November 14, 20240 Comments

UK consumer group takes on Apple over iCloud service By Reuters

LONDON (Reuters) – British consumer group Which? will launch legal action against Apple (NASDAQ:) on Thursday, alleging the tech giant breached competition law by effectively locking millions of its customers into its iCloud service. Which? said Apple encouraged its users to sign up to iCloud to store photos, videos and other data while making it difficult to use alternative providers. Customers then had to pay for the service once their

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November 13, 20240 Comments

Bank CEOs express confidence in deals, consumer finances By Reuters

By Tatiana Bautzer and Nupur Anand NEW YORK (Reuters) – U.S. bank CEOs expressed confidence in the dealmaking outlook and the health of U.S. consumers at an industry conference in New York on Wednesday. Bank of America’s buildup of advisory work on upcoming mergers and acquisitions is strong, while its pipelines for initial public offerings “are full and ready to go,” CEO Brian Moynihan told attendees. Meanwhile, KeyCorp (NYSE:) CEO

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November 13, 20240 Comments

EU regulators quiz Novo Nordisk, Catalent rivals on $16.5 billion deal By Reuters

By Foo Yun Chee and Maggie Fick BRUSSELS/LONDON (Reuters) – EU antitrust regulators have asked pharma rivals and customers for feedback in four business areas in light of Novo Holdings’ planned $16.5 billion takeover of Catalent (NYSE:), people familiar with the matter said. Novo Holdings is the controlling shareholder of Danish drugmaker Novo Nordisk (NYSE:), whose profits from blockbuster weight-loss drug Wegovy propelled it to become Europe’s most valuable company

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November 13, 20240 Comments

Wall St edges higher after inflation data keeps Fed rate-cut hopes intact By Reuters

By Purvi Agarwal and Lisa Pauline Mattackal (Reuters) – Wall Street’s main indexes inched higher on Wednesday after in-line consumer price inflation data kept the U.S. Federal Reserve on track to deliver another interest rate cut in December. The consumer price index rose 0.2% in October for the fourth straight month, the Labor Department’s Bureau of Labor Statistics said, and advanced 2.6% on an annual basis. Excluding the volatile food

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November 13, 20240 Comments

Race for Japanese 7-Eleven owner heats up with founding family bid By Reuters

By Ritsuko Shimizu and Kane Wu TOKYO (Reuters) -Japan’s Seven & i Holdings has received a buyout proposal from a member of its founding Ito family, it said on Wednesday, a potential $58 billion white-knight bid as it weighs a rival offer from Canada’s Alimentation Couche-Tard The offer for Ito-Kogyo, a company linked to Vice President Junro Ito and a top shareholder in 7-Eleven owner, is non-binding and under review

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November 13, 20240 Comments

Tencent Q3 revenue rises 8% on gaming strength, matches estimates By Reuters

BEIJING (Reuters) – Chinese technology giant Tencent Holdings (OTC:) posted on Wednesday a 8% rise in third-quarter revenue, driven by growth in its gaming business after the recent launches of new titles. Tencent, the world’s largest video game company and operator of the WeChat messaging platform, reported revenue of 167.19 billion yuan ($23.14 billion) for the quarter ended Sept. 30, in line with average analyst estimates of 167.8 billion yuan,

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November 13, 20240 Comments

Exclusive-Chinese giant CATL pushes beyond batteries into power grids, EV platforms By Reuters

NINGDE, China (Reuters) – Robin Zeng, the billionaire founder of CATL, aims to reinvent the world’s largest battery maker as a green-energy provider and to slash the cost of developing electric vehicles, upending the economics of the industry that has powered its growth. Zeng told Reuters in an interview that he expects the business of developing and managing “zero carbon” electric grids could be “ten times” larger than supplying electric-vehicle

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November 13, 20240 Comments

Trump names Musk, Ramaswamy to lead newly formed Department of Government Efficiency By Reuters

WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Tuesday Elon Musk and former Republican presidential candidate Vivek Ramaswamy will lead the newly created Department of Government Efficiency. Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement. Trump said their work would conclude by July 4, 2026, adding that a smaller

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November 12, 20240 Comments

Stocks fall as rally pauses, yields climb on Trump policy worry By Reuters

By Chuck Mikolajczak NEW YORK (Reuters) – A gauge of global stocks declined on Tuesday after advancing for five straight sessions while the dollar hit its highest level in over six months as investors weigh the impact of U.S. President-elect Donald Trump’s likely path of policies. Investors have flocked in to assets expected to benefit from Trump policies for his second term in office, after he pledged to impose high

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November 12, 20240 Comments

Spirit Aero gets planemaker help to prop up weak finances By Reuters

By David Shepardson, Allison Lampert and Tim Hepher (Reuters) -Spirit AeroSystems said on Tuesday it would receive up to $350 million in advance payments from its largest customer Boeing (NYSE:), giving the struggling supplier a lifeline as it burns cash after four consecutive years of losses. The Wichita, Kansas-based aerostructures giant is also on the verge of an agreement for a smaller amount of fresh funding and revised payment terms

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