Business

Goldman Sachs has derivatives positions worth 6.7% stake in UniCredit, filing shows

MILAN (Reuters) – Goldman Sachs has derivative positions in UniCredit equivalent to a 6.7% stake in the Italian bank as of Sept. 30, mostly swap and future contracts as well as call options, a regulatory filing showed on Monday. The position, held through Goldman Sachs International and another nine subsidiaries, if exercised would make the U.S. bank a top investor in UniCredit whose single biggest shareholder is fund manager BlackRock with 7.02%. Filings with Italian … Read more…

US bank profits to shrink on interest income, focus shifts to Fed cuts

By Nupur Anand NEW YORK (Reuters) – JPMorgan Chase and Wells Fargo kick off earnings for the sector on Friday, and investors are expected to focus on the big banks’ forecasts for net interest income after strong jobs data fueled uncertainty about the path of future Federal Reserve rate cuts. Both banks are expected to report lower profits for the third quarter after interest income may shrink while loan demand remained subdued. The sector reaped a … Read more…

Sabadell CEO says 2024 full-year profit could top 1.6 billion euros

MADRID (Reuters) – The CEO of Spain’s Sabadell, Cesar Gonzalez-Bueno, on Thursday said the bank could earn more than 1.6 billion euros ($1.76 billion) in net profit in 2024 if it manages to perform as well in the second half of the year as it did in the first. Sabadell is trying to fend off an around 12 billion euro hostile takeover by rival BBVA. In July, Sabadell said it expected to end 2024 with … Read more…

Tesla misses estimates for third-quarter deliveries on stiff competition

By Akash Sriram (Reuters) -Tesla handed over fewer vehicles than analysts expected in the third quarter as stiff competition in China and Europe hit demand for its aging models, putting the electric-vehicle maker at risk of its first-ever decline in annual deliveries. Shares of the world’s most valuable automaker fell more than 6% in morning trading on Wednesday and were on track to erase nearly all their gains for the year. Growing consumer interest in … Read more…

OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia

By Krystal Hu (Reuters) -OpenAI, the company behind ChatGPT, has raised $6.6 billion from investors, which could value the company at $157 billion and cement its position as one of the most valuable private companies in the world. The funding has attracted returning venture capital investors including Thrive Capital and Khosla Ventures, as well as OpenAI’s biggest corporate backer Microsoft, and new participation from Nvidia. The closing of the funds coincides with the company’s ongoing … Read more…

Lilly to invest $4.5 billion on new facility to scale-up pipeline drug production

(Reuters) -U.S. drugmaker Eli Lilly said on Wednesday it will invest $4.5 billion to create a new center in Indiana that will focus on developing new ways to manufacture its drugs and increasing production of experimental medicines used in clinical studies. Lilly and Danish rival Novo Nordisk are market leaders for a class of weight-loss treatments known as GLP-1 agonists, which work by suppressing appetite. Some analysts expect this market will reach $150 billion by … Read more…

US issues $2 billion electric vehicle tax rebates since Jan 1, Treasury says

By David Shepardson WASHINGTON (Reuters) – The U.S. government has issued $2 billion in advance point-of-sale consumer electric vehicle (EV) tax credit payments since Jan. 1 covering more than 300,000 vehicles, the Treasury said on Tuesday. Since new rules took effect this year allowing for consumers to take advantage of EV tax credits worth up to $7,500 at the point of sale, more than 250,000 tax credits have been issued for new EVs and around … Read more…

DirecTV clinches long-elusive deal to combine with Dish

By Milana Vinn and Dawn Chmielewski NEW YORK (Reuters) – DirecTV on Monday agreed to buy EchoStar’s satellite television business that includes Dish TV, capping decades of on-and-off talks to create one of the nation’s largest pay TV distributors with a combined 20 million subscribers. The transaction comes at a time when satellite TV services DirecTV and Dish are hemorrhaging market share to competitors like Netflix and Amazon’s Prime Video, which have benefited from changing consumer habits … Read more…

EBay wins dismissal of US lawsuit over sale of harmful products

By Jonathan Stempel NEW YORK (Reuters) -A federal judge dismissed a U.S. Department of Justice lawsuit accusing eBay of violating environmental laws by allowing the sale of hundreds of thousands of harmful products on its platform, including pesticides and devices to evade motor vehicle pollution controls. U.S. District Judge Orelia Merchant in Brooklyn ruled on Monday that Section 230 of the federal Communications Decency Act, which protects online platforms from liability over user content, shielded … Read more…

Boeing suppliers fear long-term jobs hit from strike

By Allison Lampert and Tim Hepher (Reuters) – Boeing’s two-week-old strike has forced aerospace supplier Pathfinder Manufacturing to furlough 14 out of the company’s 54 employees, and CEO Dave Trader fears he may need to send more home if the stoppage grinds on. Pathfinder runs a project to attract new recruits to the aerospace industry, and trains them alongside skilled workers at its facility yards away from Boeing’s Everett jet factory outside Seattle, the largest … Read more…