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Islamabad and New Delhi CNN —Tens of thousands of people are being evacuated as India and Pakistan brace for the impact of Cyclone Biparjoy, which is expected to make landfall in densely populated areas across the subcontinent Thursday, putting millions of lives at risk. Mass evacuations have started in Pakistan’s Sindh province, with about 60,000 people sent to temporary shelters, according to local authorities. Residents evacuate from a coastal area of Keti Bandar before the expected arrival of Cyclone Biparjoy in Pakistan's Sindh province on June 13. In India’s Gujarat state, about 21,000 people have been evacuated from coastal areas, according to the state’s relief commissioner, Alok Kumar Pandey. People gather near the shore before the arrival of Cyclone Biparjoy at Clifton Beach in Karachi, Pakistan, on June 13.

Persons: Biparjoy, ”, Leela Ram Kohli, Alok Kumar Pandey, Rashmi, Sherry Rehman, Cyclone, Akhtar Soomro, Tauktae Organizations: New Delhi CNN, India Meteorological Department, Cyclone, AFP, Getty, PIA, Livestock, CNN, Authorities, Twitter, Shenzhen Institute of Meteorological, Chinese University of Hong, World Meteorological Organization Locations: Islamabad, New Delhi, India, Pakistan, Pakistan’s Sindh, Karachi – Pakistan’s, Keti Bandar, Pakistan's Sindh, Sindh, Badin, India’s Gujarat, Gujarat, Maharashtra, Mumbai, Balochistan, People, Clifton Beach, Karachi, Chinese University of Hong Kong, Asia, India’s

The pan-European STOXX 600 index (.STOXX) closed 0.6% higher, tracking the global market rally. The European Central Bank will hold its policy meeting on Thursday, where it is expected to hike rates by another 25 basis points to tame stubborn inflation. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Meanwhile, German consumer prices, harmonised to compare with other European Union countries, rose by 6.3% on the year in May, data showed. Shares of Admiral (ADML.L) slid 5.1% after traders said Citi downgraded the British motor and home insurer to "sell."

Persons: Steve Sosnick, Antonio Villarroya, Richemont, Denmark's, Shreyashi Sanyal, Siddarth, Rashmi Aich, Richard Chang Organizations: Miners, Citigroup, Reserve, Interactive Brokers, Traders, European Central Bank, Santander CIB, People's Bank of China, Union, Bank of England, Denmark's Maersk, Nvidia, Citi, Thomson Locations: China, U.S, South Korea, Denmark, Swedish, Bengaluru

The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

☆ Tech stocks lead European shares higher ahead of Fed rate decision
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 13 (Reuters) - European shares opened higher on Tuesday led by the gains in technology stocks, amid growing optimism that the U.S. Federal Reserve would skip raising interest rates in its policy meeting. The pan-European STOXX 600 index (.STOXX) rose 0.5% as of 0715 GMT, with the rate-sensitive tech sector index (.SX8P) up 1.5%. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including in the development of new products. Swedish industrial technology group Hexagon's (HEXAb.ST) shares gained 4.3%, after it announced a collaboration with the world's most valuable chip firm Nvidia Corp (NVDA.O). Reporting by Shreyashi Sanyal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Shreyashi Sanyal, Rashmi Organizations: U.S . Federal, Nvidia Corp, Thomson Locations: Swedish, Bengaluru

☆ Intel in talks to be anchor investor in Arm IPO - source
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Intel (INTC.O) is in talks with SoftBank Group Corp's (9984.T) Arm to be an anchor investor in the chip designer's initial public offering (IPO), a source familiar with the matter told Reuters on Monday. Arm plans to sell its shares on Nasdaq later this year, seeking to raise $8-$10 billion, Reuters reported earlier in April. Arm's designs are used to manufacture chips made by most of the world's major semiconductor companies, including Intel, AMD (AMD.O), Nvidia (NVDA.O) and Qualcomm (QCOM.O). The chip designer had filed with regulators confidentially for a U.S. stock market listing in April, setting the stage for this year's largest IPO. Arm and Intel declined a Reuters request for comment.

Persons: Anirban Sen, Yana Gaur, Rashmi Aich, Dhanya Ann Thoppil Organizations: Intel, Reuters, Nasdaq, AMD, Nvidia, Qualcomm, Thomson Locations: U.S, New York, Bengaluru

☆ Westpac to layoff 300 workers in business and retail unit, says trade union
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Australian lender Westpac Banking Corp (WBC.AX) will cut around 300 jobs in its consumer and business banking segments at a time of strong profit growth amid rising interest rates and soaring inflation, a local trade body said. The Finance Sector Union of Australia (FSU) said on Friday the country's third-largest bank would reduce headcount from its Consumer and Business Banking Division, citing a Westpac internal memo seen by the union. 2 mortgage provider reported a 22% rise in its first half net profit to A$4.00 billion ($2.70 billion) amid a high-inflationary environment. The bank could not be reached immediately for a comment on account of a public holiday on Monday. ($1 = 1.4839 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Julia Angrisano, Rishav Chatterjee, Rashmi Organizations: Westpac Banking Corp, Finance Sector Union of Australia, FSU, Consumer, Business Banking, Westpac, Reuters, ANZ Group, National Australia Bank, DBS, Australia's, Thomson Locations: Bengaluru

☆ EU regulators may demand Google to sell part of ad-tech business - source
▼ + stars: | 2023-06-12 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

June 12 (Reuters) - European Union antitrust regulators may order Alphabet Inc's (GOOGL.O) Google to sell a part of its advertising-technology business, a source with direct knowledge of the matter told Reuters on Monday. However, frustration has been mounting after Google failed to address competition concerns, the source said. The Commission and Google did not immediately respond to Reuters' requests for comment. Google is the most dominant digital advertising platform in the world with a 28% market share of global ad revenue, according to research firm Insider Intelligence. Google's dominance in online advertising has been increasingly questioned over the past few years.

Persons: Nilutpal Timsina, Akriti Sharma, Maju Samuel, Rashmi Organizations: Union, Google, Reuters, European Commission, Commission, Intelligence, United, Wall, Thomson Locations: United States

☆ London stocks inch higher on mining and energy push; Vodafone slumps
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 flatJune 8 (Reuters) - UK's main stock indexes edged higher on Thursday, supported by a boost from mining and energy stocks, although a sharp drop in the shares of British mobile operator Vodafone capped gains. The resource-heavy FTSE 100 (.FTSE) was up 0.1% as of 0718 GMT, while the domestically-focused FTSE 250 (.FTMC) midcap index was little changed. Oil and gas (.FTNMX601010) and miners (.FTNMX551020) were the top sector gainers, while precious metals (.FTNMX551030) and chemicals (.FTNMX552010) took the worst hit. Wizz Air (WIZZ.L) gained 1.8% after the European low-cost airline forecast a net profit of 350 million euros to 450 million euros ($374.57 million to $481.59 million) in its current financial year. ($1 = 0.9344 euros)Reporting by Ankika Biswas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Crest, Ankika Biswas, Rashmi Organizations: British, Vodafone, Reuters, Hutchison, HK, Wizz, Crest Nicholson Holdings, Thomson Locations: Bengaluru

☆ Japanese companies team up for battery storage project to fuel clean energy expansion
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Japan's Itochu Corp (8001.T) said on Wednesday it has jointly established a power storage company with Osaka Gas Co (9532.T) and Tokyo Century Corp (8439.T), as the country's expansion in renewable energy drives demand for storage capacity. Batteries are central to Japan becoming carbon neutral by 2050, as they are critical for storage of renewable energy to smoothen output fluctuations. The project will have capacity of 23 megawatt hours and output of 11 megawatt, for which Itochu would provide storage batteries and construction, Osaka Gas would trade the power and Tokyo Century would do business management. Japan is targeting over $24 billion in investments both from the public and private sectors to develop domestic battery production capacity of 150 gigawatt hours (GWh) by 2030, including for electric vehicles, and global production by Japanese companies of 600 GWh. Reporting by Katya Golubkova; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Itochu, Katya Golubkova, Rashmi Organizations: Itochu Corp, Osaka Gas Co, Tokyo Century Corp, Osaka Gas, Thomson Locations: Osaka prefecture, Japan, Osaka, Tokyo

TOKYO, June 6 (Reuters) - Japan's Nikkei index extended its climb to scale a near 33-year high on Tuesday, with trading houses and Uniqlo operator Fast Retailing leading the gains on technical support for heavyweight shares ahead of the fixing of special quotation prices. The Nikkei (.N225) recouped from early losses to close nearly 1% higher at 32,506.78. Shares of Fast Retailing (9983.T) climbed 1.73%, contributing the most to the Nikkei's advance, while trading company Mitsui & Co (8031.T) jumped 3.86%. Trading houses (.IWHOL.T) and mining companies (.IMING.T) led gains among the 33 industry sub-indexes on the Tokyo Stock Exchange, rising 2.5%. read moreReporting by Rocky Swift and Nobuyo Saito in Tokyo; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: speculatively, Takashi Nakamura, Mio Kato, Nitto Denko, Rocky Swift, Nobuyo Saito, Rashmi Aich, Sherry Jacob, Phillips Organizations: Nikkei, Tokai Tokyo Research, Retailing, Mitsui & Co, Mizuho Financial Group, LightStream, Tokyo Stock Exchange, Apple, Thomson Locations: TOKYO, Japan, Tokyo

Companies Dell Technologies Inc FollowJune 6 (Reuters) - Dell Technologies Inc's (DELL.N) Australian unit has been found guilty by the country's Federal Court to have misled customers about the prices or discounts on its add-on monitors on its website, Australia's competition regulator said on Tuesday. When customers chose to buy a personal computer, Dell Australia gave them an option to bundle a compatible monitor at a discounted, or a 'strikethrough' price, suggesting it would be cheaper to buy the monitor in a bundle rather than separately. Consumers paid more than A$2 million ($1.32 million) for add-on monitors between August 2019 and mid-December 2021, the regulator added. Dell Australia, which sold more than 5,300 add-on monitors with overstated discounts during the period, has refunded or agreed to offer compensation to more than 4,250 affected consumers, and has been ordered to offer full or partial refunds to affected customers. ($1 = 1.5122 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Rashmi Organizations: Dell Technologies, Dell Australia, Australian Competition, Consumer Commission, Thomson Locations: Bengaluru

☆ Bourse operator ASX takes action for trading software's operational reliability
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Australia's bourse operator ASX Ltd (ASX.AX) said on Monday it had submitted a special report for its Clearing House Electronic Subregister System (CHESS) software to the country's corporate regulator and the Reserve Bank of Australia. The report outlines details about the operator's arrangement to support and maintain CHESS to ensure it remained operational until a replacement is implemented. In December, the Australia Securities and Investments Commission along with the central bank, ordered ASX to submit a report ensuring stability of its trading system after a failed attempt by the bourse operator to replace its ageing software. The platform has been in need of an upgrade after many incidents of glitches, including one in November 2020 when an issue in the new equities trading platform halted trading for 20 minutes on the day it went live. Reporting by Navya Mittal in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Navya Mittal, Rashmi Organizations: Reserve Bank of Australia, Australia Securities, Investments, bourse, IT, Thomson Locations: Australia's, Bengaluru

☆ Illumina board appoints Hologic CEO as non-exec chairman
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: 1 min

June 2 (Reuters) - Illumina Inc (ILMN.O) said on Friday it had elected two new independent board members, including Hologic Inc (HOLX.O) CEO Stephen MacMillan as the non-executive chairperson, with immediate effect. The genetic sequencing equipment maker also appointed Edwards Lifesciences (EW.N) Chief Financial Officer Scott B. Ullem to the board, the company said in a statement. These appointments follow activist investor Carl Icahn mustering enough shareholder support last month to oust Illumina's board chair John Thompson and install one of his board nominees, Andrew Teno. However, Illumina CEO Francis deSouza survived a challenge to his board seat from Icahn. Reporting by Leroy Leo in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen MacMillan, Edwards Lifesciences, Scott B, Ullem, Carl Icahn, Illumina's, John Thompson, Andrew Teno, Francis deSouza, Leroy Leo, Savio D'Souza, Rashmi Organizations: Illumina, Hologic Inc, Thomson Locations: Icahn, Bengaluru

☆ Microsoft flags over $400 mln charge for Irish privacy violation fine on LinkedIn
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Software major Microsoft Corp (MSFT.O) said on Thursday it expected to take a charge of about $425 million in the current quarter for a potential fine from an Irish regulator over alleged privacy violations at its unit LinkedIn. The Irish Data Protection Commission (IDPC) launched an investigation into the professional networking platform in 2018 over whether its targeted advertising practices violated the European data protection law. The regulator's order is not public and Microsoft said that LinkedIn was informed about the preliminary decision in April. Microsoft added it would dispute the proposed fine after receiving a final order. Reporting by Yuvraj Malik in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: IDPC, Yuvraj Malik, Rashmi Organizations: Software, Microsoft Corp, Irish Data Protection, Microsoft, Thomson Locations: Irish, Bengaluru

☆ FDA warns about safety risks of tailored weight-loss drugs
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/File PhotoJune 1 (Reuters) - The U.S. Food and Drug Administration (FDA) warned about the safety risks of using compounded or custom-made versions of popular weight-loss drugs such as Wegovy and diabetes drug Ozempic. The FDA warned patients to refrain from using a compounded drug if an approved drug is available. Compounded drugs are created by combining, mixing, or altering ingredients to create a medication tailored to the needs of an individual patient. The agency said it does not review compounded versions of these drugs for safety, effectiveness, or quality, adding, it had received reports that compounders might be using salt forms of semaglutide, which are different active ingredients than those used in the approved drugs. The U.S. is expected to account for as much as 90% of weight-loss drug sales due to the number of potential patients and higher pricing than other countries, industry analysts and executives say.

Persons: Lucas Jackson, Novo, Mariam Sunny, Rashmi Organizations: REUTERS, U.S . Food, Drug Administration, Thomson Locations: New York, U.S, Bengaluru

☆ C3.ai shares slide as revenue forecast fails to live up to AI hype
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Shares of C3.ai Inc (AI.N) dropped nearly 20% in premarket trading on Thursday after the AI software maker's quarterly revenue forecast missed estimates, dampening some of Wall Street's recent euphoria around AI-linked stocks. AI analytics firm BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O) and Thailand's security firm Guardforce AI (GFAI.O) were down between 0.5% and 7.5%. The midpoint of C3.ai's full-year revenue forecast was $307.50 million, below Wall Street expectations of $317.1 million, according to Refinitiv data. The company, however, said it had received bookings from diverse industries, benefitting from the strong AI software demand and remained on track to post a profit by the end of April 2024. Average Wall Street rating was "hold".

Persons: We've, we've, Canaccord Genuity, Piper Sandler, Arvind Ramnani, Medha Singh, Vansh Agarwal, Rashmi Organizations: Nvidia, Thomson Locations: Wall, Redwood City , California, Bengaluru

☆ United Airlines CFO to retire in 2024
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 31 (Reuters) - United Airlines Holdings Inc (UAL.O) said on Wednesday its Chief Financial Officer Gerry Laderman had announced plans to retire from the carrier in 2024. Reporting by Aishwarya Nair in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Gerry Laderman, Aishwarya Nair, Rashmi Organizations: United Airlines Holdings Inc, Thomson Locations: Bengaluru

☆ Meta offers to limit use of ad data to address UK competition concerns
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 26 (Reuters) - Britain's competition watchdog on Friday said social media giant Meta (META.O) had offered to limit its use of other businesses' advertising data for its Facebook Marketplace service to address the regulator's competition concerns. The Competition and Markets Authority (CMA) said it was minded to accept the commitments, which include advertisers being able to opt out of allowing their data to be used to improve the Facebook Marketplace classified ads platform. CMA executive director of enforcement Michael Grenfell said: "Reducing the risk of Meta unfairly exploiting the data of businesses who advertise on its platform for its own competitive advantage could help many UK businesses who advertise there. "We are now consulting on these commitments which we believe, at this stage, will address our concerns." Reporting by Eva Mathews in Bengaluru and Paul Sandle in London; Editing by Rashmi Aich and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Japanese lender Mizuho to buy Greenhill in $550 mln deal to expand US footprint
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Japan's Mizuho Financial Group Inc (8411.T) will acquire independent investment bank Greenhill & Co Inc (GHL.N) in an all-cash transaction, in a bid to expand further into U.S. investment banking. Of Japan's three megabanks, Mizuho has, however, been slower to move than bigger rivals Mitsubishi UFJ Financial Group (8306.T) and Sumitomo Mitsui Financial Group (8316.T). The Greenhill business will sit within Mizuho's banking division, led by Michal Katz, head of banking in the Americas, the statement said. Greenhill Chairman and CEO Scott L. Bok will become chairman of the M&A and restructuring advisory business, it added. Last year, Mizuho CEO Yoshiro Hamamoto told Reuters that the group's brokerage arm Mizuho Securities Co "has room for further growth" in the United States and acquisitions were an option it was exploring.

☆ Abu Dhabi's Mubadala to buy majority stake in Fortress Investment from SoftBank
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Abu Dhabi's Mubadala Investment Co will acquire a majority stake in U.S. asset manager Fortress Investment Group from Japan's SoftBank Group Corp (9984.T). Financial terms of the deal were not disclosed, Mubadala and Fortress Investment said in a joint statement on Monday. After the completion of the deal, Fortress' management will own a 30% stake in the company, while Mubadala Capital will hold the rest, according to the statement. Fortress management will hold a class of equity that entails it to appoint a majority of seats on the board. Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the companies said.

☆ Global equity funds post outflows for fifth week in a row
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Global equity funds suffered outflows for a fifth straight week in the week to May 17, undermined by uncertainties over U.S. debt ceiling and concerns about global economy, with soft economic data coming out of the U.S. and China. According to Refinitiv Lipper data, global equity funds faced $8.72 billion worth of outflows in the week to May 17, compared with about $4.77 billion worth of net selling in the previous week. Reuters Graphics Reuters GraphicsThe U.S. and European equity funds recorded withdrawals of $7.64 billion and $1.81 billion respectively during the week, but Asian funds received $180 million worth of inflows. Healthcare, financial and energy sector equity funds faced net outflows of $698 million, $677 million, and $410 million, respectively, but tech secured a net $906 million worth of inflows. Data for 23,976 emerging market funds showed equity funds obtained a net $684 million in a third weekly inflow in a row, while bond funds drew $43 million worth of net purchases after three weeks of outflows.

The proposal comes after India refused to agree to Tesla's request last year to lower the import tax on cars, which can reach as much as 100%. India wanted the carmaker to build vehicles locally but Tesla wanted to test the market first with imports and the talks ended in deadlock. While Tesla did not discuss lower import taxes with Indian officials, it proposed setting up a new factory, albeit without specifying a location or investment, said the source, who declined to be named as the talks were private. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on Tuesday. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter.

The proposal comes after India refused to agree to Tesla's request last year to lower the import tax on cars, which can reach as much as 100%. India wanted the carmaker to build vehicles locally but Tesla wanted to test the market first with imports and the talks ended in deadlock. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on Tuesday. Tesla met officials from Modi's office and other ministries on Wednesday, said the person and another source familiar with the matter. Tesla had hired a local team and began a search for showroom space, but that was also abandoned last year.

☆ US FDA staff flag 'serious' safety risks for Intercept's NASH treatment
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

The U.S. Food and Drug Administration's (FDA) briefing document highlighted increased risk of diabetes and liver injury from using the obeticholic acid (OCA) oral tablets for the treatment of nonalcoholic steatohepatitis (NASH). "During the course of our review, FDA identified modest benefits and serious risks of OCA for treatment of NASH," the staff said in the document and listed increased risk of sludge formation in the gall bladder and imbalance of certain lipids. The staff asked the regulator's panel of outside advisors, who are meeting on Friday, to consider whether the modest benefits from using the drugs for NASH treatment outweigh the serious risks associated with it. The panel's meeting on Friday is the first such meeting for a NASH treatment. However, due to risks of serious liver injury, FDA restricted its usage in 2021 to primary biliary cholangitis patients with advanced cirrhosis, or severe liver scarring.

☆ IQE's annual revenue falls 2% on weak orders
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - British chip components maker IQE Plc (IQE.L) reported a 2% drop in its annual revenue on Wednesday, hit by reduced orders amid weak demand for consumer electronics. Revenue on a constant currency basis fell to 151.2 million pounds ($190.83 million) for the full-year ended December 2022, from 154.1 million pounds a year earlier. The Cardiff-based company reported a wider operating loss of 73 million pounds, driven by non-cash impairment of goodwill of 62.7 million pounds relating to its wireless operating segment. London-listed IQE said current trading was impacted by temporary semiconductor industry setbacks entailing subdued customer forecasts, orders and related revenue. It expects revenue for the half year ending June 30 to be between 50 million pounds and 56 million pounds.

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