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☆ Genesis, DCG reach in-principle deal with creditors - court filing
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February. DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. Reporting by Lavanya Ahire in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Genesis, Barry Silbert, Lavanya, Akanksha Khushi, Rashmi Aich, Sohini Organizations: Genesis, Digital Currency Group, Gemini, Thomson Locations: U.S, York, DCG, New York, Bengaluru

A worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

☆ Social media platform X down for thousands of users - Downdetector
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

'X' logo is seen on the top of the headquarters of the messaging platform X, formerly known as Twitter, in downtown San Francisco, California, U.S., July 30, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsAug 28 (Reuters) - Social media platform X, formerly known as Twitter, is down for thousands of users in the U.S. on Monday, according to outage tracking website Downdetector.com. Downdetector, which tracks outages by collating status reports from several sources including users, said there were more than 17,000 reports of outages, as of 19:24 ET (23:24 GMT). Reporting by Nilutpal Timsina in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Barria, Nilutpal, Rashmi Organizations: REUTERS, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ EV maker BYD buys Jabil's China manufacturing business for $2.2 billion
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsAug 28 (Reuters) - Electric vehicle maker BYD Co Ltd (002594.SZ) said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's (JBL.N) Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co's (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker. ($1 = 7.2890 Chinese yuan renminbi)Reporting by Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jabil, BYD, Sameer Manekar, Muralikumar Anantharaman Organizations: Security, Auto, REUTERS, BYD, U.S, Jabil Circuit, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Bengaluru

☆ Aussie corporate regulator alleges IAG units misled home insurance customers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSummaryCompanies IMA and IAL misled customers about loyalty discountsIAG says units intend to defend the proceedingsRegulator is seeking declarations of contravention, pecuniary penalties and adverse publicity ordersAug 25 (Reuters) - Australia's corporate regulator said on Friday it filed a lawsuit against two units of Insurance Australia Group (IAG) (IAG.AX), alleging they misled customers about loyalty discounts available for certain types of home insurance policies. The Australian Securities & Investments Commission (ASIC) has commenced civil proceedings against Insurance Australia Ltd (IAL) and Insurance Manufacturers of Australia (IMA) in the Federal Court, alleging loyal customers may have had their premiums increased before the promised discounts were applied. "IMA and IAL do not agree that they have misled customers and intend to defend the proceedings further," IAG said in a separate release. The regulator is seeking declarations of contravention, pecuniary penalties and adverse publicity orders against IAL and IMA from the court.

Persons: Dado Ruvic, IAG, Sarah Court, IAL, Nausheen, Krishna Chandra Eluri Organizations: Insurance, REUTERS, Insurance Australia Group, Australian Securities & Investments Commission, Insurance Australia Ltd, Insurance Manufacturers of Australia, Federal, IMA, IAL, Thomson Locations: Bengaluru

☆ US FDA panel votes against use of Medtronic's blood pressure treatment device
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The same panel on Tuesday voted in favor of rival ReCor's device for use in a surgery called renal denervation in patients whose high blood pressure cannot be controlled by drugs. Separately, while all panel members voted the device was safe to use, 6 of 13 voted against its effectiveness. Japan-based Otsuka Holdings' (4578.T) unit ReCor's device was shown to provide a benefit in lowering blood pressure in clinical trials. Medtronic's device helped to lower blood pressure at the doctor's clinic but not at home, which is considered a more accurate measure of blood pressure monitoring. The company was seeking the health regulator's nod for the device indicated for patients whose hypertension, or high blood pressure, cannot be controlled with drugs.

Persons: Andrew Kelly, Jason Weidman, Sriparna Roy, Krishna Chandra Eluri Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Wednesday, Otsuka Holdings, Thomson Locations: White Oak , Maryland, U.S, Japan, Europe, Bengaluru

Britain's Competition and Markets Authority (CMA) is the only regulator to block Microsoft's $69 billion Activision deal, in a test of its post-Brexit clout. The CMA in a statement said the revised transaction would "allow Ubisoft to commercialise these rights to other cloud gaming services providers (including to Microsoft itself)". Under the new terms, Microsoft will not be able to release Activision Blizzard games exclusively on its own cloud streaming service — Xbox Cloud Gaming – or to exclusively control the licensing terms of Activision Blizzard games for rival services. The new transaction deals with streaming rights outside the European Economic Area, reflecting the fact that Brussels had already approved the deal. Ubisoft will, however, receive a non-exclusive licence for Activision's European gaming rights too, enabling the French group to also stream the rights in the EU.

Persons: Yadarisa, Kate Holton, Rashmi Aich, Sachin Ravikumar, Barbara Lewis Organizations: CMA, Activision, Ubisoft Deal, Microsoft, Ubisoft Entertainment, Britain's, Markets Authority, Ubisoft, European Union, Sony, U.S, Activision Blizzard, Economic, Activision's, Thomson Locations: Paris, British, Brussels, Bengaluru, London

☆ Australia's IAG misses annual cash earnings estimates; shares slip
▼ + stars: | 2023-08-21 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. The country's top general insurer posted cash earnings of A$452 million ($290.00 million) for the year ended June 30, up from A$213 million a year ago but missing analysts' average estimate of A$656.7 million, according to Refinitiv Eikon data. Australian insurers have seen their profits soar this year, as they incur higher premiums in an elevated interest-rate environment, while also benefiting from a rebound in investment income. The company also expects an insurance margin in fiscal 2024 of 13.5%–15.5%, higher than the 12.6% margin last year. However, elevated inflation in home and motor claims costs, as well as the higher natural perils allowance, impacted the underlying insurance margin, IAG said in a statement.

Persons: Dado Ruvic, IAG, Nick Hawkins, Nausheen Thusoo, Archishma Iyer, Paul Simao, Stephen Coates, Rashmi Organizations: Insurance, REUTERS, cps, Insurance Australia Group, New Zealand, Citi, UBS, Thomson Locations: Australia, New

Coles and Woolworths sell two-thirds of Australian groceries by dollar value, and are seen as bellwethers of consumer behaviour. Full-year NPAT of Woolworths is seen rising to A$1.74 billion from A$1.51 billion, and for Wesfarmers to A$2.47 billion from A$2.35 billion last year. Woolworths and Wesfarmers report annual results on Aug. 23 and Aug. 25, respectively. They added that rising operating costs are a headwind for retail companies, but focus will be on how these costs are managed. Reporting by Himanshi Akhand and John Biju in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, Jefferies, Coles, Tim Waterer, Himanshi Akhand, John Biju, Rashmi Organizations: REUTERS, Coles Group, Woolworths, KCM Trade, Kmart, Coles, UBS, Thomson Locations: Sydney's, Australia, Bengaluru

The property industry globally, and office building owners in particular, are struggling as working from home and e-commerce lead tenants to reconsider floor space just as higher interest rates reduce building values and raise debt servicing costs. Dexus sold the 18-story A-Grade office for A$293.1 million ($188 million), a 16.3% discount to its December 2022 valuation, according to company filings. Quintessential Equity, an Australian property developer and investor, announced itself as the buyer on its website without elaborating. Dexus will own a A$50 million stake in the trust that will hold the property, it said in a statement. In June, Dexus sold another premium office building in Sydney's central business district for A$393.1 million, a near 17% discount to an independent valuation made in December.

Persons: Loren Elliott, Dexus, Darren Steinberg, Lewis Jackson, Rishav Chatterjee, Subhranshu Sahu, Rashmi Aich, Sam Holmes Organizations: REUTERS, Rights, Reuters, Equity, Thomson Locations: Sydney, New South Wales, Australia, Australian, Bengaluru

☆ Britain's M&S sees annual profit growth
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A logo of food and clothes' retailer Marks and Spencer (M&S) is seen at a branch in London, Britain March 10, 2022. REUTERS/Toby Melville/File PhotoAug 15 (Reuters) - British supermarket Marks and Spencer (MKS.L) said on Tuesday it expected profit growth for the year 2022-2023, with interim results likely to significantly improve against previous expectations. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Marks, Spencer, Toby Melville, MKS.L, Yadarisa, Rashmi Organizations: REUTERS, Thomson Locations: London, Britain, Bengaluru

☆ Tesla launches new and cheaper Model S and X cars in US
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The logo of car manufacturer Tesla is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File PhotoCompanies Tesla Inc FollowAug 14 (Reuters) - Tesla (TSLA.O) introduced new standard range Model S and Model X cars in the United States, priced cheaper than the other versions of the S and X models, the automaker's website showed on Monday. The new S and X models were priced at $78,490 and $88,490, respectively, the website showed. The company delivered 19,225 Model X and S vehicles in the second quarter compared to 16,162 vehicles it delivered last year. Reporting by Mrinmay Dey in Bengaluru; Editing by Rashmi Aich and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Tesla, Mrinmay Dey, Rashmi Aich Organizations: REUTERS, Thomson Locations: Bern, Switzerland, United States, China, U.S, Bengaluru

☆ UK stocks tumble as record wage growth spurs rate hike worries
▼ + stars: | 2023-08-15 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. "Speed of wage growth will support the more hawkish end of the Bank of England. The exporter-heavy FTSE 100 index (.FTSE) declined 1.2% by the first hour of trading, while mid-cap stocks (.FTMC) also fell 0.7%. Life Insurance stocks (.FTNMX303010) fell over 2%, leading sectoral losses, dragged down by an over 3% drop in shares of British insurer Legal & General (LGEN.L). Most sectoral indexes were in the red after the wage growth data, while mid-cap stocks (.FTMC) also fell 0.7%.

Persons: Suzanne Plunkett, BoE, Richard Flax, Spencer, Siddarth, Rashmi Aich, Maju Samuel Organizations: London Stock Exchange, REUTERS, Legal, Bank of England, Money, Life Insurance, Thomson Locations: London, Britain, Bengaluru

☆ Britain's M&S raises profit outlook after strong trading
▼ + stars: | 2023-08-15 | by ( James Davey | ) www.reuters.com time to read: +3 min

[1/2] A Marks and Spencer logo is seen on an advertisement outside of a store in London, Britain, May 23, 2018. The 139-year old group, whose shares have risen 66% so far this year, said it now expected profit growth in its full 2023-24 year, having previously forecast a small decline. Clothing group Next (NXT.L) upgraded its profit forecast earlier this month, lifting it for the second time in three months. M&S said in the first 19 weeks of the year like-for-like food sales grew over 11%, while clothing & home sales were up over 6% on the same basis. Clive Black at Shore Capital, the house broker, said sentiment around M&S had taken a long time to improve after other turnarounds failed to materialise, but he lifted his profit outlook by 9%.

Persons: Marks, Spencer, Toby Melville, Stuart Machin, Clive Black, James Davey, Yadarisa, Rashmi Aich, Kate Holton, David Evans Organizations: REUTERS, Marks, Shore Capital, Thomson Locations: London, Britain, Bengaluru

☆ Australian court fines Dell unit $6.5 mln for misleading customers on discounts
▼ + stars: | 2023-08-14 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

The Dell logo is seen on an item for sale in a store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew KellyAug 14 (Reuters) - Australia's Federal Court on Monday ordered Dell Technologies Inc's (DELL.N) local unit to pay A$10 million ($6.46 million) in penalties for making misleading representations on its website about discounts for add-on computer monitors. In a legal action brought by the country's competition regulator, Dell Australia was found guilty by the Federal Court in June to have misled customers about the prices or discounts on add-on monitors on its website. "This outcome sends a strong message to businesses that making false representations about prices or inflating discounts is a serious breach of consumer law and will attract substantial penalties," said Liza Carver, commissioner of the Australian Competition and Consumer Commission. ($1 = 1.5480 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Rashmi Aich and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Liza Carver, Navya Mittal, Rashmi Aich, Subhranshu Organizations: REUTERS, Monday, Dell Technologies, Dell, Federal Court, Australian Competition, Consumer Commission, Dell Australia, Reuters, Thomson Locations: Manhattan , New York City, U.S, Dell Australia, Bengaluru

☆ Biotech firm Amyris files for bankruptcy in US
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Biotech firm Amyris Inc (AMRS.O) on Wednesday said it has filed for Chapter 11 bankruptcy in a U.S. court and is planning to sell its consumer brands to improve the company's liquidity position. Amyris said it has secured a $190 million financing commitment to support day-to-day operations, adding that its entities outside the U.S. are not included in the bankruptcy proceedings. In a filing with the Delaware bankruptcy court, the company listed estimated assets in the range of $500 million to $1 billion and liabilities in the range of $1 billon to $10 billion. "Restructuring is intended to improve the Company's cost structure, capital structure, and liquidity position while streamlining Amyris' business portfolio to focus on its core competencies in R&D...," the company said. Amyris had also initiated a "strategic transformation program" in June and secured a term loan facility of up to $50 million.

Persons: Amyris, Han Kieftenbeld, John Melo, Juby Babu, Rashmi Organizations: Biotech, Amyris Inc, Thomson Locations: U.S, Delaware, Bengaluru

☆ FTSE 100 opens lower as Glencore, bleak China data weigh
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File PhotoSummaryCompanies FTSE 100 down 0.2%, FTSE 250 flatAug 8 (Reuters) - London stocks opened lower on Tuesday hurt by the losses in Glencore after the miner's dour first-half earnings, while bleak China trade data also hit the broader mining sector. The FTSE 100 index (.FTSE) dipped 0.2% by 0709 GMT, with Glencore (GLEN.L) falling 3.0% as it said its earnings had halved in the first half. Asset manager abrdn (ABDN.L) slipped 4.5% to the bottom of the FTSE 100 after it reported a drop in its assets under management. The midcap FTSE 250 index (.FTMC) was flat, while bank stocks (.FTNMX301010) shed 0.8%.

Persons: Toby Melville, abrdn, Siddarth, Shreyashi Sanyal, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, Thomson Locations: City, City of London, Britain, London, Glencore, China, Bengaluru

☆ Rupee to weaken on dollar rally, RBI likely to intervene
▼ + stars: | 2023-08-08 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 8 (Reuters) - The Indian rupee is expected to open lower on Tuesday, weighed down by the recovery in the dollar index and a decline in Asian peers. Non-deliverable forwards indicate rupee will open at around 82.85 to the U.S. dollar, down from 82.7425 on Monday. The dollar index rose in Asia, and has now recovered a large part of its losses suffered post the U.S. jobs data. Asian currencies were down between 0.2% and 0.6%, with the offshore Chinese yuan slipping to 7.2250 to the dollar. The U.S. inflation data due Thursday is seen key to the Fed's outlook.

Persons: Michelle Bowman, Nimesh Vora, Rashmi Organizations: U.S ., Reserve Bank of India, U.S, U.S . Federal, Reuters, ANZ, Brent, Thomson Locations: MUMBAI, Asia, U.S ., U.S

REUTERS/Dado Ruvic/IllustrationBENGALURU, Aug 7 (Reuters) - Indian e-commerce startup Meesho has posted its first-ever profit and is targeting a stock market listing in the next 12-18 months, a senior company executive said in an interview. An initial public offering (IPO) is now being planned in the next 12-18 months, Bansal added. Meesho, which was founded by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, clocked more than 1 billion orders in the last 12 months. Many Indian startups have fired thousands of employees and cut costs aggressively in recent months. Last week, Indian food delivery giant Zomato (ZOMT.NS) also posted its first-ever profit.

Persons: Dado Ruvic, Meesho, Japan's SoftBank, Dhiresh Bansal, Bansal, Vidit Aatrey, Sanjeev Barnwal, Meesho's, Munsif, Aditya Kalra Organizations: REUTERS, Amazon, Meesho, Reuters, Indian Institute of Technology, Vidit, Thomson Locations: Bengaluru

☆ Capita flags up to $32 mln costs related to cyber incident
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

Capita's logo is pictured on a smartphone in front of an electronic display showing the same logo in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/IllustrationAug 4 (Reuters) - Capita (CPI.L) said on Friday it expected net exceptional costs of up to 20-25 million pounds ($32 million) related to the cyber incident which rocked the British outsourcing firm in March. The company confirmed that some data was "exfiltrated" following the cyber incident and said its probe was close to completion. "There was minimal operational impact to the majority ofour clients and their customers during the incident," Capita said in a statement. ($1 = 0.7862 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Capita, Aby Jose Koilparambil, Rashmi Aich, Dhanya Ann Thoppil Organizations: REUTERS, Capita, Thomson Locations: Bengaluru

☆ UK lender Virgin Money sticks to annual outlook despite mortgage pressures
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Signage on display outside of a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File PhotoAug 2 (Reuters) - British challenger bank Virgin Money UK (VMUK.L) on Wednesday maintained its full-year outlook and reported stable net interest margin (NIM) in the third quarter despite pressure from its mortgages business. Virgin Money has been restructuring itself as it grapples with a drop in footfall and transaction volumes. Virgin Money said higher interest rates were offset by spread pressure in mortgages and continued deposit migration. The London-listed lender also announced its plans to buyback shares worth 175 million pounds ($159.58 million) in fiscal year 2023 and more in 2024.

Persons: Henry Nicholls, Yadarisa, Rashmi Organizations: Virgin, REUTERS, British, Virgin Money, Thomson Locations: London, Britain, Bengaluru

☆ Binance did monthly transactions worth $90 bln in banned China market - WSJ
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - Binance users traded cryptocurrency-related assets worth $90 billion in a single month in China, where such trading has been illegal since 2021, the Wall Street Journal reported, citing internal figures, and current and former employees of the exchange. Binance's origins lie in China, though the world's largest crypto exchange withdrew from mainland China in 2017 during a regulatory crackdown. The exchange is also under investigation by the U.S. Justice Department over possible money-laundering and sanctions violations, Reuters had reported in December. Reporting by Juby Babu in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Binance, Changpeng Zhao, Juby Babu, Nivedita Bhattacharjee Organizations: REUTERS, Wall Street Journal, China Binance's, Futures Trading Commission, Securities and Exchange Commission, SEC, CFTC, U.S . Justice Department, Reuters, Thomson Locations: China, Bengaluru

☆ Coca-Cola bottler CCEP intends to acquire Coke's Philippines business for $1.8 bln
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A detail of a can of Coca-Cola is seen in London, Britain March 16, 2016. REUTERS/Stefan Wermuth/File PhotoAug 2 (Reuters) - Coca-Cola Europacific Partners (CCEPC.L) said on Wednesday it intends to jointly acquire Coca-Cola Beverages Philippines with Aboitiz Equity Ventures (AEV) for $1.8 billion, in an effort to become the world's largest Coca-Cola bottler by revenue and volumes. The deal to buy Coca-Cola's (KO.N) Philippines business in cash will be on 60:40 ownership structure between CCEP and Philippines conglomerate Aboitiz. CCEP has signed a non-binding term sheet and is in advanced discussions with AEV regarding a potential joint transaction, the company said in a statement. Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich and sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stefan Wermuth, CCEP, Radhika Anilkumar, Rashmi Aich, sonia Cheema Organizations: REUTERS, Cola Europacific Partners, Cola Beverages, Aboitiz Equity Ventures, Thomson Locations: London, Britain, Philippines, CCEP, Western Europe, Australia, New Zealand, Bengaluru

☆ UK's FTSE 100 opens lower after surprise U.S. credit rating cut sours mood
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File PhotoSummaryCompanies FTSE 100 down 0.8%, FTSE 250 off 0.6%Aug 2 (Reuters) - UK's FTSE 100 opened lower on Wednesday, as global risk sentiment took a hit after ratings agency Fitch cut the United States' credit rating, while BAE Systems shares jumped after the defence company raised its full-year guidance. By 0709 GMT, the bluechip FTSE 100 index (.FTSE) fell 0.8%, touching a two week low, while the more domestically-focussed FTSE 250 midcap index (.FTMC) lost 0.6%. BAE Systems (BAES.L) added 4.7% after Britain's biggest defence company upgraded its guidance for 2023, forecasting annual earnings per share would grow 10-12%. ConvaTec Group (CTEC.L) jumped 4.0% after the technology firm raised its full-year guidance.

Persons: Toby Melville, Fitch, Shashwat Chauhan, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, BAE Systems, AAA, Smurfit Kappa, ConvaTec, Thomson Locations: City, City of London, Britain, United States, London, Bengaluru

☆ CVS to shed 5,000 jobs in cost-cutting push - WSJ
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Companies CVS Health Corp FollowJuly 31 (Reuters) - U.S. pharmacy chain CVS Health (CVS.N) is cutting 5,000 jobs, the Wall Street Journal reported on Monday, citing a staff memo. The company spokesperson said CVS does not expect "any impact to our customer-facing colleagues in our stores, pharmacies, clinics, or customer services centers." The pharmacy chain had about 300,000 employees in the U.S. at the end of last year. The Woonsocket, Rhode Island-based company will be cutting down on travel expenses as well as its use of consultants and vendors, according to the WSJ report. Reporting by Rishabh Jaiswal and Gursimran Kaur in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishabh Jaiswal, Gursimran Kaur, Rashmi Organizations: CVS Health, CVS, Wall Street, Thomson Locations: U.S, Woonsocket , Rhode Island, Bengaluru

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