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☆ India's IFB Industries posts 2% drop in profit as costs climb
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 28 (Reuters) - India's IFB Industries Ltd (IFBI.NS) posted a 2% fall in its second-quarter profit on Friday, as expenses soared and took the shine off higher sales of its home appliances. Consumer goods makers globally have seen their bottomline take a knock from higher commodity prices, with the COVID-19 pandemic and the Russia-Ukraine war leading to a rise in input costs. For Kolkata, West Bengal-based IFB, which makes several home appliances including washing machines and air conditioners, total expenses rose 13.3% to 10.85 billion rupees. Net profit fell to 241.2 million rupees ($2.93 million) in the three months ended Sept. 30, from 245.9 million rupees a year ago. However, analysts have said the recent fall in commodity prices would start helping companies from the December quarter onwards.

☆ Aegon sells Dutch operations to ASR in $4.9 bln deal
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 27 (Reuters) - Aegon NV (AEGN.AS) said on Thursday smaller rival ASR (ASRNL.AS) would buy its Dutch insurance operations in a cash and shares deal worth around 4.9 billion euros ($4.93 billion) that would see ASR replace it as the country's second-largest insurer. Aegon will receive 2.5 billion euros ($2.52 billion) and a 29.99% stake in ASR, worth 2.4 billion euros at Wednesday's closing price, the companies said in a joint statement. "This is going to be a powerhouse company" on the Dutch market, Aegon Chief Executive Officer Lard Friese told reporters in a video call. "We looked at that very carefully, and it's up to (the Dutch market regulator) to decide ... but we do not expect problems," he said. It said that of the cash proceeds, it would return 1.5 billion euros to shareholders and use 700 million euros to reduce leverage.

☆ Sabadell Q3 net beats forecasts on lending income, lower costs
▼ + stars: | 2022-10-27 | by ( Jesús Aguado | ) www.reuters.com time to read: +2 min

The country's fourth-largest bank in terms of total assets reported a net profit of 317 million euros ($319.06 million) for the July-September period. Analysts polled by Reuters expected a net profit of 221 million euros. At a group level, third-quarter net interest income rose 10% from a year earlier to 965 million euros, compared with analysts' forecast of 917 million euros, and it also rose 7.4% against the previous quarter. Against that background, Sabadell revised the bank's net interest income guidance up to a double-digit growth for 2022 from a previous mid-single digit growth forecast on the back of higher interest rates. Total costs fell 30% in the third quarter against the same quarter a year ago though were 1% higher compared to the previous quarter.

☆ Chipmaker STMicro sees sales growth slowdown in fourth quarter
▼ + stars: | 2022-10-27 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

Bigger rival Texas Instruments Inc (TXN.O) earlier this week that it expected demand across most of its end markets to decline, while South Korea's SK Hynix Inc (000660.KS) warned of an "unprecedented deterioration" in memory chip demand. STMicro said it expected fourth-quarter sales to edge up by 1.8% from the previous quarter to about $4.4 billion. Co-controlled by the Italian and French governments, STMicro said demand rose across all its products in the third quarter, beating market expectations. Net revenue in the third quarter rose to $4.32 billion, above the company's own guidance and the $4.24 billion analyst consensus compiled by Visible Alpha. Reporting by Mathieu Rosemain; Editing by Muralikumar Anantharaman, Subhranshu Sahu and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Mastercard shares down as dim forecast sours profit beat
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Oct 27 (Reuters) - Mastercard Inc (MA.N) forecast a weaker-than-expected revenue growth for the last three months of the year on Thursday, overshadowing an upbeat quarter where the card issuer beat profit estimates on resilient consumer spending. The company said it expected revenue to rise in "low double digits" at the lower end of its forecasted growth range for the fourth quarter. Shares of the Purchase, New York-based company were down more than 2% in premarket trading. Last quarter, Mastercard warned of a slowdown in spending from lower-income customers in the United States in the face of red-hot inflation. Excluding one-time costs, Mastercard earned $2.68 per share, beating Street estimate of $2.56 per share.

☆ India's United Spirits profit doubles on one-off gain
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 21 (Reuters) - India's United Spirits Ltd (UNSP.NS) said on Friday its quarterly profit more than doubled from a year earlier, driven by a one-off gain from the sale of some brands to Inbrew. The Johnnie Walker whiskey maker said profit came in at 5.63 billion rupees ($67.83 million) for the three months ended Sept. 30, compared with 2.73 billion rupees a year earlier. Analysts on average had expected a profit of 2.36 billion rupees, according to Refinitiv IBES data. Before exceptional items and tax, profit rose 5% to 3.84 billion rupees. Margins in the liquor industry have been hit by surging inflation after a post-pandemic rebound, while scotch sales at companies like United Spirits have also been tempered by pricing issues in some states.

☆ UK stocks hit by weak retail sales, rising yields
▼ + stars: | 2022-10-21 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 index (.FTSE) fell 1.0%, while the midcap FTSE 250 (.FTMC) slipped 1.6%. Truss quit on Thursday after the shortest and most chaotic tenure of any British prime minister, forced out after her unfunded tax cut proposals crashed the pound and sent British borrowing costs soaring. Former finance minister Rishi Sunak, Penny Mordaunt and former prime minister Boris Johnson are among the likely candidates. UK's retail index (.FTNMX404010) fell 4.1%, heading towards a more than two-year low hit last week. read moreMeanwhile, U.S. and European government bond yields surged further as investors priced in aggressive policy tightening by the Federal Reserve.

☆ Union Pacific cuts volume growth forecast as worker shortage weighs
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A Union Pacific rail car is parked at a Burlington Northern Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris HelgrenOct 20 (Reuters) - Union Pacific Corp (UNP.N) on Thursday cut its annual volume growth forecast despite a rise in third-quarter shipments, as the U.S. railroad operator struggles with worker shortages. "Inflationary pressures and operational inefficiencies continued to challenge us," Union Pacific Chief Executive Officer Lance Fritz said in a statement. The company trimmed its forecast for full-year volume growth to about 3% from 4%-5%, even after a 3% rise in the third quarter led by higher coal and renewables shipments. Excluding a $114 million charge from the tentative labor deal, the company posted a net income of $3.19 per share, ahead of Refinitiv IBES estimates of $3.06 per share.

☆ European shares reverse gains as investors focus on inflation
▼ + stars: | 2022-10-19 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 reverses early gainsUK inflation hits 10.1% in SeptemberASML posts upbeat earningsOct 19 (Reuters) - European shares reversed early gains on Wednesday, as investors fretted about runaway inflation and aggressive monetary policy tightening, even as upbeat corporate earnings soothed some fears about a recession. The region-wide STOXX 600 index (.STOXX) was down 0.5%, snapping a rally this week that was mainly driven by hopes of a better-than-expected earnings season and the UK's fiscal policy reversal. read more"Earnings numbers (are) all good but global inflation, macro events are going to take precedent," said Michael Baker, head of online services at Oval Money. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. read moreSartorius (SATG.DE) dropped 13.9% after the German lab equipment maker said it expected 2022 revenue to reach the lower half of its outlook.

☆ Elevance raises annual profit forecast after quarterly beat
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Health insurer Elevance Health Inc (ELV.N) on Wednesday raised its annual profit forecast after beating estimates for quarterly earnings on lower-than-expected medical costs and strong performance of its Medicaid business. Last week, larger rival UnitedHealth Group Inc (UNH.N) raised its annual profit forecast for the third straight quarter and said the direct impact of COVID-19 was expected to ease next year. The lower the ratio, the better it is for a health insurer as it indicates a tight rein on costs. Elevance, which was previously known as Anthem, now expects annual adjusted earnings to be higher than $28.95 per share, compared with its prior forecast of more than $28.70 per share. Excluding items, the company reported earnings of $7.53 per share, above analysts' estimates of $7.15, according to IBES estimates from Refinitiv.

☆ FTSE 100 extends gains, UK inflation back at 40-year high
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 down 0.2%Oct 19 (Reuters) - UK's blue-chip index edged higher on Wednesday after a strong Wall Street session driven by earnings optimism, although data showed UK inflation hit a 40-year high again, highlighting persistent price pressures that have hurt consumer spending. The FTSE 100 index of top UK companies (.FTSE) rose 0.1% by 0714 GMT, entering its fifth day of gains, aided by a historic reversal of the new government's failed fiscal plan that had battered the bond markets. Meanwhile, futures signalled a strong start for U.S. stocks after Netflix Inc (NFLX.O) projected more growth ahead. The wider banking index (.FTNMX301010) was down 0.4%, while the investment banking & brokerages index (.FTNMX302020) dropped 0.7%. The domestically exposed FTSE 250 index (.FTMC) slipped 0.2% after a four-day winning run.

☆ India cotton output seen rising 12% on bigger crop area, says trade body
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Oct 18 (Reuters) - India is likely to produce 34.4 million bales of cotton in the 2022/23 season that started on Oct. 1, up 12% from a year ago after farmers expanded the crop area, a trade body said on Tuesday. The cotton crop area has increased by around 10% and per-hectare yields are also likely to rise this year, Atul Ganatra, president of the Cotton Association of India (CAI), told an industry conference. Register now for FREE unlimited access to Reuters.com RegisterIndia started the new season with carry forward stocks of 3.19 million bales, down from last year's 7.18 million bales, he said. The country's cotton consumption, which was affected by lower stocks and higher prices, could improve to 32 million bales in the new season from 31.8 million bales a year ago, he added. Exports could fall to 3.5 million bales in the new season from 4.3 million bales a year ago.

The blue-chip FTSE 100 (.FTSE) closed 0.24% up and the domestically focussed FTSE 250 (.FTMC) ended 0.15% higher. "At the end of the day, the UK government blinked, while the BoE has seen its credibility restored," said Darby. He added that there is room for a sizeable change in sentiment towards domestically exposed FTSE 250 which had been battered recently. Shell (SHEL.L) is among a number of companies joining a second bidding round to acquire Danish biogas producer Nature Energy, for around $2 billion sources familiar with the matter said, as energy firms race to boost low-carbon businesses. Bellway Plc (BWY.L) slipped 2.2% as the homebuilder warned of moderating demand, pressured by rising mortgage rates.

☆ London stocks hit over one-week highs on UK policy reversal optimism
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.8%, FTSE 250 adds 0.7%Oct 18 (Reuters) - UK's blue-chip and mid-cap indexes hit their highest levels in more than a week on Tuesday, lifted by a historic reversal of the government's unfunded tax cut plans and earnings optimism that boosted Wall Street indexes overnight. The blue-chip FTSE 100 (.FTSE) gained 0.8% by 0713 GMT and the mid-cap FTSE 250 (.FTMC) rose 0.7%. The FTSE 100 hit its highest since Oct. 10, while the FTSE 250 rose to a level not seen since Oct. 7. U.S. stock indexes closed sharply higher on Monday after Bank of America posted solid results, spurring earnings optimism. Its shares had hit an eight-year low recently as homebuilders came under pressure from concerns about surging mortgage rates denting affordability.

☆ FTSE 100 climbs ahead of Hunt's fiscal plans
▼ + stars: | 2022-10-17 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 index (.FTSE) gained 0.5%, while the domestically focussed FTSE 250 index (.FTMC) climbed 0.6%. The pound jumped 0.8% and government bonds rallied ahead of Hunt's announcement at 1000 GMT, which is expected to detail plans to raise taxes and spend lesser than previously planned. read more read moreRegister now for FREE unlimited access to Reuters.com Register"The markets have reacted positively to Hunt's expedited timeline, which alleviates some of the fiscal uncertainty," said Victoria Scholar, head of investment at Interactive Investor. Truss on Friday reversed some of the tax cut measures, and replaced Kwasi Kwarteng with Hunt. Meanwhile, the Bank of England (BoE) on Friday concluded its emergency bond purchases aimed at supporting the gilts market.

The blue-chip FTSE 100 index (.FTSE) ended 0.9% higher, while the domestically focussed FTSE 250 index (.FTMC) closed 2.8% up. Both the indexes logged their third-straight day of gains, with the latter up more than 5%. Under the new policy, most of Truss's 45 billion pounds of unfunded tax cuts will go and a two-year energy support scheme for households and businesses - expected to cost well over 100 billion pounds - will now be curtailed in April. Register now for FREE unlimited access to Reuters.com RegisterHunt, who replaced Kwasi Kwarteng, said halting the planned tax cuts would raise 32 billion pounds ($36 billion) every year. Traders are now seeing a 68.2% chance of a 100 basis points hike at the central bank's Nov. 3 meeting.

☆ Bitcoin firm NYDIG lays off about a third of employees - WSJ
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 13 (Reuters) - Bitcoin company NYDIG laid off about a third of its workforce last month to cut costs, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company laid off around 110 people on Sept. 22, weeks before replacing its top two executives, the WSJ reported. Register now for FREE unlimited access to Reuters.com RegisterNYDIG did not immediately respond to a Reuters request for comment. Earlier this month, NYDIG appointed Tejas Shah as its chief executive officer and Nate Conrad as president. Last year, NYDIG raised $1 billion in a funding round led by venture firm WestCap with participation from existing investor Bessemer Venture Partners, valuing the bitcoin company at more than $7 billion.

☆ Samsung gets one-year exemption from new U.S. chip restrictions on China - WSJ
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

Oct 13 (Reuters) - Samsung Electronics Co (005930.KS) has been granted a one-year exemption from new U.S. restrictions that block exports of advanced chips and related equipment to China, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The U.S. Department of Commerce granted Samsung authorization to continue receiving chip-making equipment and other items needed to maintain its memory-chip production in China, the newspaper added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rhea Binoy in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Dish Network chairman-backed SPAC in talks to buy wireless business unit
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Blank-check firm CONX Corp (CONX.O), backed by Dish Network Corp (DISH.O) Chairman Charles Ergen, said on Wednesday it has begun preliminary discussions to acquire Dish's retail wireless unit, Boost Mobile. Dish confirmed that it was in preliminary talks with CONX. Dish acquired Boost Mobile in 2020 as part of the T-Mobile (TMUS.O) and Sprint merger after the companies agreed to divest some assets including some wireless spectrum to create a new wireless competitor. read moreCONX also asked its stockholders to vote in favor of a proposal to extend the date by which it must complete a business combination with Boost Mobile from Nov. 3, 2022 to June 3, 2023. A special meeting of its stockholders will be held on Oct. 31, it added.

☆ Australia's Medibank reports cyber incident
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

Oct 13 (Reuters) - Australian health insurer Medibank Private (MPL.AX) said on Thursday it would isolate and remove access to some customer-facing systems as it detected unusual activity on its network. The company said there was no evidence that any sensitive data, including customer data, had been accessed, at this stage. Register now for FREE unlimited access to Reuters.com RegisterReporting by Riya Sharma in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Lake Resources to supply lithium to S. Korean battery maker
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Australia's Lake Resources (LKE.AX) said on Wednesday it had signed a deal with South Korean battery maker SK On Co Ltd to supply lithium from its flagship Kachi project in Argentina. SK On, a unit of SK Innovation (096770.KS), will acquire a 10% stake in New South Wales-based lithium developer Lake Resources as part of the agreement. Automobile and battery makers have been signing deals with Australian miners for supply of lithium, a key ingredient in electric vehicle batteries, amid a global push towards cleaner sources of energy. read moreThe agreement allows SK On to secure a stable lithium supplier for its U.S. supply chain, said Jinsuk Ryu, SK On's vice president. Last month, Lake Resources said operations at its Kachi project were proceeding, after a dispute with Bill Gates-backed Lilac Solutions over certain performance milestones to get a 25% stake in the project.

☆ British pub operator Marston's annual sales rise above pre-pandemic levels
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - British pub operator Marston's (MARS.L) said on Tuesday its annual retail sales rose above pre-pandemic levels, as people splurged on drinks more than food despite the worsening cost-of-living crisis. Pubs, restaurants and hotels in Britain, still recovering from pandemic restrictions, are now grappling with rising costs and lower consumer spending in the face of rising inflation. "We are managing cost inflation well with food, drink and energy costs covered for the immediate future," Chief Executive Officer Andrew Andrea said in a statement. Total retail sales for the year were 2% higher from 2019, with sales of drinks outperforming food because of hot weather during the summer, Marston's said. Marston's rivals Mitchells & Butlers (MAB.L) warned of tighter margins in its new financial year as costs rise, while Wetherspoon's (JDW.L) annual operating costs nearly doubled.

☆ Australian fintech firm Airwallex raises $100 mln, retains $5.5 bln valuation
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - Australian fintech company Airwallex said on Tuesday it raised $100 million in an extension of a funding round, sustaining its $5.5 billion valuation. The Melbourne-based company said it secured more funds from existing investors, including Tencent Holdings Ltd (0700.HK), Sequoia Capital China and Lone Pine Capital. Australian industry superannuation fund HostPlus and a North American pension fund also participated in the round, Airwallex said. Register now for FREE unlimited access to Reuters.com RegisterWith the $100 million raised in the Series E extended round, Airwallex's total funding increased to more than $900 million, the company said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan and Baranjot Kaur in Bengaluru; Editing by Tom Hogue and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ CIFI shares fall further, bonds mixed after clarification
▼ + stars: | 2022-09-29 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

Hong Kong-listed shares of CIFI were down 25.6% at HK$0.64 after hitting a record low of HK$0.63 earlier in the session. The stock fell 32.3% on Wednesday after reports said the company had missed payment on certain non-standard debt. The company said it made interest payment on Wednesday in respect to its offshore 6.55% senior notes due 2024. CIFI's dollar bonds strengthened marginally across the curve after the filing, but its onshore bonds broadly continued to fall on Thursday. A broader index tracking mainland developers listed in Hong Kong (.HSMPI) fell 2.5%, adding to its 6.4% fall on Wednesday and hitting a record low.

Sept 28 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) bought another 5.99 million shares of Occidental Petroleum Corp (OXY.N), boosting its stake to 20.9% after the oil company's shares lost about a fifth of their value in less than a month. The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental's Wednesday closing price of $61.41. Register now for FREE unlimited access to Reuters.com RegisterBerkshire had gone seven weeks since its last purchase of Occidental shares, which pushed its stake above 20%. Occidental's share price has more than doubled this year, benefiting from rising oil prices following Russia's Feb. 24 invasion of Ukraine.

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