finance
BusinessReutersAstraZeneca resumes U.S. COVID-19 vaccine trial and next week J&J prepares to do same
The news signaled progress against the novel coronavirus that has infected more than 41 million globally, including 8 million Americans and comes 10 days before a U.S. presidential election that may hinge on plans https://www.reuters.com/article/us-usa-election/biden-warns-on-coronavirus-surge-trump-heads-to-florida-in-campaign-sprint-idUSKBN2781A4 to fight the pandemic. AstraZeneca, one of the leading vaccine developers, paused its U.S. trial on Sept. 6 after a report of a serious neurological illness, believed to be transverse myelitis, in a participant in the company's UK trial. J&J paused its large, late-stage trial last week after a study participant became ill.
BusinessReutersU.S. removal of Sudan from 'sponsors of terrorism' list is step toward debt relief - IMF
The International Monetary Fund on Friday said U.S. government plans to remove Sudan from its list of state sponsors of terrorism would clear away one of the hurdles facing the heavily indebted African country as it seeks debt relief. “We are encouraged by the U.S. administration’s formal indication to Congress of its intention to remove Sudan from (the list)," Carol Baker, the IMF's Sudan mission chief, said in a statement to Reuters. "The removal of Sudan from the (list)eliminates one of the hurdles toward possible HIPC debt relief.”
NewsAFP NewsUS Coast Guard to tackle China 'illegal' fishing in Pacific
The United States said Friday it will deploy Coast Guard patrol ships in the western Pacific to counter "destabilizing and malign" activities by China in disputed fishing grounds of the South China Sea.
BusinessReutersAnt's record strategic allocation in Shanghai IPO fuels small investor scramble
Chinese fintech giant Ant Group's move to earmark a record 80% of the Shanghai leg of its $35 billion dual-listing for strategic investors has led to a scramble among smaller investors for what some see as a once-in-a-lifetime opportunity. Ant [IPO-ANTG.HK], backed by e-commerce firm Alibaba Group <BABA.N>, has launched a dual-listing process in Hong Kong and on Shanghai's STAR Market, and the offering is set to be the world's largest. Shanghai-based Regan Fund Management Co, for one, is helping mainland investors subscribe to Ant's IPO in Hong Kong, the firm's Shanghai-based general manager Richard Li said.
NewsReutersMalaysia palm growers warn new Sabah virus restrictions could halve output
Malaysia's biggest palm oil producing state Sabah could see crude palm oil production fall by as much as 300,000 tonnes a month after imposing new coronavirus restrictions in the high crop season, the Malaysian Estate Owners' Association (MEOA) told Reuters on Friday. Sabah state, which has become the epicentre of the coronavirus outbreak in the world's second largest palm exporter, on Tuesday released new guidelines limiting plantation and mills to half capacity and capping operating hours to 6am-6pm. Worsening labour shortages and La Nina-induced wet weather have already hampered production in Malaysia, and MEOA warned that the new restrictions could cut the state's output by half.
NewsAFP NewsXi invokes Chinese military might with US in mind
President Xi Jinping on Friday warned of China's military resolve to defeat "invaders", speaking on a 70th anniversary for the Korean War, the only time Chinese forces have fought the United States.
BusinessAFP NewsHuawei revenue growth wilts under 'intense pressure'
Huawei’s revenue growth slowed significantly in the first nine months of 2020, the Chinese telecom giant said Friday, citing "intense pressure" on operations during the coronavirus and as the US moves to cut off its access to vital components.
NewsAFP NewsTilting Venezuela oil tanker threatens 'environmental catastrophe'
Trinidad and Tobago said Thursday that a damaged oil tanker off the island's coast was "stable" after opposition politicians in neighboring Venezuela warned of a potential "environmental catastrophe."
BusinessReutersHK brokers ready war chest for mom-and-pop bidding frenzy in Ant's mega IPO
Hong Kong's brokerages are readying billions of margin-lending dollars to tap an expected surge in retail demand for China's fintec giant Ant Group's likely $35 billion dual-listing in Hong Kong and Shanghai in the next few weeks, industry officials said. Margin lending, or the amount brokers can lend to individual investors to purchase shares, has been a big business in Hong Kong in recent years with a large number of equity floats luring retail buyers. Hong Kong had 851,157 margin lending accounts with total loan volume of HK$161.8 billion ($21 billion) in the first half of 2020, according to the city's Securities and Futures Commission (SFC), up sharply from 601,842 at the same time last year.
NewsReutersPhilippines cancels 'Black Nazarene' parade as pandemic lingers
The Philippine capital Manila on Friday cancelled an annual procession of a centuries-old black wooden statue of Jesus Christ that draws millions of Roman Catholic devotees as the coronavirus pandemic continues to afflict the country. The Philippines, renowned for its colourful religious rituals, has the second-highest number of novel coronavirus infections and deaths in Southeast Asia behind Indonesia. "The grand procession of the life-sized image of the Black Nazarene in January 2021 has been cancelled due to the COVID-19 pandemic," the city government of Manila said in a statement.
BusinessReutersHuawei ekes out third-quarter revenue growth as U.S. restrictions bite
Huawei Technologies Co Ltd eked out a gain in third-quarter revenue as the impact of the COVID-19 pandemic added to supply-chain difficulties brought about by U.S. restrictions on doing business with the Chinese firm. The figure comes a day after the telecommunications equipment maker announced its latest flagship smartphone, potentially its last in the high-end Android segment most dependent on U.S. technology. It also comes after Sweden became the latest nation to ban Huawei from its fifth-generation (5G) network infrastructure, following U.S. suspicion of Huawei's relationship with China's communist government - which Huawei has dismissed.
NewsReutersExclusive: 'Dumb mistake' exposed Iranian hand behind fake Proud Boys U.S. election emails, sources say
Government analysts and private sector investigators were able to rapidly attribute to Iranian hackers a wave of thousands of threatening emails aimed at U.S. voters because of mistakes made in a video attached to some of the messages, according to four people familiar with the matter. "Either they made a dumb mistake or wanted to get caught," said a senior U.S. government official, who asked not to be identified.
ScienceAFP NewsOld is gold: Like humans, aging chimps prioritize important friendships
When it comes to friendships, people are known to become more selective with age.
BusinessReutersSoftBank Group restarts dividend as finances stabilise
SoftBank Group Corp said on Friday it would pay an interim dividend of 22 yen per share, the same as the previous fiscal year, after a series of massive asset sales stabilised the group's finances. The dividend declaration is the latest sign the group, which was shaken by soured investments and the COVID-19 pandemic, is regaining its confidence, buoyed by deals including the $40 billion sale of chip designer Arm to Nvidia Corp. Asset sales have stoked speculation about how SoftBank might deploy its mounting cash pile, with CEO Masayoshi Son telling a Saudi Arabian conference on Thursday that he is a "risk taker."
BusinessReutersStarboard's Smith calls ACI Worldwide 'attractive' takeover target
Activist investor Starboard Value, which now owns 9% of ACI Worldwide Inc, views the payment systems company as an "attractive" takeover candidate, the hedge fund's chief Jeffrey Smith said at a conference on Thursday. "ACI looks equally as attractive when you compare its current revenue multiple to recent transaction comps," Smith, Starboard's chief executive officer and chief investment officer, said.
BusinessReutersIntel's margins tumble as customers shift to cheaper chips, shares slide 10%
Intel, the dominant provider of processor chips for PCs and data centers, has struggled with manufacturing delays. Chip sales are booming, but customers want lower-priced chips rather than Intel's pricier high-performance offerings, dragging down overall gross margins. The pandemic has given Intel a boost in the form or surging laptop sales as employees and students work and learn from home.
BusinessReutersAnalysis: Is PayPal's crypto move a game-changer for bitcoin? Probably not, say experts
PayPal Holdings Inc's <PYPL.O> decision to open its network to bitcoin and its rivals was hailed by virtual coin enthusiasts as a watershed moment for cryptocurrencies and their path towards becoming a widespread means of payment. PayPal's decision could, however, help the company attract new users in an increasingly competitive digital payments landscape where innovation is king, the experts said. It is also likely to prepare the company for the advent of mainstream digital coins, like those that could be developed by central banks, they added.
NewsAFP NewsUK-EU talks resume as clock ticks down to Brexit deadline
Britain and the European Union launched an intensive round of Brexit talks on Thursday, vowing to work round the clock to seal a trade deal in the little time left.
BusinessReutersMcAfee Corp shares fall 7% in Nasdaq debut
McAfee priced its IPO towards the lower end of its targeted range between $19 and $22 per share. The offering marks a return to public markets for McAfee, which was bought by Intel Corp <INTC.O> in 2011. Thoma Bravo took a minority stake in McAfee in 2017.
NewsAFP NewsSaudis shun 'made in Turkey' as rivalry deepens
From pickled vine leaves to coffee and cheese, Saudi supermarkets are taking Turkish products off the shelves after calls for a boycott, as rivalry between Riyadh and Ankara heats up.
BusinessReutersNvidia deal for Arm will drive computing power growth: SoftBank's Son
SoftBank Group Corp CEO Masayoshi Son said on Thursday the sale of chip designer Arm to Nvidia Corp will drive growth in computing power, in his first public comments since the $40 billion deal was announced in September. The Nvidia deal, part of a series of asset sales by Son, whose group has been shaken by soured investments and the COVID-19 pandemic, has raised concerns it will threaten Arm's role as a neutral supplier in the industry.
BusinessReutersAT&T takes pandemic hit, but surpasses revenue expectations
Shares of AT&T surged 5% to $28.11 in morning trading. The company added 645,000 net new phone subscribers during the quarter who pay a recurring monthly bill. Analysts had expected AT&T to lose a net 9,000 customers, according to research firm FactSet.
BusinessReutersSTMicro sees more sales growth in fourth-quarter despite Huawei ban
STMicro said it was expecting fourth-quarter sales to grow by about 12% from the previous quarter to $2.99 billion and to generate a gross margin of about 38.5%, or two and a half percentage points higher than in the quarter that ended in September. This forecast takes into account the loss of sales from Huawei, the world's biggest telecoms equipment maker, following new curbs imposed by U.S. authorities, which barred companies from supplying or servicing the company. "After thirty quarters of consecutive revenue growth with Huawei, ST’s revenue from Huawei in Q4 will be zero," Chief Executive Officer Jean-Marc Chery said on a call.
NewsReutersAnalysis: As popularity slides, Alberta's Kenney has oil pipeline riding on U.S. vote
The premier of Canada's oil-producing province Alberta is losing popularity as the pandemic deepens its economic woes, highlighting the big pipeline bet that Jason Kenney has riding on the U.S. election. Kenney said in March that Alberta would invest C$1.5 billion ($1.14 billion) in TC Energy Corp's Keystone XL (KXL) oil pipeline and back the company's C$6-billion credit facility. It faces a potentially fatal blow if Democratic presidential nominee Joe Biden, leading in polls, wins the White House on Nov. 3.
PoliticsReutersGoogle's antitrust legal woes far from over if Biden wins
The U.S. Justice Department's nascent antitrust case against Google will get the attention it needs to succeed if Democrat Joe Biden wins the U.S. presidency next month, antitrust experts said. William Kovacic, an antitrust professor at George Washington University Law School, said he expects a Biden Justice Department would do one of two things: support the case all the way as it is, or amend the complaint to add new claims. "What they will not do is drop this case," Kovacic predicted.
