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A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Aug 18 (Reuters) - SoftBank Group Corp (9984.T) has acquired the 25% stake in Arm Ltd it does not directly own from its Vision Fund unit in a deal that values the chip designer at $64 billion, according to people familiar with the matter. Details of the transaction will be unveiled on Monday when Arm makes public the filing for its blockbuster stock market launch, the sources said, requesting anonymity as these discussions are confidential. SoftBank is now expected to sell fewer Arm shares in the initial public offering (IPO) and would likely be retaining a stake of as much as 90% in the company, according to the sources, adding that Arm's capital raise from the IPO will be less than the range of $8 billion to $10 billion it was earlier planning. Reporting by Anirban Sen in New York, additional reporting by Milana Vinn; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirban Sen, Milana Vinn, Chizu Organizations: REUTERS, SoftBank Group Corp, Vision Fund, Thomson Locations: New York

☆ Here's why the surge in bankruptcy filings this year isn't as scary as it sounds
▼ + stars: | 2023-08-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Corporate bankruptcy filings have surged so far this year, already eclipsing the number of bankruptcies in 2022. But there are three reasons why bankruptcy filings aren't as scary as they sound, according to Carson Group. But according to Varghese, there are three reasons why investors shouldn't panic about the recent uptick in bankruptcy filings. But bond investors — even those who buy below-investment-grade debt — have not shown signs of worry. "Bond investors typically sniff out hard economic times for companies well ahead of other investors.

Persons: it's, Sonu Varghese, Varghese, —, Banks Organizations: Carson Group, Service, Bed, Valley Bank, Party, Treasury, Carson, Federal Reserve, Entrepreneurship Locations: Wall, Silicon

[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

Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. Last year, DuPont De Nemours Inc (DD.N) scrapped its $5.2 billion deal to buy electronics materials maker Rogers Corp (ROG.N) after delays in securing approval from Chinese regulators. But Gelsinger also said Intel was investing in its foundry business, which makes chips for other companies, irrespective of the Tower deal. Investors had given up hope on the Tower deal as a result. It has committed to trimming $3 billion in costs this year, with an aim of saving between $8 billion and $10 billion by the end of 2025.

Persons: Dado Ruvic, Pat Gelsinger, Gelsinger, Benjamin Netanyahu, Anirban Sen, Max Cherney, Jamie Freed Organizations: Semiconductor, REUTERS, Intel Corp, chipmaker, Intel, State Administration, Market, DuPont De Nemours Inc, Rogers Corp, Investors, Nasdaq, Taiwan Semiconductor Manufacturing, Thomson Locations: China, United States, Taiwan, Israel, New York, San Francisco

Mark Bristow, CEO of Barrick Gold Co. REUTERS/Shelley Christians/File PhotoTORONTO, Aug 8 (Reuters) - Barrick Gold Corp (ABX.TO) is open to bringing in Saudi Arabia's wealth fund as one of its partners in Pakistan's Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on Tuesday. Barrick Gold owns a 50% stake in Pakistan's Reko Diq mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. He said that Barrick will support PIF coming into the mine through Pakistan's 25% equity stake. Barrick and Saudi's state-owned mining company Ma'aden jointly operate a copper project in Jeddah.

Persons: Mark Bristow, Shelley Christians, Barrick, Bristow, PIF, Divya Rajagopal, Mark Porter, Conor Humphries Organizations: Barrick Gold , Reuters, Mining, REUTERS, TORONTO, Barrick Gold Corp, Pakistan's, Barrick, Minerals, Barrick Gold, Saudi Arabia's Public Investment Fund, Ma'aden, Thomson Locations: Cape Town , South Africa, Saudi, Pakistan's, Pakistan, Balochistan, Saudi Arabia, Islamabad, Saudi's, Jeddah, PIF, VALE3

☆ Blackstone to submit bid for stake in India's Cipla- report
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

Employees and security staff work at the reception area of Cipla at its headquarters in Mumbai, India June 17, 2015. REUTERS/Danish Siddiqui/FILE PHOTOAug 4 (Reuters) - U.S. based private equity fund Blackstone (BX.N) will submit a bid next week to acquire a 33.47% stake in Indian drugmaker Cipla (CIPL.NS), the Economic Times reported on Friday, citing people in the know. Reporting by Manvi Pant in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Manvi, Savio D'Souza Organizations: REUTERS, Danish, Blackstone, Economic Times, Thomson Locations: Cipla, Mumbai, India, Manvi Pant, Bengaluru

[1/2] The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. Subway expects to fetch well over $9 billion in a deal, and it remains uncertain whether TDR and Sycamore can meet its price expectations, the sources said. Private equity firm Advent International, which had teamed up with Goldman Sachs Asset Management on a bid for Subway, has dropped out of the process, the sources said. Goldman Sachs (GS.N) may decide to team up with one of the other bidders, the sources added. Subway, Roark and TDR did not immediately respond to requests for comment.

Persons: Thomas White, Goldman Sachs, Roark, Jimmy John's, Jimmy John’s, TDR, Fred DeLuca, Peter Buck, Anirban Sen, Abigail Summerville, Nick Zieminski Organizations: REUTERS, TDR Capital, Sycamore Partners, Roark Capital, International, Goldman Sachs, Management, Subway, Bloomberg News, JPMorgan Chase &, Reuters, Thomson Locations: Sycamore, Champaign , Illinois, Milford , Connecticut, Bridgeport , Connecticut, The Milford , Connecticut, U.S, New York

REUTERS/Brendan McDermid/File PhotoNEW YORK, Aug 3 (Reuters) - KKR & Co Inc (KKR.N) is in advanced talks to acquire book publisher Simon & Schuster from Paramount Global (PARA.O) for $1.65 billion, according to people familiar with the matter. KKR was competing against bidders including News Corp (NWSA.O)-owned HarperCollins Publishers for Simon & Schuster and investor Richard Hurowitz, the sources said. The Wall Street Journal reported the advanced talks between KKR and Paramount earlier on Thursday. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, which led to a collapse of the deal. Simon & Schuster publishes authors including Stephen King, Jennifer Weiner, and former U.S. presidential candidate Hillary Clinton.

Persons: Brendan McDermid, Simon & Schuster, Richard Hurowitz, Simon, Schuster, Hurowitz, Stephen King, Jennifer Weiner, Hillary Clinton, King, Anirban Sen, Milana, Sandra Maler Organizations: KKR, New York Stock Exchange, REUTERS, Co Inc, Paramount Global, News Corp, HarperCollins Publishers, Simon &, Reuters, Paramount, Penguin Random, HarperCollins, Street Journal, Penguin, U.S . Justice Department, Bertelsmann, Simon, Schuster, Thomson Locations: New York, U.S

A view shows Ambuja Cement bags, to be carried to a construction site, in a load carrier in Ahmedabad, India, July 29, 2022. REUTERS/Amit Dave/File PhotoNEW DELHI, Aug 1 (Reuters) - India's Ambuja Cements (ABUJ.NS) has reached a deal to acquire a majority stake in operations of Sanghi Industries (SNGI.NS), two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani's firm. The deal by Ambuja is likely to be announced as soon as Wednesday, the sources said, declining to be named because the decision is not public. One of the sources said the deal was done by considering Sanghi's enterprise value at 60 billion rupees ($729 million). Sanghi Cement declined to comment.

Persons: Amit Dave, Gautam Adani's, Ambuja, Adani, Aditya Kalra, Leslie Adler Organizations: REUTERS, Sanghi Industries, Economic, Sanghi, UltraTech, ACC Ltd, Adani Group, Reuters, Thomson Locations: Ahmedabad, India, Gujarat

☆ Tesla to cut prices on some Model 3, Model Y in HK -media
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: 1 min

Companies Tesla Inc FollowBEIJING, July 31 (Reuters) - U.S. automaker Tesla (TSLA.O) is set to cut prices on multiple variants of its Model 3 and Model Y vehicles in Hong Kong from Aug. 4, Hong Kong Economic Times reported on Monday. The discounts would range from 6% to 11.9%, according to the report. Reporting by Beijing NewsroomOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla Organizations: Tesla Inc, BEIJING, U.S, Hong Kong Economic Times, Beijing, Thomson Locations: Hong Kong

☆ VW cuts 2023 deliveries outlook, aims to boost cash flow
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

Supply of key components such as semiconductors had improved but transport and logistics delays weighed on the first half, Volkswagen said. Still, it expected significantly shorter waiting times in the second half and said demand was stable with order books full at 1.65 million vehicles. Reuters GraphicsWorldwide, the Volkswagen Group delivered 2.3 million vehicles in the period from April to June, 18% more than in the same period last year. The focus for the second half is now on strengthening net cash flow," said Chief Financial Officer Arno Antlitz. In May, Volkswagen said it had sold its shares in Volkswagen Group Rus to Art-Finance, which is supported by autodealer group Avilon.

Persons: DAX, Arno Antlitz, Cupra, Miranda Murray, Rachel More, David Goodman Organizations: VW, BERLIN, Volkswagen, Benz, Renault, Graphics Worldwide, Volkswagen Group, VW Commercial Vehicles, Skoda, Audi, Lamborghini, Bentley, Ducati, Reuters Graphics Reuters, Rus, Art, Finance, Victoria, Thomson Locations: Kaluga

☆ Meet the contrarian VC: Why Mayfield's Navin Chaddha is writing more checks than ever before while other investors pull back
▼ + stars: | 2023-07-26 | by ( Vishal Persaud | ) www.businessinsider.com time to read: +5 min

The longtime VC firm just announced a new $250 million seed fund focused on AI. In tough economic times, the firm's leader, Navin Chaddha, believes it's a prime time to invest. That has essentially been Navin Chaddha's mantra since he took over the reins at venture-capital stalwart Mayfield Fund in 2009. With a dedicated $250 million AI seed war chest, Mayfield is now prepared to lean in even more. "We believe that AI will emerge as our teammate and that the Gen.AI wave will create many iconic companies," Chaddha said in a press release.

Persons: Mayfield, Navin Chaddha, it's, Navin, that's, Chaddha, – who's, Forbes, –, Vijay Reddy, Reddy Organizations: VC, Mayfield Fund, Mayfield, Tiger, Insight Partners, Clear Ventures, Intel Capital, Wing Venture Locations: Bessemer, Sequoia

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

☆ India rejects BYD's $1 bln factory proposal -Economic Times
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 22 (Reuters) - India has rejected Chinese automaker BYD Co's (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Reuters could not independently verify the contents of The Economic Times' report. India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.

Persons: BYD, Sarita Chaganti Singh, Jason Neely Organizations: Engineering, Infrastructure Ltd, Economic Times, Reuters, India's Department of Commerce, Department, Promotion of Industry, Internal, Thomson Locations: DELHI, India, Hyderabad

[1/2] Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this illustration taken January 18, 2022. Nonetheless, Microsoft, which makes the Xbox gaming console, has been seeking the contract extension to ensure that Activision is not wooed by another potential acquirer or has a change of heart, the source said. The terms of the extension under negotiation and whether it would come with more financially advantageous terms for Activision could not immediately be learned. Microsoft and Activision did not immediately respond to requests for comment. Microsoft and Activision are negotiating potential remedies with the Competition and Markets Authority (CMA) which they hope will appease its antitrust concerns.

Persons: Dado Ruvic, Anirban Sen, Matthew Lewis, Stephen Coates Organizations: Microsoft, Activision, REUTERS, Microsoft Corp, Competition, Markets Authority, CMA, Sony Group, Sony, U.S . Federal, Thomson Locations: Britain, U.S, New York

[1/2] Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan AlcornJuly 14 (Reuters) - Creative Artists Agency (CAA) is in advanced talks to sell a majority stake to French billionaire Francois-Henri Pinault in a deal that could value the Hollywood talent agency at over $7 billion, according to a person familiar with the matter. CAA did not immediately respond to a request for comment, and spokespeople for Pinault and for TPG declined to comment. In 2021, CAA announced a deal to buy major Hollywood rival ICM Partners. Bloomberg first reported the talks between Pinault and CAA.

Persons: Jonathan Alcorn, Francois, Henri Pinault, Pinault, Kering, Salma Hayek, Tom Hanks, Zendaya, Steven Spielberg, Ariana Grande, Beyonce, Gursimran Kaur, Jyoti Narayan, Rishabh, Muralikumar Anantharaman, John Stonestreet Organizations: Creative Artists Agency, REUTERS, Hollywood, Gucci, TPG, CAA, ICM Partners, Bloomberg, Thomson Locations: Los Angeles , California, Los Angeles, Pinault, Bengaluru

☆ Foxconn may partner with TSMC and TMH to set up fabrication units - ET
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File PhotoJuly 14 (Reuters) - Foxconn (2317.TW) is in talks with Taiwan Semiconductor Manufacturing Co (2330.TW) and Japan's TMH Group for technology and joint venture partnerships to start semiconductor fabrication units in India, the Economic Times reported on Friday. Reporting by Chandni Shah in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Chandni Shah, Krishna Chandra Organizations: REUTERS, Taiwan Semiconductor Manufacturing, Economic Times, Thomson Locations: New Taipei City, Taiwan, India, Bengaluru

☆ Exclusive: Bonderman's Wildcat seeks to thwart $2.9 billion Consolidated Communications deal
▼ + stars: | 2023-07-12 | by ( Anirban Sen | Thomson Reuters | Anirban Sen Is The Editor In Charge For U.S. M A At Reuters In New York | ) www.reuters.com time to read: +3 min

Wildcat said it owned 3 million Consolidated Communications shares, equivalent to about a 2.6% stake. The offer was made on April 12 by a consortium led by private equity firm Searchlight Capital, which owns 34% of Consolidated Communications. Consolidated Communications formed a special committee to consider the offer later that month but has not provided an update since. TD Cowen analysts wrote in an April 13 note that they expected Consolidated Communications to accept the deal given its capital needs and operational challenges. But Wildcat argues that any deal should not be for less than $14 per share because the value of Consolidated Communications' investment in its business has yet to be realized.

Persons: David Bonderman, Wildcat, TD Cowen, Tom McConnon, McConnon, Anirban Sen, Greg Roumeliotis, Edwina Gibbs, Jonathan Oatis Organizations: YORK, Wildcat Capital Management LLC, TPG, Consolidated Communications Holdings Inc, Consolidated Communications, Reuters, Searchlight Capital, Consolidated Communications . Consolidated Communications, Apollo Global Management, Lumen Technologies, Sorrento Therapeutics Inc, Thomson Locations: New York, , Illinois, Sorrento

☆ Temu is baiting Amazon with 90% Prime Day discounts. Amazon wants nothing to do with the Chinese site.
▼ + stars: | 2023-07-12 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Temu may have better deals than Amazon during Prime Day. Prime Day shoppers may find lower prices on Temu. On Temu, it seems like every day is "Prime Day." Temu added nearly 10 million new daily users this year and now has about 16.5 million users, Intelligence firm GWS found. The firm also saw a decline in Amazon's daily app from 54 million to 46 million users daily.

Persons: isn't, Temu, GWS, Jason Del Rey, Paul Carter Organizations: Prime, Reuters, Amazon, PDD Holdings, Bloomberg, Intelligence, Bank of America, Walmart Locations: GVM

OTTAWA, July 11 (Reuters) - Canada's corporate ethics watchdog on Tuesday launched separate investigations into Nike Canada (NKE.N) and Dynasty Gold (DYG.V) to probe allegations that they used or benefited from forced Uyghur labor in their supply chains and operations in China. Nike Canada and Dynasty Gold are alleged to have or have had supply chains or operations in China identified as using or benefiting from the use of Uyghur forced labor, the Ombudsperson said in the statement. In the last couple of years several large U.S. and Canadian multinational companies have been accused of using Uyghur forced labor either directly or in their supply chains. The initial assessment into Nike details supply relationships with Chinese companies identified as using or benefiting from the use of Uyghur forced labor. The complaint against Dynasty Gold is that it benefited from the use of Uyghur forced labor at a mine in China in which the company holds a majority interest.

Persons: Ombudsperson Sheri Meyerhoffer, Ismail Shakil, Divya Rajagopal, Chris Reese, Sandra Maler Organizations: OTTAWA, Nike Canada, Responsible Enterprise, CORE, Reuters, U.S . Securities, Exchange Commission, Nike, Thomson Locations: China, Xinjiang, Beijing, Canadian, Ottawa, Toronto

July 10 (Reuters) - Morgan Stanley (MS.N) has hired senior investment banker Marco Caggiano from JPMorgan Chase & Co (JPM.N), where he led the bank's North America mergers and acquisitions (M&A) business, people familiar with the matter said on Monday. Caggiano, a veteran investment banker who spent 23 years with JPMorgan, will join Morgan Stanley as vice chairman of M&A, the sources said. JPMorgan and Morgan Stanley declined to comment. Caggiano trained as a lawyer and worked at Paul Hastings before he joined JPMorgan. He was co-head of North America M&A before Chris Roop, his other co-head, exited JPMorgan last year to join Jefferies Financial Group Inc (JEF.N).

Persons: Morgan Stanley, Marco Caggiano, Caggiano, Elon Musk, Paul Hastings, Chris Roop, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis Organizations: JPMorgan Chase &, JPMorgan, Twitter Inc, Elon, Zynga, Hasbro Inc, Alta Fox, Jefferies Financial Group Inc, Svea, Thomson Locations: America, Rhode Island, New York

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), confirmed on Thursday it is in talks with potential buyers to explore a sale of the company, after Reuters reported on the talks. In a statement, Cronos said it "is in the initial stages of reviewing these indications of interest." The future of the cannabis industry is uncertain as more favorable regulatory regimes in North America have fueled fierce competition among more companies. For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report.

Persons: Cronos, Curaleaf, Altria, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang, David Gregorio Our Organizations: YORK, Cronos, Altria, Reuters, Curaleaf Holdings, U.S, Thomson Locations: U.S, Toronto, North America, Cronos, New York

NEW YORK, July 6 (Reuters) - Cronos Group Inc (CRON.TO), the Canadian cannabis producer backed by cigarette maker Altria Group Inc (MO.N), is exploring options that include a potential sale after attracting acquisition interest, people familiar with the matter said. Shares of Cronos jumped as much as 25% in Toronto on the news, giving the company a market value of C$1.03 billion ($771.13 million). For the first quarter, Cronos posted a net loss of $19.3 million, compared with a loss of $32.7 million a year ago. Cronos has total cash, including short-term investments, of about $836.43 million, according to its first-quarter report. Altria, which holds a 41% stake in Cronos, invested $1.8 billion in the company in 2019.

Persons: Altria, Cronos, Joe Biden's, Anirban Sen, Abigail Summerville, Leslie Adler, Richard Chang Organizations: YORK, Cronos, Altria, Curaleaf Holdings, U.S, Thomson Locations: Toronto, U.S, North America, Cronos, New York

Philip Meeson, who built Jet2 into Britain's biggest seller of package holidays, will step down as executive chairman and leave the board later this year, the company also said. The Leeds-based company overtook former package holiday market leader TUI last year, and said it was confident of future demand despite the pressure on disposable incomes from high inflation and rising interest rates. "The end-to-end package holiday is a resilient and popular product, particularly during difficult economic times," Jet2 said. For the 12 months to the end of March, Jet2 posted pretax profit before foreign exchange revaluation of 390.8 million pounds ($497 million), within its guidance range of 387-392 million pounds. ($1 = 0.7865 pounds)Reporting by Sarah Young Editing by James Davey, Mark Potter, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Philip Meeson, Meeson, TUI, Jet2, Mark Simpson, Sarah Young, James Davey, Mark Potter, Elaine Hardcastle Organizations: Channel, Thomson Locations: British, Britain, Leeds, Jet2

☆ India's Jio set to sign $1.7 bln deal with Nokia for 5G equipment - Economic Times
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 6 (Reuters) - India's Reliance Jio Infocomm is likely to sign a contract worth $1.7 billion with Nokia (NOKIA.HE) this week to purchase 5G network equipment, the Economic Times reported on Thursday, citing people aware of the matter. The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added. Jio and Nokia did not immediately respond to Reuters' requests for a comment. Jio snapped up airwaves worth $11 billion in a 5G spectrum auction last August and had launched 5G services in several cities. Swedish telecommunication company Ericsson (ERICb.ST) had in October last year, announced a partnership with Jio to build a 5G standalone network in India.

Persons: Jio, JP Morgan, Finnvera, Varun Vyas, Rashmi Aich Organizations: Nokia, Economic Times, Reliance Industries, Google, HSBC, Citigroup, Ericsson, Thomson Locations: BENGALURU, Helsinki, Finland, India, Swedish, Bengaluru

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