DIRS.INFO The most relevant business & tech news

☆ Lynas Rare Earths signs updated contract with US govt for Texas facility, shares rise
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Lynas Rare Earths (LYC.AX) said on Tuesday it had signed an updated contract with the U.S. Department of Defense (DoD) for the construction of the heavy rare-earths component of its rare-earths processing facility in Texas. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026. Feedstock for the facility will be sourced from the company's Mt Weld deposit and Kalgoorlie facility in Western Australia, the miner added. Reporting by Himanshi Akhand in Bengaluru; Editing by Maju Samuel, Sherry Jacob-Phillips and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Lynas, Amanda Lacaze, Himanshi, Maju Samuel, Sherry Jacob, Phillips, Rashmi Organizations: U.S . Department of Defense, U.S, DoD, Thomson Locations: Texas, China, Lynas ' Texas, Mt Weld, Kalgoorlie, Western Australia, Bengaluru

☆ UK's Metro Bank posts first-half profit on tight cost controls, rate hikes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKayAug 1 (Reuters) - Metro Bank Holdings (MTRO.L) on Tuesday reported a first-half profit compared with a year-ago loss, helped by the British mid-sized lender keeping a tight rein on costs and benefiting from interest rate hikes. Bank profits have been lifted by successive rate increases by the Bank of England, enabling lenders to make more money on borrowing despite the threat to the economy posed by rampant inflation. The bank posted an underlying pre-tax profit of 16.1 million pounds ($20.65 million) for the six months ended June 30, compared with a loss of 48 million pounds a year earlier. Metro Bank, which was set up more than a decade back to challenge the dominance of mainstream lenders, reported total deposits of 15.53 billion pounds, down from 16.01 billion pounds as on Dec. 31.

Persons: Hannah McKay, Eva Mathews, Rashmi Organizations: Metro Bank, REUTERS, Metro Bank Holdings, Bank of England, Thomson Locations: London, Britain, British, Bengaluru

☆ Meta prepares AI-powered chatbots in attempt to retain users - FT
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Meta Platforms (META.O) is preparing to launch a range of artificial intelligence (AI) powered chatbots that exhibit different personalities as soon as September, the Financial Times reported on Tuesday. Meta has been designing prototypes for chatbots that can have humanlike discussions with its users, as the company attempts to boost its engagement with its social media platforms, according to the report, citing people with knowledge of the plans. The Menlo Park, California-based social media giant is even exploring a chatbot that speaks like Abraham Lincoln and another that advises on travel options in the style of a surfer, the report added. The purpose of these chatbots will be to provide a new search function as well as offer recommendations. The Facebook parent reported a strong rise in advertising revenue in its earnings last week, forecasting third-quarter revenue above market expectations.

Persons: Meta, Abraham Lincoln, Google's Bard, Ajax, Rishabh, Rashmi Organizations: Financial Times, Menlo, Facebook, Bloomberg News, Apple, Thomson Locations: , California, Bengaluru

☆ Strathcona buys rival to go public, create Canada's 5th biggest oil company
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

It did not say when the combined company will start trading. Pipestone Energy has a market capitalization of $756.83 million, according to Refinitiv Eikon data. Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest. Including debt, the combined company will have a market capitalization of C$11.5 billion. Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.

Persons: Strathcona, Rob Morgan, Juby Babu, Savio D'Souza, Rashmi Organizations: Strathcona Resources, Pipestone Energy Corp, Strathcona, Pipestone Energy, Energy, Thomson Locations: Strathcona, Calgary , Alberta, Bengaluru

[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Abu Dhabi-based G42, a tech conglomerate with nine operating companies that include datacenter and cloud service businesses, says it plans to use the Cerebras systems to sell AI computing services to health care and energy companies. G42 has raised $800 million from U.S. tech investment firm Silver Lake, which has backing from Mudabala, the UAE's soverign wealth fund. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. G42 Cloud's AlKaissi declined to comment on the terms of the deal.

Persons: Rebecca Lewington, Cerebras, Andrew Feldman, Feldman, Talal AlKaissi, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Cerebras, UAE, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York

[1/2] A view of Condor Galaxy supercomputing systems for artificial intelligence work made by Cerebras Systems, in Santa Clara, California, U.S., in this undated handout photo received on July 19, 2023. Courtesy of Rebecca Lewington of Cerebras Systems/Handout via REUTERSJuly 20 (Reuters) - Cerebras Systems on Thursday said that it has signed an approximately $100 million deal to supply the first of three artificial intelligence (AI) supercomputers to the United Arab Emirates-based technology group G42. "Cerebras has what they call a 'white glove' service that made it easy for us" to build AI systems on its machines, G42 Cloud CEO Talal AlKaissi told Reuters. The contract to complete the first of the three systems announced on Thursday is worth about $100 million, Cerebras CEO Andrew Feldman said. "What we're saying is that the $100 million contract takes us through Condor Galaxy 1... That's the unit, the building block."

Persons: Rebecca Lewington, Cerebras, Talal AlKaissi, Andrew Feldman, Stephen Nellis, Krystal Hu, Rashmi Organizations: Condor Galaxy supercomputing, Cerebras Systems, REUTERS, Systems, United Arab, Nvidia Corp, Nvidia, Condor Galaxy, Mudabala, Reuters, Thomson Locations: Santa Clara , California, U.S, United Arab Emirates, Abu Dhabi, Silver, San Francisco, New York

☆ Bain Capital raises $1.15 bln for first fund dedicated to insurance investments
▼ + stars: | 2023-07-19 | by ( David French | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Bain Capital has raised $1.15 billion for its first fund dedicated to investing in the insurance industry, as the private equity firm aims to create and invest in companies in the sector, a senior executive told Reuters. The fund exceeded its initial $750 million target through backing from high-net-worth individuals, institutional investors and family offices. It will be deployed through Bain Capital Insurance, a dedicated investment arm the firm launched in 2021. Matt Popoli, global head of Bain Capital Insurance, told Reuters that the new capital pool, Bain Capital Insurance Fund, would give his 20-strong team the ammunition to back middle-market insurance firms overlooked by others. Popoli said the fund will also invest in niche insurance brokers, which can be acquired for cheaper valuations than large rivals.

Persons: Matt Popoli, Popoli, Bain, David French, Rashmi Organizations: Bain Capital, Reuters, Bain Capital Insurance, Bain Capital Insurance Fund, Marsh & McLennan Companies, Thomson Locations: North America, Europe, Mercer, Marsh, New York

☆ Instant View: China's Q2 GDP growth slows to 0.8% q/q, raises stimulus expectations
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +11 min

"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.

Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China

☆ McDonald's China owners Carlyle, Trustar plan $4 bln exit - Bloomberg News
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Carlyle Group Inc (CG.O) and Trustar Capital are planning to raise $4 billion from wealth funds to buy part of their stakes in McDonald's Corp (MCD.N) operations in Hong Kong and mainland China, Bloomberg News reported. All stakeholders are highly aligned on the process," McDonald's China said in an emailed response to Reuters on Thursday. The asset managers aim to reach an agreement with investors in the fourth quarter of this year, the report added. Carlyle declined to comment, while GIC did not immediately respond to a Reuters request for comment. Reuters had reported in April citing two people with knowledge of the matter that the U.S.-based private equity firm was discussing various options including setting up a continuation fund with financial advisers for its stake in McDonald's China.

Persons: Carlyle, Mubadala, GIC, Shubhendu Deshmukh, Brenda Goh, Urvi, Rashmi Organizations: Carlyle Group Inc, Trustar, McDonald's Corp, Bloomberg News, Reuters, McDonald's, Shareholders, Mubadala Investment, GIC, Thomson Locations: Hong Kong, China, McDonald's China, U.S, Bengaluru

☆ Gold near one-month high on hopes of Fed nearing end of rate hikes
▼ + stars: | 2023-07-13 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% to $1,959.79 per ounce by 0241 GMT, hitting its highest since June 16. Therefore, a lot of focus remains on the central bank's next rate-setting meeting, which could dictate near-term gold prices, said Brian Lan of Singapore dealer GoldSilver Central. Recent hawkish comments from policymakers have weighed on gold, with bullion down more than $100 since its May highs. Among other precious metals, spot silver rose 0.3% to $24.2163 per ounce and palladium advanced 0.7% to $1,292.19. Reporting by Arundhati Sarkar in Bengaluru; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Silver, Brian Lan, Lan, Price, Arundhati Sarkar, Rashmi Aich, Sohini Organizations: Federal Reserve, GoldSilver, Thomson Locations: Brian Lan of Singapore, Bengaluru

☆ Factbox: Brokerages price in higher peak after BoE's June rate hike
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: 1 min

July 12 (Reuters) - Several major global banks raised their terminal rate forecasts for the Bank of England's (BoE) key interest rate after the central bank surprised with a larger-than-expected 50 basis points (bps) hike to 5% in the June meeting. Deutsche Bank on Tuesday raised its forecast for the August meeting to a 50 bps hike amid wage pressure concerns but removed its forecast for a rate increase in November. It had earlier forecast a 25 bps raise each in August, September and November meetings. Following are forecasts from some global banks:Compiled by Broker Research team in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, Rashmi Organizations: Bank of England's, Deutsche Bank, Research, Thomson Locations: Bengaluru

☆ India's Wipro commits $1 bln investment into AI
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Wednesday it planned to invest $1 billion into artificial intelligence (AI) over the next three years. The investments will focus on the expansion of AI, big data, and analytics solutions, as well as developing new research and development and platforms, it said in an exchange filing. This comes almost a week after rival Tata Consultancy Services (TCS.NS) said it planned to train 25,000 engineers to get them certified on Microsoft's (MSFT.O) Azure Open AI. Companies across the world, from banks to big tech, have doubled down on investments in AI after ChatGPT, a generative AI chatbot by Microsoft-backed OpenAI took the world by storm in late 2022. "Especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries," Wipro CEO Thierry Delaporte said.

Persons: OpenAI, Thierry Delaporte, Navamya Ganesh, Rashmi Organizations: Indian IT, Wipro, Tata Consultancy Services, Companies, Microsoft, Wipro ai360, Thomson Locations: BENGALURU, Indian, Bengaluru

The pan-European STOXX 600 (.STOXX) ended 0.7% higher, rising for the third straight session. Irish stocks (.ISEQ) jumped 2.1%, leading the advance among its continental peers. Irish stocks were boosted by gains in Kingspan (KSP.I) which jumped 15.7% after forecasting record profit for the first half of the year. Shares of China-exposed luxury firms including LVMH (LVMH.PA), Hermes (HRMS.PA) and Richemont (CFR.S) rose between 2% and 2.3% while industrial stocks (.SXNP) also sensitive to China advanced 1.0%. Mercedes-Benz Group (MBGn.DE) shares rose 0.7% after sales in the second quarter rose 6% year-on-year on the back of demand for all-electric and top-end vehicles.

Persons: Michael Hewson, Richard Flax, Matteo Allievi, Shreyashi Sanyal, Rashmi Aich, Nivedita, Emelia Organizations: Miners, U.S . Federal Reserve, LVMH, CMC Markets, tomorrow's U.S, Nordic Semiconductor, Daimler, Benz Group, Thomson Locations: China, Kingspan, Europe, U.S, tomorrow's, Britain, Gdansk, Amruta, Bangalore

☆ European shares gain on hopes of end to Fed rate hikes, China stimulus
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - European shares rose on Tuesday as investors hoped the U.S. Federal Reserve was closing in on the end of its interest rate hiking cycle, while China's policy measures to prop up its battered real estate sector also boosted sentiment. On Monday, China extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector. Markets also digested comments from several Fed officials signalling the U.S. central bank was nearing the end of its rate hiking cycle. Daimler Truck (DTGGe.DE) rose 1.1% after the German automaker raised its profit and revenue guidance on easing of supply chain constraints. Reporting by Matteo Allievi in Gdansk and Amruta Khandekar in Bangalore; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Matteo Allievi, Rashmi Organizations: U.S . Federal, Daimler, Nordic Semiconductor, Thomson Locations: China, Gdansk, Amruta, Bangalore

July 10 (Reuters) - Meta Platforms' (META.O) Twitter rival Threads crossed 100 million sign-ups within five days of launch, CEO Mark Zuckerberg said on Monday, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. The app's sprint to 100 million users was much speedier than that of OpenAI-owned ChatGPT, which became the fastest-growing consumer application in history in January about two months after its launch, according to a UBS study. Mastodon has about 7.7 million total users, although fewer than 2 million of them actively use the service, according to daily user counts it provides. [1/2]Meta Threads app logo is seen in this illustration taken, July 6, 2023. Currently, there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Mark Zuckerberg, dethroning ChatGPT, Zuckerberg, Matthew Prince, Dado Ruvic, Jack Dorsey, Musk, Adam Mosseri, Meta, Katie Paul, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Rashmi Aich, Nick Zieminski Organizations: Elon Musk, UBS, Twitter, REUTERS, Meta, Thomson Locations: New York, Bengaluru

[1/2] Meta Threads app logo is seen in this illustration taken, July 6, 2023. REUTERS/Dado Ruvic/IllustrationJuly 10 (Reuters) - Meta Platforms' (META.O) Twitter rival Threads crossed 100 million sign-ups within five days of launch, CEO Mark Zuckerberg said on Monday, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. "That's mostly organic demand, and we haven't even turned on many promotions yet," Zuckerberg said in a Threads post announcing the milestone. The app's sprint to 100 million users was much speedier than that of OpenAI-owned ChatGPT, which became the fastest-growing consumer application in history in January about two months after its launch, according to a UBS study. Currently, there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Dado Ruvic, Mark Zuckerberg, dethroning ChatGPT, Zuckerberg, Matthew Prince, Musk, Adam Mosseri, Meta, Katie Paul, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Rashmi Aich, Nick Zieminski Organizations: REUTERS, Elon Musk, UBS, Twitter, Meta, Thomson Locations: New York, Bengaluru

☆ Australia's competition watchdog puts data brokers on radar
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoJuly 10 (Reuters) - Australia's competition watchdog on Monday asked consumers, businesses and other relevant stakeholders to provide their views about the business practices of data brokers in an attempt to regulate the country's digital platform services sector. Data brokers generally gather information like personal details of customers including their browsing and purchasing behaviour from a wide range of sources such as mobile applications, social media sites and card payment providers. The report will explore how third-party data brokers collect and use information to create products and services and if there may be competition and consumer issues arising from this, the ACCC said in a statement. The regulator's digital platforms branch has been conducting a five-year inquiry till 2025 to inquire into the markets for the supply of digital services. The report will focus on businesses that collect information from third-party sources and share or sell data to other organisations and, on the off chance that there might be competition and customer issues emerging from it.

Persons: Brendan McDermid, Gina Cass, Gottlieb, Rishav Chatterjee, Rashmi Organizations: Oracle Corp, New York Stock Exchange, REUTERS, Australian Competition, Consumer Commission, Oracle, Thomson Locations: New York, U.S, Ireland, Australia, Bengaluru

☆ US starts new round of audit inspections on China firms- source
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. The PCAOB previously said it would demand complete access in mainland China and Hong Kong in their regular inspections from 2023. The PCAOB, Tencent Music Entertainment Group, Didi Global, and NetEase did not immediately respond to Reuters' requests for comment. Washington's demands for access to the audits of Chinese companies follow a long-running dispute over auditing compliance of U.S.-listed Chinese firms. Reporting by Xie Yu in Hong Kong and Yana Gaur in Bengaluru; Editing by Rashmi Aich and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, PCAOB, Didi Global, NetEase, Janet Yellen, Xie Yu, Yana Gaur, Rashmi Aich, Sam Holmes Organizations: Entertainment, REUTERS, U.S, Public Company, Reuters, Wall, Bloomberg, Tencent Music Entertainment, Global Inc, NetEase Inc, Music Entertainment, Authorities, Treasury, Thomson Locations: Hong Kong, U.S, Washington, Beijing, China, United States, Bengaluru

☆ Volkswagen to launch self-driving vehicles in Texas by 2026
▼ + stars: | 2023-07-06 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

SAN FRANCISCO, July 6 (Reuters) - Volkswagen (VOWG_p.DE) said on Thursday that it plans to launch autonomous, or self-driving, vehicles for ride hailing and goods delivery services in Austin, Texas by 2026. The company took over nearly 100 people from Argo, as well as its hub in Austin where Argo was testing autonomous vehicles. "The big aim is that we bring fully autonomous vehicles to the market as a commercial, scalable product," said Christian Senger, a Volkswagen board member who oversees development of autonomous driving. Volkswagen joins GM's Cruise and Alphabet's Waymo in testing autonomous vehicles in Austin, Texas, known for the least restrictive regulations on self-driving cars. But Tesla, Cruise and Waymo and other firms have missed their targets to launch self-driving cars and their vehicles have had difficulty in handling rare and unforeseen driving situations.

Persons: Argo, Christian Senger, Cruise, We're, Katrin Lohmann, Hyunjoo Jin, Rashmi Organizations: FRANCISCO, Mobileye, Volkswagen, Argo, Volkswagen ADMT, Companies, Thomson Locations: Austin , Texas, Austin

☆ CFTC investigators conclude Celsius, ex-CEO broke rules - Bloomberg News
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Commodity Futures Trading Commission (CFTC) investigators have concluded that bankrupt crypto lender Celsius and its former CEO Alex Mashinsky broke U.S. rules before the firm's implosion, Bloomberg News reported on Wednesday. Attorneys in the regulator's enforcement unit determined that Celsius misled investors and should have registered with the regulator, according to the report, citing people familiar with the matter. Celsius and the CFTC did not immediately respond to a Reuters request for comment. Last year's market turmoil after the collapse of TerraUSD led to the failure of several major crypto companies including Celsius Network. As part of Celsius' bankruptcy case, an independent examiner was appointed to investigate accusations that Celsius had operated as a Ponzi scheme and report on how it handled crypto assets.

Persons: Alex Mashinsky, TerraUSD, Akanksha, Rashmi Organizations: Futures Trading Commission, Bloomberg, CFTC, Thomson Locations: Bengaluru

☆ 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

☆ Australia's BNPL firm Zip to streamline cost and operations - official
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australian buy-now-pay-later firm Zip Co (ZIP.AX) is further streamlining its operations and cost base following a recent review, a company official told Reuters on Monday. "Following a recent review, we have made decisions to further streamline our operations and cost base," Vivienne Lee, director for investor relations, said in an emailed comment. The new law would require BNPL firms to run credit checks before lending, notifying customers when credit limits increase and following dispute resolution processes. It also aims to reduce cash burn from the rest of its global operations by the end of 2023. Shares of Zip, which tanked over 88% last year, are down nearly 16% this year as of Monday's close.

Persons: Vivienne Lee, Zip, Ayushman Ojha, Nausheen Thusoo, Rashmi Aich, Dhanya Ann Thoppil Organizations: Co, Reuters, Australian Securities and Investments Commission, Thomson Locations: Australia, Central, Eastern Europe, South Africa

☆ DirecTV removes Nexstar's programming after failing to reach distribution agreement
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 2 (Reuters) - DirecTV removed TV station owner Nexstar Media Group's (NXST.O) network and local community programming from its satellite, cable and streaming systems as they failed to reach a new distribution agreement, the companies said on Sunday. "Nexstar continues to manipulate loopholes to exceed the 39% national ownership cap, and has made public statements lauding its 68% reach across all U.S. TV households," DirecTV said. Both companies added that they are in discussions to return Nexstar programming to DirecTV and are hopeful for a quick resolution. The lawsuit sought an order blocking Nexstar from allegedly colluding with Mission Broadcasting Inc and White Knight Broadcasting Inc in fee negotiations with DirecTV. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishabh, Rashmi Organizations: DirecTV, Nexstar Media, Sunday, Nexstar, ABC, CBS, NBC, FOX, CW, AT, Irving, Mission Broadcasting Inc, White Knight Broadcasting Inc, Thomson Locations: U.S, Los Angeles, Chicago, Philadelphia, San Francisco, Denver, Texas, Bengaluru

☆ UK's FTSE 100 edges higher on mining boost
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.3%July 3 (Reuters) - UK's FTSE 100 gained on Monday led by mining stocks on higher metal prices, while shares of other Chinese-exposed firms gained on rising hopes of more policy support in the world's second-largest economy. By 0715 GMT, the blue-chip FTSE 100 (.FTSE) gained 0.2%, while the more domestically-focussed FTSE 250 midcap index (.FTMC) rose 0.3%. Industrial metal miners (.FTNMX551020) advanced 1.3% as prices of base metals rose, buoyed by improved sentiment. China-exposed banks HSBC (HSBA.L) and Standard Chartered (STAN.L) rose 0.5% and 1.2%, respectively, while insurer Prudential (PRU.L) added 0.9% as hopes of more policy support grew after another weak data point and commentary from Chinese officials. Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Drugmaker, Shashwat Chauhan, Rashmi Organizations: HSBC, Standard Chartered, Prudential, Drugmaker AstraZeneca, Thomson Locations: China, Bengaluru

☆ Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's Kuniko (KNI.AX) said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis (STLAM.MI) to support the development of its Norwegian battery metals projects. Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said. Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31. Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko's Norway exploration projects for nine years. The funds from the Stellantis' equity investment will be used to advance Kuniko's brownfield and greenfield battery metals exploration projects in Norway, the company said.

Persons: Stellantis, Kuniko, Himanshi Akhand, Rishav Chatterjee, Rashmi Aich, Krishna Chandra Organizations: Thomson Locations: Norway, Bengaluru

Search resuls for: "Rashmi"

25 mentions found