DIRS.INFO The most relevant business & tech news

Sept 14 (Reuters) - Russian retailer Magnit (MGNT.MM) said on Thursday it had fully completed a deal to buy back blocked shares from Western investors at a 50% discount by purchasing shares held through Euroclear, the first such arrangement since Russia's February 2022 invasion of Ukraine. Magnit said it had bought back 21,903,163.8 shares from shareholders, representing about 21.5% of all issued and outstanding shares at an amount of around 48.5 billion roubles ($507.32 million). "Magnit's GDR program depositary bank, JP Morgan Chase Bank, also took part, as well as international investors," Magnit said, such as hedge funds, sovereign wealth funds and individuals. Magnit had tripled the size of its original offer after strong demand from Western investors. Russia's presidential office is currently reviewing a request from oil major Lukoil (LKOH.MM) to buy back up to 25% of its shares from foreign investors.

Persons: Magnit, Russia's, Magnit's, JPM, JP, Alexander Marrow, Gareth Jones Organizations: Reuters, Nordic, Magnit, Euroclear Bank, RIC, Kremlin, JPMorgan, JP Morgan Chase Bank, Thomson Locations: Euroclear, Ukraine, Russian, Italy, Singapore, Japan, Canada, Australia, United States, United Kingdom, Germany, Magnit, Russia, Uzbekistan, Magnit's Moscow, Washington, GDR

☆ Afghanistan recall fast bowler Naveen for World Cup
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

KABUL, Sept 14 (Reuters) - Fast bowler Naveen-ul-Haq has returned to the Afghanistan one-day squad for the upcoming World Cup in India more than two years after playing his last ODI. Omarzai missed the ongoing Asia Cup with a side strain but has recovered to reclaim his place in the 15-member squad announced on Wednesday. Rashid Khan will spearhead a spin attack that also includes Mohammad Nabi, Mujeeb Ur Rahman and Noor Ahmad. All-rounder Gulbadin Naib, who led the team when they finished bottom at the 2019 World Cup in England and Wales, is one of three reserve players. Afghanistan will kick off their World Cup campaign on Oct. 7 against Bangladesh in Dharamsala.

Persons: Naveen, Haq, Farooqi, Abdul Rahman, Omarzai, Rashid Khan, Mohammad Nabi, Mujeeb Ur Rahman, Noor Ahmad, Naib, Hashmatullah Shahidi, Ibrahim Zadran, Rahmanullah Gurbaz, Rahmat Shah, Riaz Hassan, Najibullah Zadran, Ikram, Azmatullah Omarzai, Fazalhaq Farooqi, Ul, Amlan Chakraborty, Peter Rutherford Organizations: Ireland, Bangladesh, Thomson Locations: KABUL, Afghanistan, India, Abu Dhabi, Asia, England, Wales, Dharamsala, New Delhi

Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

☆ German carmaker stocks dip amid China-EV probe dispute
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Alternatively, punitive tariffs on imports from China could accelerate Chinese EV makers' plans to build in Europe, analysts said, raising competition for domestic carmakers. "Volkswagen could gain from lower mass-market competition, but is the most exposed ... premium OEMs ...face the risk of retaliation and might see their China-export plans sent awry," he added. By 1210 GMT, the STOXX Europe 600 Auto (.SXAP) index was down 1.46%, while the broader market was steady. BMW, which exports the iX3 from China and plans to export the Mini from 2024, fell 2.08%, with Mercedes-Benz down 1.56% and Volkswagen down 1.83%. Stocks of carmakers Renault and Stellantis, which are less exposed to the Chinese market than their German counterparts, saw smaller dips of 1.33% and 0.81% respectively.

Persons: Annegret, Emmanuel Macron, Daniel Roeska, Bernstein, Danilo Masoni, Victoria Waldersee, Josephine Mason, Thomas Leigh, Michel Rose, Sharon Singleton, David Holmes Organizations: REUTERS, EV, HK, European Commission, Renault, Volkswagen, BMW, Mercedes, Benz, Porsche, carmakers Renault, Thomson Locations: Berlin, Germany, Beijing, China, Europe, France

☆ House Republican lawmakers urge US crackdown on Huawei, SMIC
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 14 (Reuters) - A group of senior U.S. House Republicans on Thursday urged the Biden administration to crack down on Huawei [RIC:RIC:HWT.UL] and Semiconductor Manufacturing International Corp (SMIC) (0981.HK) after reports suggested Huawei has developed an advanced smartphone capable of supporting 5G. The lawmakers - including the chairs of the House of Representatives' Foreign Affairs, Energy and Commerce, Armed Services, and select China committees - urged the Commerce Department to stop granting licenses to Chinese government-controlled companies, such as SMIC, and said it called for additional U.S. pressure "and more effective export controls on our adversaries." The letter also called on the administration "to strategically bar the import of SMIC-produced semiconductors, particularly those that pose risks to national security, into the United States" and for the administration to "pursue criminal charges against executives from SMIC and Huawei." Reporting by David Shepardson; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, David Shepardson, Jonathan Oatis Organizations: U.S . House Republicans, Huawei, RIC, Semiconductor Manufacturing International Corp, HK, Representatives, Foreign Affairs, Energy, Commerce, Armed Services, Commerce Department, SMIC, Thomson Locations: China, United States

☆ China's Huawei flags product launch, details about phones expected
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Sept 14 (Reuters) - China's Huawei Technologies (HWT.UL) said on Thursday it will launch new products on Sept. 25 without elaborating. The company will be releasing information about new mobile phones at the event, according to Chinese business daily Yicai which cited sources. Huawei started selling its latest high-end smartphones Mate 60 and Mate 60 Pro at end of last month and last week started presales for its Mate 60 Pro+ smartphone alongside a new foldable phone Mate X5. But it has not done much advertising about the phones to date and has been tight-lipped about the technologies deployed in the phones. Reporting by Liz Lee and Beijing newsroom; Editing by Jacqueline Wong and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Liz Lee, Jacqueline Wong, Edwina Gibbs Organizations: Huawei Technologies, Huawei, Thomson Locations: BEIJING, Beijing

The unveiling of Apple's iPhone 15 attracted intense discussion online on Wednesday, as new models have done in the past. Topics discussing the new launch attracted 380 million views on social media platform Weibo, with more than 800,000 discussions, including posts, comments and likes, on the iPhone 15. A survey by Chinese news portal Sina on the social media platform asking participants if they would buy the Mate 60 or iPhone 15 saw 61,000 votes for the Huawei device versus 24,000 for the iPhone 15. "Before Huawei's surprise launch, we projected Apple's sales in China Q3 and Q4 to be flat or slightly weaker than last year." "Sales (of the iPhone 15) are not going to be easy, especially since Chinese consumers are either being cautious in spending or shifted their focus to leisure or travel," he added.

Persons: Thomas Peter, Archie Zhang, Will Wong, Yelin, Brenda Goh, Josh Ye, Jacqueline Wong Organizations: Apple, REUTERS, Rights, U.S, Huawei Technologies, Huawei, HK, Weibo, Sina, IDC, Thomson Locations: Beijing, China, Rights BEIJING, Alibaba's, U.S, Yelin Mo, Shanghai, Hong Kong

☆ Apple unveils iPhone 15 Pro with titanium case, holds line on prices
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

IPHONE 15 LAUNCHBoth the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. [1/6]New iPhone 15 and iPhone 15 Plus are displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999.

Persons: Apple, Jeff Williams, Loren Elliott, Carolina Milanesi, Milanesi, Greg Joswiak, Bob O'Donnell, Pro Max, Lisa Jackson, Stephen Nellis, Aditya Soni, Pushkala, Raechel, Yuvraj Malik, Peter Henderson, Lisa Shumaker Organizations: Apple, Huawei Technologies, Huawei, Securities Times, REUTERS, American Automobile Association, AAA, Creative, TECHnalysis Research, Pro, Counterpoint Research, Thomson Locations: CUPERTINO , California, Cupertino , California, China, U.S, United States, Bengaluru

A man walks past a logo of Alibaba Group at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang Acquire Licensing RightsSHANGHAI, Sept 12 (Reuters) - New Alibaba Group CEO Eddie Wu has told staff the tech giant's two main strategic focuses going forward will be "user first" and "AI-driven", according to an internal letter reviewed by Reuters. The new CEO, one of Alibaba Group's founders and long-time lieutenant of former chief Jack Ma, is laying out his strategic priorities at a key moment for Alibaba, which is undergoing the biggest organisational restructure of its 24-year history. Late on Sunday Alibaba also announced that Wu would concurrently serve as CEO of its cloud computing unit, replacing Daniel Zhang. The cloud unit is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model, Tongyi Qianwen.

Persons: Tingshu Wang, Eddie Wu, Wu, Alibaba, Jack Ma, Daniel Zhang, Zhang, ByteDance's Douyin, Casey Hall, Gerry Doyle, Stephen Coates Organizations: Alibaba Group, REUTERS, Rights, Alibaba, Reuters, Cloud Intelligence Group, PDD Holdings, Huawei Technologies, Tencent Holdings, HK, Baidu, Thomson Locations: Beijing, China

The focus is shifting to a new front: Synthetic graphite, an element developed in the late 19th century, but only redirected toward EVs in the past decade. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, estimates Benchmark Mineral Intelligence. "It’s easier to set up a synthetic graphite production facility than it is to commission new mining sites for natural graphite” because producers can take advantage of incentives in last year's U.S. Inflation Reduction Act to build synthetic graphite capacity in the U.S. or Free Trade Agreement partners, she said. Other experts note synthetic graphite is generally higher purity and offers better and more predictable performance than natural graphite. Still, the construction of new production facilities for synthetic graphite, even with federal incentives, requires a staggering investment, said Novonix's Burns.

Persons: Simon Dawson, ”, Victoria Hugill, It's, Chris Burns, Norway's, Vianode, Hans Erik Vatne, Vatne, Bob Galyen, China’s CATL, Novonix's Burns, “, Fastmarkets, Burns, Paul Lienert, Nick Carey, Timothy Gardner Organizations: REUTERS, Mineral Intelligence, EV, U.S, Trade, Infrastructure Investment, Jobs Act, Norsk Hydro, Hydro, Galyen Energy, Thomson Locations: London, Britain, United States, Europe, China, U.S, Bainbridge , Georgia, Chattanooga , Tennessee, North America, Detroit

☆ Apple's iPhone 15 launch clouded by China problems
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

The iPhone made up more than half of Apple's $394.3 billion in sales last year, but it faces new challenges with selling in China, the Cupertino, California firm's third-largest market. Huawei wants to gain an edge on Apple with add-on features like satellite calling that relies on China's government-backed network. Apple's current iPhone lineup includes satellite capabilities, though they are meant only for emergency situations. "The truth of the matter is, we're in a very down smartphone market," said Bob O'Donnell, head of TECHnalysis Research. Reporting by Stephen Nellis in Cupertino, California; Editing by Peter Henderson and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Apple, Ben Bajarin, Bob O'Donnell, O'Donnell, Tim Cook's, Siri, Stephen Nellis, Peter Henderson, Lisa Shumaker Organizations: Apple, REUTERS, Rights, Huawei Technologies, Huawei, iPhones, Apple Watch, Creative, Counterpoint Research, TECHnalysis Research, Thomson Locations: Rights CUPERTINO , California, China, Cupertino , California

☆ Factbox: Few suppliers of synthetic graphite for EV batteries
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

A sign directing towards electric vehicle charging points is seen in a car park in Manchester, Britain, September 8, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 12 (Reuters) - Although synthetic graphite has been around for more than 100 years, few companies are supplying the material to makers of electric vehicle batteries and battery electrodes. Here’s a short list of public and private companies engaged in the development and production of synthetic graphite, regarded as higher purity and offering better performance, for EV batteries:Anovion (USA)Founded: 2022Partners: Forge Nano, American Battery FactoryOperations: USABTR New Energy Materials (China)(835185.BJE)Founded: 2000Investor: Syrah Resources (SYR.AX)Partner: CNGR (300919.SZ)Operations: China, IndonesiaKuntian New Energy Technology (China)Founded: 2018Investors: Sinopec (600028.SS) , SK China, A123 Systems, Eve Energy (300014.SZ) , BTR New Energy Materials (835185.BJE) , SvoltOperations: ChinaNovonix Group (Australia)(NVX.AX)Founded: 2012Investor: Phillips 66 (PSX.N)Partners: LG Energy Solution (373220.KS) , Kore PowerOperations: Australia, Canada, USAResonac Holdings (Japan)(4004.T)formerly Showa DenkoFounded: 1939Operations: JapanShanshan Technology (China)(SSHOLG.UL)Vianode (Norway)Founded: 2020Investors: Elkem (ELK.OL) , Norsk Hydro (NHY.OL)Operations: NorwaySources: Felixwire, PitchBookReporting by Paul Lienert in Detroit; Editing by Timothy GardnerOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Paul Lienert, Timothy Gardner Organizations: REUTERS, EV, American Battery Factory, BTR, Energy Materials, Syrah, Indonesia Kuntian, Energy Technology, SK China, Systems, Eve Energy, BTR New Energy Materials, Svolt, China Novonix Group, LG Energy, Power, USA Resonac Holdings, Japan Shanshan Technology, Norsk Hydro, Thomson Locations: Manchester, Britain, China, BJE, Indonesia, Australia, Canada, Japan, Vianode, Norway, Detroit

Visitor passes the Raytheon Technologies Corporation (RTX) logo at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. In July, RTX said a rare powder metal defect could lead to the cracking of some engine components and called for accelerated inspections affecting 200 engines by mid-September. Repair work that CEO Greg Hayes had initially expected would take 60 days is now projected to last up to 300 days per engine. An average of 350 jets could be grounded per year through 2026, with as many as 650 jets sitting idle in the first half of 2024. Disclosing higher-than-expected gross costs of $6-7 billion for dealing with the problem, RTX said it expected an up to $3.5 billion pre-tax hit to profits over the next several years.

Persons: Benoit Tessier, Pratt & Whitney, RTX, Greg Hayes, Safran, Hayes, Germany's, Robert Stallard, Valerie Insinna, Abhijith, Tim Hepher, Arun Koyyur, Nick Zieminski, Grant McCool Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Pratt &, RTX Corp, Airbus, Pratt, Raytheon, GE, CFM, Boeing, Aero, Germany's Lufthansa, AIRBUS, U.S, Spirit Airlines, JetBlue Airways, Hawaiian Airlines, Jefferies, Vertical Research Partners, Thomson Locations: Le Bourget, Paris, France, Clayville , New York, Washington, Bengaluru

Alibaba Group sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. Zhang also handed over the role of group CEO to Wu on Sunday as scheduled. "Alibaba Cloud has lost some ground with government and state-owned enterprise clients, which were previously a stronghold for the company," Li said. "During his leadership tenure, Alibaba Cloud's business did not improve significantly despite his efforts. Zhang likely realised that the challenges facing Alibaba Cloud's lacklustre growth were beyond what he could influence or control as an individual executive."

Persons: Aly, Daniel Zhang, Alibaba, Eddie Wu, Zhang, Wu, Canalys, Li Chengdong, Li, Sern Ling, Union Bancaire Privee, Donny Kowk, Josh Ye, Yelin, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman, Christopher Cushing Organizations: Artificial Intelligence, REUTERS, China's, Reuters, DAMO Academy, Huawei Technologies, Union Bancaire, HK, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, HK, Alibaba, Beijing, Yelin Mo

☆ Kohli, Rahul fire as India thump Pakistan in Asia Cup
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - India beat rivals Pakistan by 228 runs after Virat Kohli passed 13,000 in one-day internationals en route to his 47th century and KL Rahul marked his return from injury with a ton in a lopsided Asia Cup Super Four clash in Colombo on Monday. India spinner Kuldeep Yadav (5-25) ripped through Pakistan's lineup following a brief rain interruption after Jasprit Bumrah removed Imam-ul-Haq and Hardik Pandya castled the dangerous Babar Azam. Kohli and Rahul saw off the threat of Pakistan's pace attack, missing Rauf due to a right flank problem, and the duo targeted the spinners to post 356-2 in 50 overs. Rahul and Kohli's unbeaten 233-run partnership for the third wicket was the highest stand in the Asia Cup. India, whose group meeting with Pakistan in Pallekele this month was abandoned due to rain, take on Sri Lanka on Tuesday.

Persons: Virat Kohli, Rahul, Kohli, Naseem Shah, Haris Rauf, Kuldeep Yadav, Bumrah, Haq, Pandya, Babar Azam, Rohit Sharma, Shubman Gill, Rohit, Rauf, Kohli's, It's, we've, Iftikhar Ahmed, Shadab Khan, Shreyas, carting Faheem Ashraf, Shrivathsa Sridhar, Ken Ferris Organizations: Pakistan, Asia, Thomson Locations: India, Colombo, Pallekele, Sri Lanka, Bengaluru

The Mate 60 is priced from 5,999 yuan ($817.70), the same as Apple's iPhone 14 in China. Huawei's launch also comes days before Apple is expected to launch its new iPhone 15 on Sept. 12.WHO ARE THE MATE 60'S SUPPLIERS? The Mate 60 Pro contains more Chinese-made chip components than previous models, TechInsights also said. WHAT COULD IT MEAN FOR APPLE IN CHINA'S SMARTPHONE MARKET? And cumulative shipments of Mate 60 Pro could reach at least 12 million units 12 months after launch, according to Kuo.

Persons: TechInsights, Chi Kuo, Kuo, Yelin Mo, Brenda Goh, Emelia Sithole Organizations: China's Huawei Technologies, Apple, Huawei, Semiconductor Manufacturing International Corp, HK, WHO, South Korea's SK Hynix's, SK Hynix, Dongguan Chitwing Technology, ., Visionox Technology, Reuters, TF International Securities, Thomson Locations: BEIJING, SHANGHAI, China, Kirin, SMIC, South, United States, Dongguan, Suzhou, U.S, Washington, Beijing

[1/2] Venezuela's President Nicolas Maduro gestures during a meeting with Chile's Ambassador to Venezuela Jaime Gazmuri, at Miraflores Palace, in Caracas, Venezuela August 16, 2023. Energy trade, debt repayment and new financing likely are the main focus of the Sept. 8-14 visit, officials and sources said. Beijing's decision to host Maduro coincides with a G20 summit in New Delhi this weekend, which Chinese President Xi Jinping will not attend. In 2020, the Maduro administration and Chinese banks again agreed to a grace period on some $19 billion of Chinese debt, according to Reuters reporting. Despite sanctions on Venezuela, China imported around 390,000 barrels per day of crude from the country between January and August this year, totalling roughly 12.9 million metric tons, data from commodities consultancy Vortexa showed.

Persons: Nicolas Maduro, Venezuela Jaime Gazmuri, Leonardo Fernandez Viloria, Han Zheng, Wang Yi, hegemonism, Han, Pedro Tellechea, Tellechea, Xi Jinping, Maduro, Hugo Chavez's, Joe Biden's, PDVSA, CNPC, Donald Trump, Andrew Hayley, Liz Lee, Joe Cash, Vivian Seuqera, Mayela, Marianna Parraga, Christopher Cushing, Frances Kerry, Marguerita Choy Organizations: REUTERS, Rights, West, Energy, China National Petroleum Corp, Venezuelan, Venezuelan Oil, Shanghai International Energy Exchange, Shanghai Petroleum, Natural Gas Exchange, South, Shanghai, Mayela Armas, Thomson Locations: Venezuela, Miraflores, Caracas, Rights BEIJING, CARACAS, China, OPEC, Beijing, Shanghai, Asia, New Delhi, Malaysia, South American, Houston

☆ Russian Agricultural Bank could have SWIFT access within 30 days, UN tells Moscow
▼ + stars: | 2023-09-08 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsSept 8 (Reuters) - A Russian Agricultural Bank subsidiary in Luxembourg could immediately apply to SWIFT to "effectively enable access" for the bank to the international payments system within 30 days, the United Nations told Russia in a letter, seen by Reuters on Friday. A key Russian demand has been the reconnection of the Russian Agricultural Bank, Rosselkhozbank, to the SWIFT international payments system. "SWIFT has already confirmed that an expedited application process could be possible, bringing the time for effective access within 30 days," Guterres wrote. Russian fertilizer companies would also have to apply to national authorities within the EU for exemptions and the U.N. would engage with the EU on those requests. "The United Nations can help clarify the authorization process for different EU ports and work with Russian counterparts on obtaining the authorizations/permits pre-departure, if required."

Persons: Dado Ruvic, SWIFT, Antonio Guterres, Sergei Lavrov, Guterres, Lavrov, Russia's, RAB, John Neal, Lloyd's, Michelle Nichols, Chizu Organizations: REUTERS, Russian Agricultural Bank, United Nations, Reuters, RSHB Capital S.A, Russian, Black Sea Initiative, Russian Foreign Ministry, UN Secretariat, SWIFT, European Union, UN, RAB, Facility, Lloyd's, RIC, European Commission, Thomson Locations: Bosnia, Herzegovina, Luxembourg, Russia, United, Moscow, Turkey, Ukraine, London, Germany, Belgium, Spain, Netherlands

Morgan Stanley analyst Erik W Woodring said Apple's share losses were "overdone" as he does not believe the curbs will lead to something broader. He added the worst case scenario was a 4% revenue hit and a 3% earning impact for the company. Analysts said U.S. sanctions on Huawei, in place since May 2019, hit the company's supply chain, helping Apple increase iPhone shipments to China and grab market share. J.P.Morgan said China's restrictions will make it tougher for Apple to continue to gain market share in China. BofA estimated a $0.11 to $0.34 earnings per share hit to Apple if Huawei was able to gain market share from the iPhone maker.

Persons: Thomas Peter, Morgan Stanley, Erik W Woodring, Woodring, HWT.UL, J.P.Morgan, Aniruddha Ghosh, Krishna Chandra Organizations: Apple, REUTERS, Wall Street, Beijing, BofA Global Research, Huawei Technologies, Huawei, Thomson Locations: Beijing, China, Bengaluru

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Barclays (BARC.L), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), and Mizuho Financial Group (8411.T) are the lead underwriters for the offering. Goldman Sachs, Morgan Stanley and Citigroup are lead underwriters on the offering, the company said in its filing. Its shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "KVYO". Citigroup, Morgan Stanley, UBS, and Bank of America are underwriters of the IPO, according to the filing.

Persons: Carlo Allegri, T Rowe Price, Goldman Sachs, JPMorgan Chase, Instacart, Fidji Simo, confidentially, Klaviyo, Morgan Stanley, Chibuike Oguh, Lance Tupper, Michelle Price, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Japan's Softbank, U.S . Securities, Exchange Commission, SEC, Apple, Nvidia, Devices, Intel, Samsung Electronics, AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Nasdaq, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Facebook, Reuters, Summit Partners, Citigroup, VNG Corp, HK, Temasek, UBS, Bank of America, Thomson Locations: New York, U.S, Russia, Ukraine, Baltimore, TCV, Sequoia, Canadian, United States, Chi Minh City, Singapore

Signage is seen inside the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. The answer to that is yes," Neal told Reuters in an interview. "Absent UN intervention and UN clearance, we would not sanction the insurance," Neal said. The Lloyd's market estimated loss, net of reinsurance, from the Ukraine conflict was 1.6 billion pounds ($2 billion), he added. Lloyd's recorded a first-half pre-tax profit of 3.9 billion pounds ($4.9 billion) versus a loss of 1.8 billion pounds in the first half of 2022, helped in part by higher premium rates.

Persons: Hannah McKay, John Neal, Neal, Beazley, Adrian Cox, Cox, Lloyd's, Beazley's Cox, Sinead Cruise, Jan Harvey Organizations: REUTERS, United Nations, NATO, Moscow, Reuters, UN, Aeroflot, Thomson Locations: London, City, Britain, Turkey, Russia, Ukraine, Taiwan, Moscow

Surveillance cameras are seen near an iPhone advertisement at an Apple store in Beijing, China September 7, 2023. One of the sources said they had not yet been given a deadline to cease their iPhone use. Apple and China's State Council Information Office, which handles media queries on behalf of the government, did not immediately respond to requests for comment. Bloomberg on Thursday reported that China planned to broaden the ban to state firms and agencies, citing sources. China has increasingly emphasized using locally made tech products, as technology has become a major national security issue for Beijing and Washington.

Persons: Florence Lo, China's, Tesla, Tim Cook, D.A, Davidson, Tom Forte, Yuvraj Malik, Jaspreet Singh, Brenda Goh, Alexander Smith, Shounak Organizations: Apple, REUTERS, U.S ., Staff, China's, Information Office, Huawei Technologies, Observer, Wall Street Journal, Bloomberg, Citi, Canalys, Government, HK, Huawei, Thomson Locations: Beijing, China, HONG KONG, BEIJING, Washington, U.S, Hong Kong, Shanghai, Bengaluru

☆ Lloyd's of London swings to first-half profit
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

The interior of the Lloyd's of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay//File Photo Acquire Licensing RightsLONDON, Sept 7 (Reuters) - Lloyd's of London (SOLYD.UL) swung to a first-half pre-tax profit of 3.9 billion pounds ($4.88 billion), helped by rises in premium rates and positive investment returns, the commercial insurance market said on Thursday. Lloyd's recorded a loss of 1.8 billion pounds for the same period a year ago. The COVID-19 pandemic, Ukraine war, inflation and climate change-fuelled natural catastrophes have helped insurers and reinsurers to raise premiums, improving their profits. Lloyd's saw a net investment return of 1.8 billion pounds, compared with a loss of 3.1 billion pounds a year earlier.

Persons: Hannah McKay, Lloyd's, ”, John Neal, Carolyn Cohn, Sharon Singleton Organizations: REUTERS, Global, Thomson Locations: London, City, Britain, Ukraine

☆ US lawmaker calls for ending Huawei, SMIC exports after chip breakthrough
▼ + stars: | 2023-09-06 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

The phone contains a chip that analysts believe was made with a technology breakthrough by Semiconductor International Manufacturing Corp (SMIC) (0981.HK). "This chip likely could not be produced without US technology and thus SMIC may have violated the Department of Commerce’s Foreign Direct Product Rule," Gallagher said in a statement. SMIC was added to the so-called entity list in December 2020, over fears it could divert advanced technology to military users. The trade restrictions imposed on Huawei and SMIC include the Foreign Direct Product Rule meant to bar any company anywhere in the world from using tools from the United States to manufacture a chip for Huawei. But suppliers to Huawei and SMIC have received billions of dollars' worth of licenses to sell U.S. technology to the companies despite their being on the trade lists, Reuters has previously reported.

Persons: Mike Gallagher, Biden, Gallagher, SMIC, Stephen Nellis, Leslie Adler Organizations: U.S . Commerce, Huawei, Representatives, Republican, Semiconductor International Manufacturing Corp, HK, of Commerce’s, SMIC, Foreign, Reuters, U.S, Commerce Department's, Thomson Locations: China, United States, San Francisco

Search resuls for: "Ul"

25 mentions found