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☆ WeWork seeks to regain listing compliance with 1-for-40 reverse stock split
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Kate Munsch Acquire Licensing RightsAug 18 (Reuters) - WeWork (WE.N) said on Friday it would proceed with a one-for-forty reverse stock split of its outstanding class A and class C common stock, in order to regain compliance with the New York Stock Exchange's listing norms. WeWork had received a non-compliance notice from the New York Stock Exchange in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. It had six months to regain compliance after receiving the notice. The reverse stock split, authorized by shareholders earlier, will help regain compliance with the $1.00 per share minimum closing price required for continued listing, WeWork said. The reverse stock split will be effective at market close on Sept. 1.

Persons: Kate Munsch, WeWork, Shivansh Tiwary, Krishna Chandra Organizations: REUTERS, New York Stock, New York Stock Exchange, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ Farfetch shares plunge as weak demand in US, China slams 2023 outlook
▼ + stars: | 2023-08-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Branding for online fashion house Farfetch is seen at the company headquarters in London, Britain January 31, 2018. REUTERS/Toby Melville Acquire Licensing RightsAug 18 (Reuters) - Shares of Farfetch (FTCH.N) slumped nearly 40% to a record low on Friday, as choppy demand in the online luxury goods retailer's top two markets, the United States and China, drove a gloomy annual sales outlook. Farfetch projected total gross merchandise value, or the total dollar value of orders processed - a key revenue metric - to be about $4.4 billion for 2023, compared with prior expectations of $4.9 billion. As of Thursday's close, Farfetch had a market capitalization of about $1.68 billion, per Refinitiv data. Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Farfetch, José Neves, Morgan, Keybanc, Oliver Chen, Cowen, Marvin Fong, Fong, Deborah Sophia, Krishna Chandra Organizations: REUTERS, Thomson Locations: London, Britain, United States, China, U.S, Mainland China, J.P, Bengaluru

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. The regional health insurance provider will still retain CVS Caremark for managing specialty drugs, which are costly medications used to treat complex conditions like cancer and rheumatoid arthritis. Other analysts highlighted difficulties in shifting to a different model than the one offered by companies like CVS - which provide other services including home drug delivery and reimburse pharmacies for patients' prescriptions. Amazon Pharmacy will provide at-home delivery of prescription drugs as well as upfront pricing, while Mark Cuban Cost Plus Drug Company will provide access to generic drugs, Blue Shield said. Blue Shield of California's other partners include privately held Abarca for processing claims related to prescription drugs, while smaller PBM Prime Therapeutics will work to negotiate savings with drugmakers.

Persons: Dado Ruvic, Cigna, UnitedHealth, Mark, Elizabeth Anderson, J.P, Morgan, Lisa Gill, Gill, Blue, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai, Krishna Chandra Eluri, Frances Kerry Organizations: CVS, REUTERS, Amazon, Cigna, UnitedHealth, Evercore ISI, Mark Cuban, Plus, Thomson Locations: Bengaluru

☆ Canadian fintech investment shrinks in first half of 2023 - report
▼ + stars: | 2023-08-17 | 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: +2 min

Aug 17 (Reuters) - Investment in Canada's financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday. Reuters GraphicsIn comparison, the first half of 2022 saw $834.1 million invested across 109 deals. In the second half, $1.09 billion was invested across 87 deals, the report said. "We could see some stability coming back to financing markets by the end of 2023 or early 2024. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: PitchBook, Geoff Rush, Georges Pigeon, Manya Saini, Krishna Chandra Organizations: KPMG, Reuters, Canada, Thomson Locations: Canada, Bengaluru

☆ Singapore's Sea misses Q2 revenue estimates on weak e-commerce sales
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Southeast Asian e-commerce and gaming group Sea Ltd's sign is pictured at its office in Singapore, March 5, 2021. Tepid spending amid a challenging macroeconomic outlook pressured Sea's e-commerce business Shopee and caused a steep decline in its mobile gaming business. After a meteoric run in 2020 and part of 2021, with multiple quarters of triple-digital revenue increases, Sea's growth tapered as the pandemic-fueled boom in e-commerce and digital entertainment waned. Revenue grew over 5% from a year earlier to $3.10 billion, compared with analysts' estimate of $3.20 billion, according to Refinitiv data. E-commerce revenue, which contributes about two-thirds of the company's top-line, grew about 21% to $2.1 billion from a year earlier, but missed expectations of $2.25 billion.

Persons: Edgar Su, Sea's, Shopee, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Technology, Sea Ltd, Asia's, Revenue, Thomson Locations: Singapore, India, Europe, Bengaluru

☆ BioXcel to cut over 50% of jobs as it pivots focus to agitation drug
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Companies BioXcel Therapeutics Inc FollowAug 14 (Reuters) - BioXcel Therapeutics Inc (BTAI.O) said on Monday it will reduce its workforce by more than 50% to 80 employees from about 190, as the drugmaker shifts its focus towards developing its agitation treatment. The drug, sold under the brand name Igalmi in the U.S., is already approved for use in hospital settings to treat agitation in adult patients with schizophrenia or bipolar disorder. The company plans to reduce in-hospital commercialization expenses, and suspend trials that it no longer deems core to its business. With the job cuts, BioXcel aims to reduce more than 50% of its cash burn to about $80 million on a go-forward annualized basis. Its cash and cash equivalents totaled to $127.5 million as of June 30, compared with $165.5 million as of March 31.

Persons: Sriparna Roy, Krishna Chandra Organizations: BioXcel Therapeutics, BioXcel Therapeutics Inc, Oaktree Fund Administration, Qatar Investment Authority, Thomson Locations: U.S, Bengaluru

☆ BioXcel announces job cuts to focus on agitation related treatment
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

Companies BioXcel Therapeutics Inc FollowAug 14 (Reuters) - BioXcel Therapeutics Inc (BTAI.O) said on Monday it will reduce its workforce to 80 employees from about 190, as the drugmaker shifts its focus to treatments for agitation. The company said it will prioritize development of its drug BXCL501, being evaluated for use in at-home settings for treatment of agitation related to schizophrenia, bipolar disorders and in patients with mild-to-moderate dementia due to probable Alzheimer's disease. Shares of the company were halted during premarket trading. Reporting by Sriparna Roy in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Sriparna Roy, Krishna Chandra Organizations: BioXcel Therapeutics, BioXcel Therapeutics Inc, Thomson Locations: Bengaluru

☆ Netflix to make its games playable on more devices
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File PhotoAug 14 (Reuters) - Netflix (NFLX.O) will test games on select TVs and computers in a first step to make them playable on more devices, the company's vice president of Games Mike Verdu wrote in a blog post on Monday. The streaming platform had begun its push into the gaming experience by launching Netflix games on mobiles in November 2021. "Oxenfree" from Night School Studio, a Netflix Game Studio, and "Molehew's Mining Adventure", a gem-mining arcade game, will be part of the initial testing. "By making games available on more devices, we hope to make games even easier to play for our members around the world," Verdu said. Netflix said games on TV will operate on select devices from initial partners Amazon Fire TV Streaming Media Players, Chromecast with Google TV and Roku devices, among others.

Persons: Mike Blake, Mike Verdu, Verdu, Samrhitha, Krishna Chandra Organizations: Netflix, REUTERS, Night School, Amazon, Google, Thomson Locations: Los Angeles , California, U.S, Canada, United Kingdom, Bengaluru

REUTERS/Phil NobleAug 14 (Reuters) - Ford Motor (F.N) on Monday named former Apple (AAPL.O) executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services. Stern, who previously oversaw Apple TV+, iCloud and Apple News+, will report to Ford CEO Jim Farley. In his new role, Stern will focus on integrating hardware, software and services across the company's Ford Blue, Model e and Ford Pro units. Ford now has more than 550,000 paid software and services subscribers, more than 80% of them through the Ford Pro commercial unit. "The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services," Stern said.

Persons: Phil Noble, Peter Stern, Stern, Jim Farley, Ford, Doug Field, Michael Abbott, Farley, Ford's, We're, Nathan Gomes, Paul Lienert, Krishna Chandra Eluri, Sharon Singleton, Jonathan Oatis Organizations: Ford, REUTERS, Monday, Apple, Ford Integrated Services, Ford Pro, General, Thomson Locations: Liverpool, Britain, United States, Bengaluru, Detroit

☆ Canoo finalizes incentive package with Oklahoma, Cherokee Nation
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A view shows a Canoo LTV (Light Tactical Vehicle) electric vehicle, produced for the U.S. Army, at a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File PhotoAug 14 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) said on Monday it finalized incentive agreements with the state of Oklahoma and the North American tribe Cherokee Nation, for an estimated value of $113 million over 10 years. As part of the agreements, Canoo said it has already started hiring for its vehicle assembly facility in Oklahoma City and the battery manufacturing factory in Pryor. Canoo, which will invest more than $320 million at both its facilities in the state, had entered into a long-term lease agreement for the vehicle manufacturing facility in Oklahoma City earlier this year. Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Canoo, Tanya Jain, Akash Sriram, Krishna Chandra Organizations: LTV, U.S . Army, REUTERS, Cherokee, Department of Commerce, Thomson Locations: Livonia , Michigan, U.S, Oklahoma, Oklahoma City, Pryor ., Bengaluru

☆ FC Barcelona unit to list in US via $1 bln SPAC deal
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

A silhouette of a woman walks past behind a FC Barcelona's logo at Camp Nou stadium in Barcelona, Spain, March 24, 2016. REUTERS/Albert Gea/File PhotoAug 11 (Reuters) - Spanish soccer club FC Barcelona has agreed to list its content creation unit Barca Media on Nasdaq through a merger with a special purpose acquisition company, valuing the combined entity at $1 billion. The club said on Friday the deal will fetch new capital for Barca Media, a segment that FC Barcelona expects will be "an important source of revenue in the coming years". Barca Media will start trading on Nasdaq after the deal with Mountain & Co I Acquisition Corp (MCAA.O) closes in the last quarter of this year, FC Barcelona said. A special-purpose acquisition company (SPAC), also known as a blank-check company, is a listed entity that merges with a private firm to take it public.

Persons: Albert Gea, Joan Laporta, Lionel Messi, Laporta, Niket Nishant, Pritam Biswas, Krishna Chandra Organizations: FC, Camp Nou, REUTERS, FC Barcelona, Media, Nasdaq, Barca Media, FC Barcelona's, Mountain, Thomson Locations: Barcelona, Spain, Spanish, Bengaluru

☆ Carvana shares jump after co forecasts upbeat Q3 core profit
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Carvana logo is seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Carvana Co FollowAug 9 (Reuters) - Used-car retailer Carvana (CVNA.N) expects its third-quarter adjusted core profit to be above $75 mln from its prior forecast of "positive adjusted EBITDA", sending its shares up about 4% in morning trade on Wednesday. Carvana, in an attempt to strengthen its balance sheet and attain positive cash flow, has been trimming inventory and slashing advertising expenses. However, it has since been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Reporting by Priyamvada C in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Priyamvada, Krishna Chandra Organizations: REUTERS, Thomson Locations: Carvana, Bengaluru

☆ FDA approves oral pill for postpartum depression for first time
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo/File PhotoAug 4 (Reuters) - The U.S. Food and Drug Administration (FDA) on Friday approved Biogen (BIIB.O) and Sage Therapeutics' (SAGE.O) oral pill to treat postpartum depression (PPD) in adults. The companies had sought the FDA's approval for the drug, Zurzuvae, to treat major depressive disorder (MDD), or clinical depression, as well as postpartum depression, which affect millions of people. Analysts have anticipated that the stocks of both companies would fall if the drug was approved only for postpartum depression, due to the smaller patient population. Until now, the FDA said, treatment for postpartum depression was available only as an intravenous injection.

Persons: Andrew Kelly, Zurzuvae, Biogen, Sage, Sriparna Roy, Lavanya, Krishna Chandra Eluri, Leslie Adler, William Mallard Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Drug Administration, Sage Therapeutics, U.S . Drug Enforcement Administration, Therapeutics, Thomson Locations: White Oak , Maryland, U.S, United States, Bengaluru

☆ US FDA approves Biogen-Sage Therapeutics pill for postpartum depression
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo/File PhotoAug 4 (Reuters) - The U.S. Food and Drug Administration on Friday approved Biogen (BIIB.O) and Sage Therapeutics' (SAGE.O) oral pill to treat postpartum depression (PPD) in adults. The companies had sought the FDA's approval for the drug, Zurzuvae, to treat major depressive disorder), or clinical depression, as well as postpartum depression (PPD), which affect millions of people. Analysts were anticipating the stocks of both companies to fall if the drug was approved only for postpartum depression due to the smaller patient population. Until now, the FDA said, treatment for postpartum depression was available only as an IV injection. Postpartum depression (PPD) affects around one in seven women who give birth.

Persons: Andrew Kelly, Sriparna Roy, Lavanya, Krishna Chandra Eluri, Leslie Adler Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Drug Administration, Sage Therapeutics, Thomson Locations: White Oak , Maryland, U.S, United States, Bengaluru

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Shares of Tupperware Brands (TUP.N) surged 44% on Friday, after the kitchen storage container maker finalized a debt restructuring deal as it attempts a turnaround of its business, reinvigorating retail investors' interest in the company. It was the seventh most traded stock by retail investors at 10:00 a.m. The share gains were reminiscent of eye watering "meme stocks" rallies, where retail investors coordinate on social media and typically focus their speculative bets on companies that were financially struggling or had high short interest. Tupperware was the second most actively traded single stock by retail traders over the past week, according to a J.P.Morgan note.

Persons: Brendan McDermid, Tupperware, Bartosz, stocktwits.com, Peter Earle, Medha Singh, Savyata Mishra, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tupperware Brands, American Institute for Economic Research, American, Corp, Thomson Locations: New York City, U.S, Florida, Bengaluru

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ Marathon Petroleum quarterly profit slumps 63% on lower refining margins
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - U.S. refiner Marathon Petroleum Corp (MPC.N) reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins. Despite a resilient fuel demand in the U.S., an increase in global refining capacity compared with last year and slowing economic activity has brought the market down from the peaks seen in 2022. Refining and marketing margin was $22.10 per barrel for the April-June quarter, down from $37.54 per barrel a year earlier. On an adjusted basis, Marathon reported earnings of $5.32 per share, beating average analysts' estimate of $4.59 per share, on the back of improvement in refining costs and lower tax rate. Rival Valero Energy Corp (VLO.N) last week also saw its quarterly profits dwindle as refining margins came under pressure, but beat estimates on strength in its renewable diesel business.

Persons: refiner, Arshreet Singh, Krishna Chandra Organizations: refiner Marathon Petroleum Corp, Refining, Reuters, Rival Valero Energy Corp, Thomson Locations: U.S, Marathon, West Coast, Findlay , Ohio, Bengaluru

☆ BlackRock, MSCI draw scrutiny from US House Committee on China
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Carlo Allegri/File Photo License this content on Reuters ConnectAug 1 (Reuters) - A U.S. congressional committee on China said asset management giant BlackRock (BLK.N) and index provider MSCI (MSCI.N) were facilitating investments into blacklisted Chinese companies. The firms have facilitated American capital flow into the companies the U.S. government had found guilty of fueling China's military advancement or human rights abuses, the House of Representatives' Select Committee on the Chinese Communist Party (CCP) said on Monday. "With all investments in China and markets around the world, BlackRock complies with all applicable U.S. government laws. We will continue engaging with the Select Committee directly on the issues raised," BlackRock said. Republicans formed the Select Committee when they took control of the House in January, as part of an effort to convince Americans why they should care about competing with China.

Persons: Carlo Allegri, BlackRock, MSCI, Mike Gallagher, Niket Nishant, Jaiveer Singh Shekhawat, Michael Martina, Don Durfee, Krishna Chandra Eluri, Shinjini Ganguli, Jonathan Oatis Organizations: REUTERS, Reuters, U.S, Chinese Communist Party, CCP, BlackRock, Republicans, China, Congress, Republican, Wall Street, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Taiwan, Ukraine

☆ IQVIA cuts annual profit forecast on soft demand for healthcare tech services
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Contract research firm IQVIA Holdings (IQV.N) cut its annual profit and revenue forecasts on Tuesday, on expectations of slower demand from clients for its healthcare data and analytics services. Analysts were expecting annual profit of $10.39 per share, according to Refinitiv. The company, however, reported better-than-expected second-quarter profit and revenue, on the back of strong demand for its drug research and development services. It reported revenue of $3.73 billion for the quarter ended June 30, slightly above analysts' average estimate of $3.71 billion. Excluding one-off items, IQVIA reported a profit of $2.43 per share for the second quarter, above analysts' average estimate of $2.37 per share.

Persons: Ari Bousbib, IQVIA, Pratik Jain, Krishna Chandra Organizations: IQVIA Holdings, Technology, Analytics Solutions, Thomson Locations: The Durham , North Carolina, Bengaluru

☆ BlackRock, MSCI face probe for allegedly facilitating China investments - WSJ
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File PhotoAug 1 (Reuters) - Asset manager BlackRock (BLK.N) and index provider MSCI are being investigated by a congressional committee for allegedly facilitating China investments, Wall Street Journal reported on Tuesday, citing letters to the companies from the panel. BlackRock, MSCI and the Committee did not immediately respond to Reuters requests for comment outside normal business hours. Last month, China curbed exports of some metals widely used in the semiconductor industry, in a move it said was aimed at protecting national security. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Niket, Krishna Chandra Eluri Organizations: REUTERS, BlackRock, Wall Street, Chinese Communist Party, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, MSCI, Taiwan, Ukraine, Bengaluru

☆ Crypto stocks dip after bitcoin slumps to six-week low
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Shares of cryptocurrency and blockchain related companies fell in premarket trading on Tuesday, as bitcoin hit a six-week low following a hack at Curve Finance, a platform where users can borrow and trade in crypto. Bitcoin, the world's biggest cryptocurrency, fell about 2% to $28,870. Curve Finance was the victim of a hack, the company posted on messaging platform X, formerly known as Twitter, on Sunday. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-listed shares of Canada's Hut 8 Mining declined between 3% and 3.35%. The crypto industry is at a crucial juncture, with two of the biggest industry players - Binance and Coinbase - under fire from the U.S. Securities and Exchange Commission.

Persons: Pritam Biswas, Krishna Chandra Organizations: Finance, U.S . Securities, Exchange Commission, U.S . Federal, Thomson Locations: Canada's, Bengaluru

☆ Amazon to invest $7.2 bln in Israel, launches AWS cloud region
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Amazon.com (AMZN.O) said on Tuesday it is planning to invest about $7.2 billion through 2037 in Israel, and launched its Amazon Web Services (AWS) data centers in the country. Amazon's cloud services in the region will allow the country's government to run applications and store data in data centers located in Israel. AWS is Amazon's cloud computing platform, used by companies such as Netflix (NFLX.O), General Electric (GE.N) and Sony (6758.T), enabling storage, networking and remote security. With the expansion, AWS will be available in 32 geographic regions, the company said, adding that its investment in Israel will contribute about $13.9 billion to Israel's gross domestic product. Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Yali Rothenberg, Zaheer Kachwala, Krishna Chandra Organizations: Web Services, Netflix, General Electric, Sony, Thomson Locations: Israel, Bengaluru

☆ Exxon Mobil in talks with Tesla, Ford to supply lithium - Bloomberg Law
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Oil major Exxon Mobil (XOM.N) is in talks with Tesla (TSLA.O), Ford Motor (F.N), Volkswagen (VOWG_p.DE) and other automakers to supply lithium, Bloomberg Law reported on Monday citing people familiar with the matter. The talks are in early stages and also include the likes of Samsung (005930.KS) and SK On Co, the report added. Tesla, Ford, Volkswagen did not respond to Reuters requests for comment, while Exxon declined to comment. Its rapid expansion into the lithium sector comes amid growing interest from traditional energy companies and others into emerging technologies that aim to boost global supply of the ultralight metal. Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Sourasis Bose, Krishna Chandra Organizations: Oil, Exxon Mobil, Ford Motor, Volkswagen, Bloomberg, Samsung, SK, Co, Ford, Exxon, Tetra Technologies Inc, Thomson Locations: Arkansas, Bengaluru

☆ Cannabis firms Cresco, Columbia Care to terminate $2 bln merger
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Cannabis producers Cresco Labs (CL.CD) and Columbia Care Inc (CCHW.NLB) have mutually terminated their $2 billion merger announced in March last year, the companies said on Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Cresco and Columbia last month said they would not be able to complete the divestitures necessary to secure regulatory approvals to close the transaction. Meanwhile, Columbia Care separately said it had closed its Downtown Los Angeles facility and completed a previously announced corporate restructuring plan, including a 52-person headcount reduction. Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnnie Walker, Charles Bachtell, Sean, Diddy, Combs, Arshreet Singh, Krishna Chandra Eluri Organizations: Cresco Labs, Columbia Care Inc, Columbia, Downtown, Thomson Locations: U.S, Columbia, New York , Massachusetts, Illinois, Downtown Los Angeles, Bengaluru

☆ India raises windfall tax on petroleum crude
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1. A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday. The windfall tax on petrol and aviation turbine fuel has been left unchanged. Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero. India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: refiners, Shivani Tanna, Nikunj, Krishna Chandra Eluri, Maju Samuel Organizations: Thomson Locations: India

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