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☆ US FDA approves Sanofi-AstraZeneca's preventive RSV therapy for babies
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

July 17 (Reuters) - The U.S. Food and Drug Administration (FDA) said on Monday it had approved Sanofi (SASY.PA) and partner AstraZeneca's (AZN.L) antibody therapy to prevent respiratory syncytial virus (RSV) in infants and toddlers. The therapy, branded Beyfortus, was approved for preventing lower respiratory tract disease in infants born during or entering their first RSV season, and in children up to 24 months of age who remain vulnerable to severe RSV disease through their second such season. The companies plan to make Beyfortus available in the United States ahead of the upcoming RSV season, Sanofi said, adding that it plans to share more information about the therapy's price closer to the season. RSV is a leading cause of hospitalizations in infants and so far Swedish Orphan Biovitrum's (SOBIV.ST) treatment, Synagis, was the only approved preventive therapy in the United States for high-risk infants. The therapy comes with warnings and precautions about serious hypersensitivity reactions, and should be given with caution to infants and children with clinically significant bleeding disorders, the FDA said.

Persons: AstraZeneca's, Sanofi, Beyfortus, Bhanvi Satija, Shinjini Ganguli, Maju Samuel Organizations: U.S . Food, Drug Administration, Sanofi, American Academy of Pediatrics, FDA, Thomson Locations: U.S, United States, Bengaluru

July 14 (Reuters) - BlackRock Inc (BLK.N) on Friday beat second-quarter profit estimates, as investors continued to pour money into its various funds on the back of a rally in markets after a bruising start to the year. Net inflows for the quarter for BlackRock were at $80 billion, down from $89.6 billion a year ago. The company's adjusted profit of $9.28 per share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES. Fink in an investor event last month said that he is not planning to leave the asset manager "any time soon". Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju Samuel and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kyle Sanders, Edward Jones, Refinitiv IBES, Larry Fink, Fink, Jaiveer Singh, Maju Samuel, Chizu Organizations: BlackRock Inc, The, Revenue, BlackRock, Securities, Exchange, Thomson Locations: The New York, BlackRock, Bengaluru

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ Wall St ends up, extends recent gains on cooling US inflation
▼ + stars: | 2023-07-13 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Wednesday's CPI report showed U.S. consumer prices registered their smallest annual increase in more than two years. The reports have helped to support the view the Federal Reserve will stop hiking rates after an expected 25 basis points rate increase later this month. Technology-related shares provided the most support to the S&P 500, and an index of tech-focused shares including megacaps (.NYFANG) gained 2.7% and registered a record high close. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. The S&P 500 posted 51 new 52-week highs and one new low; the Nasdaq Composite recorded 135 new highs and 39 new lows.

Persons: Mona Mahajan, Edward Jones, Brendan McDermid, JPMorgan Chase, Alan Lancz, Alan B, Bard, Caroline Valetkevitch, Johann M Cherian, Sinead Carew, Shashwat Chauhan, Saumyadeb Chakrabarty, Maju Samuel, Deepa Babington Organizations: Dow, Nasdaq, Federal Reserve, PPI, . Technology, Dow Jones, Nvidia, New York Stock Exchange, REUTERS, JPMorgan, Lancz, Associates Inc, Air Lines, PepsiCo, Google, Inc, U.S, NYSE, Thomson Locations: U.S, Philadelphia, New York City, Toledo , Ohio, Europe, Brazil, Bengaluru, New York

☆ US FTC opens investigation into OpenAI over misleading statements -document
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

The FTC this week sent a 20-page demand for records about how OpenAI - the maker of generative artificial intelligence chatbot ChatGPT - addresses risks tied to its AI models. The agency is probing if OpenAI engaged in unfair practices that resulted in "reputational harm" to consumers. According to the FTC's demand for information sent to OpenAI, one of the questions has to do with steps OpenAI has taken to address its products' potential to "generate statements about real individuals that are false, misleading, or disparaging." The FTC declined comment, while OpenAI did not immediately respond to a request for comment. OpenAI in March also ran into trouble in Italy, where the regulator had ChatGPT taken offline over accusations OpenAI violated the European Union's GDPR - a wide-ranging privacy regime enacted in 2018.

Persons: OpenAI, Lina Khan, Dado Ruvic, Chuck Schumer, ChatGPT, Diane Bartz, Mrinmay Dey, Samrhitha Arunasalam, Aditya Soni, Nivedita Bhattacharjee, Mark Porter, Maju Samuel Organizations: U.S . Federal Trade Commission, Microsoft, FTC, Activision Blizzard, Washington Post, REUTERS, Reuters, U.S ., Thomson Locations: United States, Italy, U.S, Washington, Bengaluru

☆ Wall St ends up, extends recent gains after producer prices data
▼ + stars: | 2023-07-13 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Wednesday's CPI report showed U.S. consumer prices registered their smallest annual increase in more than two years. The reports have helped to support the view the Federal Reserve will stop hiking rates after an expected 25 basis points rate increase later this month. "PPI is another confirmation this week that inflation continues to trend in the right direction even as we see better overall labor market and consumer data. According to preliminary data, the S&P 500 (.SPX) gained 37.73 points, or 0.84%, to end at 4,509.89 points, while the Nasdaq Composite (.IXIC) gained 219.35 points, or 1.58%, to 14,138.31. Delta Air Lines (DAL.N) shares gained after it lifted its full-year profit outlook following stronger-than-expected second-quarter earnings on a relentless post-pandemic travel boom.

Persons: Mona Mahajan, Edward Jones, JPMorgan Chase, Alan Lancz, Alan B, Bard, Caroline Valetkevitch, Johann M Cherian, Sinead Carew, Shashwat Chauhan, Saumyadeb Chakrabarty, Maju Samuel, Deepa Babington Organizations: Delta Air Lines, Federal Reserve, PPI, Nasdaq, Dow Jones, Nvidia, JPMorgan, Lancz, Associates Inc, Air Lines, PepsiCo, Google, Inc, Thomson Locations: Philadelphia, Toledo , Ohio, Europe, Brazil, Bengaluru, New York

U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years. Keeping a lid on optimism, a separate report showed weekly jobless claims unexpectedly fell last week, indicating that the labor market remains tight. InflationTraders expect a 20% probability that the central bank will hike borrowing costs in its November meeting but have fully priced in a 25-basis-point rate hike later in July. Five of the 11 major S&P 500 sectors advanced, with communications services (.SPLRCL) leading gains boosted by a 4.9% jump in Alphabet (GOOGL.O). Overall, earnings for the S&P 500 constituents are expected to have dropped 6.4% in the second quarter, Refinitiv data showed.

Persons: IRPR, David Russell, Bard, ChatGPT, Johann M Cherian, Shashwat Chauhan, Saumyadeb Chakrabarty, Maju Samuel Organizations: PepsiCo, Dow, Nasdaq, Federal Reserve, Dow Jones, Google, Microsoft, Delta Air Lines, Meta, NYSE, Thomson Locations: Europe, Brazil, Bengaluru

☆ Delta Air forecasts stronger earnings on post-pandemic travel boom
▼ + stars: | 2023-07-13 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

The carrier's shares rose 4% before the bell as the raised forecast and record earnings fueled optimism about travel demand despite high inflation. Shares of rivals American Airlines (AAL.O), United Airlines (UAL.O) and Southwest Airlines (LUV.N) were also up about 2% each. Delta said it now expects adjusted earnings of $6-$7 per share this year, compared with its previous forecast of $5-$6 per share. It reported an adjusted profit of $2.68 per share for the second quarter, above the average analyst estimate of $2.40. Delta's total revenue per seat mile (TRASM), a proxy for pricing power, was up 1% in the second quarter from a year ago despite a 17% jump in capacity.

Persons: Ed Bastian, Bastian, Rajesh Kumar Singh, Shivansh, Leslie Adler, Maju Samuel Organizations: Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, Labor, Reuters, Delta, Thomson Locations: Bengaluru

☆ US FTC opens investigation into OpenAI - Washington Post
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - The U.S. Federal Trade Commission has opened an investigation into OpenAI, the maker of ChatGPT, on claims it has run afoul of consumer protection laws by putting personal reputations and data at risk, the Washington Post reported on Thursday. The FTC this week sent a 20-page demand for records about how OpenAI addresses risks related to its AI models, the Post said, citing a document. The FTC and OpenAI did not immediately respond to Reuters' requests for comment. OpenAI had in March also run into trouble in Italy, where the regulator had ChatGPT taken offline over accusations that OpenAI violated the European Union's GDPR - a wide-ranging privacy regime enacted in 2018. Reporting by Mrinmay Dey and Samrhitha Arunasalam in Bengaluru; Editing by Nivedita Bhattacharjee and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: OpenAI, Chuck Schumer, ChatGPT, Mrinmay Dey, Samrhitha, Nivedita Bhattacharjee, Maju Samuel Organizations: U.S . Federal Trade Commission, Washington Post, Microsoft, FTC, Post, Global, Reuters, U.S ., Thomson Locations: OpenAI, United States, Italy, U.S, Bengaluru

☆ Associated Press, OpenAI partner to explore generative AI use in news
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: 1 min

July 13 (Reuters) - News publisher Associated Press said on Thursday it had reached an agreement with OpenAI to share select news content and technology, as the two firms explore the use of generative AI in news products. The arrangement involves OpenAI licensing part of AP's text archive, while AP will leverage the ChatGPT-maker's technology, according to a statement, which added that AP does not use generative AI for its news stories. "News organizations must have a seat at the table ... so that newsrooms large and small can leverage this technology to benefit journalism,” said Kristin Heitmann, AP's senior vice president and chief revenue officer. Reporting by Yuvraj Malik in Bengaluru; Editing by Pooja Desai and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: OpenAI, ”, Kristin Heitmann, AP's, Yuvraj Malik, Pooja Desai, Maju Samuel Organizations: Associated Press, AP, Thomson Locations: Bengaluru

SummaryCompanies Delta rises on FY profit forecast raisePepsiCo gains on lifting FY revenue, profit outlookJune PPI data due at 8:30 a.m. A slower rise in prices has boosted hopes that the Federal Reserve could soon end its monetary tightening campaign. Economists polled by Reuters expect producer inflation to have eased to 0.4% over the 12 months through June from 1.1% in the previous month. ET, Dow e-minis were up 54 points, or 0.16%, S&P 500 e-minis were up 15 points, or 0.33%, and Nasdaq 100 e-minis were up 107.25 points, or 0.69%. Overall, earnings for the S&P 500 constituents are expected to have dropped 6.4% in the second quarter, Refinitiv data showed.

Persons: Michael Hewson, Walt Disney, Robert Iger's, Christopher Waller, Johann M Cherian, Saumyadeb Chakrabarty, Maju Samuel Organizations: PepsiCo, Dow, Nasdaq, Federal Reserve, Reuters, Traders, CMC Markets, Dow e, Delta Air Lines, Meta, Fed, Thomson Locations: Bengaluru

☆ FTC opens investigation into OpenAI over misleading statements
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

The FTC this week sent a 20-page demand for records about how OpenAI addresses risks related to its AI models. The agency is investigating whether the company engaged in unfair or deceptive practices that resulted in "reputational harm" to consumers. One of the questions has to do with steps OpenAI has taken to address the potential for its products to "generate statements about real individuals that are false, misleading, or disparaging." Global regulators are aiming to apply existing rules covering everything from copyright and data privacy to two key issues: the data fed into models and the content they produce, Reuters reported in May. OpenAI in March also ran into trouble in Italy, where the regulator had ChatGPT taken offline over accusations OpenAI violated the European Union's GDPR - a wide-ranging privacy regime enacted in 2018.

Persons: OpenAI, Chuck Schumer, ChatGPT, Diane Bartz, Mrinmay Dey, Samrhitha, Nivedita Bhattacharjee, Maju Samuel, Mark Porter Organizations: U.S . Federal Trade Commission, Microsoft, FTC, Washington Post, Reuters, U.S ., Thomson Locations: OpenAI, United States, Italy, U.S, Washington, Bengaluru

New York Fed President John Williams in an interview with the Financial Times said the central bank is not done raising rates. Amazon.com (AMZN.O) outpaced megacap peers, up 0.8%, going into the "Prime Day" 48-hour shopping event, which falls on July 11-12. ET, the Dow Jones Industrial Average (.DJI) was up 150.60 points, or 0.44%, at 34,095.00, the S&P 500 (.SPX) was up 9.33 points, or 0.21%, at 4,418.86, and the Nasdaq Composite (.IXIC) was up 2.20 points, or 0.02%, at 13,683.19. Eight of the top 11 S&P 500 sectors advanced, with energy (.SPNY) leading gains by 1.9%. The S&P index recorded 40 new 52-week highs and one new low, while the Nasdaq recorded 71 new highs and 25 new lows.

Persons: Dow, Phil Blancato, Ladenburg, John Williams, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur, Maju Samuel Organizations: JPMorgan, Jefferies, Dow, Nasdaq, Fed, Asset Management, New York Fed, Financial Times, Dow Jones, Activision, Microsoft, Salesforce, Bank of America Global Research, JPMorgan Chase, NYSE, Thomson Locations: U.S, Bengaluru

☆ Trump-tied SPAC Digital World names Swider as permanent CEO
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Digital World Acquisition (DWAC.O) has named Eric Swider as CEO, handing the interim boss reins of the blank-check company that is looking to complete its planned merger with former U.S. President Donald Trump's media and tech company. The move comes nearly four months after the special-purpose acquisition company (SPAC) ousted CEO Patrick Orlando, saying that a new management team was needed to tackle "unprecedented headwinds". Swider said on Monday the company's focus will continue to be on completing the merger with TMTG, as it is the "best option for shareholders". DWAC shares were up around 1% in premarket trading. Reporting by Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Eric Swider, Donald Trump's, Patrick Orlando, DWAC, Swider, Jaspreet Singh, Maju Samuel Organizations: U.S, Trump Media & Technology, Justice Department, Securities and Exchange Commission, TMTG, Thomson Locations: Bengaluru

July 7 (Reuters) - Cryptocurrency firm Gemini, the largest creditor of bankrupt crypto lending firm Genesis, sued Digital Currency Group (DCG) and its CEO on Friday after a dispute over a restructuring deal for the venture capital firm's troubled unit. DCG and Gemini, the two most prominent players in the crypto industry, have clashed several times over the past few months following the collapse of Genesis, which had filed for bankruptcy in January. Gemini has accused DCG and CEO Barry Silbert of "fraud" and "deception." The dispute came to a head earlier this week after Gemini set a deadline to come to terms on a restructuring agreement by Thursday afternoon, failing which it would pursue litigation. Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Gemini, DCG, Barry Silbert, Genesis, Niket, Maju Samuel, Shinjini Organizations: Digital Currency Group, Thomson Locations: Bengaluru

☆ Ford auto sales rise on robust demand, improved supply
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Ford Motor Co (F.N) on Thursday followed rivals in reporting a rise in second-quarter U.S. auto sales, driven by easing supply chain snags and pent-up demand for personal transportation. Industry-wide U.S. new vehicle sales in June were 1.37 million units, with an annual sales rate of about 15.7 million, according to data released by Wards Intelligence on Wednesday. Ford's quarter was powered by a 26% jump in truck sales, one of the company's main profit drivers. Sales of the electric version of the company's popular F-150 truck more than doubled to 4,466 vehicles from last year. However, Ford's overall EV sales fell 2.8% to 14,843 vehicles amid lingering supply snags.

Persons: Ford, Detroit's, Pratyush Thakur, Maju Samuel Organizations: Ford Motor, Industry, Intelligence, Wall, Thomson Locations: U.S, United States, Canada, Japan, America, Bengaluru

☆ Pfizer makes equity investment in Caribou Biosciences
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Pfizer (PFE.N) has invested $25 million to buy a minority stake in Caribou Biosciences (CRBU.O), making it the latest small biotechnology firm to attract the pharmaceutical giant's interest. The news lifted shares of Caribou more than 61% in early trade. Pfizer purchased nearly 4.7 million Caribou shares at $5.33 per share, Caribou said on Thursday, representing a premium of about 30% over Caribou's previous close price. This represents 7.64% of outstanding shares in Caribou, according to Reuters' calculation based on Refinitiv IBES data. It also made a $25 million equity investment in Akero Therapeutics (AKRO.O) last year.

Persons: Caribou, NASH, Jennifer Doudna, Raghav Mahobe, Leroy Leo, Maju Samuel Organizations: Pfizer, Caribou Biosciences, Biohaven Pharmaceutical, Akero Therapeutics, Thomson Locations: Caribou, California, Bengaluru

☆ Applied Digital shares tumble after Wolfpack Research takes short position
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Shares of Applied Digital (APLD.O) slumped on Thursday after Wolfpack Research disclosed a short position in the digital infrastructure company and accused it of "an embarrassing and predictable stock promotion." Insiders at B Riley hold a 48.4% stake in Applied Digital and will exit their position as it becomes clear that the company's claims "make no sense," Wolfpack alleged. The short-seller said Stability AI, Applied Digital's biggest prospective AI customer, was also "dubious." Applied Digital, Stability AI and B Riley did not immediately respond to Reuters' requests seeking comment. Dallas, Texas-based Applied Digital is the latest target in a series of short-seller attacks that have shaken corporate America this year.

Persons: Riley, Carl Icahn's, Pritam Biswas, Maju Samuel Organizations: Applied Digital, Wolfpack Research, Wolfpack, Reuters, Riley, Applied, Hindenburg Research, Icahn Enterprises, Thomson Locations: Dallas , Texas, America, Bengaluru

☆ US layoffs halve in June as tech job cuts ease - report
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

Despite the drop in job cuts in the month, layoffs in June were higher than the corresponding month a year earlier, the report said. Technology companies continue to lead job cut announcements with 141,516 layoffs in the first half of the year, compared with about 6,000 in the same period last year. The sector laid off nearly 5,000 employees last month, the report said. After a round of multiple rate hikes, the Fed unanimously kept its interest rates steady at the central bank's June meeting that could freeze layoffs and allay fears of employees. Reporting by Akash Sriram and Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: stoking, Andrew Challenger, Stuart Cole, Akash Sriram, Jaspreet Singh, Maju Samuel Organizations: Christmas Inc, Corporate America, Federal Reserve, Technology, Fed, Equiti, Thomson Locations: United States, Bengaluru

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

☆ EV startup Nikola reports jump in second-quarter deliveries, shares rise
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

The company said retail sales of its trucks doubled to 66 in the quarter, while wholesale figure rose to 45 from 31. They fell before the bell after the company announced on Monday it would start liquidating assets of Romeo Power less than a year after buying the battery maker. Nikola agreed to buy Romeo Power in August for about $144 million, as it looked to jump-start efforts to make battery packs. EV makers Tesla (TSLA.O) and Rivian (RIVN.O) also beat market estimates for second-quarter deliveries. Nikola, which went public in 2020, produced 33 trucks during the second quarter, compared with 63 trucks in the preceding quarter.

Persons: Nikola, NKLA.O, Romeo, Trevor Milton, Tiyashi Datta, Maju Samuel Organizations: Romeo, Tesla, Thomson Locations: Coolidge , Arizona, North America, Bengaluru

☆ Twitter now needs users to sign in to view tweets
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Twitter will now require users to have an account on the social media platform to view tweets, a move that owner Elon Musk on Friday called a "temporary emergency measure". Users who try to view content on the platform will be asked to sign up for an account or log into an exiting account to see their favorite tweets. "We were getting data pillaged so much that it was degrading service for normal users!" Earlier in the month, Twitter had announced plans to focus on video, creator and commerce partnerships to revitalize the social media company's business beyond digital advertising. Twitter has also begun charging users to access its application programming interface (API), used by third-party apps and researchers.

Persons: Elon Musk, Khushi Mandowara, Akash Sriram, Maju Samuel Organizations: Twitter, Thomson Locations: Bengaluru

☆ Spotify considering full-length music videos on app - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Spotify Technology (SPOT.N) is mulling adding full-length music videos to its app, which could help the music streaming platform compete with TikTok and Alphabet Inc's (GOOGL.O) YouTube, Bloomberg News reported on Friday, citing people familiar with the matter. Spotify, which did not immediately respond to a Reuters request for comment, already allows artists to upload looping GIFs, which plays when a music track is playing. Spotify, which already has more than 100,000 podcasts with videos, has begun talks with partners about the product, the report said. It is looking to attract more Gen Z audiences away from YouTube and TikTok's short-form video platforms. YouTube already has a music streaming service dubbed YouTube Music, with music videos.

Persons: Akash Sriram, Maju Samuel Organizations: Spotify Technology, YouTube, Bloomberg, Spotify, Thomson Locations: Bengaluru

☆ GM buys Israel-based software startup to detect early battery defects
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - General Motors (GM.N) said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion's software will help the Detroit automaker bring to the market a "cost-effective" early hazard detection system at a quicker pace. It also comes as safety authorities urge U.S. automakers to improve battery standards after a series of events where vehicles have caught fire due to defective modules. Algolion has developed a software that uses data from EV battery management systems to help identify anomalies in cell performance and provide early detection of battery hazards including "thermal runaway propagation events", GM said. A thermal runaway is a rapid and unstoppable increase in temperature that leads to fires in EVs.

Persons: Priyamvada, Maju Samuel Organizations: General Motors, Algolion Ltd, GM, Detroit, U.S, EV, GM's, Thomson Locations: Israel, EVs, Herzliya, Bengaluru

☆ Nokia renews patent license agreement with Apple
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A mockup of the new Nokia logo is seen in this handout image released February 26, 2023. NOKIA/Handout via REUTERS/File PhotoJune 30 (Reuters) - Nokia (NOKIA.HE) said on Friday it had signed a new long-term patent license agreement with Apple (AAPL.O), as the current license between the companies expires at the end of 2023. While terms of the agreement remain confidential between the companies, it covers Nokia’s inventions in 5G and other technologies. Nokia’s patent portfolio is built on more than 140 billion euros ($152.70 billion) invested in research & development and is composed of around 20,000 patents, including over 5,500 declared essential to 5G, the Finnish company said. "The agreement reflects the strength of Nokia’s patent portfolio, decades-long investments in R&D, and contributions to cellular standards and other technologies," said Jenni Lukander, president of Nokia Technologies.

Persons: Jenni Lukander, Khushi, Maju Samuel Organizations: Nokia, NOKIA, REUTERS, Apple, Nokia Technologies, Thomson Locations: Bengaluru

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