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☆ Column: India milestone shows its power emissions will surpass Europe's permanently
▼ + stars: | 2023-09-07 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +4 min

High-tension power lines are pictured outside a Tata Power sub station in the suburbs of Mumbai, India, August 8, 2017. At the same time, India's power emissions climbed 4.5% to new highs on the back of record use of high-polluting coal, which generates roughly 75% of India's electricity. SOFT PATCH/HIGH POINT OVERLAPDuring the April-June window, when India's emissions exceeded Europe's, India's total power use levels rose on high demand for air conditioning in the hottest months of the year. These conflicting approaches to energy sector management reflect the starkly different developmental phases of each market. India's government has established ambitious long-term goals for boosting renewable energy generation and lowering power sector emissions.

Persons: Shailesh Andrade, RC1F247F86F0, Gavin Maguire, Muralikumar Organizations: Tata Power, REUTERS, Union, Spain, Reuters, Thomson Locations: Mumbai, India, LITTLETON , Colorado, Europe, pare, Ukraine

☆ Australian regulator sues PayPal unit over unfair term in small business contracts
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. The Australian Securities and Investments Commission (ASIC) said it has started proceedings against PayPal Australia Pty Ltd in a case that highlights a contract term that gives PayPal business account holders 60 days to notify discrepancies in fees charged. The regulator views the term as unfair as it authorises PayPal to retain fees it has inaccurately charged. "We allege this term is unfair because it allows PayPal to escape the consequences of its own errors in overcharging small businesses, and places additional burdens on small businesses to detect and correct charging errors," ASIC Deputy Chair Sarah Court said. As at June 30, there were about 608,275 business account contracts between PayPal and active users in the country.

Persons: Fabrizio Bensch, Sarah Court, Roushni Nair, Poonam Behura, Shailesh Organizations: PayPal, REUTERS, Australian Securities and Investments Commission, PayPal Australia, Reuters, Thomson Locations: Berlin, Germany, Bengaluru

☆ Paper company WestRock nears deal to merge with Smurfit Kappa - WSJ
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

Sept 6 (Reuters) - WestRock (WRK.N) is nearing a deal to merge with Europe's Smurfit Kappa (SKG.I), a move that could create a global paper and packaging giant worth around $20 billion, the Wall Street Journal reported on Wednesday. The merger could be announced next week, if the talks don't fall apart, WSJ reported, citing people familiar with the matter. WestRock and Smurfit Kappa did not immediately respond to Reuters requests for a comment. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Kappa, Pratyush Thakur, Shailesh Organizations: Kappa, Wall Street, Thomson Locations: Bengaluru

☆ Google to make disclosure of AI-generated content mandatory for election advertisers
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Google logo and AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration/file photo Acquire Licensing RightsSept 6 (Reuters) - Alphabet Inc's (GOOGL.O) Google will make it mandatory for all election advertisers to add a clear and conspicuous disclosure starting mid-November when their ads contain AI generated content, the company said on Wednesday. The policy would apply to image, video, and audio content, across its platforms, the company said in a blog post. Generative AI would enable groups with limited resources to produce higher quality content at scale, according to Mandiant. Any synthetic content that is irrelevant to the claims made in the ad will be exempted from the disclosure requirements, the advertising and search engine giant said.

Persons: Dado Ruvic, Deepfakes, Mandiant, Akshita, Shailesh Organizations: REUTERS, Google, Thomson Locations: United States, Bengaluru

☆ Coinbase to launch new lending platform aimed at large institutional investors
▼ + stars: | 2023-09-05 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Employees of Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton Acquire Licensing RightsSept 5 (Reuters) - Crytocurrency exchange Coinbase Global (COIN.O) is launching a digital asset lending platform aimed at large institutional investors, a company spokesperson told Reuters on Tuesday. Coinbase has raised $57 million for its new crypto-lending platform, a regulatory filing showed. Coinbase last month had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Coinbase, Grayscale's, Jaiveer Singh, Shailesh Organizations: Coinbase Global Inc, Nasdaq, REUTERS, Reuters, Securities and Exchange Commission, SEC, Thomson Locations: New York, U.S, Bengaluru

☆ Fitch places Gabon on 'rating watch negative' following coup
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Soldiers of the Republican Guard stand on their armed pick-up in a street in Libreville, Gabon August 30, 2023 REUTERS/Scott Ngokila Acquire Licensing RightsSept 5 (Reuters) - Credit ratings agency Fitch said on Tuesday it has placed Gabon on "rating watch negative" (RWN), citing high political uncertainty in the Central African nation following a military coup last month. Fitch placed Gabon's 'B-' Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings on RWN in an unscheduled review. It said the coup may have weakened Gabon's financial prospects by hurting the operational capacity of institutions responsible for its treasury and debt management, and also affecting the country's access to regional debt markets. "We assume Gabon will rely more on the regional market for financing at higher interest costs as the coup heightens the market's nervousness," Fitch said. The credit ratings agency added that a resumption of the country's IMF programme was also now unlikely.

Persons: Scott Ngokila, Fitch, Ali Bongo, Bongo, Pushkala, Shailesh Organizations: Republican Guard, REUTERS, Central, IMF, Thomson Locations: Libreville, Gabon, Central, West, Bengaluru

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Acquire Licensing RightsSept 5 (Reuters) - Enbridge (ENB.TO) will buy three utilities from Dominion Energy (D.N) for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business. The deals for East Ohio Gas, Questar Gas, and Public Service Co of North Carolina will consist of $9.4 billion in cash and $4.6 billion of assumed debt. U.S.-listed shares of Enbridge fell 6.5% to $33.01 in extended trading after the company also announced a C$4 billion ($2.9 billion) bought-share sale to fund a portion of the deal. The modest improvement in Enbridge's business risk profile is not enough to "offset ongoing pressure on the company's financial profile," said Gavin MacFarlane, vice president and senior credit officer at Moody's, in a statement.

Persons: Chris Helgren, Berkshire Hathaway, Greg Ebel, Enbridge, Patrick Murray, Moody's, Gavin MacFarlane, Morgan Stanley, Sullivan, Cromwell, McCarthy Tétrault, Arunima Kumar, David French, Denny Thomas, Shailesh Kuber, Sriraj Kalluvila, Richard Chang Organizations: REUTERS, Dominion Energy, East Ohio Gas, Public Service Co, Dominion, Federal Trade Commission, Foreign Investment, Co LLC, RBC Capital Markets, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, Canadian, North Carolina, Enbridge, Point, United States, Ohio , North Carolina , Utah , Idaho, Wyoming, North America, Bengaluru, New York

☆ UK's Lloyds in talks with Barclay family, Carlyle over Very Group - FT
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 1 (Reuters) - Britain's Lloyds Banking Group (LLOY.L) is in talks with the Barclay family and U.S. private equity firm Carlyle (CG.O) over Very Group, an online retailer and financial services provider, the Financial Times reported on Friday. "The Very Group continues to perform well and is operating as normal with robust liquidity," a Very Group spokesperson said in an e-mail. Lloyds and Carlyle did not immediately respond to Reuters' requests for comment. The Barclay family could not be immediately reached. Reporting by Pushkala Aripaka and Saikeerthi in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Barclay, Carlyle, Pushkala Aripaka, Shailesh Kuber, Maju Samuel Organizations: Lloyds Bank, REUTERS, Lloyds Banking Group, Financial Times, Telegraph, Lloyds, Thomson Locations: Saikeerthi, Bengaluru

☆ Ford makes UAW a contract offer
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsCompanies Ford Motor Co FollowAug 31 (Reuters) - Ford Motor (F.N) has made a contract offer to the United Auto Workers (UAW), the company said on Thursday. The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement. Wages, including overtime, and lump-sum bonuses for Ford's UAW-represented hourly workers would increase from $78,000 on average in 2022 to $92,000 in the first year of the contract, the automaker said. Reporting by Gursimran Kaur in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Gursimran Kaur, Shailesh Organizations: Ford, REUTERS, United Auto Workers, UAW, Ford's UAW, Thomson Locations: Liverpool, Britain, Bengaluru

☆ Dell raises full-year forecasts on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) raised its full-year forecast for revenue and profit on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. "AI is already showing it's a long-term tailwind, with continued demand growth across our portfolio," Chief Operating Officer Jeff Clarke said. The company forecast third-quarter revenue between $22.5 billion and $23.5 billion beating analysts' estimates of $21.67 billion, according to Refinitiv data. Dell reported second quarter revenue and EPS above analyst estimates.

Persons: Brendan McDermid, Jeff Clarke, Dell, Mikako Kitagawa, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Dell, Revenue, Gartner, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ SentinelOne raises full-year forecast, adds partnership with Wiz still on
▼ + stars: | 2023-08-31 | by ( Akshita Toshniwal | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 31 (Reuters) - SentinelOne Inc (S.N) raised its annual revenue forecast on Thursday, riding on resilient adoption of its AI-backed security offerings as macroeconomic fears abate. The cybersecurity company also clarified that it had just canceled a "reselling agreement" with Wiz and their partnership with the startup was still on. Startup Wiz said last week that it was considering a potential bid for SentinelOne, which has struggled to become profitable, after reports that it was considering putting itself up for sale. The Mountain View, California-based company expects revenue for the full-year to be $605 million, up from the $590 million to $600 million range it had forecast in June. The cybersecurity company also forecast revenue of $156 million for the third quarter, higher than analysts' estimate of $154.20 million.

Persons: Brendan McDermid, Tomer Weingarten, Wiz, Akshita, Shailesh Organizations: SentinelOne Inc, New York Stock Exchange, REUTERS, SentinelOne, CrowdStrike Holdings, Thomson Locations: New York City, U.S, View , California, Bengaluru

☆ Dell beats quarterly revenue estimates on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) beat quarterly revenue expectations on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. Servers and networking revenue for the second quarter came in at $4.27 billion, up 11% from the first quarter, driven by higher demand for AI-optimized servers, Dell said. The personal computer maker reported revenue of $22.93 billion for the quarter ended Aug. 4, compared with estimates of $20.85 billion, according to Refinitiv data. Its infrastructure solutions group which includes servers, storage devices and networking hardware, reported revenue of $8.46 billion, up 11% sequentially.

Persons: Brendan McDermid, Dell, Jeff Clarke, Clarke, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Revenue, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ Australia regulator sues Qantas alleging sale of tickets on cancelled flights
▼ + stars: | 2023-08-31 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble//File Photo Acquire Licensing RightsCompanies Qantas Airways Ltd FollowSYDNEY, Aug 31 (Reuters) - Australia's competition regulator sued Qantas Airways (QAN.AX) on Thursday, accusing it of selling tickets to thousands of flights after they were cancelled, putting the airline at risk of huge fines and reputational turbulence. The airline kept selling tickets for an average of 16 days after it had cancelled flights for reasons often within its control, such as "network optimisation", the ACCC added. Qantas kept selling tickets to one Sydney-to-San Francisco flight 40 days after it had been cancelled, the regulator said. At the Senate hearing, Joyce confirmed Qantas had written to the federal government in 2022 asking it to deny a request from Qatar Airways, a Qantas competitor on international routes, to increase flights to Australia.

Persons: Phil Noble, Rico Merkert, Alan Joyce, Joyce, Gina Cass, Gottlieb, Byron Kaye, Poonam, Shailesh Kuber, Rashmi Aich, Gerry Doyle, Edmund Klamann Organizations: Qantas, Melbourne International Airport, REUTERS, Rights Companies Qantas Airways Ltd, SYDNEY, Qantas Airways, Australian Competition, Consumer Commission, ACCC, Sydney University's Institute of Transport, Logistics Studies, Australia, Senate, Qatar Airways, Qatar, Thomson Locations: Melbourne, Australia, Sydney, Francisco, Bengaluru

☆ Aussie regulator takes Qantas to court for selling cancelled flights' tickets
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Australian competition regulator has taken Qantas Airways (QAN.AX) to court, alleging the flagship carrier in mid-2022 kept selling tickets for more than 8,000 cancelled flights for an average of over two weeks after the flights were called off. "We have commenced these proceedings alleging that Qantas continued selling tickets for thousands of cancelled flights, likely affecting the travel plans of tens of thousands of people," ACCC Chair Gina Cass-Gottlieb said. "However, this case does not involve any alleged breach in relation to the actual cancellation of flights, but rather relates to Qantas' conduct after it had cancelled the flights." ACCC said it would pursue orders including penalties, injunctions, declarations, and costs against the airline for its conduct after flight cancellations. Reporting by Poonam Behura in Bengaluru; Editing by Shailesh Kuber and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Gina Cass, Gottlieb, Poonam, Shailesh Kuber Organizations: Qantas Airways, Qantas, Australian Competition, Consumer Commission, Airlines, ACCC, Qantas Group, Jetstar, Thomson Locations: Australian, Bengaluru

☆ Shopify says merchants can use Amazon's 'Buy with Prime' option
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. REUTERS/Pascal Rossignol Acquire Licensing RightsAug 30 (Reuters) - Canada's Shopify (SHOP.TO) said on Wednesday Amazon (AMZN.O) will release an app in Shopify's app ecosystem that will give US-based merchants access to Amazon's "Buy with Prime" option. "Soon, Shopify merchants who also use Amazon’s fulfillment network will have the option to add the Buy with Prime app from our app ecosystem directly into Shopify Checkout, processed by Shopify Payments," the company said. The company said the new app would enable Shopify merchants to give Prime members access to Prime benefits like fast and free delivery outside of Amazon.com for the first time ever. Merchants and businesses have been turning to Shopify, which offers tools to create and manage online store-fronts, as retail spending picks up on signs of stabilizing macroeconomic conditions.

Persons: Pascal Rossignol, Granth, Shailesh Organizations: REUTERS, Shopify, Merchants, Thomson Locations: Lauwin, France, Bengaluru

☆ Apple starts testing 3D printers to make smartwatch casings - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo Acquire Licensing RightsAug 30 (Reuters) - Apple (AAPL.O) is testing 3D printers to make the steel frames of some of its upcoming smartwatches, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. The company also plans to apply the process to its titanium Ultra watch, but the shift isn't planned until 2024, the report said. Apple is set to host their fall event on Sept. 12, where analysts believe the world's most valuable company will unveil a new line of smartwatches and iPhones. Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Zaheer Kachwala, Shailesh Organizations: Apple Inc, Apple, REUTERS, Bloomberg, Thomson Locations: Manhattan , New York, U.S, Bengaluru

☆ CrowdStrike lifts forecast for annual revenue, profit on resilient cybersecurity demand
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

CrowdStrike raised its annual revenue outlook to a range of $3.03 billion to $3.04 billion, up from its earlier forecast of between $3 billion and $3.04 billion. It expects adjusted profit per share for the Aug-October period at 74 cents, above estimates of 61 cents per share. Rival Palo Alto Networks forecast annual billings above market estimates earlier in August, as demand for its integrated cybersecurity offerings surged. CrowdStrike posted revenue of $731.6 million for the second quarter ended July 31, beating estimates of $724.1 million. Its adjusted profit per share came in at 74 cents, also ahead of estimates of 56 cents per share.

Persons: CrowdStrike, Jaspreet Singh, Shailesh Organizations: CrowdStrike Holdings, Global, Thomson Locations: Austin , Texas, billings, Bengaluru

☆ Nvidia-backed CoreWeave seeks stake sale at up to $8 bln valuation - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 30 (Reuters) - Specialized cloud provider CoreWeave is exploring a minority stake sale that values the company at as much as over $8 billion, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. CoreWeave did not immediately respond to a Reuters request for comment. CoreWeave is expected to achieve about $1.5 billion in revenue in 2024, the report added, citing a source. Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale. It has partnerships with AI startups and cloud providers, which it also competes with, to build clusters to power AI workload.

Persons: CoreWeave, Jaspreet Singh, Shailesh Organizations: Bloomberg, Nvidia, Microsoft, Google, Thomson Locations: Roseland , New Jersey, Bengaluru

☆ US health officials look to move marijuana to lower-risk drug category
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tom Brenner/Pool/File Photo Acquire Licensing RightsAug 30 (Reuters) - The U.S. Department of Health and Human Services (HHS) has recommended easing restrictions on marijuana, a department spokesperson said on Wednesday, following a review request from the Biden Administration last year. Nearly 40 U.S. states have legalized marijuana use in some form, but it remains completely illegal in some states and at the federal level. The scheduling recommendation for marijuana was provided to the Drug Enforcement Agency (DEA) on Tuesday as part of President Biden's directive to HHS, the spokesperson said. "As part of this process, HHS conducted a scientific and medical evaluation for consideration by DEA. DEA will now initiate its review," a DEA spokesperson said.

Persons: Rachel Levine, Tom Brenner, Biden, Biden's, Karine Jean, Pierre said, Cannabis, George Archos, Sourasis Bose, Mrinalika Roy, Shilpi Majumdar, Shounak Dasgupta, Shailesh Organizations: Department of Health, Human Services, Health, Education, Labor, Capitol, REUTERS, U.S . Department of Health, Drug Enforcement Agency, HHS, DEA, Marijuana, Department of Justice, House Press, Tilray Brands, Cronos, Verano Holdings, Thomson Locations: Washington , U.S, U.S, United States, Canada, North America, Bengaluru

☆ HPE forecasts fourth-quarter revenue below estimates, shares fall
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. HP Enterprise expects current-quarter revenue between $7.2 billion and $7.5 billion, the mid-point of which was below analysts' expectations of $7.49 billion, according to Refinitiv data. Rival Arista Networks (ANET.N) forecast a robust quarterly revenue after delivering better-than-expected results, helped by higher demand for its cloud gear following AI push. On an adjusted basis, HPE earned 49 cents per share for the third quarter ended July 31, compared with expectations of 47 cents. The Spring, Texas-based company posted quarterly revenue of $7.0 billion, beating analysts' estimate of $6.99 billion, according to Refinitiv IBES data.

Persons: Brendan McDermid, HPE, Akshita Toshniwal, Shailesh Organizations: Hewlett Packard Enterprise Co, New York Stock, REUTERS, Hewlett Packard Enterprise, Wall, HP Enterprise, Arista Networks, HP, Dell Technologies, Nvidia, Thomson Locations: , Texas

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ SEC probes Change Company over mortgage-backed securities sold to Wall Street - Bloomberg News
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg Acquire Licensing RightsAug 28 (Reuters) - The US Securities and Exchange Commission (SEC) is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, Bloomberg News reported on Monday. "Neither Change nor its leadership is aware of any SEC investigation," the report said, citing the company. The SEC and The Change Company did not immediately respond to Reuters requests for comment. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Bourg, Steven Sugarman, Jaiveer Singh, Shailesh Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, US Securities and Exchange Commission, Bloomberg, Thomson Locations: Washington, California, Bengaluru

[1/2] Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. With Mukesh Ambani in his late 60s, "the time is probably right ... "This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord." He is already the chairman of Reliance Jio Infocomm Limited, the telecom arm of Reliance. Akash's twin sister Isha is driving the expansion of Reliance Retail into new categories and geographies, and is already a director on the boards of the retail unit, Reliance Retail Ventures, which houses the conglomerate's bets in India's brick-and-mortar and e-commerce industries.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Isha, Akash, Ambani, Anant, Arun Dasmahapatra, Dhirubhai Ambani, Mukesh, Anil, Nita, Munsif Vengattil, Aditya Kalra, Tom Hogue, Mark Potter Organizations: Reliance Industries, REUTERS, India's Reliance Industries Ltd, Monday, Reliance, Brown University, Meta, Infocomm, Reliance Retail, Reliance Retail Ventures, Qatar Investment Authority, Investors, giga, Thomson Locations: Mumbai, India, BENGALURU, Jio, Bengaluru

☆ Intuit forecasts robust annual profit; shares dip on weak consumer group outlook
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The company forecast Consumer Group growth of 7% to 8% for the financial year ending July 2024. "The Consumer Group guidance for FY24 is lighter than expected," Morningstar analyst Julie Sharma said. Intuit's main products include QuickBooks, TurboTax, Credit Karma, and Mailchimp among others, that serve more than 100 million customers by managing a wide range of accounting services. "We were expecting slightly better Credit Karma results," said Sharma, adding it appears that challenges regarding loans were worse than she expected. The company expects annual revenue between $15.89 billion and $16.11 billion, compared with market estimate of $15.99 billion.

Persons: Morningstar, Julie Sharma, Sharma, Jaspreet Singh, Shailesh Organizations: Intuit, Wall, Consumer, Consumer Group, Thomson Locations: TurboTax, View , California, Bengaluru

☆ Lockheed's Sikorsky wins $2.7 billion U.S. Navy contract
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

A Sikorsky CH-53K King Stallion helicopter is seen in Berlin, Germany, April 26, 2018. REUTERS/Axel Schmidt/file photo Acquire Licensing RightsAug 24 (Reuters) - Sikorsky, a unit of Lockheed Martin (LMT.N), said on Thursday it was awarded a $2.7 billion contract by the U.S. Navy to build 35 additional CH-53K helicopters. The agreement includes 12 U.S. Marine Corps Lot 7 aircraft, 15 U.S. Marine Corps Lot 8 aircraft, and eight aircraft for Israel. "This contract award for 35 CH-53K helicopters stabilizes Sikorsky's nationwide supply base, creates additional production efficiencies," said Sikorsky's president Paul Lemmo. Sikorsky said it will begin delivery of these aircraft in 2026.

Persons: Axel Schmidt, Lockheed Martin, Paul Lemmo, Sikorsky, Pratyush Thakur, Shailesh Organizations: Sikorsky, King Stallion, REUTERS, Lockheed, U.S . Navy, Berlin Air, . Marine Corps, U.S . Marine Corps, Thomson Locations: Berlin, Germany, Israel, Bengaluru

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