggest beneficiary of HDFC exiting the market, fund managers said. Other competitors such as ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance and Shriram Housing Finance could also see an increase in demand for their debt issuances, they said.

Persons: HDFC, Raju Sharma, HFCs, Ajay Manglunia, Laukik Bagwe, Bagwe, IDBI Mutual Fund's Sharma, Dharamraj Dhutia, Dhanya Ann Thoppil Organizations: Housing Development Finance Corp, HDFC Bank, Reuters, IDBI Mutual Fund, Securities and Exchange Board of India, JM Financial, AAA, Mutual, LIC, Finance, ICICI Home Finance, Bajaj Housing Finance, Tata Capital Housing Finance, Shriram Housing Finance, Mutual Fund, IDBI Mutual, Thomson Locations: MUMBAI, India, HDFC

CompaniesCompanies Law Firms Pfizer Inc FollowSanofi SA FollowJune 23 (Reuters) - GSK (GSK.L) reached a settlement with a U.S. citizen who alleged its discontinued heartburn drug Zantac caused cancer, the British pharmaceutical giant said on Friday, preventing the first such lawsuit from going to trial. The case, brought by California resident James Goetz in Alameda County Superior Court, was to go to trial on July 24 and would have been the first test of how Zantac cancer claims fared before a jury. The parties reached a confidential settlement and the trial will be dismissed, GSK said. Originally marketed by a forerunner of GSK Plc, Zantac was later sold successively to Pfizer (PFE.N), Boehringer Ingelheim and finally Sanofi (SASY.PA). Last month, a Canadian court dismissed a proposed class action against Zantac over increased cancer risk.

Persons: James Goetz, Zantac, Boehringer Ingelheim, GSK's, Eva Mathews, Dhanya Ann Thoppil, Barbara Lewis Organizations: Law, Pfizer, Sanofi, GSK, Alameda County Superior Court, GSK Plc, U.S . Food, Drug Administration, Thomson Locations: California, Alameda County, U.S, Zantac, Bengaluru

☆ Rupee likely higher on dollar decline post Powell's testimony
▼ + stars: | 2023-06-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, June 22 (Reuters) - The Indian rupee is expected to rise on Thursday, helped by the dollar's fall despite Federal Reserve Chair Jerome Powell's fairly hawkish comments to U.S. lawmakers. Non-deliverable forwards indicate rupee will open at around 81.94-81.98 to the U.S. dollar compared with 82.0375 in the previous session. The offshore Chinese yuan recovered to 7.1690 to the dollar, having fallen below 7.20 at one point in the previous session. KEY INDICATORS:** One-month non-deliverable rupee forward at 82.03; onshore one-month forward premium at 7 paisa** USD/INR NSE June futures settled on Wednesday at 82.0250** USD/INR forward premium as of Jun. 20** NSDL data shows foreign investors sold a net $46.5mln worth of Indian bonds on Jun.

Persons: Jerome Powell's, Powell, Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, Fargo Advisors, U.S . Senate, DBS, Brent, Thomson Locations: MUMBAI, Asia

☆ Disney's diversity chief Latondra Newton leaves firm - Variety
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Disney’s chief diversity officer and senior vice president, Latondra Newton, is leaving her role after more than six years, Variety reported on Tuesday, citing an internal memo. Newton will be joining the corporate board of another company soon and plans to devote more time to her self-owned creative company, the report said, citing a person with knowledge of the situation. Newton has, since 2017, led Disney's diversity and inclusion initiatives, coordinating with various teams to produce entertainment "that reflects a global audience and sustains a welcoming and inclusive workplace for everyone," as per a profile on the company's website. Disney's "The Little Mermaid," released last month, featured Black American singer Halle Bailey as Princess Ariel, highlighting the firm's effort at promoting diversity. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Latondra Newton, Newton, Halle Bailey, Princess Ariel, didn't, Kanjyik Ghosh, Dhanya Ann Thoppil Organizations: Variety, Thomson Locations: Bengaluru

☆ Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has entered into an agreement to sell its urban datacenter portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion). The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West. Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said. Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI. ($1 = 1.3222 Canadian dollars)(This story has been corrected to change to Canadian dollar from U.S. dollar throughout and adds conversion)Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya Ann Thoppil and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Berlis, Borden Ladner Gervais, Pratyush Thakur, Dhanya Ann Thoppil, Pooja Desai Organizations: Real, Investment Trust, KDDI Corporation, King Street, West, Scotiabank, BofA Securities, Borden Ladner Gervais LLP, Nishimura, Asahi, Thomson Locations: CBRE, Bengaluru

☆ Medibank's building manager faces cyberattack, staff details stolen
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

June 20 (Reuters) - Australia's largest private health insurer Medibank Private (MPL.AX) on Tuesday confirmed that a file containing the names and contact details of certain staff members had been compromised after its building manager faced a cybersecurity breach. Medibank systems have not been affected by the cyberattack on the building manager's third-party software platform MOVEit, the company said. Reporting by Rishav Chatterjee in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishav Chatterjee, Dhanya Ann Thoppil Organizations: Medibank, Thomson Locations: Bengaluru

☆ Adobe's $20 bln deal to acquire Figma under threat from EU regulators - FT
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - European antitrust regulators are preparing to launch a formal investigation into software giant Adobe's (ADBE.O) $20 billion buyout deal for cloud-based designer platform Figma later this year, the Financial Times reported on Tuesday. EU authorities plan to push forward with a detailed investigation, over anti-competition concerns, which could take many months and may ultimately derail the deal altogether, FT said, citing people with knowledge of the move. These moves underline global regulators' worries that large tech firms acquiring smaller innovative rivals could throttle competition. Adobe is in the preliminary phase of the regulatory process and having constructive discussions with British, EU, and U.S. regulators about the deal while Figma looks forward to continued conversations with regulators, the companies said in separate emailed statements to Reuters. EU regulators have earlier said that Adobe would need to secure antitrust approval for the Figma deal even though the deal falls short of the bloc's turnover threshold for a review.

Persons: Lavanya Ahire, Anusha S, Jose Joseph, Nivedita Bhattacharjee, Rashmi, Dhanya Ann Thoppil Organizations: Financial Times, Adobe, EU, Reuters, Bloomberg, U.S . Justice Department, Thomson Locations: U.S, Bengaluru

☆ GSK says FDA extends review period for experimental drug momelotinib
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

June 16 (Reuters) - British drugmaker GSK Plc (GSK.L) on Friday said the U.S. Food and Drug Administration has extended the review period for its experimental drug momelotinib, which is designed to treat anaemic patients with a type of bone marrow cancer called myelofibrosis. Momelotinib is not currently approved in any market. Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Momelotinib, Eva Mathews, Dhanya Ann Thoppil Organizations: drugmaker GSK, U.S . Food, Drug Administration, Thomson Locations: U.S, Bengaluru

☆ Binance to quit Netherlands after failing to register
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

It is the latest in a string of setbacks for Binance including the June 5 decision by the U.S. Securities and Exchange Commission (SEC) to charge the company with evading securities laws. Binance disputes the SEC charges. A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried "many alternative avenues" to meet Dutch registration requirements. "While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators," they said. The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.

Persons: Binance, Lavanya, Toby Sterling, Nivedita Bhattacharjee, Dhanya Ann Thoppil, Elaine Hardcastle Organizations: U.S . Securities, Exchange Commission, SEC, Binance, Dutch Central Bank, Union, Thomson Locations: Netherlands, Cyprus, Canada, Australia, France, Italy, Spain, Poland, Sweden, Lithuania, Bengaluru, Amsterdam

☆ Exclusive: Mutual funds may not get holdings waiver post HDFC Bank - HDFC merger - sources
▼ + stars: | 2023-06-14 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 min

HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India. At least 60 equity mutual fund schemes will see their combined exposure to HDFC Bank and HDFC overshoot the 10% cap as of Wednesday. The matter has been referred to the Association of Mutual Funds in India (AMFI), according to two mutual fund executives. "HDFC Bank and HDFC are fairly liquid stocks and have a lot of demand. Shares of HDFC Bank have risen 6.5% since April 1, 2022, but have still underperormed the broader BSE Bankex, which is up 17%.

Persons: SEBI, Deven Choksey, Jayshree, Varun, Dhanya Ann Thoppil Organizations: HDFC Bank, Reuters, HDFC, State Bank of India, Securities and Exchange Board of India, Association of Mutual Funds, KRChoksey Holdings, Thomson Locations: MUMBAI, India

☆ HSBC to close New Zealand wealth and personal banking business
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

June 13 (Reuters) - HSBC (HSBA.L) has decided to wind-down its wealth and personal banking business in New Zealand, the bank website showed on Tuesday. The move comes after the London-listed bank last year said it was reviewing its retail banking business in New Zealand with a view to selling it. Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinmay Dey, Dhanya Ann Thoppil Organizations: HSBC, Thomson Locations: New Zealand, London, Bengaluru

☆ Intel in talks to be anchor investor in Arm IPO - source
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Intel (INTC.O) is in talks with SoftBank Group Corp's (9984.T) Arm to be an anchor investor in the chip designer's initial public offering (IPO), a source familiar with the matter told Reuters on Monday. Arm plans to sell its shares on Nasdaq later this year, seeking to raise $8-$10 billion, Reuters reported earlier in April. Arm's designs are used to manufacture chips made by most of the world's major semiconductor companies, including Intel, AMD (AMD.O), Nvidia (NVDA.O) and Qualcomm (QCOM.O). The chip designer had filed with regulators confidentially for a U.S. stock market listing in April, setting the stage for this year's largest IPO. Arm and Intel declined a Reuters request for comment.

Persons: Anirban Sen, Yana Gaur, Rashmi Aich, Dhanya Ann Thoppil Organizations: Intel, Reuters, Nasdaq, AMD, Nvidia, Qualcomm, Thomson Locations: U.S, New York, Bengaluru

☆ Rupee likely higher; awaits pivotal US inflation data, eyes yuan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters) - The Indian rupee is expected to open slightly higher on Tuesday ahead of key U.S. inflation data, which analysts reckon may prove instrumental in the Federal Reserve's decision on interest rates. Non-deliverable forwards indicate rupee will open at around 82.40 to the U.S. dollar compared with 82.43 in the previous session. India's inflation was positive for the rupee "on the margins" and "now let's see how U.S. data plays out", the trader added. The U.S. inflation data is due later in the day, with economists polled by Reuters projecting a 0.4% on-month increase in the core inflation rate. The dollar index was barely changed at near 103.50 while the 2-year U.S. yield dropped to 4.55%.

Persons: Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, People's Bank of, Reserve Bank of India, Reuters, ANZ, Brent, Thomson Locations: MUMBAI, People's Bank of China, U.S

☆ Glencore makes offer for Teck's steelmaking coal business
▼ + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.

Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss

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