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☆ United Airlines to give conditional job offers to active-duty military pilots
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

The One World trace Center and the New York skyline are seen while United Airlines planes use the tarmac at Newark Liberty International Airport in Newark, New Jersey, U.S., May 12, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsSept 28 (Reuters) - United Airlines (UAL.O) said on Thursday it will give conditional job offers to active-duty U.S. military pilots to join the airline as a first officer once they complete service. United Airlines has more than 16,000 pilots at present, including over 3,000 who have served or currently serve in the United States Armed Forces. Military pilots applying to join the carrier would not need an airline transport pilot certificate at the time of application, but can obtain it before joining. United hired more than 4,000 new pilots in the past 24 months and expects to add over 10,000 this decade, according to the company.

Persons: Eduardo Munoz, Shivansh, Shounak Dasgupta 私 Organizations: United Airlines, Newark Liberty International Airport, REUTERS, United States Armed Forces, Military, United Locations: York, Newark , New Jersey, U.S, Bengaluru

☆ Detroit casino workers to vote on authorizing strikes this Friday
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

The Detroit skyline is seen from the north side of the city in Detroit, Michigan, December 3, 2013. REUTERS/Joshua Lott/File Photo Acquire Licensing RightsSept 28 (Reuters) - Workers who staff the majority of operations at the three casinos in Detroit will vote on Friday to authorize potential strikes, the United Auto Workers (UAW) union said. The union, in a release on Thursday, said workers staffing operations such as slots and table games, as well as restaurants at MGM Grand Detroit, MotorCity Casino and Hollywood at Greektown, will cast ballots on whether to authorize strikes as they negotiate for a new contract. Should casino workers authorize a strike in Friday's vote, the Detroit Casino Council, the negotiating committee for workers, could call for strikes as soon as mid-October when contracts expire, according to the union. Reporting by Shivansh Tiwary in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joshua Lott, Shivansh, Shounak Dasgupta Organizations: REUTERS, Workers, United Auto Workers, UAW, MGM Grand Detroit, Hollywood, Detroit Three, General Motors, Chrysler, Detroit Casino Council, Thomson Locations: Detroit, Detroit , Michigan, Greektown, Bengaluru

[1/2] A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, U.S., March 18, 2019. Nike has also experienced competition from other sneaker brands, including Deckers' (DECK.N) Hoka, On Running (ONON.N) and French-owned sports retailer Salomon, as shoppers gravitate toward "performance" shoes. Nike CEO John Donahoe said the company would turn its attention to "prioritizing the everyday runner" and connecting with shoppers in more channels, including specialty running stores. The company posted total revenue of $12.94 billion in the quarter, missing analysts' estimates of $12.98 billion. Nike reported a profit of $1.45 billion, or 94 cents per share, beating estimates of 75 cents per share.

Persons: Charles, Brian Snyder, Matthew Friend, Friend, Jordan, Salomon, Dylan Dittrich, John Donahoe, David Swartz, Deborah Sophia, Katherine Masters, Shounak Dasgupta, Jamie Freed Organizations: Nike, REUTERS, Air, Jordan, Insights, Morningstar, Thomson Locations: Cambridge , Massachusetts, U.S, Kobe, Bengaluru, New York

☆ Meta Connect: All the details on Quest 3, Ray-Ban smart glasses, AI chatbots
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Meta CEO Mark Zuckerberg delivers a speech, as a pair of Ray-Ban smart glasses appear on screen, during the Meta Connect event at the company's headquarters in Menlo Park, California, U.S., September 27, 2023. AI CHATBOTS, STICKERSMeta unveiled more than two dozen chatbots that will work within its social media applications. The company announced Meta AI Studio, a platform for developers to build custom AI chatbots. RAY-BAN SMART GLASSESMeta announced new generation Ray-Ban smart glasses, priced at $299. The smart glasses will also have Meta AI built in, with the ability to give information on the item a user is looking at.

Persons: Mark Zuckerberg, Carlos Barria, Snapdragon, Meta, Microsoft's Bing, Bear Grylls, Chloe Kim, Josh Richards, RAY, Yuvraj Malik, Shounak Dasgupta Organizations: Meta, REUTERS, Gaming, Facebook, United States, Thomson Locations: Menlo Park , California, U.S, WhatsApp, United, Bengaluru

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 27 (Reuters) - Micron Technology (MU.O) forecast first-quarter revenue above Wall Street estimates on Wednesday, powered by demand for its memory chips from the rapidly growing artificial intelligence sector. But the Idaho-based chipmaker forecast a wider than expected first-quarter loss as it prepares to ramp up production of new product lines. Micron said Wednesday that it expects to start production of lucrative high-bandwidth memory, which is used in many AI chips, next year. Micron expects adjusted revenue of $4.40 billion, plus or minus $200 million, for the current quarter, compared with estimates of $4.20 billion, according to LSEG data. Revenue for the fourth quarter stood at $4.01 billion, compared with estimates of $3.91 billion.

Persons: Dado Ruvic, Sanjay Mehrotra, Samrhitha, Shounak Dasgupta, Josie Kao Organizations: REUTERS, Micron Technology, SK Hynix, Micron, Revenue, Thomson Locations: Idaho, China, Bengaluru

☆ Union urges US regulators to deny GM's self-driving Cruise a safety exemption
▼ + stars: | 2023-09-27 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsCompanies General Motors Co FollowWASHINGTON, Sept 27 (Reuters) - The International Brotherhood of Teamsters union on Wednesday asked U.S. auto safety regulators to deny a petition by General Motors (GM.N) to exempt its autonomous vehicle unit Cruise Origin from vehicle safety standards. The Cruise petition, filed in February 2022, seeks government approval to deploy vehicles annually without steering wheels, mirrors, turn signals or windshield wipers. Current on-road self-driving Cruise vehicles have human controls. NHTSA said Cruise vehicles "may engage in inappropriately hard braking or become immobilized."

Persons: Elijah Nouvelage, Ann Carlson, Cruise, Sean O'Brien, Carlson, David Shepardson, Niket, Shounak Dasgupta, Marguerita Choy Organizations: GM Bolt, REUTERS, General Motors, Brotherhood of Teamsters, Wednesday, U.S, Traffic Safety Administration, NHTSA, California Department of Motor Vehicles, Cruise, Reuters, GM, Congress, Thomson Locations: San Francisco , California, U.S, WASHINGTON, San Francisco, Washington, Bengaluru

☆ Uber names semiconductor executive Mahendra-Rajah as CFO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 27 (Reuters) - Uber Technologies (UBER.N) on Wednesday named Analog Devices (ADI.O) CFO Prashanth Mahendra-Rajah as its finance chief at a time when the ride-hailing company is gearing up for growing competition in the industry. At semiconductor firm Analog Devices, Mahendra-Rajah oversaw the roughly $21-billion acquisition of rival Maxim Integrated Products. Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings and has held other financial leadership roles at Applied Materials (AMAT.O), Visa (V.N) and United Technologies. Still, with more than $1 billion in free cash flow in the second quarter, Uber said it was increasingly considering share repurchases and shareholder dividends.

Persons: Arnd, Prashanth Mahendra, Rajah, Mahendra, Nelson Chai, Uber, Deborah Sophia, Shounak Dasgupta Organizations: REUTERS, Technologies, Devices, Maxim Integrated Products, WABCO Holdings, Materials, Visa, United Technologies, Los Angeles Yellow Cab, Thomson Locations: Davos, Switzerland, San Francisco, Nelson, Europe, Asia, Bengaluru

☆ OpenAI in talks with investors for sale of existing shares - sources
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 26 (Reuters) - OpenAI, the artificial intelligence startup behind ChatGPT, is talking to investors on a possible sale of existing shares, according to two sources familiar with the matter. The deal could value Microsoft-backed OpenAI at between $80 billion to $90 billion, according to the Wall Street Journal, which first reported on the potential share sale. In a sale of existing shares no new capital is raised, but insiders and investors are allowed to sell their shares. OpenAI's new valuation would be almost triple of what the company was worth after a share sale earlier this year, the WSJ reported.

Persons: Dado Ruvic, OpenAI, Krystal Hu, Niket, Shounak Dasgupta Organizations: REUTERS, Microsoft, Wall Street, Thomson Locations: Silicon Valley, San Francisco, Bengaluru

☆ US retailers' financial losses jump as retail crime escalates - NRF
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

In 2022, inventory "shrink" as a percentage of total retail sales accounted for $112.1 billion in losses, up from $93.9 billion in 2021, according to the NRF report on Tuesday. Retailers are either being forced to close a specific store location, reduce operating hours or alter in-store product selection to deal with the spike in retail crime, the report added. Dollar Tree (DLTR.O) has said it plans to remove goods like men's underwear, an item most prone to retail theft, from its stores. Retailers are ramping up prevention methods with 34% of respondents increasing internal payroll to support risks related to retail crime and 46% increasing the use of third-party security personnel among other methods, according to NRF. The NRF survey was conducted online among senior loss prevention and security executives in the retail industry with insights from 177 retail brands.

Persons: Brendan McDermid, David Johnston, John Rainey, Ananya Mariam Rajesh, Savyata Mishra, Siddharth Cavale, Shounak Dasgupta Organizations: Black, REUTERS, National Retail Federation, U.S, Kroger, Asset Protection, Retail, Retailers, Walmart, Telsey, Thomson Locations: Brooklyn , New York, U.S, New York, San Francisco , Los Angeles, Houston, Britain, Bengaluru

☆ Hollywood studios can train AI models on writers' work under tentative deal - WSJ
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

Sept 26 (Reuters) - Hollywood studios are expected to retain the right to train artificial-intelligence models based on writers' work under the terms of a tentative labor agreement between the two sides, the Wall Street Journal reported on Tuesday, citing people familiar with the situation. The writers would also walk away with an important win, a guarantee that they will receive credit and compensation for work they do on scripts, even if studios partially rely on AI tools, according to the report. Entertainment executives didn't want to relinquish the right to train their own AI tools based on TV and movie scripts, since their understanding is that AI tech platforms already are training their own models on such materials, the WSJ reported. The WGA, which represents roughly 11,500 film and television writers, reached a preliminary three-year deal with major studios on Sunday. Their demands are similar to that of writers, including higher wages and protection against AI use.

Persons: didn't, Samrhitha, Shounak Dasgupta Organizations: Wall Street, Entertainment, Guild of America, Alliance, Television Producers, WGA, Thomson Locations: California, Hollywood, Bengaluru

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. Equal Employment Opportunity Commission (EEOC) on Friday said it sued United Parcel Service (UPS.N) for disability discrimination, alleging the delivery firm refused to hire deaf or hearing-impaired individuals as drivers. Atlanta-based UPS said it is modifying driver training for those who are deaf and hard of hearing and would start accepting exemptions to the DOT commercial driver hearing standard for operators of its ubiquitous brown delivery trucks in January 2024. EEOC said it sued the world's largest parcel delivery firm under the Americans with Disabilities Act (ADA) after failing to reach a pre-litigation settlement. "Just because someone is deaf does not mean they cannot drive safely," said Gregory Gochanour, EEOC's regional attorney in Chicago.

Persons: Andrew Kelly, EEOC, Gregory Gochanour, Kannaki, Lisa Baertlein, Shounak Dasgupta, Chris Reese Organizations: United Parcel Service, REUTERS, Opportunity Commission, Department of Transportation, UPS, Disabilities, Northern, Northern District of Illinois, Thomson Locations: Brooklyn , New York City, U.S, Atlanta, Chicago, Northern District, Bengaluru, Los Angeles

☆ Rite Aid plans to shut down hundreds of stores in bankruptcy - WSJ
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. The company has proposed to close roughly 400 to 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations, according to the report. Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said. Reporting by Pritam Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, Pritam Biswas, Shounak Dasgupta Organizations: Rite, REUTERS, Wall Street, Rite Aid, Walgreens Boots Alliance, CVS Health, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ Unity Software rolls back parts of new pricing policy after backlash
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

Sept 22 (Reuters) - Video-game software maker Unity (U.N) on Friday rolled back key parts of a new "runtime fee" pricing policy that sparked backlash from gaming developers and slammed its share price. The company behind the Unity Engine software that helps people make games had planned to charge developers each time their game is installed after certain milestones, like revenue, are crossed. "Our Unity Personal plan will remain free and there will be no Runtime Fee for games built on Unity Personal," company executive Marc Whitten said on Friday. The company added that no game with less than $1 million in trailing 12-month revenue will be subject to the fee. As of last close, Unity's shares have lost about 19% of their value since the announcement of the new pricing policy on Sept. 12.

Persons: Marc Whitten, Jaspreet Singh, Shounak Dasgupta Organizations: Unity, Epic Games, Thomson Locations: Bengaluru

☆ Apple's iPhone seen gaining market share in India as Pro model demand rises
▼ + stars: | 2023-09-22 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsSept 22 (Reuters) - Apple (AAPL.O) is expected to gain a larger share of India's smartphone sales, with the high-end iPhone 15 Pro and Pro Max models accounting for more of its shipments. The tech giant has been touting India as its next big growth driver amid declining sales of its flagship device. Wait times in India for Apple's latest 15 Pro and Pro Max models, that go on sale Friday, are stretching up to late October, mirroring trends seen in China and the U.S. Still, Apple has a long way to go before the country could bring in sales seen in the company's major markets. Morgan Stanley, in a note earlier this month, estimated that Apple's revenue from India is about half that of China.

Persons: Francis Mascarenhas, Max, Tim Cook, Apple, Morgan Stanley, Yuvraj Malik, Shounak Dasgupta Organizations: Apple, REUTERS, Reuters, Apple's, Counterpoint, IDC, Samsung, Thomson Locations: Mumbai, India, China, U.S, Bengaluru

☆ Adevinta confirms acquisition proposal from Blackstone-Permira consortium
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - EBay-backed online classifieds group Adevinta (ADEA.OL) said on Thursday it has received a proposal from a consortium led by Permira and Blackstone (BX.N) regarding a potential offer to acquire the company. Bloomberg News, which had earlier reported on the potential acquisition, said the consortium was studying a possible deal to take Adevinta private. Norwegian media group Schibsted (SCHA.OL), a major Adevinta shareholder, and eBay (EBAY.O) expressed their support for the proposal and will retain part of their current stake, Adevinta said. EBay in 2021 sold part of its stake in Adevinta to Permira for $2.25 billion. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shweta Agarwal and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Adevinta, Blackstone, Permira, Rishabh, Shweta Agarwal, Shounak Organizations: EBay, Permira, Blackstone, Bloomberg, eBay, Thomson Locations: Oslo, Norwegian, Adevinta, Permira, Bengaluru

☆ Fonterra's profit more than doubles on demand for dairy ingredients, shares rise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

The world's biggest dairy exporter also benefited from higher product pricing and strong demand for its dairy ingredients and foodservice channel. "We acknowledge that across the year, farmers will continue to feel the pressure from high input costs and a reduced farmgate milk price," CEO Miles Hurrell said. The dairy giant also expects inflationary pressures and farmgate milk price outlook to impact its production levels. That compares with normalized earnings of 80 NZ cents per share in fiscal 2023. The Auckland-based company declared a final dividend of 40 NZ cents per share, compared with 15 NZ cents declared last year.

Persons: Nigel Marple, Fonterra, Miles Hurrell, Hurrell, Himanshi Akhand, John Biju, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, Fund, NZ, Zealand, Thomson Locations: Rapa, Hamilton, China, Zealand, Auckland, Bengaluru

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

☆ Air Canada says unauthorised group briefly had access to internal system
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: 1 min

An Air Canada plane takes off at Vancouver International Airport in Canada December 22, 2022. REUTERS/Jennifer Gauthier/File Photo Acquire Licensing RightsSept 20 (Reuters) - Air Canada (AC.TO) said on Wednesday an unauthorised group briefly had limited access to an internal Air Canada system that had personal information of some employees and certain records. "We can confirm that our flight operations systems and customer facing systems were not affected. No customer information was accessed," according to the airline. Air Canada said its systems were fully operational and the company has since implemented enhancements to its security measures.

Persons: Jennifer Gauthier, Kannaki, Shounak Dasgupta Organizations: Air Canada, Vancouver International Airport, REUTERS, Canada, Thomson Locations: Canada, Bengaluru

☆ US government restarts delivery of free COVID tests
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: 1 min

People walk next to coronavirus disease (COVID-19) testing sites in New York City, New York, U.S., December 12, 2022. REUTERS/Eduardo Munoz/File photo Acquire Licensing RightsSept 20 (Reuters) - The U.S. Department of Health and Human Services (HHS) said on Wednesday it will deliver COVID-19 tests for free to households across the country. Beginning Sept. 25, households will again be able to order four free tests through COVIDTests.gov, the health agency said, adding that the tests can detect currently circulating COVID-19 variants and are intended for use through the end of 2023. HHS also announced an investment of $600 million in 12 domestic COVID-19 test manufacturers. Reporting by Mariam Sunny and Seher Dareen in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Eduardo Munoz, Mariam Sunny, Seher, Shounak Dasgupta Organizations: REUTERS, U.S . Department of Health, Human Services, HHS, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ Zuckerberg's philanthropy project plans AI system for life sciences research
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Beck Diefenbach/File Photo Acquire Licensing RightsSept 19 (Reuters) - Meta (META.O) CEO Mark Zuckerberg's philanthropy venture plans to build a computing system powered by artificial intelligence for life sciences research to study human cells and diseases. The Chan Zuckerberg Initiative, created by Zuckerberg and his wife Priscilla Chan, will use the computing system to run openly available AI models, the philanthropy venture said on Tuesday. AI has been used in the life sciences domain for some years. The system will be trained on datasets from software tool CZ Cell x Gene, as well as resources from Chan Zuckerberg Biohub Network and Chan Zuckerberg Institute for Advanced Biological Imaging, and publicly available data. The company released its latest Llama 2 model in July, and offered it for free to businesses of a certain size.

Persons: Priscilla Chan, Mark Zuckerberg, Chan, Beck, Mark, Chan Zuckerberg, Zuckerberg, Nvidia's, Yuvraj Malik, Shounak Dasgupta Organizations: Initiative, UCSF, REUTERS, Chan Zuckerberg Initiative, Google, Imaging, Meta, Thomson Locations: Bay, San Francisco , California, U.S, Bengaluru

☆ CEO of Block's Square business Alyssa Henry to leave company
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: 1 min

Sept 18 (Reuters) - The CEO of Square, a unit of fintech company Block Inc (SQ.N), will leave the company, according to a regulatory filing on Monday. Alyssa Henry will leave the company on Oct. 2. Reporting by Pritam Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alyssa Henry, Pritam Biswas, Shounak Dasgupta Organizations: Block Inc, Thomson Locations: Bengaluru

☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.

Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowSept 15 (Reuters) - The former head of Wells Fargo's (WFC.N) retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Prosecutors had sought a one-year prison term for Tolstedt, but the judge said it would unfairly make Tolstedt appear solely responsible for Wells Fargo's misconduct. That cap remains in place, though Wells Fargo remains the fourth-largest U.S. bank. Wells Fargo has also clawed back tens of millions of dollars of her pay.

Persons: Wells Fargo's, Carrie Tolstedt, Josephine Staton, Wells, Tolstedt, Martin Estrada, Wells Fargo, John Stumpf, Stumpf, Chris Prentice, Jonathan Stempel, Jaiveer Singh, Shounak Dasgupta, Matthew Lewis Organizations: REUTERS, Companies Wells, U.S, San, Wells, Prosecutors, Federal Reserve, Securities and Exchange Commission, Thomson Locations: Wells Fargo Bank, New York City, U.S, Los Angeles, San Francisco, America, Wells, New York, Bengaluru

☆ J.P.Morgan expects no further Fed interest rate hikes this cycle
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSept 13 (Reuters) - J.P.Morgan Asset Management said on Wednesday it expects no further interest rate hikes from the U.S. Federal Reserve in this cycle, after crucial inflation data appeared to remain on its downward path. "Despite still rising oil prices in early September, we expect the impact of oil price spikes on CPI to be limited," J.P.Morgan's Chief Global Strategist David Kelly said in a note. "We still believe that, barring some further shock, year-over-year headline consumption deflator inflation will be below the Fed's 2% target by the fourth quarter of 2024." Reporting by Reshma Rockie George in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Chase, Mike Segar, David Kelly, Reshma Rockie, Shounak Dasgupta Organizations: Co, New York City, REUTERS, J.P.Morgan, Management, U.S . Federal Reserve, Thomson Locations: New York, U.S, Reshma Rockie George, Bengaluru

☆ ICON to partner with US govt agency to test COVID vaccine candidates
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Vials labelled "VACCINE Coronavirus COVID-19" and a syringe are seen in front of a displayed U.S. flag in this illustration taken December 11, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Icon Plc FollowBioNTech SE FollowModerna Inc Follow Show more companiesSept 13 (Reuters) - Contract research firm ICON Plc (ICLR.O) said on Wednesday it is partnering with the U.S. government for a clinical trial to test the effectiveness of next generation COVID-19 vaccine candidates. As part of the collaboration with Biomedical Advanced Research and Development Authority, ICON will conduct a mid-stage trial of 10,000 participants to assess the efficacy of a next generation COVID-19 vaccine relative to currently available shots. The U.S. agency will select the vaccine candidate for the trial. The U.S. Food and Drug Administration on Monday authorized updated COVID-19 vaccines from Pfizer (PFE.N)/BioNTech (22UAy.DE) and Moderna (MRNA.O) that target the XBB.1.5 subvariant of the virus.

Persons: Dado Ruvic, Pratik Jain, Saumyadeb Chakrabarty, Shounak Organizations: REUTERS, U.S, Research, Development Authority, U.S . Food, Drug Administration, Pfizer, Moderna, Thomson Locations: U.S, Bengaluru

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