Rabu, 30 Oktober 2019

Peugeot owner in merger talks with Fiat Chrysler - BBC News

PSA Group, the French owner of Peugeot, is exploring a merger with its US-Italian rival Fiat Chrysler, it has confirmed.

A deal between the two carmakers would create a business with a combined market value of nearly $50bn (£39.9bn).

This is Fiat Chrysler's second attempt at a merger this year after it pulled out of an agreement with Renault in June.

Fiat Chrysler shares jumped 7.5% on Wall Street.

The potential merger would face significant political and financial hurdles.

Discussions remain in the early stages and there is no guarantee of a final deal.

However, if the two companies do combine, PSA chief executive Carlos Tavares is expected to lead the enlarged group.

John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli industrial dynasty which controls the business, would retain the same position at the new company.

A merger of the two groups would bring a number of brands under one roof including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall.

The talks come months after a proposed tie-up between Fiat Chrysler and French carmaker Renault collapsed.

Fiat Chrysler had described its bid for Renault as a "transformative" proposal that would create a global automotive leader.

Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate.

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https://www.bbc.com/news/business-50228611

2019-10-30 08:15:16Z
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Peugeot owner in merger talks with Fiat Chrysler - BBC News

PSA Group, the French owner of Peugeot, is exploring a merger with its US-Italian rival Fiat Chrysler, it has confirmed.

A deal between the two carmakers would create a business with a combined market value of nearly $50bn (£39.9bn).

This is Fiat Chrysler's second attempt at a merger this year after it pulled out of an agreement with Renault in June.

Fiat Chrysler shares jumped 7.5% on Wall Street.

The potential merger would face significant political and financial hurdles.

Discussions remain in the early stages and there is no guarantee of a final deal.

However, if the two companies do combine, PSA chief executive Carlos Tavares is expected to lead the enlarged group.

John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli industrial dynasty which controls the business, would retain the same position at the new company.

A merger of the two groups would bring a number of brands under one roof including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall.

The talks come months after a proposed tie-up between Fiat Chrysler and French carmaker Renault collapsed.

Fiat Chrysler had described its bid for Renault as a "transformative" proposal that would create a global automotive leader.

Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate.

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https://www.bbc.com/news/business-50228611

2019-10-30 07:41:43Z
52780422114346

Peugeot owner in merger talks with Fiat Chrysler - BBC News

PSA Group, the French owner of Peugeot, is exploring a merger with its US-Italian rival Fiat Chrysler, it has confirmed.

A deal between the two carmakers would create a business with a combined market value of nearly $50bn (£39.9bn).

This is Fiat Chrysler's second attempt at a merger this year after it pulled out of an agreement with Renault in June.

Fiat Chrysler shares jumped 7.5% on Wall Street.

The potential merger would face significant political and financial hurdles.

Discussions remain in the early stages and there is no guarantee of a final deal.

However, if the two companies do combine, PSA chief executive Carlos Tavares is expected to lead the enlarged group.

John Elkann, Fiat Chrysler's chairman and the head of Italy's Agnelli industrial dynasty which controls the business, would retain the same position at the new company.

A merger of the two groups would bring a number of brands under one roof including Alfa Romeo, Citroen, Jeep, Opel, Peugeot and Vauxhall.

The talks come months after a proposed tie-up between Fiat Chrysler and French carmaker Renault collapsed.

Fiat Chrysler had described its bid for Renault as a "transformative" proposal that would create a global automotive leader.

Industry shifts toward electric models, along with stricter emissions standards and the development of new technologies for autonomous vehicles, have put increasing pressure on carmakers to consolidate.

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https://www.bbc.com/news/business-50228611

2019-10-30 06:44:18Z
52780422114346

WhatsApp sues Israeli firm over phone hacking claims - BBC News

Facebook-owned WhatsApp has filed a lawsuit against Israel's NSO Group, alleging the firm was behind cyber-attacks that infected devices with malicious software.

WhatsApp accuses the company of sending malware to roughly 1,400 mobile phones for the purposes of surveillance.

Users affected included journalists, human rights activists, political dissidents, and diplomats.

NSO Group, which makes software for surveillance, disputed the allegations.

In a court filing, WhatsApp said NSO Group "developed their malware in order to access messages and other communications after they were decrypted on target devices".

It said NSO Group created various WhatsApp accounts and caused the malicious code to be transmitted over the WhatsApp servers in April and May.

"We believe this attack targeted at least 100 members of civil society, which is an unmistakable pattern of abuse," WhatsApp said in a statement.

The affected users had numbers from several countries, including Bahrain, the United Arab Emirates and Mexico, according to the lawsuit.

WhatsApp said it is seeking a permanent injunction banning NSO from using its service.

The firm, which was acquired by Facebook in 2014, said it was the first time an encrypted messaging provider had taken legal action of this kind.

WhatsApp promotes itself as a "secure" communications app because messages are end-to-end encrypted. This means they should only be displayed in a legible form on the sender or recipient's device.

NSO Group said it would fight the allegations.

"In the strongest possible terms, we dispute today's allegations and will vigorously fight them," the company said in a statement to the BBC.

"The sole purpose of NSO is to provide technology to licensed government intelligence and law enforcement agencies to help them fight terrorism and serious crime."

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https://www.bbc.com/news/business-50230431

2019-10-30 05:10:01Z
52780422415614

Selasa, 29 Oktober 2019

S&P 500 rises further into record territory; Google miss weighs on tech shares - MarketWatch

U.S. stocks traded on either side of unchanged Tuesday, a day after the S&P 500 index scored a record close, as investors kept their attention on a stream of corporate earnings and awaited a two-day Federal Reserve meeting that’s expected to deliver another interest rate cut on Wednesday.

What are major indexes doing?

The Dow Jones Industrial Average  DJIA, +0.04% rose 4 points, or less than 0.1%, at 27,094, while the S&P 500 index SPX, +0.16% rose 4 points, or 0.1%, to 3,044, after it notched an all-time intraday high just shy of 3,048. The Nasdaq Composite Index COMP, -0.33% retreated 26 points, or 0.3%, at 8,300.

The S&P 500 ended in record territory for the first time in three months on Monday, with the large-cap index rising 16.87 points, or 0.6%, to close at a record 3,039.42, taking out the previous all-time closing high of 3,025.86 set on July 26. Other major indexes weren’t far behind, with the Dow ending just 1% from its record close set on July 15 and the Nasdaq Composite finishing just shy of its record close of 8,330.21 set on July 26.

What’s driving the market?

Investors parsed another round of corporate earnings reports Tuesday.

Shares of Google parent Alphabet Inc. GOOG, -1.98% GOOGL, -2.06%  were down 2% after the search giant reported a third-quarter earnings miss late Monday, helping weigh on technology shares and the broader S&P 500.

Corporations, however, largely continued a trend of reporting better-than-feared third quarter results, though expectations were lowered significantly heading into earnings season. Dow components Merck & Co. Inc. MRK, +4.26% and Pfizer Inc. PFE, +3.10%  were both on the rise. Merck reported third-quarter profit and revenue that beat expectations and Pfizer said that third-quarter earnings rose more than expected, while upgrading guidance for the full-year 2019.

The drug companies combined to give the Dow a 15-point boost in early Tuesday trade.

U.S.-China trade was also on the radar, with equities getting a lift Monday from positive noises out of Beijing and Washington late last week and over the weekend on prospects for concluding a deal. Stocks pulled back Tuesday afternoon, however, after a Reuters report that a “phase one” trade deal may not be ready for signing by the time President Trump and President Xi Jinping meet next month in Chile.

The focus was also turning to the Fed, with investors pondering whether the central bank will move to dampen expectations for further monetary easing beyond Wednesday’s expected interest rate cut.

Read: 3 things to watch when the Fed meets this week

“Before the Fed releases its decision tomorrow and top-tier economic data begin to trickle in, today is likely to show a lackluster session, although we doubt the positive mood will come to an abrupt end,” wrote analysts at UniCredit Bank, in a note.

Related: Why would the Fed cut interest rates a 3rd time even as stocks near records?

The highlight of this week’s economic calendar comes Friday with the October U.S. employment numbers. On Tuesday, investors were watching the Case-Shiller home-price index, which fell 0.2% in August while rising 2% year-over-year.

U.S. consumer confidence edged lower in October, with the Conference Board’s consumer confidence index printing at 125.9, from 126.3 in the prior month. Economists polled by MarketWatch had forecast a reading of 128.0.

Pending home sales rose for the second month in September, with the National Association of Realtors reporting they climbed 1.5%.

What companies are in focus?

Boeing Co. BA, +0.87%  shares were on investors radar as chief executive officer Dennis Muilenburg appeared before the U.S. Senate Commerce Committee as part of its investigation into the company's 737 Max which were involved in 2 deadly crashes in the last year. Boeing’s stock was up 0.5%.

General Motors Co. GM, +5.10%  reported third-quarter profits that were well above expectations, despite a month long strike, and revenue that fell less than forecast, sending shares 5.1% higher Tuesday morning.

Shares of Mastercard Inc. MA, -0.11%  rose 0.1% early Tuesday after the payments company beat forecasts for profits and sales in the third quarter.

Shares of ConocoPhillips COP, +3.09%  fell 1.6% after the energy company beat estimates for earnings-per-share but did not report a revenue figure.

HCA Healthcare Inc. HCA, +6.37%  shares rose 6.3% Tuesday morning after the hospital operator reported earnings that fell more than expected in the third quarter, but revenue that rose more than expected.

Xerox Holdings Corp. XRX, +11.72%  shares were also up more than 14.1%, lifted after the copier maker reported third-quarter profit and revenue that topped expectations and said it had decided not to sell its consumer financing business.

Grubhub Inc. GRUB, -43.13%  shares were off 41% after the online food delivery company reported disappointing sales figures and a downbeat outlook.

A first-time quarterly profit wasn’t providing a lift for meat-substitute purveyor Beyond Meat Inc. BYND, -18.99%. Shares were down 17.3% Tuesday after the company reported results after Monday’s closing bell.

How are other markets trading?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, -0.43%  fell about 1 basis point to 1.840%.

In commodities markets, the price of West Texas Intermediate crude oil for December delivery CLZ19, -0.16%  fell $1 to $54.82 a barrel and the price of an ounce of gold GCZ19, -0.31%  retreated $8.20 to $1,487.60.

In Asia overnight, stocks traded mixed, the China CSI 300 000300, -0.42%  falling 0.4%, Japan’s Nikkei 225 NIK, +0.47%  gaining 0.4% and Hong Kong’s Hang Seng Index HSI, -0.39%  falling 0.4%. In Europe, stocks were mostly lower, as reflected by the Stoxx Europe 600 SXXP, -0.16%, which fell 0.3%.

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https://www.marketwatch.com/story/stock-index-futures-edge-lower-after-sp-500-notches-record-2019-10-29

2019-10-29 17:12:32Z
52780420361996

Australia sues Google over alleged misuse of location data - CNN

The Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Google on Tuesday, alleging that the company "engaged in misleading conduct and made false or misleading representations to consumers" related to location data.
Regulators around the world are subjecting Google to increased scrutiny over its search and data practices. The European Union has gone after the tech giant with tough new regulations, court battles and massive antitrust fines. Google (GOOGL) and its parent company, Alphabet, are also involved in a broad antitrust review launched by the US Department of Justice.
The lawsuit filed in Australia is the first major court case resulting from an 18-month inquiry into tech platforms such as Google and Facebook that recommended more regulation for tech companies and efforts to improve competition in media.
The regulator claimed that on-screen messages on Android mobile phones and tablets made it seem as though users had stopped Google from collecting location data even though they hadn't.
"We are taking court action against Google because we allege that as a result of these on-screen representations, Google has collected, kept and used highly sensitive and valuable personal information about consumers' location without them making an informed choice," ACCC Chair Rod Sims said in a statement.
A Google spokesperson told CNN Business that the company is reviewing the allegations.
"We continue to engage with the ACCC and intend to defend this matter," the spokesperson said.
The ACCC alleges that from January 2017 to late 2018 Google made users setting up a Google Account on Android mobile phones and tablets believe that switching off "Location History" would prevent location data collection.
Lloyd Blankfein fears Elizabeth Warren wants 'cataclysmic change' for US economy
In fact, users had to switch off both "Location History" and "Web & App Activity" settings to prevent their location data from being collected.
From mid-2018 to late 2018 Google also made it seem that users could only prevent the collection, storage and use of location data by ending their use of certain Google services, such as Google Search and Google Maps, according to the regulator.
However switching off both settings would have made this possible.
"Many consumers make a conscious decision to turn off settings to stop the collection of their location data, but we allege that Google's conduct may have prevented consumers from making that choice," said Sims.
The ACCC is asking the court to impose penalties, declarations and orders requiring the publication of corrective notices, as well as a compliance program, according to a statement.

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https://www.cnn.com/2019/10/29/tech/google-location-data-australia-scli-intl/index.html

2019-10-29 11:55:00Z
52780421795799

Saudi Aramco aims to begin planned IPO on Nov. 3: sources - Reuters

DUBAI/RIYADH (Reuters) - Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors.

The people also said Aramco’s chief executive officer, Amin Nasser, was not present at the conference on Tuesday as he was meeting investors abroad ahead of the offering.

Aramco is looking to float a 1% to 2% stake on the kingdom’s Tadawul market, in what would be one of the largest ever public offerings, worth upwards of $20 billion.

Aramco, in response to queries by Reuters, said on Tuesday the oil company “does not comment on rumour or speculation. The company continues to engage with the shareholders on IPO readiness activities. The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”

The people declined to be identified due to commercial sensitivities.

The company will soon have more shareholders from institutions, the head of the kingdom’s sovereign wealth fund, Yassir al-Rumayyan, said.

Al-Rumayyan, governor of the Public Investment Fund (PIF) and chairman of Aramco’s board of directors, was speaking at a panel at the conference in Riyadh.

Aramco will start subscription for investors in its initial public offering on Dec. 4, Saudi-owned news channel Al-Arabiya said in a news flash on Tuesday citing sources.

The oil giant plans to announce the transaction’s price on Nov. 17, it added. The company will begin trading on the local stock market, the Tadawul, on Dec. 11, the broadcaster reported.

The prospect of Aramco selling a piece of itself has had Wall Street on tenterhooks since Crown Prince Mohammed bin Salman first flagged it three years ago.

However, his desired $2 trillion valuation has always been questioned by some financiers and industry experts, who note that countries have been accelerating efforts to shift away from fossil fuels to curb global warming, putting oil prices under pressure and undermining producers’ equity value.

Russia’s sovereign wealth fund, the Russian Direct Investment Fund (RDIF), is working on a consortium of investors for Aramco’s IPO, its chief executive said.

FILE PHOTO: The Saudi Aramco logo pictured at the company's oil facility in Abqaiq, Saudi Arabia, October 12, 2019. REUTERS/Maxim Shemetov

“There are several Russian pensions funds who are interested to invest in the Aramco IPO and we have also received indications from our Russia-China fund of some Chinese major institutions also interested in Aramco IPO,” Russian Direct Investment Fund (RDIF) head Kirill Dmitriev told reporters on Tuesday.

Separately, Aramco has not approached the Kuwait Investment Authority (KIA) to invest in the IPO, the sovereign wealth fund’s managing director Farouk Bastaki said on Tuesday.

“KIA has not been approached by Aramco or its advisers for the IPO, and KIA will look at the IPO like any other investment,” Bastaki told reporters on the sidelines of an investment conference in Riyadh.

Reporting by Hadeel Al Sayegh in Dubai, Davide Barbuscia and Saeed Azhar in Riyadh; Additional reporting by Rania El Gamal and Marwa Rashad in Riyadh, and Asma AlSharif in Dubai; editing by Giles Elgood and Jason Neely

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https://www.reuters.com/article/us-saudi-aramco-ipo/saudi-aramco-aims-to-begin-planned-ipo-on-nov-3-sources-idUSKBN1X80JH

2019-10-29 12:08:19Z
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