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☆ Hedge funds boost bearish bets on US equities amid market jitters
▼ + stars: | 2023-09-25 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Sept 25 (Reuters) - Hedge funds increased their bearish bets mainly on U.S. stocks last week when the major stock indexes plunged, Goldman Sachs (GS.N) showed in a report. The bank said its clients mostly added short positions while also getting rid of long positions. Hedge funds added short positions mainly in so-called macro products, including equity index and exchanged-traded funds, the bank said. Goldman Sachs also said hedge fund managers decided to unwind risk last week, mostly by selling long equity positions.

Persons: Brendan McDermid, Goldman Sachs, Goldman, Carolina Mandl, Richard Chang Organizations: New York Stock Exchange, REUTERS, Nasdaq, The Bank of Japan, Carolina, Thomson Locations: New York City, U.S, Japan, New York

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 21 (Reuters) - Arm Holdings' stock on Thursday dipped for the first time below its initial public offering price, while short sellers appeared to be betting against the chip designer just a week after its Wall Street debut. Shares of Klaviyo (KVYO.N) which debuted on Wall Street on Wednesday, finished up 2.9% at $33.72 versus the marketing automation firm's $30 IPO price. Suggesting short sellers are betting against Arm, about 14 million of its shares were on loan, equivalent to 8% of the stock's free float, data and analytics company Ortex said. Short sellers borrow stocks to short them, and the relationship between shares on loan and shorted is normally close, according to Ortex. Arm shares appear highly shorted compared to other recent IPOs.

Persons: Dado Ruvic, Ortex, Peter Hillerberg, Noel Randewich, Lewis Krauskopf, Lance Tupper, Richard Chang Organizations: REUTERS, Arm Holdings, Nasdaq, Federal, U.S, Thomson

☆ Dollar eases after Fed-spurred rise; yen stronger ahead of BOJ
▼ + stars: | 2023-09-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

[1/3] Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. The Japanese yen strengthened against the greenback before Friday's Bank of Japan policy announcement, while the pound and the Swiss franc slipped after the British and Swiss central banks kept rates unchanged. The BOJ will end its negative interest rate policy next year, the majority of economists said in a Reuters poll, as the market has begun to envisage the demise of its ultra-easy monetary settings. The pound fell to its lowest since March after the Bank of England held interest rates steady on Thursday, following a cooler-than-expected inflation report the previous day. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations.

Persons: Jason Lee, Helen, Powell didn't, BoE, Monex's, Brad Bechtel, Sweden's, bitcoin, Saqib Iqbal Ahmed, Sam Holmes, Shri Navaratnam, Sharon Singleton, Richard Chang Organizations: Hong, REUTERS, U.S, Federal Reserve, Friday's Bank of Japan, Swiss, British, Fed, Monex, ECB, Traders, FX, Jefferies, Bank of England, Swiss National Bank, Thomson Locations: Hong Kong, Swiss, Japan, Swedish, Norwegian

☆ Mexico's Cemex in talks with banks over $3 bln debt refinancing -BBG
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

The logo of Mexican cement maker CEMEX is pictured at it's plant in Monterrey, Mexico June 8, 2021. REUTERS/Daniel Becerril/File Photo Acquire Licensing RightsMEXICO CITY, Sept 21 (Reuters) - Mexican cement maker Cemex is in talks to refinance its entire $3 billion credit facility with banks, Bloomberg reported on Thursday, citing company executives. "We're in current discussions with our banks, because the biggest amount of debt that is maturing is bank debt," Chief Financial Officer Maher Al-Haffar was quoted as saying in an interview. A Cemex spokesperson pointed Reuters to prior earnings calls in which executives had discussed the potential of a refinancing. Last year, ratings agency S&P estimated that in 2023 and 2024, Cemex would face "debt maturities of less than $500 million," noting that the amount was "highly manageable."

Persons: Daniel Becerril, Maher Al, Haffar, Fernando Gonzalez, Fitch, Cemex, Gonzalez, Kylie Madry, Isabel Woodford, Richard Chang Organizations: REUTERS, Bloomberg, Mexico City, Thomson Locations: Monterrey, Mexico, MEXICO, Mexican, Costa Rica, El Salvador, Europe

☆ Thailand's new PM meets Tesla chief Musk in New York
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBANGKOK, Sept 21 (Reuters) - Thailand's new Prime Minister Srettha Thavisin said on Thursday he met with Tesla (TSLA.O) chief Elon Musk in New York, where they discussed the electric vehicle industry. Srettha, who is in New York to attend the United Nations General Assembly, said he spoke with Musk about EV manufacturer Tesla and his rocket and satellite company SpaceX, including its internet venture Starlink. Around half of all regional EV sales are from Thailand, followed by Vietnam and Indonesia, with Chinese carmakers like BYD leading by a wide margin. Tesla, also popular in Thailand, launched models in the growing market last year.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Srettha Thavisin, Tesla, Asia's, Srettha, Chayut Setboonsarng, Jane Merriman, Richard Chang Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, EV, United Nations General Assembly, Twitter, Toyota, Honda, Thomson Locations: Paris, France, Rights BANGKOK, New York, Thailand, Southeast Asia, Japanese, Vietnam, Indonesia, Asia

☆ Mexico must address US' 'serious concerns' over energy measures, USTR says
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsMEXICO CITY, Sept 21 (Reuters) - A U.S. trade official stressed Mexico's need to address "serious concerns" from the United States of its energy measures, which were raised during consultations under a regional trade pact, the U.S. Trade Representative's (USTR) office said on Thursday. Deputy Trade Representative Jayme White, who met with his Mexican counterpart Alejandro Encinas in Mexico on Wednesday, urged Mexico to address its energy measures which the U.S. says unfairly discriminate against its companies, the USTR said in a statement. The U.S. and Canada demanded dispute settlement talks with Mexico under the United States-Mexico-Canada (USMCA) trade agreement over Mexico's energy policy in July 2022. White also expressed concerns over the "recent surge" in U.S. imports of certain steel and aluminum products from Mexico, the USTR said, and the "lack of transparency" regarding their country of origin. White and Encinas additionally discussed ongoing USMCA consultations regarding Mexico's enforcement of fisheries-related environmental laws, the USTR said.

Persons: Jose Luis Gonzalez, Jayme White, Alejandro Encinas, White, Encinas, Kylie Madry, Valentine Hilaire, Richard Chang Organizations: Ciudad Juarez, REUTERS, U.S . Trade, Reuters, Thomson Locations: Paso del Norte, El Paso, Ciudad Juarez, Mexico, MEXICO, U.S, United States, Canada

Talks continued between union representatives and company management on the sixth day of a coordinated walkout, a day after Ford (F.N) averted a strike by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Stellantis last week, targeting one U.S. assembly plant at each company. UAW workers also want to end a tiered wage structure that they say has created a large gap between newer and older employees, forcing some to work two jobs to make ends meet. We’re serious about this,” said Victor Holloway, 24, of Westland, Michigan, who has worked at the Ford plant in Wayne, Michigan, since 2021. U.S. President Joe Biden is wearing a red tie on Wednesday in solidarity with UAW workers, the White House said.

Persons: Mark Reuss, “ We’re, ”, Victor Holloway, Rebecca Cook, Stellantis, Ram, Reuters Graphics Ford, Unifor, Ford, Joe Biden, Biden, Shawn Fain's, David Shepardson, Joe White, Ben Klayman, Anirudh, Richard Chang, Will Dunham, Matthew Lewis, Deepa Babington Organizations: DETROIT, United Auto Workers, Ford, Detroit, Detroit Free Press, UAW, General Motors, Ford Bronco, Chevrolet, Reuters, GM, REUTERS, GM's, Silverado, Reuters Graphics, Kokomo, RSM, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Westland , Michigan, Wayne , Michigan, Fairfax , Kansas, Toledo , Ohio, U.S, Canada, Canadian, Ohio, Indiana, Kokomo , Indiana, Washington, Detroit, Bengaluru

DETROIT, Sept 20 (Reuters) - Talks were ongoing on Wednesday between union representatives and company management in the sixth day of the United Auto Workers strike at the Detroit Three automakers, a day after Ford (F.N) averted a walkout by Canadian workers. The UAW launched a strike against Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) last week, targeting one U.S. assembly plant at each company. The UAW's coordinated U.S. action led to about 12,700 workers going on strike last week. Ford reached a last-minute deal to avoid a walkout at its Canadian operations late on Tuesday. Unifor, which represents about 5,600 Canadian auto workers, had been threatening to go on strike at all three of Ford's plants in that country if a deal was not reached by late on Tuesday.

Persons: Ford, Mark Reuss, Carlos Osorio, Ram, Unifor, Stellantis, Anirudh Saligrama, David Shepardson, Ben Klayman, Will Dunham, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, UAW, General Motors, Chrysler, Ford Bronco, Chevrolet, Motors, Detroit, Detroit Free Press, Plant, REUTERS, GM's, Silverado, GM, RSM, Kokomo, Thomson Locations: Michigan , Ohio, Missouri, Chevrolet Colorado, Kansas, Oakville, Oakville , Ontario, Canada, Ford Canada, Canadian, Ohio, Indiana, Toledo, Kokomo , Indiana, Bengaluru, Washington, Detroit

"We leveraged our union's most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. Unifor had sought improved wages and pensions, as well as support in the transition to electric vehicles and additional investment commitments by Ford. The Canadian union will now turn to getting deals with General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), whose deadlines had been extended while the Ford talks proceeded. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers. Many UAW workers are most concerned about the tiered wage structure that they say has created a yawning gap between newer and older employees, forcing some to work two jobs to make ends meet.

Persons: Unifor, Stellantis's Ram, Ford, Roxanne Stadtfeld, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit Three, Ford, General Motors, Chrysler, Reuters Graphics, Ford Bronco, Chevrolet, UAW, GM's, Silverado, DoorDash, Thomson Locations: Canada, Canadian, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Ohio, Michigan, Monroe , Michigan, Bengaluru, Ben, Detroit

☆ Somalia's first all-women newsroom spotlights female taboos
▼ + stars: | 2023-09-20 | by ( Abdi Sheikh | ) www.reuters.com time to read: +3 min

MOGADISHU, Sept 20 (Reuters) - People often laugh when Fathi Mohamed Ahmed tells them she runs the first and only all-female newsroom in Somalia, one of the most dangerous places on the planet to be a reporter. "Sometimes my soul tells me I cannot continue the work because of insecurity and societal pressure. However, it is a career that I loved since my childhood and a dream which still lives in me," Ahmed said. With more than 50 journalists killed since 2010, Somalia is the most dangerous country for journalists in Africa, according to Reporters Without Borders. Bilan has revolutionised the news agenda in Somalia, said Abdallah Al Dardari, director of the United Nations Development Programme Regional Bureau for Arab States.

Persons: Fathi Mohamed Ahmed, Ahmed, Maria Abdullahi Jama, Sheikh Abdi Hayi, Omar Ibnu Khadab, Abdallah Al Dardari, Al Dardari, Abdi Sheikh, Abdirahman Hussein, Hereward Holland, Richard Chang Organizations: United Nations Development Programme, Protect Journalists, Somalia, Facebook, Bondhere School, Ministry, Women, United Nations, Programme, Bureau, Arab, Bilan Media, Thomson Locations: MOGADISHU, Somalia, Africa, Mogadishu

☆ Somalia's First All-Women Newsroom Spotlights Female Taboos
▼ + stars: | 2023-09-20 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +3 min

"Sometimes my soul tells me I cannot continue the work because of insecurity and societal pressure. However, it is a career that I loved since my childhood and a dream which still lives in me," Ahmed said. Although it is supported by the United Nations Development Programme (UNDP), success has not come easy or risk-free for Ahmed and her team. With more than 50 journalists killed since 2010, Somalia is the most dangerous country for journalists in Africa, according to Reporters Without Borders. Bilan has revolutionised the news agenda in Somalia, said Abdallah Al Dardari, director of the United Nations Development Programme Regional Bureau for Arab States.

Persons: Abdi Sheikh, Fathi Mohamed Ahmed, Ahmed, Maria Abdullahi Jama, Sheikh Abdi Hayi, Omar Ibnu Khadab, Abdallah Al Dardari, Al Dardari, Abdirahman Hussein, Hereward Holland, Richard Chang Organizations: Reuters, United Nations Development Programme, Protect Journalists, Somalia, Facebook, Bondhere School, Ministry, Women, United Nations, Programme, Bureau, Arab, Bilan Media Locations: Abdi Sheikh MOGADISHU, Somalia, Africa, Mogadishu

☆ Amazon plays catch-up with Alexa generative AI, shows off new, refreshed hardware
▼ + stars: | 2023-09-20 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +2 min

It will also be able to compose and recite poems, Amazon showed at the company's annual product launch in Arlington, Virginia. At the event, Amazon also introduced refreshed versions of children's Fire tablets, a soundbar for televisions and new search capabilities on the FireTV service to find free content. Among the new devices Amazon announced is the $180 Echo Hub wall-mounted touchscreen for controlling gadgets throughout the home. Amazon also showed off a new feature for its Alexa app that can map out internet-connected devices throughout a user's home for easier control. Additional announcements included updates to the Echo Frames eyeglasses, with Alexa embedded, and refreshed versions of its Blink outdoor security cameras and Eero Wi-Fi extenders.

Persons: Bard, Alexa, longform, Dave Limp, Limp, Eero, Greg Bensinger, Richard Chang Organizations: Amazon.com Inc, Wednesday, Amazon, Reuters, Alexa, Thomson Locations: Arlington , Virginia, Seattle

☆ Ford avoids Canadian auto strike with union deal
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows recently manufactured vehicles at Ford's Oakville Assembly Plant in Oakville, Ontario, Canada May 26, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 20 (Reuters) - The U.S. auto sector avoided more pain as Ford (F.N) late on Tuesday reached a tentative deal with a Canadian union even as the Detroit Three automakers face the possible escalation of separate coordinated U.S. strikes by the United Auto Workers union. Unifor, which represents about 5,600 Canadian auto workers, were threatening to go on strike at all three of Ford's plants in the country if a deal was not reached by 11:59 p.m. on Tuesday (0359 GMT on Wednesday). "We leveraged our union’s most powerful weapon: the right to strike," Unifor said of the tentative deal in a statement. The UAW has said it will announce strikes against more U.S. plants on Friday if no serious progress is made in talks with automakers.

Persons: Carlos Osorio, Unifor, Unifor's, Stellantis's Ram, Anirudh Saligrama, Ben Klayman, Richard Chang, Jamie Freed Organizations: Plant, REUTERS, Tuesday, Detroit Three, United Auto Workers, Ford, General Motors, Chrysler, Detroit Three automakers, Ford Bronco, Chevrolet, UAW, GM's, Silverado, Thomson Locations: Oakville, Oakville , Ontario, Canada, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Ben, Detroit

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 20 (Reuters) - Shares of Arm Holdings fell for a fourth straight session on Wednesday after the chip designer's stellar market debut last week, with short seller interest picking up. That was up from 5.12 million shares on loan, or 2.7% of the stock's free float, on Tuesday. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, Ortex said. Arm and Instacart were "pumped up to do the IPO," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. Arm also has a limited number of publicly traded shares, with SoftBank (9984.T) holding a roughly 90% stake.

Persons: Dado Ruvic, Ortex, Peter Tuz, Caroline Valetkevitch, Lewis Krauskopf, Saqib Iqbal Ahmed, Lance Tupper, Richard Chang Organizations: REUTERS, Arm Holdings, Chase Investment, People, Thomson Locations: Charlottesville , Virginia

☆ Countries should mull slavery reparations despite complex legal claims - UN
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

The report stressed, however, that the difficulty in making a legal claim to compensation "cannot be the basis for nullifying the existence of underlying legal obligations". The notion of paying reparations or making other amends for slavery has a long history but the movement has recently gained momentum worldwide amid growing demands from African and Caribbean countries. The EU said in July that Europe's slave-trading past inflicted "untold suffering" on millions of people and hinted at the need for reparations for what it described as a "crime against humanity". The report concluded that states should consider a "plurality of measures" to address the legacies of enslavement and colonialism, including pursuing justice and reparations, and contributing to reconciliation. Reporting by Gabrielle Tétrault-Farber; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Duke, Duchess, Gilbert Bellamy, Antonio Guterres, Gabrielle Tétrault, Farber, Richard Chang Organizations: Protesters, British High Commission, REUTERS, Rights, United Nations, UN, EU, Thomson Locations: United Kingdom, Jamaica, Cambridge, Caribbean, Kingston , Jamaica, Africa

The IPO gave Instacart a valuation of nearly $9.9 billion, a fraction of the $39 billion it was worth in 2021, the company's last funding round. Reuters GraphicsSeveral startups' valuations have shrunk since 2022 as inflation, geopolitical tensions and the Federal Reserve's rapid rate hikes soured the economic climate. But a lukewarm reception to Neumora Therapeutics' (NMRA.O) IPO last week hinted at limited investor enthusiasm for new listings. Arm soared on its first day of trading but has dropped every day since then. Goldman Sachs and J.P. Morgan are the lead underwriters for Instacart's IPO.

Persons: Eric Cohn, Cheney Orr, Hogan, Riley, Instacart, Apoorva Mehta, Fidji Simo, Goldman Sachs, J.P, Morgan, Niket, Noel Randewich, Devika Syamnath, Anil D'Silva, Nick Zieminski, Richard Chang Organizations: Safeway, REUTERS, Nasdaq, SoftBank's Arm, San, Maplebear Inc, Reuters, Federal, Investors, Neumora Therapeutics, Instacart's, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru, Oakland , California

☆ Dollar eases as traders eye upcoming central bank decisions
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

Data on Monday showed U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. Fed fund futures show investors expect the Federal Reserve to keep interest rates on hold in the 5.25% to 5.5% range on Wednesday. The European Central Bank raised interest rates to 4% last week, but said this hike could be its last. Traders think Sweden's central bank is highly likely to raise interest rates on Thursday by 25 basis points to 4%, piling more pressure on the economy. The yen was up about 0.15% against the dollar at 147.62 to the dollar, with traders out for a Japanese public holiday.

Persons: Lee Jae, BoE, BoJ, Michael Brown, Janet Yellen, Brown, Kazuo Ueda, Saqib Iqbal Ahmed, Chris Reese, Richard Chang Organizations: REUTERS, U.S, Federal Reserve, Bank of England, Bank of Japan, Trader, Treasury, European Central Bank, Traders, Bank of, Thomson Locations: Seoul, Swedish, Bank of England

REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsCompanies Starbucks Corp FollowNEW YORK, Sept 18 (Reuters) - Starbucks (SBUX.O) was ordered by a federal judge on Monday to face a lawsuit claiming that several of its Refresher fruit beverages lacked a key ingredient: fruit. Consumers complained that Starbucks' Mango Dragonfruit, Mango Dragonfruit Lemonade, Pineapple Passionfruit, Pineapple Passionfruit Lemonade, Strawberry Açai and Strawberry Açai Lemonade Refreshers contained none of the advertised mango, passion fruit or açai. The judge dismissed a fraud claim, finding no proof Starbucks intended to defraud consumers, and an unjust enrichment claim. Starbucks in a statement called the allegations in the lawsuit "inaccurate and without merit," and said it looked forward to defending itself. The case is Kominis et al v Starbucks Corp, U.S. District Court, Southern District of New York, No.

Persons: Lucas Jackson, John Cronan, Joan Kominis, Jason McAllister, Cronan, Robert Abiri, Jonathan Stempel, Aurora Ellis, Richard Chang, William Maclean Organizations: REUTERS, Companies Starbucks Corp, District, Starbucks, Consumers, Honey Citrus, Starbucks Corp, Court, Southern District of, Thomson Locations: Brooklyn, New York, U.S, Manhattan, Astoria , New York, Fairfield , California, Seattle, Southern District, Southern District of New York

☆ Alberta premier wants to unveil carbon capture storage tax credits at COP 28
▼ + stars: | 2023-09-18 | by ( Nia Williams | ) www.reuters.com time to read: +1 min

CALGARY, Alberta, Sept 18 (Reuters) - Alberta Premier Danielle Smith said on Monday she wanted to announce the details of investment tax credits to support carbon capture and storage (CCS) projects at the COP 28 climate summit in Dubai at the end of this year. Smith made the announcement during a news conference on the sidelines of the World Petroleum Congress in Calgary. Alberta is Canada's main producer of crude oil and natural gas, and its highest carbon-emitting province. COP 28 runs from Nov. 30 until Dec. 12. Reporting by Nia Williams; writing by David Ljunggren; Editing by Leslie Adler and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Danielle Smith, Smith, Nia Williams, David Ljunggren, Leslie Adler, Richard Chang Organizations: World Petroleum Congress, Pathways Alliance, Suncor Energy, Cenovus Energy, Thomson Locations: CALGARY, Alberta, Dubai, Calgary . Alberta, Ottawa

☆ Arm Holdings options draw robust trading volume as shares slide
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

Arm shares fell 5.3% to $57.50, after rising as high as $69 on Friday, its second day of trading. Some 29,000 Arm options contracts changed hands by 11:45 a.m. (1545 GMT) on Monday, the first day options were available for trading, with volume projected to hit 63,000 by the end of the day, according to options analytics service Trade Alert. The 2012 listing of options on Facebook Inc, now known as Meta Platforms, holds the record for the most active options market debut with some 360,000 contracts changing hands on the first day of trading. About 80% of the options trading volume was concentrated in contracts set to expire on Oct. 20, with much of the volume in puts, typically used to guard against or bet on share price declines. On Monday, puts that would guard against Arm shares slipping below $55 by mid-October were the most actively traded Arm options with some 4,500 contracts traded.

Persons: Rene Haas, Brendan McDermid, Ophir Gottlieb, Gottlieb, Matt Amberson, Amberson, Saqib Iqbal Ahmed, Richard Chang Organizations: Nasdaq, REUTERS, SoftBank's Arm Holdings, Facebook Inc, Los, Market Laboratories, Arm, Thomson Locations: New York, U.S, Los Angeles

☆ What are Republican U.S. presidential candidates saying about the UAW strike?
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +5 min

Hakeem Jeffries, Democratic Minority Leader of the U.S. House of Representatives, walks the picket line with striking United Auto Workers members outside the Ford Motor Michigan Assembly Plant in Wayne, Michigan U.S., September 17, 2023. REMEMBER, BIDEN IS A CROOK WHO HAS BEEN PAID MILLIONS OF DOLLARS BY CHINA, & OTHERS. On Friday, he wrote: "The all Electric Car is a disaster for both the United Auto Workers and the American Consumer. If this happens, the United Auto workers will be wiped out, along with all other auto workers in the United States. So I understand the frustration, but I think union bosses may be directing that ire in the wrong direction when it belongs at the feet of our current government."

Persons: Hakeem Jeffries, Rebecca Cook, Joe Biden, DONALD TRUMP, CROOKED JOE, YOU'LL, BIDEN, I'm, Biden, Pence, VIVEK RAMASWAMY, NIKKI HALEY, emboldens, Haley, Richard Chang Organizations: Democratic, U.S . House, United Auto Workers, Ford Motor Michigan, Plant, Wayne , Michigan U.S, REUTERS, Labor, Detroit Three, General Motors, Ford, Republican, Democratic U.S, Electric, CHINA FIRST, TRUMP, YOUR, WHO, American Consumer, United Auto, Trump, CNN, South, United Nations, Fox News, TIM SCOTT The, UAW, Thomson Locations: Wayne , Michigan, China, CHINA, United States, Washington, South Carolina, TIM SCOTT The U.S

☆ Santander creates two new global businesses for retail, consumer areas
▼ + stars: | 2023-09-18 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

Santander Bank logo is seen in this illustration taken March 12, 2023. The new Retail and Commercial unit and Digital Consumer Bank will join Santander's other global operations in Corporate and Investment Banking, Wealth Management and Insurance and Payments, it said in a statement. The bank is benefiting from higher interest rates in Europe as it seeks to expand its investment banking business. Global heads will define the common business and operating model based on global platforms, said the bank, with all operations aligned under five global business areas. The Digital Consumer Bank will be led by Jose Luis de Mora.

Persons: Dado Ruvic, Ana Botin, Daniel Barriuso, Jose Luis de Mora, Javier San Felix, Matias Sanchez, Jose M ., Victor Matarranz, Jesús Aguado, Joan Faus, Richard Chang Organizations: Santander Bank, REUTERS, Rights, Spain's Santander, Digital Consumer Bank, Corporate, Investment Banking, Wealth Management, Insurance, Santander, Corporate & Investment Banking, Thomson Locations: Rights MADRID, Europe

☆ Arm Holdings shares slide as options draw robust trading volume
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

The shares closed down 4.5% at $58.00, having risen as high as $69 on Friday, its second day of trading. Some 74,000 Arm options contracts changed hands on Monday, the first day options were available for trading. Arm made the list of the 50 most actively traded single-stock names in the options market on Monday, according to options analytics service Trade Alert. About 82% of Arm's options trading volume was concentrated in contracts set to expire on Oct. 20, with much of the volume in puts, typically used to guard against or bet on share price declines. On Monday, puts that would guard against Arm shares slipping below $50 by mid-October were the most actively traded Arm options, with nearly 11,000 contracts traded.

Persons: Rene Haas, Brendan McDermid, Bernstein, Ophir Gottlieb, Gottlieb, Matt Amberson, Amberson, Saqib Iqbal Ahmed, Richard Chang, Rosalba O'Brien Organizations: Nasdaq, REUTERS, SoftBank's Arm Holdings, Facebook, Los, Market Laboratories, Arm, Thomson Locations: New York, U.S, Los Angeles

REUTERS/Brendan McDermid Acquire Licensing RightsReuters Graphics Reuters GraphicsThe S&P 500 dropped 1.22% to end at 4,450.32 points. All 11 S&P 500 sector indexes declined, led lower by information technology (.SPLRCT), down 1.95%, followed by a 1.88% loss in consumer discretionary (.SPLRCD). For the week, the S&P 500 fell 0.16% and the Nasdaq lost 0.39%. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 4.4-to-one ratio. The S&P 500 posted seven new highs and eight new lows; the Nasdaq recorded 48 new highs and 216 new lows.

Persons: chipmakers, Lam, Stoking, Lisa Erickson, Brendan McDermid, Amgen, Japan's, Ankika Biswas, Shristi, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: Nasdaq, Dow, Lam Research, KLA Corp, Reuters, Nvidia, Devices, Broadcom, Micron Technology, Philadelphia Semiconductor, United Auto Workers ', General Motors, Ford, Chrysler, Federal Reserve, U.S, Bank Wealth Management, Traders, Microsoft, Adobe, New York Stock Exchange, REUTERS, Reuters Graphics Reuters, Dow Jones, SoftBank's Arm Holdings, Neumora Therapeutics, Thomson Locations: U.S, Minneapolis, New York City, Bengaluru, Oakland , California

☆ Nigeria's Tinubu picks banker Cardoso as next central bank governor
▼ + stars: | 2023-09-15 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

ABUJA, Sept 15 (Reuters) - President Bola Tinubu has nominated the former head of Citibank in Nigeria, Olayemi Cardoso, to serve as the country's new central bank governor, days before its next interest rate meeting, a presidential spokesperson said on Friday. The central bank did not respond to a request for comment on whether Emefiele and his deputy governors had resigned. The central bank raised rates by a smaller-than-expected 25 basis points in July, contrary to analysts' expectations, under acting Governor Folashondun Shonubi, one of Emefiele's deputies. The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.

Persons: Bola Tinubu, Olayemi Cardoso, Godwin Emefiele, Tinubu, Cardoso, Ajuri Ngelale, Ngelale, Folashondun Shonubi, Emefiele, Muhammadu Buhari, Camillus Eboh, Chijioke Ohuocha, MacDonald Dzirutwe, Richard Chang, Jane Merriman, Hugh Lawson Organizations: Citibank, Central Bank of Nigeria, Thomson Locations: ABUJA, Nigeria, Lagos

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