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☆ Global PC shipments slide in Q1, Apple takes biggest hit - IDC
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

In the report published Sunday, the International Data Corporation (IDC) said global PC shipments numbered 56.9 million in the first quarter of this year, down from 80.2 million in the same period last year. Of the top five PC companies analysed in the report, Apple's Q1 shipments saw the largest drop of 40.5% from the same period in 2022, with Dell Technologies Inc (DELL.N) coming in second with a drop of 31%. Lenovo Group Ltd (0992.HK), Asustek Computer Inc (2357.TW) and HP Inc (HPQ.N) also faced declines in shipments, the IDC said. In February, Apple reported that sales of its Mac computers, which had boomed during the wave of working from home during the pandemic, declined 29% YoY to $7.7 billion in their most recent quarter. Shipment volume in Q1 2023 was noticeably lower than the 59.2 million units shipped in Q1 2019 and 60.6 million in Q1 2018," IDC said.

TOKYO, April 10 (Reuters) - Japan's Mitsubishi Corp (8058.T) on Monday said that it and other shareholders of the Monsoon wind power project in Laos have raised $692 million in financing for the wind farm. Mitsubishi, Thai renewable energy firm BCPG Pcl, and other stakeholders secured the financing package from the Asian Development Bank, Japan International Cooperation Agency, Sumitomo Mitsui Banking Corporation and other lenders, the Japanese firm said. The project, which is set to sell power to Vietnam under a 25-year deal, will have 600 megawatts of installed capacity and should be launched in 2025. Its total costs stand at $950 million, according to Monsoon's website. Reporting by Katya Golubkova; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Auto, realty stocks power Indian shares ahead of March quarter earnings
▼ + stars: | 2023-04-10 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, April 10 (Reuters) - Indian shares advanced on Monday, aided by auto and realty stocks following strong quarterly business updates, but rising odds of a U.S. Federal Reserve rate hike in May capped gains. The Nifty 50 (.NSEI) rose 0.28% at 17,647.70, as of 9:51 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.24% to 59,975.11. Ten of the 13 major sectoral indexes advanced, with auto stocks (.NIFTYAUTO) rising over 1%. Wall Street equities rose on Thursday in a truncated week, ahead of U.S. jobs data, which was released on Friday. The market is pricing in 68.3% chance of a 25 basis point rate hike in May, up from 49.2% on Thursday, according to CME's FedWatch Tool.

☆ INDIA RUPEE Rupee contends with Fed rate hike possibility, favourable momentum at open
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Non-deliverable forwards indicate rupee will open at around 81.84-81.88 to the dollar, compared with 81.8850 in previous session. Rupee is on a three-week winning run, helped by foreign equity inflows and speculative positions, according to traders. It was the first time in two months that it has managed a weekly close of above 82. Risk appetite has held up well to the increased chances of another Fed rate hike. 5** NSDL data shows foreign investors sold a net $138.4mln worth of Indian bonds on Apr.

☆ Indian shares set to open lower ahead of RBI policy decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 6 (Reuters) - Indian shares are poised to open lower on Thursday, ahead of what many expect to be the Reserve Bank of India's final interest rate hike in the current cycle. India's NSE stock futures listed on the Singapore exchange were down 0.12% at 17,603 as of 7:59 a.m. IST. The MSCI's gauge of the broader index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.42%. ** Equitas Small Finance Bank Ltd (EQUI.NS): Co posts 36% YoY growth in gross advances at 280.61 billion rupees in the quarter-ended March. ** Avenue Supermarts Ltd (AVEU.NS): Co posts standalone revenue from operations at 103.37 billion rupees for the quarter-ended March, up 20% YoY; total stores at 324.

☆ UBS faces investors after shotgun Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. On Tuesday, Reuters also reported that the Bank of England had approved UBS' takeover of Credit Suisse in Britain, a key market for the Swiss lenders racing to close the rescue deal. UBS also secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse, but will still have to request clearance under EU merger rules, the European Commission said.

☆ Western Digital reports network security incident
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: 1 min

April 3 (Reuters) - Data storage devices maker Western Digital Corp (WDC.O) on Monday said it is looking into a network security incident, after a breach in some systems disrupted parts of its business operations. The unauthorized party obtained certain data from its systems, and Western Digital is working to understand the nature and scope of that data, the company said in a statement. The company said the incident may cause further disruption to its business operations, and is implementing measures to secure the operations, including taking systems and services offline. The company also said it is working with law enforcement authorities, following its own investigation with outside security and forensic experts. Reporting by Yana Gaur in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Mitsubishi UFJ to postpone AT1 bond issuance in Credit Suisse fallout
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 3 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T) will postpone the issuance of Additional Tier-1 (AT1) bonds to mid-May or later from late April, a spokesperson said on Monday, after the Swiss decision to wipe out Credit Suisse bonds rattled the market. Mitsubishi UFJ decided on the postponement taking into account investor appetite and market conditions, the spokesperson said. Sources have said Mitsubishi UFJ and Sumitomo Mitsui Financial Group Inc (8316.T), may put April issuance on hold amid the volatility. As part of the rescue of Credit Suisse (CSGN.S) by its rival UBS (UBSG.S), Swiss regulator FINMA determined that Credit Suisse's AT1 bonds with a notional value of 16 billion francs ($17.35 billion) would be wiped out, a decision that stunned global credit markets and angered many holders. Reporting by Ritsuko Shimizu and Makiko Yamazaki; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix restructures film group as it scales back movie output - Bloomberg News
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Video streaming service Netflix Inc (NFLX.O) is restructuring its film group, which will result in layoffs and the departure of two of its most experienced executives, Bloomberg reported on Thursday. As part of the restructuring, Netflix will combine small and midsize picture productions units, resulting in a few job cuts, and scale back the company's output to ensure high quality titles, the report said. Lisa Nishimura, responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president in the film group, will be leaving after more than a decade with the company, the report added. Netflix did not immediately respond to a Reuters request for comment. Reporting by Yana Gaur in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Facebook owner Meta planning lower bonus payouts for some employees- WSJ
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Facebook owner Meta Platforms Inc (META.O) is planning to lower bonus pays for some employees, and assess staff performance more frequently, the Wall Street Journal reported on Tuesday, citing an internal memo. The bonus multiplier for that grade has been cut to 65% from 85% earlier, WSJ said, adding that the company will also restart assessing staff performance twice a year. "We are making changes to our performance process, taking into account learnings and feedback over the last year while optimizing for the future. These changes are not related to workforce restructuring," a Meta spokesperson said in a statement to Reuters, without giving any further details. Reporting by Shubhendu Deshmukh in Bengaluru; Additional reporting by Lavanya Ahire; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Starbucks illegally refused to bargain with union on Zoom - Bloomberg News
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

The general counsel of the NLRB determined that the coffee chain violated labor law by refusing to participate in collective bargaining sessions if some workers were present via video-conference, the report said. "Now that it's clear we have the right to bargain using a virtual component, we hope Starbucks is ready, too," Tyler Keeling, a Starbucks' union leader from California said in a statement. Starbucks and the NLRB did not immediately respond to Reuters request for comment. Employees at more than 280 out of Starbucks' roughly 9,000 company-operated U.S. locations have voted to join a labor union since 2021. The union is seeking better pay and benefits, improved health and safety conditions and protections against unfair dismissal and discipline.

☆ Starbucks, union at odds over hybrid negotiations
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Starbucks Corp (SBUX.O), which has faced criticism over its opposition to union organizing, said the labor union representing some of its stores has rejected in-person bargaining sessions and is insisting on hybrid negotiations. Starbucks Workers United, which represents thousands of U.S. baristas at about 200 cafes, conducted unauthorized virtual broadcasts of bargaining sessions without prior agreement from all parties, Starbucks said in a statement to Reuters on Monday. "Workers United is asking for a seat at the table, we're simply encouraging them take their seat in-person at the negotiating table, as required, to move the bargaining process forward," the company said. This comes after National Labor Relations Board (NLRB) prosecutors alleged that Starbucks violated labor law by refusing to engage in bargaining if some workers were attending remotely via videoconference, according to a Bloomberg report. "Now that it's clear we have the right to bargain using a virtual component, we hope Starbucks is ready, too," Tyler Keeling, a leader of the Starbucks Workers United in California said.

☆ Group of Nanoco shareholders ask top bosses to step down over Samsung settlement
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - A group of shareholders of Nanoco Group Plc (NANON.L) have asked two top bosses to step down after alleging that the company gave misleading information related to settlement prospects in a litigation with Samsung Electronics Co (005930.KS). In February, Samsung Electronics had agreed to pay $150 million to Nanoco to settle patent lawsuits over technology used in Samsung's LED televisions. "Nanoco had settled on terms substantially less favourable than its prior statements had led shareholders to believe, and on less favourable terms than our clients understand had been previously offered by Samsung," the shareholder letter stated. The shareholders have identified the replacements for the CEO and CFO, the letter stated. Reporting by Radhika Anilkumar in Bengaluru; Editing by Nivedita Bhattacharjee and Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Investors cut bearish bets on most Asian FX as policy rate bets shift
▼ + stars: | 2023-03-23 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

The currency firmed on Thursday, following dovish comments from the U.S. Federal Reserve that reined in expectations for more interest rate hikes and lifted sentiment for other Asian currencies. The dollar index slipped to near seven-week lows following the Fed's latest policy statement that no longer says that "ongoing increases" in rates will likely be appropriate. Bearish bets on Singapore's dollar eased to their lowest since Nov. 18, 2021. Short bets on the Indonesian rupiah and the Indian rupee rose slightly from a fortnight ago, while sentiment toward South Korea's won improved. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Ryanair's O'Leary says talks restarted with Boeing for new aircraft order - FT
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Ryanair Holdings Plc (RYA.I) is optimistic on striking a major new aircraft order after the Irish airline restarted talks with Boeing Co (BA.N), its top boss said in an interview with the Financial Times on Thursday. Chief Executive Officer Michael O'Leary said there was a 'deal to be done' with negotiations between the Irish airline and Boeing in "the early stages" for a new order of Boeing 737 jets, according to the newspaper. I think there is a deal to be done," the report quoted O'Leary as saying. He added that the new multibillion-dollar order could be for the 737 Max 10 or for the smaller Max 8200, according to the report. Boeing declined to comment, while Ryanair did not immediately respond to Reuters' request for comment.

☆ India's Tata Group mulls pumping $2 bln into super app venture -Bloomberg News
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 23 (Reuters) - Indian salt-to-software conglomerate Tata Group is considering injecting another $2 billion into its super app venture to bolster its digital business, Bloomberg News reported on Thursday, citing people familiar with the matter. Tata Group has also asked Tata Digital to look for ways to boost the valuation of the super app, according to the report. A Tata Group spokesperson and Tata Digital declined to comment on the report. Tata launched the e-commerce super app in April last year, offering everything from apparel to air tickets in a renewed push for a slice of a fast-growing market dominated by Amazon.com (AMZN.O) and Walmart's (WMT.N) Flipkart. Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Softbank-owned Arm seeks to raise prices ahead of U.S. IPO - FT
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Arm Ltd, owned by Japan's SoftBank Group Corp (9984.T), is seeking to raise prices for its chip designs, as it aims to boost revenue ahead of an initial public offering in New York, the Financial Times reported on Thursday. The British chip designer recently notified several of its customers of a "significant shift" to its business model, the newspaper said, citing several industry executives and former employees. Arm intends to alter its royalty program, ceasing to charge chipmakers royalties for using its designs based on a chip's value, and instead charge device makers based on the value of the device, the report said. As a result of this change, Arm anticipates generating multiple times more revenue for each design it sells, since the value of an average smartphone far exceeds that of a single chip. Reporting by Baranjot Kaur and Shubhendu Deshmukh in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee to strengthen after Fed hints rate hikes nearing end
▼ + stars: | 2023-03-23 | by ( Anushka Trivedi | ) www.reuters.com time to read: +2 min

The non-deliverable forwards indicate the rupee will open at around 82.45-82.50 to the dollar compared to 82.6550 on Tuesday. Even though the Fed statement was perceived as slightly dovish compared to its stance earlier this month, it's unlikely the rupee will sustain its gains as we're expecting large dollar bids, said a state-run bank trader. Traders may be anticipating a dollar liquidity crunch in the domestic markets, and hence the rupee is expected to fall towards 82.65-levels, he added. Fed funds futures traders imply a nearly even chance of just one more 25 bps rate hike at the May meeting. "Much of the damage seems to have come from Treasury Secretary Yellen's parallel remarks... right when Jerome Powell was insisting that the banking sector was sound," ING analysts said in a note.

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ EA founder Trip Hawkins dives into Web3 with Barcelona-based startup
▼ + stars: | 2023-02-24 | by ( Eva Mathews | ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Former Apple executive Trip Hawkins, who founded the company behind the best-selling sports videogame franchise "FIFA", is joining a Web3 startup, looking to take on top blockchain games like Axie Infinity. The founder of Electronic Arts (EA.O) will join as co-founder and security chief of Games for a Living (GFAL), Hawkins told Reuters in an interview. Interest for Web3 gaming has risen over the past year as it is touted to attract more cryptocurrency users. Hong Kong-based blockchain gaming developer Animoca Brands, which backs popular NFT game Axie Infinity, raised more than $500 million in 2022. "Web3 is the bridge to the metaverse," Hawkins said on Thursday.

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