DIRS.INFO The most relevant business & tech news

☆ Google to delete inactive accounts starting December
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Alphabet Inc's (GOOGL.O) Google on Tuesday said it would delete accounts that had remained unused for two years starting December, in a bid to prevent security threats including hacks. The company said that if a Google account had not been used or signed into for at least two years, it might delete the account and content across Google Workspace, which includes Gmail, Docs, Drive, Meet and Calendar, as well as YouTube and Google Photos. The policy change only applies to personal Google Accounts and not to those for organizations like schools or businesses. In 2020, Google had said it would remove content stored in an inactive account, but not delete the account itself. Starting Tuesday, Google will send multiple notifications to the account email address and recovery mail of the inactive accounts before deletion.

☆ China's Tencent Music revenue beats estimates on jump in paying users
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 16 (Reuters) - China's Tencent Music Entertainment Group (1698.HK), topped quarterly revenue estimates on Tuesday as the Spotify-like music streaming platform benefited from growth in paying users, sending its U.S. shares 2% higher in premarket trading. That helped the Tencent Holdings Ltd-controlled company, which owns platforms including QQ Music, Kuwo Music and WeSing, snap five consecutive quarters of revenue declines. Total revenue rose 5.4% to 7.00 billion yuan ($1.01 billion) in the first quarter, beating analysts' estimates of 6.86 billion yuan, according to Refinitiv data. "We are glad to achieve a record-high online music paying ratio and expand ARPU for the fourth consecutive quarter. Net profit attributable to equity holders was 1.15 billion yuan, compared with 609 million yuan a year earlier.

☆ EV maker Faraday Future to raise $100 mln in debt to support delivery plans
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Electric vehicle (EV) startup Faraday Future Intelligent Electric (FFIE.O) on Tuesday said it was raising $100 million in debt as it aims to achieve initial deliveries of its flagship FF 91 Futurist vehicle after a funding crunch led to multiple delays. The company said it will also use the new debt funding to ramp up production. "This round of financing commitments is expected to provide the Company with capital to support our FF 91 delivery milestone, sales and service system development, as well as support our near-term production ramp-up goals," Xuefeng Chen, the global CEO of Faraday Future, said. In April, Faraday Future had pushed back the initial deliveries of the FF 91 Futurist by another two months, saying at that time that they would depend on "substantial additional financing". Last November, Faraday Future raised doubts about its ability to continue as a "going concern".

☆ Faraday Future to raise $100 mln in debt to ramp up production
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Electric vehicle (EV) startup Faraday Future Intelligent Electric (FFIE.O) said on Tuesday it was raising $100 million in debt to ramp up production and achieve a delivery milestone for its flagship FF 91 Futurist vehicle. The company signed agreements for financing commitments of $100 million in unsecured convertible notes to generate cash to increase production and development of its sales & service system for the vehicle. Faraday Future has been struggling with a cash crunch and a board reshuffle following a governance dispute with one of its largest shareholders, FF Top Holding. Last November, Faraday Future raised doubts about its ability to continue as a "going concern". Reporting by Akanksha Khushi in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Spot gold was unchanged at $2,032.86 per ounce, as of 0201 GMT. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Worries over the global economy and demand-supply outlook may also support the commodity in the near future," Hareesh added. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ UK's Smiths Group names Alcoa's Williams as next chair
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - British industrial technology company Smiths Group Plc (SMIN.L) on Wednesday named Steve Williams as its next chairman to succeed George Buckley, who is retiring at the end of the company's annual general meeting in November. UK-born Williams, who is currently chair of U.S. aluminum producer Alcoa Corporation (AA.N), started his career at ExxonMobil. His appointment at Smiths Group is subject to his election as non-executive director at the company's AGM. He will be appointed to the board as an independent non-executive director and as chair designate in September, Smiths Group said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.

☆ UK insurer Direct Line expects motor claims to hit 2023 earnings
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Direct Line Insurance Group Plc (DLGD.L) said on Tuesday it expected more adverse claims in motor, especially in relation to damage, to pressure its earnings in 2023, sending the British insurer's shares 8% lower in early trade. The motor and home insurer posted a 9.7% rise in quarterly gross written premiums to 805.7 million pounds ($1.02 billion), helped by price increases to cope with a challenging motor insurance market. "2023 earnings outlook continues to be challenging," acting CEO Jon Greenwood said in a statement, adding that the company's focus was to improve its motor insurance claim margins. Shares in Direct Line fell 8% and fellow motor insurer Admiral dropped nearly 4% by 0714 GMT. ($1 = 0.7923 pounds)Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Qualcomm to acquire Israeli auto-chip maker Autotalks
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

Autotalks makes dedicated chips used in the vehicle-to-everything (V2X) communications technology for manned and driverless vehicles to improve road safety. The company had credited the jump to its Snapdragon Digital Chassis product used by car makers and their suppliers. The Snapdragon Digital Chassis can provide assisted and autonomous driving technology, as well as in-car infotainment and cloud connectivity. Qualcomm on Monday said it would incorporate Autotalks' solutions into Snapdragon Digital Chassis product portfolio, but did not elaborate on the financials of the deal. The acquisition will be made through its unit Qualcomm Technologies, Qualcomm added.

☆ UBS expects ECB to deliver another 25 bp rate hike in July before taking pause
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

May 5 (Reuters) - UBS economists said the European Central Bank (ECB) was likely to hike interest rate by another 25 basis points (bps) in July, lifting the benchmark for borrowing costs to 3.75%, before taking a pause for this rate increase cycle. The brokerage said in a note on Thursday that inflation will likely slowly improve over the summer. The ECB on Thursday raised its benchmark rates by 25 bps - the smallest increase in its rate-hike cycle that started last summer — to 3.25%. Reporting by Aniruddha Ghosh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The Shenzhen-listed company, known for its flagship SF Express delivery business, has started preparations for the Hong Kong listing and aims to file the prospectus with the Hong Kong exchange by June, one of the sources said. SF Holding, which has a market value of 267 billion yuan ($38.63 billion), did not immediately respond to Reuters' request for comment. Bloomberg News on Friday first reported SF Holding's listing plans, citing people familiar with the matter. Its express delivery business covers nearly 100 countries overseas including the United States and Japan, according to its 2022 annual report. SF went public in Shenzhen in 2017 and listed two of its units - SF Real Estate Investment Trust (2191.HK) and Hangzhou SF Intra-City Industrial (9699.HK) - in Hong Kong in 2021.

☆ Tesla raises prices in US, China, Japan and Canada
▼ + stars: | 2023-05-02 | by ( Akriti Sharma | ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Tesla Inc (TSLA.O) has raised prices in a range of up to $290 in Canada, China, Japan and the United States, its website showed on Monday, after having slashed prices on its top-selling vehicles since the start of the year. By Monday, Tesla's website showed it had raised the starting price point by $250 on the base model Model Y and Model 3 in the United States. Prices changed about the same amount in its second largest market of China, as well as in Canada and Japan, those websites showed. In Canada, Tesla raised prices by C$300 ($222) for the performance versions of its Model 3 and Model Y. In China, Tesla raised the price for variants by 2,000 yuan ($289), the website showed.

☆ Tesla hikes prices in U.S., China, Japan and Canada
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Tesla Inc (TSLA.O) has raised prices for its Model Y and Model 3 variants by the equivalent of about $300 in the United States, China, Japan and Canada, after having slashed prices on its top selling vehicles since the start of the year. In China, Elon Musk-led Tesla raised the price for variants by 2,000 yuan ($289.39), the website showed. Chief Executive Elon Musk last month signaled the EV maker would prioritize sales growth ahead of profit in a weak economy. In Canada, the car manufacturer raised the prices of its Performance crossover Model 3 and Model Y by $300 each. In Japan, prices for the entry-level Model 3 were increased by 37,000 yen ($269.01)($1 = 6.9110 Chinese yuan renminbi)($1 = 137.5400 yen)Reporting by Akriti Sharma in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Logitech International revenue drops 22% in Q4
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

May 1 (Reuters) - Computer peripherals maker Logitech International SA (LOGN.S) reported a 22% drop in fourth-quarter sales to $960 million on Tuesday. Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Norway's sovereign wealth fund chief seeks state regulation of AI, Financial Times reports
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

April 28 (Reuters) - Norway sovereign wealth fund's CEO Nicolai Tangen has called upon governments to speed up the regulation of artificial intelligence (AI), the Financial Times reported on Friday. The $1.4-trillion wealth fund, the world's largest, is set to reveal guidelines in August on how the companies it invests in should use AI ethically, Tangen told the newspaper in an interview. The Government Pension Fund Global operates under ethical guidelines set by parliament and excludes investments in companies that it says does not respect the guidelines. Norges Bank, the country's central bank, holds stakes in more than 9,200 companies globally through the wealth fund. Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Companies Johnson & Johnson FollowApril 27 (Reuters) - Johnson & Johnson (JNJ.N) said on Thursday it has agreed to retain all talc-related liabilities arising from litigation in the United States and Canada and will "indemnify" newly formed consumer health unit Kenvue for all costs. "As unequivocally and unambiguously stated, Johnson & Johnson has agreed to retain all the talc-related liabilities -and indemnify Kenvue for any and all costs - arising from litigation in the United States and Canada. Any suggestion to the contrary is false and misleading," Erik Haas, vice president of litigation, Johnson & Johnson, said in a statement. The news comes as Johnson & Johnson (J&J) seeks a valuation of up to $42.95 billion for Kenvue in its initial public offering. Their lawsuit claims Justin Bergeron contracted mesothelioma, a cancer associated with asbestos exposure, as a result of using J&J talc, FT reported.

Organizations: & $

☆ Glencore says takeover bid for Teck Resources still stands
▼ + stars: | 2023-04-27 | by ( Clara Denina | ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Glencore Plc (GLEN.L) said on Thursday its takeover bid for Teck Resources Ltd (TECKb.TO) still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada." On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

☆ Pony.ai gets permit for driverless robotaxi services in China's Guangzhou
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Robotaxi startup Pony.ai said on Wednesday that it had received a permit to operate fully driverless ride-hailing services in China's Guangzhou city. The Toyota Motor Corp-backed (7203.T) startup, which has operations in China and the U.S., now has permits for fully driverless robotaxis in China's capital Beijing and Guangzhou. Pony.ai started driverless testing in Guangzhou in June 2021 and has accumulated nearly 200,000 fee-charging robotaxi orders globally as of this month, the company said in a statement. Both companies won permits for driverless taxi services in Beijing last month. California-based Pony.ai's next generation robotaxi model has obtained on-road testing licenses in Beijing and Guangzhou, it said, adding that robotaxi services with the model were expected to commence in the near future.

☆ Gold prices ease with cenbank rate moves in focus
▼ + stars: | 2023-04-20 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was down 0.1% at $1,992.23 per ounce, as of 0332 GMT. "Despite gold's break below $1,980 yesterday, investors were quick to snap up the quick discount and drive spot prices back above this key support level... New York Fed President John Williams said on Wednesday that inflation is still at problematic levels and the Fed will act to lower it. Rate hikes reduce non-interest bearing gold's appeal as it raises the metal's opportunity cost. Spot silver lost 0.5% at $25.12 per ounce, platinum fell 0.4% to $1,085.81 and palladium dipped 0.5% to $1,607.49.

☆ Japan's SMFG is first global bank to sell AT1 bonds since C.Suisse wipeout
▼ + stars: | 2023-04-19 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

AT1 bonds - the riskiest tranche of a bank's bonds also known as "contingent convertibles" or "CoCo" bonds - can be converted into equity or written off if a bank's capital level falls below a certain threshold. SMFG sold the bonds in two tranches, in 89 billion yen ($662.50 million) five-year notes, and 51 billion yen 10-year bonds. The 89 billion yen issuance carries a coupon rate of 1.879% for the initial five years and two-month period, a regulatory filing showed. "In Japan, where spreads over corporate bonds are thin, the terms for these AT1 bonds were reasonably good, provided that the banking sector is credible," said Pictet's Otsuki. Japanese banks' AT1 bonds had been configured in a way the value is secured even if the government is involved in restructuring, and SMFG's new issues are seen to have the same features, she said.

☆ SMFG becomes first big Japan bank to sell AT1 bonds since Credit Suisse's debt wipeout
▼ + stars: | 2023-04-19 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

SMFG priced the bonds in two tranches, in 89 billion yen ($662.50 million) five-year notes, and 51 billion yen 10-year bonds, whose terms market players said were attractive. "In Japan, where spreads over corporate bonds are thin, the terms for these AT1 bonds were reasonably good, provided that the banking sector is credible," said Nana Otsuki, senior fellow at Pictet Japan. Swiss regulator FINMA determined that Credit Suisse's AT1 bonds would be wiped out, a decision that rocked global credit markets. AT1 bonds - known as "contingent convertibles" or "CoCo" bonds - can be converted into equity or written off if a bank's capital level falls below a certain threshold. The 51 billion yen one would yield 2.180% for the first 10 years and two months.

☆ Tesla cuts US prices for sixth time this year
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] Members of media and guests surround the Tesla Model Y and Model 3 during Thailand Tesla's official launch event in Bangkok, Thailand, December 7, 2022. REUTERS/Athit PerawongmethaCompanies Tesla Inc FollowApril 18 (Reuters) - Tesla Inc (TSLA.O) late on Tuesday further slashed prices in the United States for some of its Model Y and Model 3 electric vehicles, according to its website, ahead of its first-quarter results on Wednesday. The Elon Musk-led electric vehicle maker's sixth price cut in the U.S. will see the cost of both the Model Y Long Range and Performance vehicles cut by $3000 each. The cost of its Model 3 Rear Wheel Drive will be cut by $2000 to $39,990. The move comes after the company recently cut prices for its electric vehicles in Europe, Israel and Singapore, expanding a global discount drive it began in China in January, while raising concerns about its industry-leading profit margin.

The blue-chip FTSE 100 (.FTSE) fell 0.4%, while the mid-cap FTSE 250 (.FTMC) was down 0.8%, as of 0820 GMT. Data showed Britain now has Western Europe's highest rate of consumer price inflation, after a weaker-than-expected fall in March to 10.1% from February's 10.4%. The FTSE 100 clocked its longest winning streak since December 2020 on Tuesday, buoyed by defensive and commodity-linked stocks. Food, beverages and tobacco sector (.FTUB4510) was a bright spot, up 0.8% on the heels of sticky inflation numbers. Leading losses on the FTSE 250 was Liontrust Asset Management Plc (LIO.L), down 5.5% as the asset manager reported significant quarterly net outflows.

☆ Australian court approves BHP's $6.4 bln OZ Minerals takeover
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: 1 min

April 17 (Reuters) - Global miner BHP Group Ltd (BHP.AX) said on Monday the Federal Court of Australia had approved its A$9.6 billion ($6.44 billion) takeover of OZ Minerals Ltd (OZL.AX). The court approval follows overwhelming support from OZ Minerals shareholders for the deal, which is the third largest in global mining in recent months. Shares of the Australian copper producer will be suspended from trading on the local bourse at the close of trading on Tuesday. ($1 = 1.4914 Australian dollars)Reporting by Echha Jain in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. banks that shored up First Republic pushed to boost reserves - Bloomberg News
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Several major U.S. banks who contributed a significant portion of the $30 billion in deposits to aid First Republic Bank (FRC.N) last month, are now planning to bolster their reserves by setting aside around $100 million each, Bloomberg reported. Banks' decision to strengthen their reserves is driven by accounting regulations that require provisions to be set aside for potential losses across various assets, the report addded. First Republic, Citi Bank and JPMorgan declined to comment on the report. Bank of America and Wells Fargo did not immediately respond to Reuters' requests for a comment. Eleven lenders, including the eight members of the Financial Services Forum, threw First Republic a lifeline of a combined $30 billion in deposits last month.

Search resuls for: "Rashmi"

25 mentions found