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☆ Teva Pharmaceuticals to pay $225 mln to settle price-fixing charges
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The logo of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsAug 21 (Reuters) - Teva Pharmaceuticals will pay a fine of $225 million over five years to settle the criminal price-fixing charges brought against Teva in 2020 by the U.S. Department of Justice, the company said on Monday. Reporting by Pratik Jain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Amir Cohen, Pratik Jain, Shailesh Organizations: Teva Pharmaceutical Industries, REUTERS, Teva Pharmaceuticals, Teva, U.S . Department of Justice, Thomson Locations: Tel Aviv, Israel, Bengaluru

☆ Axiom Space raises $350 mln in round led by Saudi, Korean investors
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Aug 21 (Reuters) - Axiom Space has raised $350 million in a funding round led by Saudi Arabia's Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA to develop a private space station. Axiom said the round took its total raise so far to $505 million and made it the space startup to receive the second-most funding in 2023, only behind Elon Musk's SpaceX. Axiom, which also has a $1.26 billion contract with the U.S. space agency NASA to develop spacesuits for use on the moon and other space programs, expects the first module of its private space station to launch by 2026. The company has also trained astronauts taken by SpaceX rockets to the International Space Station (ISS) as the once government-dominated space industry in the United States becomes increasingly privatized. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Axiom, Arsheeya, Shailesh Organizations: Saudi Arabia's Aljazira, NASA, Elon, SpaceX, International Space, Thomson Locations: United States, Bengaluru

☆ Teva to pay $225 mln, divest cholesterol drug to settle price-fixing charges
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The logo of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsAug 21 (Reuters) - Teva Pharmaceutical (TEVA.TA) will pay $225 million and divest its copycat version of a cholesterol drug as part of its settlement of price-fixing charges, the U.S. Department of Justice said on Monday. Glenmark will also pay a penalty of $30 million to resolve similar charges, the DOJ said. Teva and Glenmark will have to divest their respective versions of a generic cholesterol drug, pravastatin, that was a core part of the companies' price-fixing conspiracy, the DOJ said. As part of the deals with the DOJ, Glenmark and Teva both admitted to participating in fixing the price of pravastatin.

Persons: Amir Cohen, Teva, Glenmark, Pratik Jain, Shailesh Organizations: Teva Pharmaceutical Industries, REUTERS, Teva Pharmaceutical, U.S . Department of Justice, Prosecutors, Pharmaceuticals, DOJ, Thomson Locations: Tel Aviv, Israel, Bengaluru

☆ China's Country Garden flags H1 net loss, vows to address liquidity concerns
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru

☆ Aptiv expects semiconductor prices to remain high
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Aptiv PLC (APTV.N) does not expect semiconductor prices to cool off in the near future, the auto parts supplier said on Wednesday. Even though supply-chain challenges are easing, prices of certain parts remain high, denting profits. The company said the "real challenge" is in obtaining chips, whose prices have risen 25% to 30%, while supply chains remain tight. The Dublin-based company said demand for new vehicles remains strong in North America and Europe, but flagged concerns around underlying GDP growth in China. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Clark, Pratyush Thakur, Shailesh Kuber, Pooja Desai Organizations: Aptiv, Ford, Detroit, JPMorgan, United Auto Workers, UAW, Ford Motor, General Motors, Thomson Locations: Dublin, North America, Europe, China, Bengaluru

☆ Energy stocks push TSX higher, Nuvei slumps after qtrly profit drops
▼ + stars: | 2023-08-09 | by ( Siddarth S | ) www.reuters.com time to read: +1 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File PhotoAug 9 (Reuters) - Canada's main stock index rose on Wednesday, driven by gains in energy stocks as oil prices rose on supply tightness, while Nuvei Corp shares slumped after the payments firm's quarterly profit more than halved. ET (1406 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 90.42 points, or 0.45%, at 20,296.4. Heavily weighted energy stocks (.SPTTEN) climbed 1.3% as oil touched new highs on supply tightness due to output cuts by Saudi Arabia and Russia. The value of Canadian building permits rose by 6.1% in June from May, data showed.

Persons: Chris Helgren, Brian Madden, Siddarth, Pooja Desai Organizations: Toronto Stock Exchange, REUTERS, Nuvei Corp, Toronto Stock, Investment, Cannabis, Manulife, Thomson Locations: Toronto , Ontario, Canada, Saudi Arabia, Russia, China, Bengaluru

☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

☆ Wells Fargo hires Credit Suisse veteran as head of financial sponsors
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoAug 7 (Reuters) - U.S. bank Wells Fargo (WFC.N) said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse. During his time at Credit Suisse, Price helped form its financial sponsors coverage business in 1996. He was the Swiss bank's first head of Americas financial sponsors before assuming global leadership of the group in 2015. At Wells Fargo, Price will jointly report to Tim O'Hara, head of banking and Scott Warrender, head of coverage within the banking unit.

Persons: Malcolm Price, Price, Tim O'Hara, Scott Warrender, Pritam Biswas, Shailesh Organizations: REUTERS, Credit Suisse, UBS Group, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells, Swiss, Wells Fargo, Bengaluru

☆ CD&R to take packaging firm Veritiv private in $2.3 billion deal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Aug 7 (Reuters) - Veritiv (VRTV.N) on Monday agreed to be bought by private equity firm Clayton, Dubilier & Rice (CD&R) in a $2.3 billion deal that would take the packaging firm private. Under terms of the deal, CD&R would pay $170 per in cash for each share of Veritiv common stock, representing a nearly 20% premium to its last close. Shares of Veritiv, which is set to report second-quarter results on Aug. 8, were trading up 18% at $167.20 before the bell. Morgan Stanley served as exclusive financial advisor to Veritiv for the deal, which is expected to close in the fourth quarter of 2023. Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Clayton, Morgan Stanley, Veritiv, Kannaki, Shailesh Organizations: Thomson, & $ Locations: Dubilier, Bengaluru

☆ American Airlines says in talks with Airbus, Boeing over narrowbody jet order
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

An American Airlines aircraft flies past JetBlue and United Express aircraft as it lands at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File PhotoAug 2 (Reuters) - American Airlines (AAL.O) said on Wednesday that it is in talks with planemakers Airbus (AIR.PA) and Boeing (BA.N) over a new narrowbody jet order, at a time when airlines rush to order more aircraft amid a travel boom. Bloomberg News earlier reported that the airline was in talks with the companies to order at least 100 jets, citing people familiar with the matter. "We are talking to Boeing and Airbus about our narrowbody aircraft needs for the latter half of this decade and beyond," American said in a statement. Airbus, when contacted by Reuters, said "we have no comment on our confidential commercial talks, which may or may not be happening."

Persons: Joshua Roberts, Max, Airbus's, Nathan Gomes, Tim Hepher, David Shepardson, Milla Nissi Organizations: American Airlines, JetBlue, United Express, Reagan National Airport, REUTERS, Airbus, Boeing, Bloomberg, Reuters, Thomson Locations: Arlington , Virginia, U.S, Bengaluru, Paris, Washington ,

☆ Emerson raises fiscal 2023 forecast on demand for industrial automation
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File PhotoAug 2 (Reuters) - U.S. engineering and industrial software firm Emerson (EMR.N) on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market. Emerson now expects its fiscal 2023 adjusted profit from continuing operations between $4.40 and $4.45 per share, up from its previous outlook of $4.15 to $4.25 per share. The company also expects its 2023 revenue to grow about 10.5%, at the higher end of a 9%-to-10.5% growth it forecast earlier. The industrial conglomerate reported adjusted earnings per share of $1.29 for the quarter through June, beating analysts' average estimates of $1.10 per share.

Persons: Brendan McDermid, Emerson, Lal Karsanbhai, Shivansh, Shinjini Ganguli Organizations: Emerson Electric, New York Stock Exchange, REUTERS, Companies, Thomson Locations: New York, U.S, North America, St, Louis , Missouri, Bengaluru

☆ Battery maker IBC to set up plant in India's Karnataka for nearly $1 bln
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - International Battery Company (IBC) has signed an investment pact worth 80 billion rupees ($971.89 million) with India's southern state of Karnataka to build a battery manufacturing facility, the state's minister said on Tuesday. The manufacturing facility will be spread across 100 acres in the state, Minister for Commerce & Industries, Infrastructure MB Patil said in a post on messaging platform X.Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility. IBC plans to begin production by 2025, Bloomberg News reported, citing Gunjan Krishna, commissioner at Karnataka's Industries and Commerce Department, adding that the private company is aiming to ramp up capacity to 10 gigawatt by 2028. The company, which met state government officials in June, had then expressed an interest in investing on battery production in Karnataka, Patil had said in a post in June. ($1 = 82.3140 Indian rupees)Reporting by Anirudh Saligrama in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Gunjan Krishna, Patil, Anirudh, Shailesh Organizations: International Battery Company, Commerce & Industries, Patil, Bloomberg, IBC, Bloomberg News, Karnataka's Industries, Commerce Department, Thomson Locations: Karnataka, Bengaluru

☆ Barcode scanner maker Zebra's profit outlook disappoints as clients cut tech spending
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Barcode scanner maker Zebra Technologies (ZBRA.O) forecast third-quarter adjusted profit widely below market estimates on Tuesday as economic uncertainty hit corporate tech spending. The company, whose customers include the U.S. Postal Service and Walgreens Boots Alliance (WBA.O), expects quarterly adjusted profit between 60 cents and $1 per share, compared with estimates of $3.77 per share, according to Refnitiv. Its operating expenses decreased to $344 million in the second quarter ended June 30, from $370 million a year earlier. Adjusted profit for the reported quarter came in at $3.29 per share, compared with estimates of $3.28.

Persons: Tanya Jain, Shailesh Organizations: Zebra Technologies, U.S . Postal Service, Walgreens Boots Alliance, Revenue, Thomson Locations: Refnitiv, Bengaluru

☆ On Semiconductor forecasts robust Q3 revenue on silicon carbide strength
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Chipmaker ON Semiconductor Corp (ON.O) on Monday forecast third-quarter revenue above market estimates, on optimism that strong demand from the automotive sector will offset broader weakness in the semiconductor industry. Automotive chipmaker NXP last week forecast a strong third-quarter revenue and profit, exuding confidence over a steady automotive demand. Onsemi, which makes sensors and supplies chips to companies like Volkswagen (VOWG_p.DE), expects revenue between $2.10 billion to $2.20 billion in the third quarter. For the second quarter ended June 30, the company's revenue rose to $2.09 billion, ahead of analysts' expectations of $2.02 billion. The revenue was boosted by Onsemi's power solutions group, which provides power management chips, making up about 53% of total quarterly revenue.

Persons: Onsemi, Hassane El, Khoury, Zaheer Kachwala, Shailesh Organizations: ON Semiconductor Corp, NXP Semiconductors, chipmaker NXP, Volkswagen, Thomson Locations: Arizona, Bengaluru

☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

☆ Liberty Mutual to stop offering business owner's policy in California as costs bite
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Property and casualty insurer Liberty Mutual will stop offering its business owner's policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers' profits. A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company "will not renew its current book of this line of business beginning in December." BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package. Liberty Mutual joins a growing list of major insurers retreating from California. In May this year, State Farm said that it would stop selling new insurance policies to homeowners in California.

Persons: Fitch, Jaiveer Singh, Manya, Shailesh Organizations: Liberty Mutual, Reuters, Global, Farm, Manya Saini, Thomson Locations: California, Bengaluru

☆ ADP forecasts robust fiscal 2024 revenue on new contract wins
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Payroll processor Automatic Data Processing (ADP.O) forecast annual revenue above market estimates on Wednesday, helped by strong demand for company services and new contract wins. The company expects its revenue to grow between 6% and 7% in fiscal 2024, compared with analysts' expectations of a 5.8% increase, according to Refinitiv data. "New business bookings were incredibly strong and employer services retention returned to a record level, underscoring our strong market position," said Chief Executive Maria Black. The company's full-year adjusted earnings per share growth forecast of 10% to 12% was also above analysts' estimates of a 9% rise. On an adjusted basis, the company earned $1.89 per share, compared with estimates of a profit of $1.83 per share.

Persons: Maria Black, Zaheer Kachwala, Shilpi Majumdar, Shailesh Organizations: ADP, Thomson

☆ Israeli chipmaker Tower beats revenue estimates on demand from automakers
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Contract chipmaker Tower Semiconductor topped second-quarter revenue estimates on Wednesday on the back of solid demand from the automotive industry, sending its U.S.-listed shares up 12.7%. Israel-based Tower provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries. Its revenue came in at $357 million for the quarter ended June 30, higher than the $354.53 million expected by analysts, according to Refinitiv data. Tower reported net income per share of 46 cents, falling slightly short of analysts' estimates of 49 cents per share. During the quarter, the company repaid $10 million of its debt, as compared with $27 million in the first quarter of 2023.

Persons: carmakers, Tanya Jain, Yamini, Shailesh Organizations: Semiconductor, Intel, Thomson Locations: Israel, Bengaluru

☆ Lockheed gets US defense contract to develop nuclear-powered spacecraft
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Weapons maker Lockheed Martin (LMT.N) has been awarded a contract by a U.S. Department of Defense agency to develop a nuclear-powered spacecraft for the purposes of exploration and national defense, the company said on Wednesday. Lockheed Martin said the project is an advancement in propulsion technology – from chemical propulsion engines to nuclear thermal propulsion (NTP) engines. "These more powerful and efficient nuclear thermal propulsion systems can provide faster transit times between destinations. The Defense Advanced Research Projects Agency (DARPA) awarded the contract to Lockheed under a project called Demonstration Rocket for Agile Cislunar Operations (DRACO). The in-space flight demonstration of a nuclear thermal rocket engine vehicle will take place no later than 2027, Lockheed said.

Persons: Lockheed Martin, Jeff Bezos, Kirk Shireman, Kannaki, Shailesh Organizations: Lockheed, U.S . Department of Defense, Origin, Elon, SpaceX, Lunar, Lockheed Martin Space, Research Projects Agency, DARPA, Agile Cislunar, Thomson Locations: Bengaluru

☆ GE HealthCare raises 2023 profit forecast as supply chain woes ease
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) raised its annual profit forecast on Tuesday, after beating quarterly earnings estimates due to easing supply chain issues that had largely impacted electronic components during the pandemic. Johnson & Johnson (JNJ.N) and Abbott Laboratories (ABT.N), which make medical devices like heart stents and implants, surpassed quarterly profit estimates last week as patients underwent their delayed procedures. GE HealthCare on Tuesday reported total quarterly sales of $4.8 billion, in line with analysts' estimates. Of this, $2.6 billion came from sales of imaging devices such as magnetic resonance imaging (MRI) and $839 million from ultrasound devices. The healthcare equipment firm operates four medical device businesses - imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

Persons: Johnson, Khushi, Shailesh Organizations: GE HealthCare Technologies Inc, GE, Johnson, Abbott Laboratories, GE HealthCare, General Electric, Thomson Locations: Bengaluru

☆ Pacific Premier says vendor hit by MOVEit data breach
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Pacific Premier Bancorp (PPBI.O) said on Tuesday that a cybersecurity incident at a third-party vendor has led to data leak of its bank's clients, becoming the latest victim of the MOVEit hack. The vendor confirmed that personal data had been compromised in the incident, which involved popular file transfer tool MOVEit, Pacific Premier said in a regulatory filing. Firms, institutions and government departments using file sharing software MOVEit have recently been hit by data breaches. On Monday, consumer and commercial bank 1st Source Corp (SRCE.O) said a security breach that involved MOVEit has impacted about 450,000 records. MOVEit, made by Massachusetts-based Progress, allows organizations to securely transfer files and data between business partners and customers.

Persons: MOVEit, Jaiveer Singh, Shailesh Organizations: Pacific Premier Bancorp, Pacific Premier, Corp, Thomson Locations: Massachusetts, Bengaluru

☆ TikTok to launch e-commerce platform in US to sell China-made goods - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - TikTok is planning to launch in early August an e-commerce platform to sell China-made goods in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. TikTok did not immediately respond to a Reuters request for comment. The reported move comes at a time when TikTok is facing heightened scrutiny from U.S. officials over concerns about data security. The company is fighting to prevent a ban in the country after lawmakers introduced a bill that would grant the Biden administration authority to ban apps that pose security risks. (This story has been refiled to add source in the headline)Reporting by Zaheer Kachwala; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, Zaheer Kachwala, Shailesh Organizations: Wall Street, Biden, Thomson Locations: China, United States

July 24 (Reuters) - SoftBank Group (9984.T) is forming a joint venture with warehouse automation company Symbotic (SYM.O) to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday. The unit has also signed a contract to buy AI-powered systems from Symbotic that will be worth $7.5 billion in the next six years. Based in Wilmington, Massachusetts, Symbotic provides robotics warehouse automation solutions and counts Walmart (WMT.N) as its major backer and customer. The Japanese company will have a 65% stake in GreenBox, with Symbotic owning the rest. For fiscal year 2022, Symbotic reported revenue of $593.3 million, up 136% year over year, with a loss of $139.1 million.

Persons: Symbotic, Rick Cohen, upping, Masayoshi Son, Zaheer Kachwala, Krystal Hu, Shailesh Kuber, Anil D'Silva, Cynthia Osterman Organizations: SoftBank, Systems, SoftBank Group Corp, Walmart, JV, Tokyo bourse, Thomson Locations: SoftBank, Wilmington , Massachusetts, Tokyo, GreenBox

☆ SoftBank forms JV to build AI-powered warehouses with Symbotic
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - SoftBank Group (9984.T) is forming a joint venture with supply-chain services provider Symbotic to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday. The firms are investing a total of $100 million in the venture, which will be called GreenBox Systems. The unit has also signed a contract to buy AI-powered systems worth $7.5 billion for its warehouses from Symbotic. The deal will give SoftBank, already an investor in Symbotic, warrants representing about 2% of the U.S. company's outstanding shares. The Japanese firm said it had also bought 17.8 million shares of Symbotic from CEO Rick Cohen.

Persons: Rick Cohen, Masayoshi Son, Vikas Parekh, Greenbox, Symbotic, Zaheer Kachwala, Shailesh Kuber, Anil D'Silva Organizations: SoftBank, Systems, Tokyo bourse, SoftBank Investment, JV, Thomson Locations: Symbotic, Tokyo, GreenBox

☆ Spotify raises prices for its premium plans across several countries
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Spotify Technology (SPOT.N) on Monday raised prices for its premium plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy. The move will result in a $1 price increase for Spotify's U.S. plans, with the premium single now starting at $10.99, duo at $14.99, family at $16.99 and the student plan at $5.99. The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth. Rivals services from Apple (AAPL.O) and Amazon.com (AMZN.O) and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service was launched in 2018. Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.

Persons: Samrhitha, Shailesh Organizations: Spotify Technology, U.S, Spotify, Rivals, Apple, YouTube, Thomson Locations: United States, United Kingdom, U.S, Sweden, Bengaluru

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