Wednesday, July 28

REU

PMN Business, REU

Soybeans rise on concerns over US crops

Article content CANBERRA — US soybean futures rose on Wednesday as concerns over the condition of crops due to recent unfavorable weather underpinned prices. FUNDAMENTALS * The most-active soybean futures on the Chicago Board Of Trade were up 0.5% to $13.66-3/4 a bushel by 0049 GMT, having closed little changed in the previous session. * The most-active corn futures were up 0.2% to $5.47-1/4 a bushel, having closed little changed in the previous session. * The most-active wheat futures were up 0.2% at $6.75-1/2 a bushel, having closed down 0.4% on Tuesday. Article content * US corn and soybean crops deteriorated in the latest week from dryness in growing areas west of the Mississippi River, the US Department of Agriculture said on Monday. * The agency said good-to-excellent ratings for...
PMN Business, PMN Technology, REU

White House wants broadband funding in infrastructure bill-sources

Article content A bipartisan group of senators and the White House are debating extending a program started early in the COVID-19 pandemic to help lower-income Americans get broadband access by tucking it into the $1.2 trillion infrastructure package, according to two sources familiar with the discussions. Lawmakers passed the $3.2 billion emergency program last year as a way to help struggling Americans secure broadband internet access during the pandemic. The money helped pay for monthly services along with equipment. Article content Senators are struggling to reach a deal to revitalize the nation's roads, bridges and other infrastructure, a key domestic priority of President Joe Biden, who promised to expand the nation's broadband network while also keeping it affordable for lower-i...
PMN Business, PMN Economy, REU

Santander Brasil taps CEO Rial as bank’s next chairman

Article content BRASILIA — Brazilian bank Santander Brasil said on Tuesday that current Chief Executive Sergio Rial would become board chairman, while corporate banking head Mario Roberto Opice Leão will become CEO, in moves that will take effect in January. Rial, who has been at the helm of Santander Brasil since January 2016, will also leave his position as regional head for South America. Carlos Rey de Vicente, current vice-president of finance, will replace him. Still, Rial will continue at the board of directors of Spain's Banco Santander, according to a statement, where he has been a director since February 2020. Leão has been at Santander for roughly six years and has a long-term career in corporate banking. He will also join Santander Brasil's board of directors. (Reporting by ...
PMN Business, REU

Athleta, sponsor of US Olympic gymnast Simone Biles, says it stands by her

Article content Athleta, sponsor of US Olympic gymnast Simone Biles, said in a statement on Tuesday that it stands by her after she dropped out of the women's team final at the Tokyo Summer Games, saying she had to focus on her mental health. “We stand by Simone and support her well-being both in and out of competition,” Athleta Chief Brand Officer Kyle Andrew said in a statement. “Being the best also means knowing how to take care of yourself. We are inspired by her leadership today and are behind her every step of the way." Athleta is owned by Gap Inc. (Reporting by Helen Coster; Editing by Leslie Adler) financialpost.com
PMN Business, REU

Walmart to pay college, book costs for full and part-time staff

Article content NEW YORK — Walmart Inc on Tuesday said it will pay the full cost of college tuition and books for its roughly 1.5 million full and part-time employees, effective Aug. 16. The largest private US employer said it will drop the current $1 a day fee paid by associates at Walmart and its subsidiary Sam's Club. Consumer demand is soaring as the US economy reopens from the COVID-19 pandemic, deepening a national labor crunch. Employers are adding benefits and boosting wages as they struggle to find and keep enough workers, particularly in retail and restaurants. Article content Walmart has been criticized for years because thousands of its workers are below the poverty line, and it has also been rapped for paying less than rivals including Amazon.com, Kroger and Target. In Feb...
PMN Business, PMN Technology, REU

Tencent’s WeChat suspends new user registration, cites technical upgrade

Article content BEIJING — Tencent's WeChat has temporarily suspended registration of new users as it undergoes a technical upgrade, China's dominant instant messaging platform said on Tuesday. "The platform system is undergoing technical upgrade, and (new user registration) is expected to resume in early August," the company said in response to a question from Reuters after the suspension was flagged on social media. (Reporting by Sophie Yu and Tony Munroe; Editing by Clarence Fernandez) financialpost.com
PMN Business, PMN Technology, REU

Starbucks to exit S.Korea venture valued at over $2 bln

Article content Starbucks Corp is exiting its joint venture in South Korea, the US coffee giant's fifth-largest market, selling a part of its stake to local partner E-Mart Inc and the rest to Singapore's sovereign wealth fund, GIC. E-Mart, one of the largest retailers in South Korea that currently owns half the JV, will buy an additional 17.5% stake for $411 million, it said in a filing on Tuesday. It will operate the Starbucks stores. GIC will own the remaining 32.5%. This suggests a $2.35 billion valuation for the entire business, and that GIC will pay more than $700 million for its stake, according to Reuters calculations. Article content GIC declined to comment on the deal value. Starbucks said the deal is expected to be completed over the next 90 days. "South Korea continues to be...
PMN Business, REU

FirstGroup CEO steps down after investor demands his resignation

Article content LONDON — British transport company FirstGroup said Chief Executive Matthew Gregory planned to step down in September, the day after its biggest shareholder demanded he resign. New York-based Coast, which owns roughly 15% in FirstGroup, has been opposing the sale of the company's US-based FirstStudent and FirstTransit businesses to Swedish group EQT, arguing the price was too low. FirstGroup said on Tuesday that chairman David Martin would become interim executive chairman until a permanent replacement could be found. (Reporting by Sarah Young; Editing by Kate Holton) financialpost.com
PMN Business, REU

Benchmark JGB yields bounce from near zero on view drop was too fast

Article content TOKYO — Japanese government bond yields rose on Tuesday, with those on the benchmark 10-year note climbing from near zero, on the view that the rally in bond prices led by US Treasuries had run too fast. The 10-year JGB yield rose 0.5 basis point to 0.015%, after brushing against 0.005% for the prior three sessions, from as high as 0.175% as recently as February. It hasn't been at zero since mid-December. "With US long-term yields also rising yesterday, the high price of bonds has gotten heavy," said a market participant at a Japanese securities firm. Article content Benchmark 10-year JGB futures fell 0.15 point to 152.26, with a trading volume of 13,921 lots. The two-year JGB yield rose 0.5 basis point to minus 0.130%, and the five-year yield added 1 basis point to min...
PMN Business, PMN Technology, REU

Metals, banks push Indian shares higher

Article content BENGALURU — Indian shares gained on Tuesday as a slew of upbeat quarterly earnings reports helped markets consolidate, with metals and banking stocks leading the pack. By 0514 GMT, the blue-chip NSE Nifty 50 index was up 0.25% at 15,863.40 and the benchmark S&P BSE Sensex was 0.18% higher at 52,944.81. The market is likely to move higher, supported by metals and banking stocks, said AK Prabhakar, head of research at IDBI Capital, Mumbai. "Metal stocks are rallying, with Jindal Steel and Power up 4% and Hindalco up 3.7%. And, with COVID-19 cases falling and vaccination rates picking up steadily, things are headed in the right direction," Prabhakar said. Article content The Nifty metal index advanced 1.75% and was on track for a fourth straight session of gains, while the...