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☆ Sweden's NATO Accession and Turkey's Bid to Buy F-16 Jets Should Be Kept Separate, Erdogan Says
▼ + stars: | 2023-09-10 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

ANKARA (Reuters) - U.S. President Joe Biden's administration is linking F-16 fighter jet sales to Turkey with Turkish ratification of Sweden's NATO membership bid, and this "seriously upsets" Ankara, President Tayyip Erdogan said on Sunday. Biden made a connection between the supply of F-16s and Turkish action in ratifying Sweden's application to join NATO, Erdogan said. After months of objections, Erdogan agreed at a NATO summit in July to forward Sweden's NATO bid to the Turkish parliament for ratification. "It is not possible for me to say 'yes' (to Sweden's NATO membership bid) alone unless such a decision is approved by (our) parliament." Stockholm recently voiced hope that Turkish lawmakers would ratify its NATO bid when they reconvene in October, as agreed at the NATO summit in July.

Persons: Joe Biden's, Tayyip Erdogan, Erdogan, Biden, Lockheed Martin Corp's, Jake Sullivan, extraditing, Sweden's, Krishn Kaushik, Aftab Ahmed, Huseyin Hayatsever, Mark Heinrich Organizations: NATO, Lockheed, U.S . National, Kurdistan Workers Party, European Union, Turkish Locations: ANKARA, Turkey, Ankara, New Delhi, U.S, Washington, Turkish, Sweden, United States, Stockholm, Finland, Russia, Ukraine, Hungary, Budapest

☆ Sweden's NATO accession and Turkey's bid to buy F-16 jets should be kept separate -Erdogan
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +3 min

Biden made a connection between the supply of F-16s and Turkish action in ratifying Sweden's application to join NATO, Erdogan said. After months of objections, Erdogan agreed at a NATO summit in July to forward Sweden's NATO bid to the Turkish parliament for ratification. "It is not possible for me to say 'yes' (to Sweden's NATO membership bid) alone unless such a decision is approved by (our) parliament." Stockholm recently voiced hope that Turkish lawmakers would ratify its NATO bid when they reconvene in October, as agreed at the NATO summit in July. While Finnish membership was sealed in April, Sweden's bid remains held up by Turkey and Hungary.

Persons: Tayyip Erdogan, Adnan Abidi, Joe Biden's, Erdogan, Biden, Lockheed Martin Corp's, Jake Sullivan, extraditing, Sweden's, Krishn Kaushik, Aftab Ahmed, Huseyin Hayatsever, Mark Heinrich Our Organizations: REUTERS, Rights, NATO, Lockheed, U.S . National, Kurdistan Workers Party, European Union, Turkish, Thomson Locations: New Delhi, India, Rights ANKARA, Turkey, Ankara, U.S, Washington, Turkish, Sweden, United States, Stockholm, Finland, Russia, Ukraine, Hungary, Budapest

Weak mobile demand during a global economic slowdown has caused Arm's revenue to stagnate. The future growth driver is to expand market share in the Windows PC market," said Ryuta Makino, a research analyst at Gabelli Funds. ARM China has a history of late payments and presents "significant risks" to Arm's business, the company's IPO filing said. Arm said in the filing that it was owed $386.9 million by Arm China as of the end of March. Arm's chief financial officer has told investors during the marketing of the IPO that the company was not concerned about being paid back.

Persons: Dado Ruvic, Rene Haas, Ryuta Makino, Arm, Echo Wang, Svea, Bayliss, Max Cherney, Greg Roumeliotis, Richard Chang Organizations: REUTERS, Arm Holdings, stagnate, Vision Fund, Apple Inc, Nvidia Corp, Inc, Apple, Windows, Gabelli, Sales, ARM, Arm, Svea Herbst, Thomson Locations: China, United States, Arm China, ARM China, New York, San Francisco

Sept 7 (Reuters) - Insulet Corp's (PODD.O) shares hit an over three-year low on Thursday on concerns that strong demand for a new class of diabetes drugs that also aid in weight loss could hit sales of its insulin pumps. CEO James Hollingshead said at the Wells Fargo Healthcare Conference that GLP-1 drugs, which are used to treat type-2 diabetes and obesity, could delay the onset of insulin dependency in diabetes patients. GLP-1s are highly effective weight-loss drugs that some analysts predict could become a $100 billion market by 2030. Shares of Massachusetts-based Insulet fell about 12% to $170.87 and were on track to wipe off about $1.6 billion from the company's market capitalization if losses hold. Insulet manufactures and sells insulin delivery devices, which eliminate the need for multiple daily injections for people with insulin-dependent diabetes.

Persons: James Hollingshead, Novo, Trang Ly, Bhanvi, Anil D'Silva Organizations: Wells, Healthcare Conference, New England, of Medicine, Massachusetts, Thomson Locations: Bengaluru

☆ SoftBank's Arm aims for over $52 bln valuation in biggest US IPO of the year
▼ + stars: | 2023-09-05 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +5 min

The valuation that Arm is chasing now represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsReuters first reported on SoftBank's proposed price range for the IPO on Saturday. If the underwriters exercise their right to buy shares in Arm in full as part of 'greenshoe option', it would take the IPO amount to be raised to $5.2 billion. Arm expects to trade on the Nasdaq Global Select Market under the symbol "ARM".

Persons: Group's, SoftBank, Jamie Mills O’Brien, Abrdn, Kim Kyung, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Rights Reuters, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: United Kingdom, China, United States, New York, Tokyo, Japan, Bengaluru, London

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

☆ Nvidia's market cap climbs amid tech turbulence in August
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. Nvidia's shares surged last month, boosted by its quarterly revenue forecast, which exceeded analyst expectations as the artificial intelligence boom fuels demand for its chips. The market capitalization of Apple (AAPL.O) and Microsoft Corp's (MSFT.O) shares declined 4.4% and 2.4%, respectively, while Meta Platforms Inc's shares fell 7.1%. Meanwhile, Berkshire Hathaway's (BRKa.N) market cap rose over 2% last month, as its shares touched a record high after the company's quarterly operating profit topped $10 billion for the first time. Reuters GraphicsIn China, Tencent Holdings'(0700.HK) market cap declined about 9% last month, as its core gaming business experienced weaker-than-expected growth in the quarter through June.

Persons: Dado Ruvic, behemoths, Apple, Johnson, Patturaja Murugaboopathy, Gaurav Dogra Organizations: NVIDIA, REUTERS, Nvidia, Reuters, Apple, Microsoft, Berkshire Hathaway's, Reuters Graphics, Tencent Holdings, HK, Thomson Locations: Berkshire, China, U.S, Bengaluru

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. Toyota, which restarted operations at its Japanese assembly plants on Wednesday, has seen production recovering this year. The company said its global sales had risen 8% in July from the same month a year earlier to a record 859,506 vehicles. It also reported a 15% increase in global production in that month. Toyota's global production is likely to reach around 10.2 million vehicles this year, topping 10 million for the first time, Nikkei reported late on Wednesday.

Persons: David, Dee, Delgado, Maki Shiraki, Daniel Leussink, David Dolan, Christopher Cushing, David Holmes Organizations: New York, REUTERS, Rights, Toyota Motor Corp, Toyota, Lexus, Nikkei, Thomson Locations: Manhattan , New York City, U.S, Japan, China, United States, Europe

☆ What happened to shut down Toyota's production in Japan?
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +4 min

WHAT HAPPENED TO SHUT DOWN TOYOTA'S PRODUCTION IN JAPAN? Toyota's production has been recovering this year, so the outage could be potentially more costly than the 2022 shutdown. Toyota's production in Japan - about a third of its global output - averaged about 13,500 vehicles a day in the first half of the year, Reuters calculations showed. WHAT IS TOYOTA'S PRODUCTION AND SUPPLIER MANAGEMENT SYSTEM? Toyota's system of lean production and just-in-time parts delivery has been adopted across the auto industry and widely studied.

Persons: Taichi Ono, Wiggly, Koji Sato, Akio Toyoda, Tesla, Daniel Leussink, Satoshi Sugiyama, Kevin Krolicki, Christopher Cushing Organizations: Toyota, Kyodo, REUTERS Acquire, Kojima Industries, Lexus, Daihatsu, Hino, TOYOTA, ITS, Thomson Locations: Toyota, Aichi Prefecture, Japan, JAPAN, United States

☆ Commerce chief says US firms complain China is 'uninvestible'
▼ + stars: | 2023-08-29 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

[1/4] U.S. Commerce Secretary Gina Raimondo and Chinese Premier Li Qiang have a light moment during a meeting at the Great Hall of the People in Beijing, China, August 29, 2023. "Increasingly I hear from American business that China is uninvestible because it's become too risky," she said. Raimondo insists the United States does not want to decouple from China. The United States and China used to be each other's largest trading partners but Washington now trades more with neighbors Canada and Mexico, while Beijing deals more with Southeast Asia. Reuters Graphics Reuters Graphics"All of that creates uncertainty and unpredictability," Raimondo said of recent Chinese actions.

Persons: Gina Raimondo, Li Qiang, Andy Wong, Raimondo, it's, Biden, John Ramig, Buchalter, Raimondo's, Mintz, JP Morgan, " Raimondo, David Shepardson, Joe Cash, Samuel Shen, Clarence Fernandez, Angus MacSwan, Mark Heinrich, Jonathan Oatis, Nick Macfie Organizations: . Commerce, of, People, REUTERS Acquire, Rights, U.S, chipmaker Micron Technology, Beijing, Companies, Micron, Intel, Boeing, Reuters Graphics Reuters, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Washington, United States, U.S, Canada, Mexico, Southeast Asia

☆ Toyota to restart Japan production on Wednesday after system failure
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Toyota suspends production at all 14 domestic assembly plantsSystem failure preventing Toyota from ordering partsCause under investigation, not likely to be a cyberattackPlants make up third of Toyota world output -Reuters calculationStock closes down 0.2%TOKYO, Aug 29 (Reuters) - Toyota Motor (7203.T) will restart operations at its assembly plants in Japan on Wednesday, after a production system malfunction brought domestic output to a halt at the world's biggest-selling automaker. The plants together account for about a third of the automaker's global production, Reuters calculations showed. Toyota's domestic production had been on the rebound after a series of output cuts it blamed on semiconductor shortages. Its Japan output averaged about 13,500 vehicles daily in the first half of the year, Reuters calculations showed. Toyota is a pioneer of just-in-time inventory management, which keeps down costs but means supply chain snarls put production at risk.

Persons: Seiji Sugiura, Satoshi Sugiyama, Miyoung Kim, Kevin Krolicki, Daniel Leussink, David Dolan, Christopher Cushing, Mark Potter Organizations: Toyota, Daihatsu, Hino, Kyodo, REUTERS Acquire, Analysts, Tokai Tokyo Research Institute, Toyota Industries, Thomson Locations: TOKYO, Japan, , Toyota, Aichi Prefecture, China

☆ Bayer says Parkinson's stem cell therapy improves symptoms in initial trial
▼ + stars: | 2023-08-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

FRANKFURT, Aug 28 (Reuters) - Bayer (BAYGn.DE) said an experimental stem cell therapy developed by its U.S. subsidiary BlueRock had shown signs of easing Parkinson’s disease symptoms in an early 12-patient trial. The German drugmaker announced the trial had succeeded in a brief summary in June, saying it was a first for a stem-cell Parkinson's therapy, but held back details for a medical conference. The five participants on a lower dose experienced 0.72 hours longer per day with well-controlled symptoms on average and the time of worsening symptoms was 0.75 hours shorter per day for them. For BlueRock's experimental therapy, the researchers took human pluripotent embryonic stem cells and transformed them into dopamine-producing nerve cells. Parkinson's, for which there is no cure and which affects more than 10 million people worldwide, causes progressive brain damage.

Persons: BlueRock, Christian Rommel, Bayer's, Britain's, Ludwig Burger, Susan Fenton Organizations: FRANKFURT, Bayer, U.S, drugmaker, International Congress, Cambridge University, South Korea's, CHA Hospital, Cyto Therapeutics, Chinese Academy of Sciences, Harvard University, Japan's Kyoto University Hospital, Thomson Locations: Copenhagen, Denmark, Australia, United States

☆ Australia's ANZ Group and Suncorp seek review of $3.2 bln deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru

☆ Australia's ANZ Group and Suncorp seek review of $3.2 billion deal block
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Arm's stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen several high-profile startups postpone their listing plans due to market volatility. Arm said that more than 50% of its royalty revenue for the most recent fiscal year came from smartphones and consumer electronics. The company, whose chip technology powers most smartphones including iPhones, did not reveal the number of shares it is planning to sell and the valuation it will seek. Arm makes money from upfront licensing fees for technology and then a royalty paid on each chip sold by Arm's customers. Arm's chip designs dominate the smartphone industry, but they are also used in laptops made by Apple (AAPL.O) and some Windows machines.

Persons: Dado Ruvic, SoftBank, Arm, Goldman Sachs, JPMorgan Chase, Manya Saini, Jaiveer, Stephen Nellis, Max Cherney, Echo Wang, Anirban Sen, Stephen Coates Organizations: REUTERS, Arm Holdings, Research, Reuters, Vision Fund, SECOND, Acorn Computers, Apple Inc, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, Nvidia Corp, Apple, Nvidia, U.S, Barclays Plc, JPMorgan, Mizuho Financial Group, underwriters, Thomson Locations: U.S, Saudi, China, Arm China, Bengaluru, San Francisco, New York

☆ Indian energy company ONGC Videsh secures 3-yr extension to explore South China Sea
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsMUMBAI, Aug 19 (Reuters) - Indian energy company ONGC Videsh has secured a three-year extension from Vietnam to explore 'Block 128' in the South China Sea, it said in a post on social messaging platform X, formerly known as Twitter. Conflicting territorial claims over South China Sea stretch back many decades but have intensified in recent years as China and its rivals have reinforced their positions on the rocks and reefs they hold. "India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," the company said in its post. ONGC Videsh is the overseas investment arm of India's top oil explorer Oil and Natural Gas Corp (ONGC.NS). China claims virtually the entire mineral-rich South China Sea and has stepped up its military presence there.

Persons: Amit Dave, Videsh, Swati Bhat, Jane Merriman Organizations: Gas, REUTERS, Rights, Twitter, Natural Gas Corp, Thomson Locations: Ahmedabad, India, Vietnam, South China, China, Philippines, Brunei, Malaysia, Taiwan

Arm's sales fell to $2.68 billion in the 12 months ended March 31, hurt by a slump in global smartphone shipments, the source said, requesting anonymity. In May, SoftBank reported that revenue for the year at Arm had grown 5.7% under International Financial Reporting Standards. Arm will disclose its latest financials next week under the U.S. accounting standards, the source added. Reuters had previously reported that SoftBank was aiming to list Arm at a valuation of $60 billion to $70 billion in the IPO. Arm's IPO preparations are being led by Goldman Sachs Group (GS.N), JPMorgan Chase (JPM.N), Barclays Plc (BARC.L) and Mizuho Financial Group.

Persons: SoftBank, Goldman Sachs, JPMorgan Chase, Arm's financials, Anirban Sen, Manya, Shinjini Organizations: Nasdaq, Reuters, Vision Fund, Goldman, JPMorgan, Barclays Plc, Mizuho Financial Group, Bloomberg News, Manya Saini, Thomson Locations: New York, Bengaluru

☆ BAE snaps up Ball's aerospace arm for $5.6 billion in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. He also confirmed the 1.5 billion pound ($1.91 billion) share repurchase announced with its half-year results. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

Persons: Cheney Orr, Tom Arseneault, Chloe Lemarie, Charles Woodburn, Yadarisa Shabong, Chandini, Susan Mathew, Subhranshu Sahu, Jason Neely, Sharon Singleton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Shore Capital, Britain's, British, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Colorado, Bengaluru

☆ BAE Systems snaps up Ball Corp's aerospace arm for about $5.55 bln
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems were down 3% by 0730 GMT. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The proposed deal would be treated as an asset purchase for federal tax purposes, BAE said. ($1 = 0.7856 pounds)Reporting by Yadarisa Shabong in Bengaluru; editing by Subhranshu Sahu and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Cheney Orr, Chloe Lemarie, Charles Woodburn, Morgan Stanley, Yadarisa, Subhranshu Sahu, Jason Neely Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Britain's, Intelligence, Thomson Locations: Huntsville , Alabama, U.S, Colorado, Bengaluru

☆ Trucking firm Estes Express submits $1.3 billion bid for Yellow's shipment centers
▼ + stars: | 2023-08-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers, attorneys said on Thursday at a U.S. bankruptcy court hearing. Yellow's attorney Allyson Smith said the Estes proposal was received while Yellow was negotiating several offers for bankruptcy financing. Apollo initially offered to fund Yellow's bankruptcy with a $142.5 million loan, but instead bowed out after Yellow received competing offers with lower fees and interest rates. The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy.

Persons: Mike Blake, Allyson Smith, Estes, Smith, Craig Goldblatt, Yellow, Judge Goldblatt, Dietrich Knauth, Chris Reese, Cynthia Osterman, Alexia Garamfalvi, Jonathan Oatis Organizations: U.S, Trucking, Express, Citadel, MFN Partners, U.S . Treasury Department, Apollo Global Management, Apollo, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ ANZ Group reports higher late mortgage payments in stiff market
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo/File Photo Acquire Licensing RightsSummaryCompanies Reports rise in customer depositsMarginal increase in gross impaired assetsAug 17 (Reuters) - ANZ Group Holdings (ANZ.AX) said on Thursday late mortgage repayments past 90 days edged higher in the June quarter but were still below historic levels while logging higher customer deposits in a stiff market. The country's fourth-largest bank is still dealing with rising financial stress among mortgage customers as higher cash interest rates put pressure on its margins. "Liability portfolio mix continued a shift towards higher interest rate, lower margin, savings accounts and term deposits," ANZ said in a statement. ANZ recorded a continued growth in retail and institutional customer deposits while flagging a marginal rise in its gross impaired assets.

Persons: Steven Saphore, Rishav Chatterjee, Nausheen, Shilpi Majumdar, Sherry Jacob, Phillips Organizations: New Zealand Banking Group, ANZ, REUTERS, ANZ Group Holdings, Thomson Locations: Australia, Sydney, Bengaluru

☆ FTSE 100 falls at open on BAE drag, hawkish Fed minutes
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.4%, FTSE 250 off 0.3%Aug 17 (Reuters) - UK's FTSE 100 fell at open on Thursday driven by declines in defence stocks after BAE Systems slipped, while global sentiment turned cautious after minutes from the U.S. Federal Reserve's July meeting were perceived to be hawkish. The blue-chip FTSE 100 (.FTSE) was down 0.4% by 0711 GMT, while more domestically focussed FTSE 250 (.FTMC) dropped 0.3%. Shares of BAE Systems (BAES.L) fell 3% after the British defence group said it agreed to buy Ball Corp's (BALL.N) aerospace business for about $5.55 billion in cash. Precious metal miners (.FTNMX551030) fell 0.9% as gold prices touched five-month lows on a stronger dollar and rise in bond yields.

Persons: Toby Melville, Siddarth, Nivedita Organizations: London Stock Exchange, REUTERS, BAE Systems, U.S, U.S . Federal, Bank of Georgia, Thomson Locations: Canary Wharf, London, Britain, U.S ., Bengaluru

[1/2] Idled blast furnaces at U.S. Steel Corp's Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. Two other U.S. rivals, Nucor Corp (NUE.N) and Steel Dynamics Inc (STLD.O), trade at 6.9 times and 5.8 times, respectively, according to Refinitiv data. These two companies' offers both value U.S. steel at 6.2 times its 2024 EBITDA, according to RBC Capital Markets analysts. Unlike blast furnaces, EAFs do not have to be operated at constant rates, allowing them to adjust to fluctuations in steel demand. EAFs also release much less carbon dioxide than blast furnaces, reducing climate-warming emissions.

Persons: David Lawder, EAFs, Joe Biden, Jefferies, David Burritt, Donald Trump, Anirban Sen, David Carnevali, Greg Roumeliotis, Sonali Paul Organizations: . Steel, REUTERS, US Steel, . Steel Corp, Cliffs Inc, Esmark Inc, Reuters, ArcelorMittal SA, Cleveland Cliffs, Nucor Corp, Steel Dynamics Inc, Steel, RBC Capital Markets, U.S, ., Steel's, U.S . Steel, Donald Trump . Supply, Thomson Locations: Granite City, Granite City , Illinois, U.S, Pittsburgh, Cleveland, New York

☆ BAE snaps up Ball's aerospace arm for $5.6 bln in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. The war in Ukraine has led to new demand for those in munitions supply chains, Tom Arseneault, head of BAE's U.S. business, told analysts. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

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