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☆ Eli Lilly's obesity drug succeeds in two late-stage studies
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Eli Lilly (LLY.N) said on Thursday its experimental obesity drug met the main goals in two late-stage studies, with the drug helping patients reduce 26.6% weight on average in one of the studies following intensive lifestyle changes. The company said both the late-stage studies also achieved all secondary goals. Overall safety of the drug tirzepatide, sold under the name Mounjaro for diabetes, was similar to that observed in previous studies. The results follow strong data for the drug from two earlier trials. Reporting by Bhanvi Satija and Leroy Leo in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Eli Lilly, LLY.N, tirzepatide, Lilly, Bhanvi Satija, Leroy Leo, Saumyadeb Chakrabarty, Shounak Organizations: Thomson Locations: Bengaluru

☆ Mobileye lowers annual operating loss outlook after quarterly revenue beat
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Mobileye Global (MBLY.O) said on Thursday it expects a smaller operating loss for the full year as resilient demand for the company's driver-assistance technology helped it report a better-than-expected quarterly revenue. Mobileye now expects an annual operating loss in the range of $98 million to $129 million, compared with its previous forecast of a loss of $166 million to $195 million. The company said in May that Porsche (P911_p.DE) and Volkswagen Commercial Vehicles would partner with Mobileye to incorporate its automated driving software in future models. In the second quarter, Israel-based Mobileye reported revenue of $454.0 million, compared with analysts' estimates of $450.6 million, according to data from Refinitiv. Mobileye, in which Intel (INTC.O) retains majority ownership, listed on the Nasdaq last year after raising $861 million in an initial public offering.

Persons: Mobileye, Amnon Shashua, Samrhitha, Shounak Dasgupta Organizations: BMW, Nissan, Volkswagen, VW Group, Porsche, Volkswagen Commercial, Intel, Nasdaq, Thomson Locations: North America, Europe, China, Israel, Refinitiv, Bengaluru

☆ Lazard quarterly profit slumps as Wall Street's dealmaking drought persists
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Lazard (LAZ.N) reported a second-quarter profit on Thursday that fell 76% as the boutique investment bank's advisory business reeled from a prolonged slump in dealmaking activity. Dealmaking has been on ice during the past 12 months amid heavy capital markets volatility and the U.S. Federal Reserve's tightening of monetary policy. Global mergers and acquisitions activity fell 36% year-on-year in the second quarter as high interest rates and a stand-off over the U.S. debt ceiling kept dealmakers on edge. The slump in dealmaking has affected some of Wall Street's largest investment banks, with some of them announcing job cuts and other cost-cutting measures. Revenue at Lazard's financial advisory segment fell 15% to $344 million in the second quarter, while its asset management arm saw a 1% rise in revenue.

Persons: Dealmaking, Lazard, Manya Saini, Shounak Dasgupta Organizations: Lazard, U.S, Thomson Locations: U.S . Federal, dealmaking, Wall, Bengaluru

☆ Southwest Airlines warns of higher full-year costs as quarterly profit falls
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

July 27 (Reuters) - Southwest Airlines (LUV.N) on Thursday warned of higher labor costs for the year and signaled softer pricing for the current quarter, stoking worries that rising operational expenses could add to a potential hit to travel demand from strained household budgets. American Airlines (AAL.O), United Airlines (UAL.O) and Delta Air (DAL.N) also fell between 1.0% and 1.5% premarket after Southwest's results. The airline attributed the fall in RASM, a proxy for pricing power, to tough comparisons from a boom in travel demand last year. U.S. airlines have reiterated resilience in travel demand, in part due to limited capacity, though concerns remain over the impact of rising interest rates on consumers' disposable income. Surging international travel demand has also grabbed a share from domestic travel, Alaska Air Group (ALK.N) said earlier this week.

Persons: stoking, Shivansh, Anil D'Silva, Shounak Organizations: Southwest Airlines, American Airlines, United Airlines, Delta Air, U.S, Alaska Air Group, Thomson Locations: RASM, Bengaluru

☆ Coca-Cola forecasts upbeat annual results on higher prices, steady demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

July 26 (Reuters) - Coca-Cola Co (KO.N) raised its annual revenue and profit forecasts after beating quarterly results on the back of higher pricing, with demand for its sodas remaining resilient at a time when consumers are cutting back on non-essential spending. Earlier this month, rival PepsiCo (PEP.O) also raised its annual revenue and profit forecasts for a second time this year after beating second-quarter results, easing worries over a slowdown in demand due to price hikes. Coca-Cola's average selling prices rose 10% in the second quarter, while in North America volumes declined 1%, showing little impact to demand with overall unit case volumes remaining flat. Coca-Cola forecast full-year core earnings per share to rise between 5% and 6%, compared with previous expectation of a 4% to 5% increase. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Garrett Nelson, Gerald Pascarelli, Ananya Mariam Rajesh, Shounak Dasgupta Organizations: Cola, Consumers, PepsiCo, Thomson Locations: Russia, Ukraine, North America, Bengaluru

☆ UPS labor deal could pressure delivery firm's annual outlook, say analysts
▼ + stars: | 2023-07-26 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

July 26 (Reuters) - A tentative labor deal between United Parcel Service (UPS.N) and the Teamsters union on Tuesday could pressure full-year outlook for the world's largest parcel delivery firm, according to analysts. UPS shares closed down 1.9% on Tuesday signaling investor worries about the labor deal's impact on costs. Analysts say the new agreement could weigh on the company's margins at a time when most operators are cutting costs to protect profits amid an industry-wide slowdown. Susquehanna analyst Bascome Majors expects the new deal could drive UPS' cost per piece 2.5% higher than the brokerage's current expectations. Meanwhile, Wells Fargo analyst Allison Poliniak estimated the new contract could reduce UPS' 2024 earnings per share by more than $1.

Persons: Stephens, Jack Atkins, Majors, Fadi Chamoun, Wells, Allison Poliniak, Aishwarya Nair, Priyamvada, Shounak Dasgupta Organizations: United Parcel Service, Teamsters, UPS, FedEx, Susquehanna, BMO, Thomson Locations: U.S, Bengaluru

☆ Payments firm Fiserv forecasts strong annual profit
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Fiserv (FI.N) on Wednesday raised its full-year adjusted profit outlook above Wall Street expectations as the financial services company reported second-quarter results ahead of estimates. Fiserv reported a 9% growth in its acceptance segment and 8% growth in the payments unit for the three months ended June 30. "We delivered our ninth consecutive quarter of double-digit organic revenue growth, as we sustained our momentum in merchant acceptance and expanded our digital payments," CEO Frank Bisignano said. The world's largest payments processor Visa (V.N) on Tuesday forecast annual results in line with Wall Street estimates. The company's total revenue rose nearly 7% to $4.76 billion.

Persons: Fiserv, Frank Bisignano, Manya Saini, Shounak Dasgupta Organizations: Wall, Thomson Locations: Bengaluru

Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core. In an interview, Chief Executive Greg Hayes acknowledged the airlines' frustration over a spate of problems with the Geared Turbofan (GTF) engines over the last seven years. While the latest GTF issue could be the last straw for some, we suspect that the negative (share price) response is overdone". Low-cost Indian carrier Go First, which plunged into financial crisis this year, blamed "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Announcing quarterly earnings on Tuesday, RTX increased its 2023 sales expectation from $72 billion to $73 billion to $73 billion to $74 billion.

Persons: Whitney, Pratt, Greg Hayes, Safran, RTX, Robert Stallard, Wizz, Hayes, Pratyush Thakur, Valerie Insinna, Mike Stone, Susan Mathew, Rajesh Singh, Tim Hepher, Shounak Dasgupta, Sharon Singleton, Nick Zieminski Organizations: Pratt, Airbus, U.S, RTX Corp, Raytheon Technologies, CFM International, GE, Reuters, Research, Spirit Airlines Inc, JetBlue Airways, Wizz, Thomson Locations: Paris, Bengaluru, Washington, Chicago

The tech-heavy Nasdaq Composite index (.IXIC) has rallied this year, helped by outsized gains in rate-sensitive megacap growth companies and hopes for an end to the U.S. Federal Reserve's tightening cycle. The S&P composite 1500 passenger airlines sub index (.SPCOMAIR) dropped 3.45%, bogged down by a 9.7% fall in Alaska Air (ALK.N) after the airline's annual revenue growth outlook missed expectations. Most of the 11 major S&P 500 sectors were subdued. The S&P 500 earnings are now expected to decline 7.7% for the second quarter, as per Refinitiv data. The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 101 new lows.

Persons: Steve Sosnick, Rishi Sadarangani, Whitney, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Dasgupta, Cynthia Osterman Organizations: GE, Pratt & Whitney, Dow, Nasdaq, Microsoft, Google, Interactive, U.S, Reserve, outsized, Boeing, Pratt, Airbus, Alaska Air, Dow Jones, General Electric, General Motors, 3M, NYSE, Thomson Locations: U.S . Federal, China, Sao Paulo, Bengaluru

☆ Amazon lowers iRobot deal price by 15% after Roomba maker incurs fresh debt
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Amazon.com (AMZN.O) has slashed the price it will pay for iRobot (IRBT.O) by about 15% to around $1.42 billion after the maker of Roomba vacuum cleaners incurred fresh debt, the companies said on Tuesday. Under the amended deal, Amazon will pay $51.75 in cash for each share of iRobot, compared with the original price of $61.00. The deal price change will be largely offset by the planned increase in iRobot's net debt after it entered a $200 million financing facility to fund its operations, the companies said. "We've reached an amended agreement with Amazon that reflects the incurrence of iRobot's new debt," said Colin Angle, chairman and CEO of iRobot. Amazon and iRobot said on Tuesday they were working with the relevant regulators in their review of the merger.

Persons: We've, Colin Angle, iRobot, Aditya Soni, Shounak Dasgupta Organizations: iRobot, Amazon, European Commission, Thomson Locations: Europe

☆ RTX says 'significant portion' of GTF engines powering A320neo aircraft need inspection
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - RTX Corp (RTX.N) said on Tuesday a "significant portion" of Pratt & Whitney's GTF engines that power Airbus A320neo jets will need "accelerated removals and inspections" within the next nine to twelve months. RTX shares fell 4% in premarket trading, while Paris-listed Airbus' (AIR.PA) stock was down about 0.5% in regular trade. About 200 "accelerated removals" from fleet containing PW1100G-JM engines will be needed by mid-September this year, RTX said. RTX unit Pratt & Whitney has been facing issues related to its GTF engines in hot and dusty climates. Low-cost Indian carrier Go First, which plunged into financial crisis this year, blamed "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos.

Persons: Whitney's, RTX, Pratt, Whitney, Pratyush Thakur, Shounak Dasgupta Organizations: RTX, Pratt, Airbus, Airbus A320neos, Thomson Locations: Paris, Bengaluru

Results from Google-owner Alphabet (GOOGL.O) and Microsoft (MSFT.O), due after the bell, will be a test for their hefty valuations. "Nonetheless, while we expect the summer rally to continue, investor exuberance is likely to lessen in the near-term, portending a less vigorous rally." ET, Dow e-minis were up 11 points, or 0.03%, S&P 500 e-minis were up 4 points, or 0.09%, and Nasdaq 100 e-minis were up 39.5 points, or 0.25%. 3M Co (MMM.N) rose 2.2% after the industrial conglomerate raised its annual adjusted profit forecast. ET is consumer confidence data that is expected to rise to 111.8 in July from 109.7 in June.

Persons: Peter Cardillo, Rivals Tesla, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Organizations: Dow, Nasdaq, Google, Microsoft, Spartan, outsized, U.S, Dow e, General Electric, General Motors, Rivals, Ford, 3M, Thomson Locations: U.S . Federal, Chevron, China, Bengaluru

The tech-heavy Nasdaq Composite index (.IXIC) has rallied nearly 35.2% this year, helped by outsized gains in rate-sensitive megacap growth companies on optimism over artificial intelligence and hopes of an end to the U.S. Federal Reserve's tightening cycle. The S&P composite 1500 passenger airlines sub index (.SPCOMAIR) dropped 4.4%, bogged down by a 12.0% fall in Alaska Air (ALK.N) after the airline's annual revenue growth outlook missed expectations. 3M Co (MMM.N) rose 5.6% as the industrial conglomerate raised its annual adjusted profit forecast. Advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE and by a 1.13-to-1 ratio on the Nasdaq. The S&P index recorded 27 new 52-week highs and no new lows, while the Nasdaq recorded 55 new highs and 58 new lows.

Persons: Jake Dollarhide, Whitney, Bansari Mayur Kamdar, Johann M, Shinjini Ganguli, Shounak Organizations: GE, Pratt & Whitney, Dow, Nasdaq, Microsoft, Federal Reserve, Google, outsized, U.S, Tech, Longbow Asset Management, Boeing, Pratt, Airbus, Alaska Air, Dow Jones, General Electric, General Motors, 3M, NYSE, Thomson Locations: U.S . Federal, China, Bengaluru

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lagged other indexes as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained almost 2% as the oil giant posted upbeat preliminary quarterly earnings over the weekend. Nine of the 11 major S&P 500 sectors rose, led by a gain in energy stocks (.SPNY). The S&P 500 posted 22 new 52-week highs and one new low; the Nasdaq Composite recorded 58 new highs and 97 new lows.

Persons: Barbie, Randy Frederick, You've, Carol Schleif, Toymaker Mattel, AMC's, decliners, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Dow, Nasdaq, Mattel, Chevron, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Investors, BMO Family Office, Reuters, AMC Entertainment, NYSE, Thomson Locations: New York, Bengaluru

Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lost steam during the session as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Barclays' head of U.S. equity strategy Venu Krishna said in a note to clients that investors are differentiating between tech companies. A few Big Tech names are driving all of the earnings upside, while the outlook for the "Rest of the Tech" is deteriorating, he said. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained as the oil giant posted upbeat preliminary quarterly earnings over the weekend.

Persons: Barbie, Randy Frederick, Venu Krishna, You've, Carol Schleif, Toymaker Mattel, AMC's, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Chevron, Dow, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Nasdaq, Barclays, Big Tech, Tech, Investors, BMO Family Office, Reuters, AMC Entertainment, Thomson Locations: U.S, New York, Bengaluru

The action-packed week also includes the Fed's policy meeting, with the central bank expected to raise interest rates by 25 basis points on Wednesday. As of Friday, second-quarter earnings are expected to decline by 7.9%, according to Refinitiv data. The tech-heavy Nasdaq (.IXIC) has rallied 34% so far this year, outperforming its Wall Street peers, as rate-sensitive megacap growth companies jumped on hopes of an end to the Fed's tightening cycle and optimism over AI. Ten of the 11 major S&P 500 sectors were higher, led by a 2.1% gain in energy stocks (.SPNY). The S&P index recorded 14 new 52-week highs and one new lows, while the Nasdaq recorded 41 new highs and 67 new lows.

Persons: Barbie, Chris Zaccarelli, Toymaker Mattel, AMC's, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva Organizations: Chevron, Dow, Nasdaq, Federal Reserve, Microsoft, Google, Reuters, Independent, Alliance, Dow Jones, AMC Entertainment, NYSE, Thomson Locations: Bengaluru

☆ J&J starts share exchange offer for consumer health spin-off Kenvue
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Johnson & Johnson logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. REUTERS/Brendan McDermid/File PhotoJuly 24 (Reuters) - Johnson & Johnson (JNJ.N) said on Monday it had launched an exchange offer under which its stockholders can opt for shares of Kenvue <KVUE.N>, its newly listed consumer health unit. The exchange will allow J&J shareholders to exchange their shares for those of Kenvue at a 7% discount, subject to conditions. Kenvue, which debuted on the New York Stock Exchange in May, has a market capitalization of about $46 billion. ‍Goldman Sachs and J.P. Morgan Securities are serving as dealer managers for the offering, J&J said.

Persons: Johnson, Brendan McDermid, ‍ Goldman Sachs, J.P, J, Bhanvi, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Johnson, Morgan Securities, Thomson Locations: New York, U.S, Kenvue, Bengaluru

☆ TC Energy to sell 40% in Columbia gas transmission systems for $4 bln
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Canada's TC Energy (TRP.TO), best known for its Keystone oil pipeline, will divest a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for C$5.2 billion ($3.95 billion) to Global Infrastructure Partners (GIP). TC was on course to deliver on its target to divest C$5 billion of assets by the end of the year, CEO François Poirier said in April. Columbia Gas and Columbia Gulf will be held in a new joint venture partnership and TC will remain the operator under the deal, which is expected to close in the fourth quarter. The pipelines span more than 15,000 miles and deliver a substantial portion of daily U.S. natural gas demand, including about 20% of U.S. liquefied natural gas (LNG) export supply, according to TC Energy. ($1 = 1.3180 Canadian dollars)Reporting by Arshreet Singh; Editing by Shounak Dasgupta and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: François Poirier, TotalEnergies, Arshreet Singh, Shounak Dasgupta, Sriraj Organizations: Canada's TC Energy, Keystone, Columbia, Transmission, Global Infrastructure Partners, TC, Columbia Gas, GIP, TC Energy, Thomson Locations: The Calgary , Alberta, British Columbia, U.S, Rio Grande

Both Amazon and Alphabet will likely report their lowest-ever growth for the cloud computing business at 9.8% and 24.4%, respectively, according to analysts polled by Refinitiv. Meanwhile Microsoft Intelligent Cloud, home to Azure, is expected to grow at 13.7%, the slowest rate since 2017. The digital ad market recovery will also aid Alphabet, whose Google Search has so far avoided any meaningful market share loss to Microsoft's AI-powered Bing. Alphabet is expected to report 4.5% revenue growth in the April-June period, its best in three quarters. Microsoft and Alphabet will report quarterly results on July 25, Meta on July 26 and Amazon on Aug. 3.

Persons: Lucy Nicholson, Kingsley Crane, Rishi Jaluria, Jaluria, Bernstein, Yuvraj Malik, Aditya Soni, Shounak Dasgupta Organizations: Los Angeles , California U.S, REUTERS, Microsoft, Google, Refinitiv, RBC Capital, Facebook, Meta, BofA Global Research, Thomson Locations: Los Angeles , California, Bengaluru

Last week, Netflix (NFLX.O) and Tesla (TSLA.O) posted less-than-stellar quarterly reports. The electric-vehicle maker eased 1.3% in premarket trading after UBS downgraded its rating on the stock, while other megacap growth and technology shares edged higher. ET, Dow e-minis were up 44 points, or 0.12%, S&P 500 e-minis were up 8.75 points, or 0.19%, and Nasdaq 100 e-minis were up 35.25 points, or 0.23%. AMC Entertainment (AMC.N) jumped 47.5% after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Barbie, Sophie Lund, Yates, Hargreaves Lansdown, Mattel, AMC's, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Shounak Organizations: UBS, Dow, Nasdaq, Federal Reserve, Microsoft, Netflix, Reuters, Fed, Dow e, Warner Bros, AMC Entertainment, Global, PMI, Thomson Locations: Bengaluru

☆ Virgin Money UK shuts 39 stores over fall in customer demand
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - British lender Virgin Money UK (VMUK.L) said on Thursday it will close 39 stores as the company continues to see a drop in footfall and transaction volumes. "Access to a bank and cash is a fundamental need for all our local high streets," UK's labour union Unite said in a separate statement about the store closures. Virgin Money UK said that some workers will be at risk of redundancy following the store closures. Reporting by Sinchita Mitra in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sinchita Mitra, Shounak Dasgupta Organizations: Virgin Money, Thomson Locations: Bengaluru

Shares of the Austin, Texas-based automaker rose 2% after briefly falling 2% in trading after the bell. Under pressure from increasing competition and an uncertain economy, Tesla has cut prices and increased discounts and other incentives to reduce inventory. Recently, a lack of new models has made it tougher for Tesla to take on rivals in China, where glitzier offerings from local players have weighed on demand. The company reported revenue in the April-June period of $24.93 billion, compared with estimates of $24.48 billion, according to Refinitiv data. Tesla's share price has more than doubled this year, helped by rival automakers backing Tesla's charging standard, as well as expanded federal credits for Model 3s and investor excitement over artificial intelligence.

Persons: Tesla, Elon Musk, Akash Sriram, Hyunjoo Jin, Sayantani Ghosh, Shounak Dasgupta, Matthew Lewis Organizations: EV, Thomson Locations: Austin , Texas, China, United States, Bengaluru, Hyunjoo

Prices of iron ore, from which Rio Tinto derives around 70% of its profits, eased over the second quarter on concerns over China's debt-ridden property sector, but could improve after Beijing on Tuesday pledged to roll out policies to boost growth. "China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing," Rio Tinto said in its quarterly report. Rio Q2 Shipments easeRio downgraded its expectations for refined copper production, alumina production, and output at its Canadian iron ore operations and warned of rising costs. "Production downgrades during the quarter highlight that we still have much more to do," Rio Tinto Chief Executive Jakob Stausholm said in the report. Wildfires in Northern Quebec impacted Canadian iron ore production, it said.

Persons: Rio, Glyn Lawcock, Jakob Stausholm, Melanie Burton, Navya Mittal, Rishav Chatterjee, Shounak Dasgupta, Sonali Paul Organizations: Rio Tinto, Alpha, Tinto Chief, Thomson Locations: MELBOURNE, Rio, Beijing, Barrenjoey, Sydney, Utah, Northern Quebec, Rincon, Argentina, Melbourne, Bengaluru

☆ Kinder Morgan second-quarter revenue misses on lower prices
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

Companies Kinder Morgan Inc FollowJuly 19 (Reuters) - Pipeline and terminal operator Kinder Morgan (KMI.N) on Wednesday posted lower-than-expected second-quarter revenue, hurt by lower commodity prices. Kinder Morgan faced lower commodity prices, higher interest expense in the second quarter as well as higher sustaining capital expenditures versus the prior year period, President Kim Dang said. The Houston-based company said earnings from its products pipelines fell about 4.3% to $286 million, while earnings from the transportation of CO2 fell about 17.4% to $175 million, due to lower realized prices. Kinder Morgan's revenue fell about 32% to $3.50 billion in the quarter, and missed estimates of $4.55 billion, according to Refinitiv data. Reporting by Tanay Dhumal in Bengaluru; Editing by Vinay Dwivedi and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kinder Morgan, Kim Dang, Tanay, Vinay Dwivedi, Shounak Organizations: Kinder Morgan Inc, Kinder, Thomson Locations: China, Houston, Bengaluru

☆ WhatsApp messaging disruption resolved, Meta says
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Meta Platforms (META.O) said it had restored WhatsApp connectivity issues after thousands of users globally reported problems accessing the messaging app on Wednesday, according to outage tracking website Downdetector.com. the Whatsapp Twitter account posted in a tweet. The company had earlier said it was experiencing disruptions "receiving incoming messages and message delivery on Whatsapp," according to Meta's status dashboard. Meanwhile, more than 177,000 users reported issues with WhatsApp in the United Kingdom and nearly 15,000 said they faced trouble while using the messaging app in India. Reporting by Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Akash Sriram, Shounak Dasgupta Organizations: WhatsApp, Thomson Locations: United States, United Kingdom, India, Bengaluru

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