• Wall Street rallied on Wednesday with the Nasdaq surging nearly 3% as the index climbed out of a bear market after having risen more than 20% off its lows in June. Read more: Link https://t.co/1jlzBZm8x9
    Reuters Business Thu 11 Aug 2022 07:47

    NEW YORK, Aug 10 (Reuters) - Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after U.S. inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes.

    A sharp drop in the cost of gasoline helped the U.S. Consumer Price Index stay flat last month after advancing 1.3% in June, the Labor Department said. The CPI rose by a less-than-expected 8.5% over the past 12 months after a 9.1% rise in June. read more

    The rally came in the wake of the first notable sign of relief for Americans who have watched inflation steadily climb. The Nasdaq now is up 20.8% since bottoming but still needs to pass its prior peak in November to confirm a new bull market.

  • Google has grave reservations about developing a self-regulatory body for the social media sector in India to hear user complaints, though the proposal has support from Facebook and Twitter, sources told @Reuters Link https://t.co/OLRD71ynDK
    Reuters Business Thu 11 Aug 2022 07:37

    NEW DELHI, Aug 11 (Reuters) - Google has grave reservations about developing a self-regulatory body for the social media sector in India to hear user complaints, though the proposal has support from Facebook and Twitter (TWTR.N), sources with knowledge of the discussions told Reuters.

    India in June proposed appointing a government panel to hear complaints from users about content moderation decisions, but has also said it is open to the idea of a self-regulatory body if the industry is willing.

    The lack of consensus among the tech giants, however, increases the likelihood of a government panel being formed - a prospect that Meta Platforms Inc's (META.O) Facebook and Twitter are keen to avoid as they fear government and regulatory overreach in India, the sources said.

  • Insurer M&G posts 44% drop in H1 operating profit Link https://t.co/TZjtE0Nlcm
    Reuters Business Thu 11 Aug 2022 07:17

    LONDON, Aug 11 (Reuters) - M&G (MNG.L) posted a 44% fall in operating profit to 182 million pounds in the first half due to market conditions, the British life insurer and asset manager said on Thursday, though the profit numbers beat expectations.

    Adjusted operating profit was forecast at 144 million pounds, according to a company-supplied consensus poll.

    Insurers and asset managers have faced hits to their investment income and assets under management as a result of market shocks this year, while high inflation is encouraging potential customers to economise.

  • Dutch insurer Aegon raises forecasts for capital, cashflow Link https://t.co/t1BOE3IwSX
    Reuters Business Thu 11 Aug 2022 07:02

    Aug 11 (Reuters) - Aegon (AEGN.AS) raised its forecasts for full-year operating capital generation and 2021-2023 free cashflow on Thursday as the insurer exceeded analysts' estimates with a second-quarter operating result of 538 million euros.

    The average estimate in a company-compiled consensus was 486 million euros ($499 million) for the Dutch insurer, which has significant operations in the United States.

    "The first half year of 2022 was one of the most challenging periods for investors with equity markets experiencing their worst start of the year in over five decades," Aegon Chief Executive Officer Lard Friese said in a statement.

  • Yellen tells IRS not to increase middle-class audits if it gets more funding Link https://t.co/wkwD30U2tf
    Reuters Business Thu 11 Aug 2022 06:47

    WASHINGTON, Aug 10 (Reuters) - U.S. Treasury Secretary Janet Yellen told the Internal Revenue Service on Wednesday that if the Inflation Reduction Act became law additional IRS resources should not be used to increase audit rates on taxpayers making under $400,000 a year.

    The legislation, which passed the Senate over the weekend with no Republican support, increases the IRS budget by about $80 billion over 10 years.

    Democrats say beefing up IRS enforcement will increase tax collection and help pay for the $430 billion bill, which tackles climate change and lowers prescription drug costs for seniors, among other provisions.

  • From Breakingviews - Caymans gives Hong Kong tycoons a head start Link
    Reuters Business Thu 11 Aug 2022 06:32

    HONG KONG, Aug 11 (Reuters Breakingviews) - A tweak to an archaic takeover rule in the Caribbean will help Thomas Lau to succeed where his sibling did not. The Hong Kong billionaire is offering $240 million to buy out minority shareholders in Caymans-registered Lifestyle International (1212.HK), his department store chain. His timing means the deal won’t have to pass the so-called headcount test that ended a similar tilt at developer Chinese Estates (0127.HK) by the family of his brother Joseph. Dropping the rule makes governance sense, although it removes one means for small shareholders to scupper poor offers.

    Several Hong Kong tycoons have fallen foul of the notorious tests, which the Cayman Islands will scrap at the end of this month. The rule stipulates that a deal needs to be approved by a majority of voting shareholders present, as well as by ownership. Joseph Lau’s family failed to buy the 25% it didn’t own in developer Chinese Estates, valuing it at $979 million,...

  • A Chinese property think tank owned by KE Holdings apologized for sparking a heated public discussion with its report on rising housing vacancy rates in China, and said its assessment may not be sufficiently accurate Link https://t.co/ci9LWtK8Ia
    Reuters Business Thu 11 Aug 2022 06:27

    BEIJING, Aug 11 (Reuters) - A Chinese property think tank owned by KE Holdings apologised on Thursday for sparking a heated public discussion with its report on rising housing vacancy rates in China, and that its assessment may not be sufficiently accurate.

    Beike Research Institute on Aug. 5 published a report after conducting a survey warning of oversupply in China's property market due to high rates of unoccupied homes in major Chinese cities.

    "The survey takes whether a home has been unoccupied for three straight months as an indicator, which does not fully reflect the real situation," said Beike in a statement published on its WeChat account.

  • From @Breakingviews: Gautam Adani, the world’s fourth-richest man, has built a $220 billion empire. Financial profligacy broke many of his Indian rivals. Opacity is a bigger concern than becoming too big to fail, says @ugalani Link https://t.co/ZWPZNs2JxX
    Reuters Business Thu 11 Aug 2022 06:17

    Posted

    Gautam Adani, the world’s fourth-richest man, is using his $220 bln empire to amass critical energy and infrastructure assets. Financial profligacy broke many of his Indian rivals. Opacity is a bigger concern for the billionaire becoming too big to fail, says Una Galani.

  • Siemens' writedown pushes company into first loss since 2010 Link https://t.co/UbzBY9vCjl
    Reuters Business Thu 11 Aug 2022 06:17

    ZURICH, Aug 11 (Reuters) - Siemens (SIEGn.DE) reported better-than-expected revenues for its third quarter on Thursday as a writedown at Siemens Energy (ENR1n.DE) pushed the engineering and technology group into the red for the first time in nearly 12 years.

    The maker of industrial software and trains reported revenues rising 11% to 17.87 billion euros ($18.38 billion) - beating analyst forecasts for 17.47 billion euros in a company-gathered consensus.

    But Siemens posted a shareholders' net loss of 1.66 billion euros after taking a 2.8 billion euro non-cash charge for writing down the value of its stake in Siemens Energy. read more

  • Zurich reports consensus-beating 25% jump in H1 operating profit Link https://t.co/jjOQI3u5st
    Reuters Business Thu 11 Aug 2022 06:02

    BERLIN, Aug 11 (Reuters) - Zurich (ZURN.S) reported a better-than-expected 25% rise in operating profit to $3.39 billion in the first half on Thursday, with both its property and casualty and its life businesses outperforming.

    Analysts had on average seen business operating profit at $3.28 billion, according to a company-compiled consensus forecast.

    Insurers are facing weak investment performance from market falls due to the war in Ukraine and inflationary pressures are hitting their customers' wallets.

  • Samsung Electronics unveiled its latest high-end foldable smartphones, keeping prices at the same level as last year's in a bid to cement its leadership in an expanding niche market. Read more: Link https://t.co/3KlRZKy7Ik
    Reuters Business Thu 11 Aug 2022 06:02

    SEOUL, Aug 10 (Reuters) - Samsung Electronics (005930.KS) unveiled its latest high-end foldable smartphones on Wednesday, keeping prices at the same level as last year's in a bid to cement its leadership in an expanding niche market.

    The smartphone maker priced its clamshell Galaxy Z Flip4 at $999.99, and the 5G-enabled top-line Galaxy Z Fold4 with a 7.6-inch main screen to start at $1,799.99 in the United States, the same as the launch prices of last year's models.

    "We've successfully transformed this category from a radical project to a mainstream device lineup enjoyed by millions worldwide," said TM Roh, president and head of mobile experience at Samsung Electronics.

  • Verizon Communications’ internet services were down for thousands of users, according to outage tracking website Link Link https://t.co/mHZMvwNswR
    Reuters Business Thu 11 Aug 2022 05:56

    If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

    If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

    ###

    Aug 11 (Reuters) - Verizon Communications Inc's (VZ.N) internet services were down for thousands of users on Thursday, according to outage tracking website Downdetector.com.

    There were more than two thousand incidents of people reporting issues with the wireless carrier, according to Downdetector, which tracks outages by collating status reports from a number of sources including user-submitted errors on its platform.

    The company's mobile and landline communications services, including broadband internet and phone, were down and most incidents were reported in Fayetteville, New York City, Miami, Philadelphia, Brooklyn, Charlotte, Baltimore, Fort...

  • The Nasdaq and S&P 500 surged more than 2% on Wednesday after data showed U.S. inflation slowed more than expected in July, rising by 8.5% over the past 12 months. Read more: Link https://t.co/hffXtyza7M
    Reuters Business Thu 11 Aug 2022 05:51

    NEW YORK, Aug 10 (Reuters) - Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after U.S. inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes.

    A sharp drop in the cost of gasoline helped the U.S. Consumer Price Index stay flat last month after advancing 1.3% in June, the Labor Department said. The CPI rose by a less-than-expected 8.5% over the past 12 months after a 9.1% rise in June. read more

    The rally came in the wake of the first notable sign of relief for Americans who have watched inflation steadily climb. The Nasdaq now is up 20.8% since bottoming but still needs to pass its prior peak in November to confirm a new bull market.

  • Explainer: How will SoftBank cut its stake in Alibaba without selling shares? Link https://t.co/6t9rvGqMy7
    Reuters Business Thu 11 Aug 2022 05:46

    NEW YORK, Aug 10 (Reuters) - SoftBank Group Corp (9984.T) is set to post a gain of $34.1 billion by reducing its stake in Alibaba Group Holding (9988.HK) from 23.7% to 14.6%. read more

    But the Japanese conglomerate will not sell its shares directly in the market. It is using a complex security called "prepaid forward contracts," which is a derivative largely used by investors.

    Here's how these contracts work:

  • WATCH: Translation and language-learning giants are expanding language databases available online Link https://t.co/OB6NJGXFA5
    Reuters Business Thu 11 Aug 2022 05:46

    KAMPALA, August 10 (Reuters) - Ugandan IT student Andrew Njuki spent years hunched over English-language textbooks, often grappling with material that would have been easier to grasp in his mother tongue Luganda.

    As of May, the 27-year-old has been able to copy-paste his online teaching materials into Alphabet Inc's (GOOGL.O) Google translation service and read them directly in Uganda's official language Luganda, spoken by millions across the east African country but not taught in schools.

    "To understand something better you need to first understand it in your mother tongue," said Njuki, who also finds the service handy for surfing the internet and social media.

  • WATCH: Walt Disney has now edged past Netflix in the streaming wars with a total of 221 million subscribers Link https://t.co/8WNPUKkfJo
    Reuters Business Thu 11 Aug 2022 05:41

    LOS ANGELES, Aug 10 (Reuters) - Walt Disney Co (DIS.N) edged past Netflix Inc (NFLX.O) with a total of 221 million streaming customers and announced it will increase prices for customers who want to watch Disney+ or Hulu without commercials.

    The media giant will raise the monthly cost of Disney+ without advertising by 38% to $10.99 in December, when it begins to offer a new option that includes ads for the current price.

    Shares of Disney rose 6.9% in after-hours trading to $120.15 on Wednesday.

  • Credit Suisse moves English court in $440 million SoftBank dispute - FT Link https://t.co/IeyajZmidG
    Reuters Business Thu 11 Aug 2022 05:31

    Aug 11 (Reuters) - Swiss lender Credit Suisse Group AG (CSGN.S) sought the English High Court last week to initiate formal legal proceedings against Japan's SoftBank Group Corp (9984.T) over a $440 million dispute, the Financial Times reported on Thursday.

    The claims are related to Credit Suisse's Greensill-linked supply chain finance funds lent to SoftBank-backed Katerra, a U.S. construction group, FT said. https://on.ft.com/3JLWswM

    Katerra subsequently filed for bankruptcy with more than $1 billion in liabilities.

  • Thyssenkrupp's Q3 operating profit nearly triples on steel price rebound Link https://t.co/6xfw7L7fdi
    Reuters Business Thu 11 Aug 2022 05:16

    FRANKFURT, Aug 11 (Reuters) - Thyssenkrupp's third-quarter operating profit nearly tripled on the back of higher steel prices, the German conglomerate said on Thursday, but it added that it faced headwinds from high raw material prices and rising interest rates.

    The company's adjusted earnings before interest and tax (EBIT) reached 721 million euros ($743 million) in the April-June period, up from 266 million in the same period last year.

    More than half of that, or 376 million euros, came from the company's steel business, Europe's second-largest, which benefited from higher selling prices that offset rising energy and raw materials costs, Thyssenkrupp (TKAG.DE) said.

  • From @Breakingviews: A tweak to an archaic takeover rule in the Caribbean will help Hong Kong tycoon Thomas Lau to succeed where his sibling did not, says @JennHughes13 Link https://t.co/sYuGTfUipL
    Reuters Business Thu 11 Aug 2022 04:16

    HONG KONG, Aug 11 (Reuters Breakingviews) - A tweak to an archaic takeover rule in the Caribbean will help Thomas Lau to succeed where his sibling did not. The Hong Kong billionaire is offering $240 million to buy out minority shareholders in Caymans-registered Lifestyle International (1212.HK), his department store chain. His timing means the deal won’t have to pass the so-called headcount test that ended a similar tilt at developer Chinese Estates (0127.HK) by the family of his brother Joseph. Dropping the rule makes governance sense, although it removes one means for small shareholders to scupper poor offers.

    Several Hong Kong tycoons have fallen foul of the notorious tests, which the Cayman Islands will scrap at the end of this month. The rule stipulates that a deal needs to be approved by a majority of voting shareholders present, as well as by ownership. Joseph Lau’s family failed to buy the 25% it didn’t own in developer Chinese Estates, valuing it at $979 million,...

  • Shares of Meta Platforms jumped after the Facebook-parent said it had raised $10 billion in its first-ever bond offering Link $META https://t.co/8amI6a3U5Q
    Reuters Business Thu 11 Aug 2022 03:51

    Aug 9 (Reuters) - Facebook-parent Meta Platforms Inc (META.O) said on Tuesday it had raised $10 billion in its first-ever bond offering, as it looks to fund share buybacks and investments to revamp its business.

    The offering would help Meta, the only one among big technology companies without debt on its books, to build a more traditional balance sheet and fund some expensive initiatives, such as its metaverse virtual reality. read more

  • Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after U.S. inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes. Read more: Link https://t.co/lofDrv0AMb
    Reuters Business Thu 11 Aug 2022 03:46

    NEW YORK, Aug 10 (Reuters) - Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after U.S. inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes.

    A sharp drop in the cost of gasoline helped the U.S. Consumer Price Index stay flat last month after advancing 1.3% in June, the Labor Department said. The CPI rose by a less-than-expected 8.5% over the past 12 months after a 9.1% rise in June. read more

    The rally came in the wake of the first notable sign of relief for Americans who have watched inflation steadily climb. The Nasdaq now is up 20.8% since bottoming but still needs to pass its prior peak in November to confirm a new bull market.

  • WATCH: U.S. consumer price growth remained unchanged for July, the U.S. Labor Department reported. This is largely due to a sharp drop in gasoline prices, while other costs — such as food — continued to rise Link https://t.co/Sov7BYyMsg
    Reuters Business Thu 11 Aug 2022 03:41

    Aug 10 (Reuters) - U.S. consumer prices were unchanged in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for weary Americans who have watched inflation climb over the past two years.

    The Consumer Price Index (CPI) was flat last month after advancing 1.3% in June, the Labor Department said on Wednesday in a closely watched report that nevertheless showed underlying inflation pressures remain elevated as the Federal Reserve mulls whether to embrace another super-sized interest rate hike in September. read more

    The reading was the largest month-on-month deceleration of price increases since 1973 and followed on the heels of a roughly 20% drop in the cost of gasoline since mid-June. Prices at the pump spiked in the first half of this year due to the war in Ukraine, hitting a record-high average of more than $5 per gallon on June 14, according to motorist advocacy group AAA. read more

  • With a cabinet reshuffle out of the way, Prime Minister Fumio Kishida's search for the next Bank of Japan governor will intensify in coming months with a small but possible chance of a dark horse getting the job Link https://t.co/5oNG8v87iP
    Reuters Business Thu 11 Aug 2022 03:16
    Kishida pays heed to proponents of 'Abenomics' in reshuffleCentral bankers Amamiya, Nakaso top candidates for top BOJ jobSmall chance of dark horse choice from finance ministryWork on short-listing candidates to intensify in coming monthsInvestors keen for clues on when ultra-easy policy will change
  • Fitch downgrades Mexico's Unifin on announced debt service cessation Link https://t.co/EDv6NnylXh
    Reuters Business Thu 11 Aug 2022 03:01

    MEXICO CITY, Aug 10 (Reuters) - Fitch Ratings downgraded on Wednesday Mexican leasing firm Unifin's (UNIFINA.MX) long- and short-term foreign and local currency issuer default ratings (IDRs) to 'C' and 'C' from 'BB-' and 'B' respectively, according to a statement.

    Shares in Unifin plummeted 40% during the day's session.

  • Japan's SoftBank will reduce its stake in Alibaba, aiming to shore up the company's cash reserve to weather the market downturn Link https://t.co/5QzpOrELRR
    Reuters Business Thu 11 Aug 2022 03:01

    TOKYO, Aug 10 (Reuters) - SoftBank Group Corp (9984.T) said on Wednesday it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding (9988.HK), as the investment behemoth looks to shore up its cash reserve to weather the market downturn.

    The Japanese company will reduce its stake in Alibaba to 14.6% from 23.7% by settling prepaid forward contracts. Alibaba's U.S.-listed shares were down 1.3% in early trade.

    SoftBank booked a $50 billion loss at its Vision Fund investment arm in the first half of the year as its tech bets soured, with Chief Executive Masayoshi Son on Monday pledging to further reduce investment activity and cut costs.

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