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UK regulator drops some competition concerns in Microsoft-Activision deal

LONDON (Reuters) - Britain's regulator said it no longer believed that Microsoft's $69-billion purchase of "Call of Duty" maker Activision Blizzard would harm competition in relation to the supply of gaming consoles, but its other concerns remain. Publishing updated provisional findings based on new evidence, the Competition and Markets Authority said on Friday that it still has worries over the

2023-03-24T12:20:21Z

Deutsche Bank and UBS shares hammered as banking fears keep tight grip

By Amanda Cooper, Sruthi Shankar and Amruta Khandekar (Reuters) - Banking stocks fell sharply in Europe on Friday with heavyweights Deutsche Bank and UBS Group pummelled by worries that the worst problems in the sector since the 2008 financial crisis have not yet been contained. Deutsche Bank fell for a third day, sinking more than 11% after a sharp jump in the cost of insuring the German

2023-03-24T11:17:33Z

Binance pauses deposits, withdrawals due to issue affecting spot trading

(Reuters) - Cryptocurrency exchange Binance is working on an issue that has impacting spot trading on its platform, its Chief Executive Changpeng Zhao said in a tweet on Friday. "Initial analysis indicates matching engine encountered a bug on a trailing stop order," he said in a tweet, adding that deposits and withdrawals have been paused as a standard operating procedure. (Reporting by Jaiveer

2023-03-24T12:20:20Z

Texans sound off against Elon Musk's 'horrifying' plans for dumping The Boring Company wastewater into Colorado River

Elon Musk's tunnel-building venture is facing blowback from Texans who spoke out against its plans to dump treated wastewater into local water supply.

2023-03-23T15:02:35Z

Shares in Mexican broadcaster TV Azteca swing up after record fall

MEXICO CITY (Reuters) - Shares in Mexican broadcaster TV Azteca closed up on Thursday by about 32%, after posting a record slump a day before, battered by uncertainly over its near-term prospects amid problems with creditors. Stock in Mexico's second-biggest broadcaster plummeted 31% on Wednesday after creditors of the firm filed an "involuntary petition" to place it in U.S. Chapter 11 bankruptcy

2023-03-23T20:44:20Z

Walmart laying off hundreds from its warehouses as it doubles down on automation and braces for new era in online shopping

The Walmart layoffs come as the retailer has increasingly touted warehouse automation, including "next-generation" fulfillment centers.

2023-03-23T16:32:37Z

Amazon, other retailers revamp 'free' shipping as costs soar

By Lisa Baertlein LOS ANGELES (Reuters) - There is no such thing as free shipping. Even so, Amazon.com Inc and other online retailers who use so-called free delivery to cultivate customer loyalty are scrambling to keep it from draining profits as costs climb and e-commerce contracts. They are adding fees for faster service, raising minimum purchase requirements and making other changes that

2023-03-24T10:10:17Z

Apple Inc supplier Pegatron in talks to open second India factory -sources

By Munsif Vengattil and Aditya Kalra NEW DELHI (Reuters) - Apple Inc's Taiwanese supplier Pegatron Corp is in talks to open a second India factory, said two sources with direct knowledge of the matter, as the U.S. tech giant's partners continue to diversify production away from China. Pegatron plans to add a second facility near the southern city of Chennai in Tamil Nadu state, just six months

2023-03-24T10:10:14Z

TikTok attacked for China ties as US lawmakers push for ban

By David Shepardson and Rami Ayyub WASHINGTON (Reuters) -U.S. lawmakers on Thursday battered TikTok's CEO about potential Chinese influence over the platform and said its short videos were damaging children's mental health, reflecting bipartisan concerns about the app's power over Americans. CEO Shou Zi Chew's testimony before Congress did little to assuage U.S. worries over TikTok's China-based

2023-03-24T08:12:13Z

China detains staff, raids office of US due diligence firm Mintz Group

By Michael Martina and Yew Lun Tian WASHINGTON/BEIJING (Reuters) - Chinese authorities raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff, the company said, putting foreign companies in China on alert just as the country hosts an international economic forum. News of the raid and detentions comes as Sino-U.S. relations have spiraled

2023-03-24T11:17:24Z

Twitter founder Jack Dorsey's net worth dropped by more than $500 million after US short seller Hindenburg targeted his payments company Block

The US short seller alleges Block — formerly known as Square — misled investors "with inflated metrics" and facilitated fraud.

2023-03-24T05:53:27Z

Investors urge European chemical makers to take action on emissions

LONDON (Reuters) - Investors managing more than $4 trillion in assets have told European chemical companies they must set out a path to move away from fossil fuels, saying that the sector's role in greenhouse gas emissions has been overlooked. Legal and General Investment Management, Amundi and EFG Asset Management are among 15 investors to have written to Europe's 13 biggest chemical companies

2023-03-24T12:29:36Z

Nordstrom, Neiman Marcus and other brands were buying clothes from a 'sweatshop' that paid just $1.58 an hour — in California

An investigation by the Department of Labor suggests that the majority of clothing makers in Southern California appear to be breaking the law.

2023-03-23T23:08:07Z

Block shares extend losses as Hindenburg report weighs

(Reuters) - Shares of Twitter co-founder Jack Dorsey's Block Inc fell 4% in premarket trading on Friday, a day after the payments firm's Cash App business became the latest target of U.S. short seller Hindenburg Research. In a report, Hindenburg has alleged that Block overstated its user numbers and understated its customer acquisition costs. The company called the report "factually inaccurate

2023-03-24T11:17:30Z

Analysis-Billionaire Ambani adopts familiar playbook in India cola battle vs Coke, Pepsi

By Praveen Paramasivam and Aditya Kalra CHENNAI/NEW DELHI (Reuters) - Indian industrial giant Reliance is reviving a historic local cola brand with plans to use its vast retail network, slash prices and tap nationalist sentiment to challenge U.S. beverage giants PepsiCo and Coca-Cola in a key market. Controlled by billionaire Mukesh Ambani, Reliance this month launched revamped Campa drinks,

2023-03-24T03:49:52Z

Exclusive-Citizens Financial eyes bid for SVB's private bank - sources

By David French and Saeed Azhar NEW YORK (Reuters) - Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday. Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the sources said. The

2023-03-23T22:49:32Z

Ford is already working on another electric pickup truck as it ratchets up the pressure on Tesla

Ford is planning another electric pickup truck to join the ranks of the F-150 Lightning and Mustang Mach-E in the company's EV lineup.

2023-03-24T10:04:01Z

Customers Bancorp weighs making an offer for Silicon Valley Bank - Bloomberg News

(Reuters) - Customers Bancorp Inc is exploring a deal for all or part of the failed Silicon Valley Bank, Bloomberg News reported on Thursday, citing people familiar with the matter. The Pennsylvania-based lender has been seeking potential co-investors for a deal for Silicon Valley Bank, the report said. FDIC, which controls the Silicon Valley Bank's assets, and Customers Bank did not immediately

2023-03-23T23:49:33Z

Chinese food delivery giant Meituan posts 21.4% rise in Q4 revenue

SHANGHAI - Chinese food delivery giant Meituan posted a bigger-than-expected 21.4% rise in quarterly revenue on Friday as it fended off competition from powerful rivals such as Alibaba-backed Ele.me. Meituan - whose so-called super app provides services ranging from bike-sharing, movie ticketing, mapping, to food delivery and restaurant bookings - said its total revenue rose to 60.13 billion yuan

2023-03-24T09:05:06Z

Credit Suisse, UBS among banks facing US's Russia-sanctions probe -Bloomberg News

(Reuters) -Credit Suisse AG and UBS group AG are under scrutiny in a U.S. Department of Justice (DOJ) probe into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday. The DOJ also sent subpoenas to employees of some major U.S. banks, the Bloomberg report said, adding the Swiss banks were included in a wave of subpoenas sent before Credit

2023-03-23T22:49:34Z

Credit Suisse, UBS among banks facing US's Russia-sanctions probe -Bloomberg News

(Reuters) -Credit Suisse AG and UBS group AG are under scrutiny in a U.S. Justice Department (DOJ) probe into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday. The DOJ also sent subpoenas to employees of some major U.S. banks, the Bloomberg report said, adding the Swiss banks were included in a wave of subpoenas sent before Credit

2023-03-23T21:49:25Z

UBS shares hit as European banks slide

By Sruthi Shankar and Amanda Cooper (Reuters) - Banking stocks fell again on Friday after a tumultuous week with investors worried that the worst problems in the sector since the 2008 financial crisis were not yet contained. The index of top European banks fell 2.2% in early trade with shares in Swiss bank UBS Group AG down 6.4%. Deutsche Bank was down 5.4% after a sharp jump in the cost of

2023-03-24T08:58:43Z

China's CATL to start mass output of M3P batteries this year

SHANGHAI (Reuters) -Chinese battery giant CATL plans this year to start mass production and delivery of batteries based on a new materials technology, M3P, which will perform better and cost less than nickel and cobalt-based batteries, its chairman said. M3P batteries will have greater energy density and perform better than lithium-ion phosphate batteries, a market CATL dominates. They will also

2023-03-24T08:12:12Z

China's CATL to start mass output of M3P batteries this year

SHANGHAI (Reuters) -Chinese battery giant CATL plans to start this year the mass production and delivery of batteries based on a new materials technology, M3P, which will perform better and cost less than nickel and cobalt-based ones, its chairman said. M3P batteries will have greater energy density and perform better than lithium-ion phosphate batteries, a market CATL dominates. They will also

2023-03-24T10:10:12Z

Beyoncé's time with Adidas is reportedly over

The Hollywood Reporter on Thursday, citing an unnamed source, said the music superstar and the sportswear brand are ending their partnership.

2023-03-23T22:13:16Z

TikTok attacked for China ties as US lawmakers push for ban

By David Shepardson, Rami Ayyub WASHINGTON (Reuters) -U.S. lawmakers on Thursday battered TikTok's chief executive about potential Chinese influence over the platform and said its short videos were damaging children's mental health, reflecting bipartisan concerns over the app's power over Americans. CEO Shou Zi Chew's testimony before Congress did little to assuage U.S. worries over TikTok's

2023-03-23T20:31:33Z

DP World signs sponsorship deal with Indian cricket team Delhi Capitals

Global port operator DP World has signed a multi-year sponsorship deal with Indian cricket team Delhi Capitals, adding to its growing repertoire of global sports partnerships that feature its brand. The Dubai company's name will feature on the back of Delhi Capitals' official match jerseys and training gear as it becomes the global logistics partne...

2023-03-24T11:25:40Z

Australia's Estia Health gets $517.7 million takeover bid from Bain Capital

(Reuters) - Australian aged-care provider Estia Health Ltd said on Friday it received a non-binding buyout proposal from U.S. private investment firm Bain Capital for A$775.1 million ($517.77 million). The A$3.00 cash per share proposal, which is at a 28.2% premium to Estia's last close, is among the latest proposals by a private equity firm since last year amid increasing merger and acquisition

2023-03-24T00:49:35Z

Exclusive-Citizens Financial eyes bid for SVB's private bank - sources

By David French and Saeed Azhar NEW YORK (Reuters) - Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday. Citizens, one of the largest U.S. regional banks, is preparing to submit an offer in the auction of the business, which is called SVB Private, the sources said. The

2023-03-23T23:49:31Z

TikTok attacked for China ties as US lawmakers push for ban

By David Shepardson, Rami Ayyub WASHINGTON (Reuters) -U.S. lawmakers on Thursday battered TikTok's chief executive about potential Chinese influence over the platform and said its short videos were damaging children's mental health, reflecting bipartisan concerns over the app's power over Americans. CEO Shou Zi Chew's testimony before Congress did little to assuage U.S. worries over TikTok's

2023-03-23T23:49:35Z

Amazon union organizers are reportedly feuding less than a year after a New York location voted to unionize

Some Amazon Union organizers told the The New York Times that they have yet to secure a contract and blamed union president Christian Smalls.

2023-03-23T15:02:41Z

Archegos founder Hwang must face fraud charges, US judge says

By Jonathan Stempel NEW YORK (Reuters) - A U.S. judge on Thursday denied Archegos Capital Management LP founder Bill Hwang's effort to dismiss an indictment accusing him of fraud in the collapse of his once-$36 billion firm. U.S. District Judge Alvin Hellerstein in Manhattan rejected arguments that the 11-count indictment should be tossed because prosecutors deceived Hwang into cooperating with

2023-03-23T23:49:34Z

Exclusive-Walmart laying off hundreds of US workers at five e-commerce fulfillment centers

By Siddharth Cavale NEW YORK (Reuters) -Hundreds of workers at five U.S. Walmart facilities that fulfill e-commerce orders are being asked to find jobs within 90 days at other company locations, a spokesperson confirmed to Reuters. About 200 workers at Pedricktown, New Jersey, and hundreds of others at Fort Worth, Texas; Chino, California; Davenport, Florida; and Bethlehem, Pennsylvania were let

2023-03-23T23:49:34Z

Payment Channels and Types of Transactions: Digitization, Integration, and the Economy

Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority.

2023-03-23T16:32:29Z

Payments firm Block's Australian shares slump after Hindenburg report

By Navya Mittal (Reuters) - Australia-listed shares of Block Inc, led by Twitter co-founder Jack Dorsey, plunged as much as 20% on Friday after Hindenburg Research alleged the payments firm overstated its user numbers and understated its customer acquisition costs. Block said the report was "factually inaccurate and misleading" and that it was exploring legal action against the short-seller.

2023-03-24T02:49:42Z

Financial turbulence widens door to private equity in fast-growing aerospace sector

By Allison Lampert, Abhijith Ganapavaram and Maiya Keidan (Reuters) - Financial sector headwinds are creating fresh openings for private equity investments in aerospace, as suppliers' need for capital to meet soaring demand for planes and parts risks further turbulence, executives said. Demand from aircraft manufacturing giants has soared on the back of surging global air travel following a

2023-03-24T05:23:34Z

Ford says it will burn $3 billion on EVs this year, in a bleak signal for the cars that underpin its future

Ford's popular electric vehicles like the Mustang Mach-E and F-150 Lightning aren't making the company any money.

2023-03-23T14:57:30Z

Panera Bread to start using handprints to greet you by name and suggest menu items

Panera Bread will use Amazon's palm-scanning technology to broaden its loyalty program, greet customers by name, and suggest menu items.

2023-03-23T18:07:44Z

Venture capitalists race to land next AI deal on Big Tech's turf

By Krystal Hu and Jeffrey Dastin PALO ALTO, California (Reuters) - In December and January, several venture capitalists from the U.S. and Britain raced to Paris to vie for a stake in a new artificial intelligence company that could reshape how people work. The startup they courted, Dust, consisted of just two people. It had not been incorporated yet. And it rejected a generous proposal by top

2023-03-24T11:17:23Z

Credit Suisse, UBS among banks facing US's Russia-sanctions probe -Bloomberg News

(Reuters) -Credit Suisse AG and UBS group AG are under scrutiny in a U.S. Department of Justice (DOJ) probe into whether financial professionals helped Russian oligarchs evade sanctions, Bloomberg News reported on Thursday. The DOJ also sent subpoenas to employees of some major U.S. banks, the Bloomberg report said, adding the Swiss banks were included in a wave of subpoenas sent before Credit

2023-03-23T23:49:30Z

The FTC proposes 'Click to Cancel' rule that would make it easier — and cheaper — to cancel subscriptions and memberships

"The proposed rule would require that companies make it as easy to cancel a subscription as it is to sign up for one," said FTC Chair Lina M. Khan.

2023-03-23T18:33:02Z

Australia's Estia Health surges after $517.7 million bid from Bain Capital

(Reuters) -Australian aged-care provider Estia Health Ltd said on Friday it received a non-binding buyout proposal from U.S. private investment firm Bain Capital for A$775.1 million ($517.77 million), sending its shares to an over 3-year high. The A$3.00 cash per share proposal, which is at a 28.2% premium to Estia's last close, is among the latest proposals by a private equity firm since last

2023-03-24T01:49:39Z

Franklin Templeton, Akamai join anti-anti-ESG effort

By Ross Kerber (Reuters) - Large companies, including asset manager Franklin Templeton and web-services provider Akamai Technologies Inc, joined an effort on Thursday to defend sustainable investment practices from a backlash by U.S. Republican politicians. The companies signed a statement that also drew backing from leaders of major pension funds in Democratic-leaning states New York and

2023-03-23T21:54:19Z

Ford’s new Tennessee plant aims to build 500,000 electric trucks a year

By Paul Lienert STANTON, Tennessee (Reuters) - Ford Motor Co plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction in western Tennessee, the automaker said on Friday. BlueOval City will assemble several versions of Ford’s next-generation F-series electric pickup, which the company calls Project T. The Stanton plant northeast of Memphis is part of

2023-03-24T10:10:12Z

Exclusive-ValueAct seeks to oust four directors of Seven & i

By Svea Herbst-Bayliss (Reuters) -ValueAct Capital informed Seven & i Holdings on Friday it would lobby to remove four directors from the Japanese's convenience store operator's 14-member board, citing "a failed corporate strategy". ValueAct, which owns a 4.4% stake of Seven & i, had called on the company's management in January to spin off its 7-Eleven convenience store chain. The fund has been

2023-03-24T03:49:48Z

Bed Bath & Beyond set to complete a round of layoffs in New Jersey the day before a new state law takes effect that would mean millions more in severance for workers

Sweeping new rules regarding layoffs in the Garden State go into effect on April 10, a day after Bed Bath & Beyond finishes a batch of job cuts there.

2023-03-24T09:03:58Z

Exclusive-JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks -memo, sources

By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) -As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp., warned employees: Do not make it worse. JPMorgan, the nation's largest bank, told all employees they "should never give the appearance of exploiting a situation of stress or

2023-03-23T21:49:28Z

The Evolving Payments Purchasing Chain: How Digitization and Economic Pressures Are Changing the Ecosystem

Amid economic uncertainty, payments providers are making meaningful shifts to digitize and innovate.

2023-03-23T17:32:51Z

Dealmakers expect pick-up in activity despite 'brick wall' facing M&A

By Svea Herbst-Bayliss and Anirban Sen NEW ORLEANS (Reuters) - Some of the most prominent rainmakers in the world of corporate mergers struck a note of optimism about dealmaking on Thursday, even as they acknowledged a volatile economic backdrop had significantly impacted M&A activity. The banking crisis that has emerged in the wake of Silicon Valley Bank's failure has shaken boardroom

2023-03-23T23:49:48Z

Exclusive-JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks - memo, sources

By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) - As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp. warned employees: Do not make it worse. JPMorgan, the nation's largest bank, told all employees they "should never give the appearance of exploiting a situation of

2023-03-23T23:49:31Z