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Microsoft says new computing service for chemicals can slash R&D time

22 Jun 2023

By Stephen Nellis Microsoft Corp on Wednesday introduced a new computing service aimed at helping chemical companies speed up the research and development of new materials. Azure Quantum Elements, as the service is called, relies on computing power to help chemical companies simulate huge numbers of possible combinations of atoms. The point is to use …

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Global watchdog seeks action on ‘too little, too late’ corporate goodwill writedown

22 Jun 2023

By Huw Jones LONDON (Reuters) – Tougher accounting rules may be needed that force companies to write down goodwill faster and stop “overly optimistic” calculations, a global securities watchdog said on Thursday. Goodwill refers to the premium a company has paid for another company, above the net value of its assets. It has to be …

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Fed, ECB may slash bank reserves by 90% in new era of high rates – paper

22 Jun 2023

FRANKFURT (Reuters) – The Federal Reserve and the European Central Bank may mop up as much as 90% of the money they pumped into banks over the last decade now that high inflation and interest rates make that extra liquidity unnecessary, a paper by a Fed economist showed on Thursday. The world’s two largest central …

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Siemens Energy scraps profit outlook as wind turbine troubles deepen

22 Jun 2023

By Christoph Steitz FRANKFURT (Reuters) -Siemens Energy, which supplies equipment and services to the power sector, scrapped its 2023 profit outlook after a review of its wind turbine unit exposed deeper than expected problems that could cost more than 1 billion euros ($1.1 billion). Issues at the company’s Siemens Gamesa unit have been a drag …

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Italy’s TIM enters into exclusive talks with KKR over grid sale

22 Jun 2023

By Elvira Pollina and Giuseppe Fonte MILAN (Reuters) -Telecom Italia (TIM) has granted U.S. fund KKR a period of exclusive negotiations for the sale of its landline grid, the Italian phone group said on Thursday. TIM’s board unanimously mandated CEO Pietro Labriola to start talks with KKR aimed at obtaining a binding offer no later …

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Exclusive-Italian prosecutors investigate Cinven-owned Eurovita

22 Jun 2023

By Emilio Parodi and Pablo Mayo Cerqueiro MILAN (Reuters) -Prosecutors in Milan have opened an investigation into Eurovita, a small life insurer that has been placed under special administration by Italian authorities, two people with direct knowledge of the matter said. Italy is striving to finalise an industry rescue for Eurovita, which is owned by …

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Recent rate hikes should also be passed on to savers – ECB’s De Guindos

22 Jun 2023

MADRID (Reuters) – Recent interest rate hikes by the European Central Bank should be fully transmitted to savers and reflected in higher deposit rates, ECB Vice-President Luis de Guindos said on Thursday. “A full transmission (of monetary policy) requires the remuneration of savings,” De Guindos told a financial event in the northern Spanish city of …

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London stocks fall as BoE delivers bigger-than-expected rate hike

22 Jun 2023

By Khushi Singh and Shashwat Chauhan (Reuters) -British equities slipped in broad-based declines on Thursday after the Bank of England delivered a bigger-than-expected half a percentage point rate hike, while Ocado shares jumped after a report on speculation about bid interest in the online grocer. The internationally-focused FTSE 100 dropped 0.8%, touching a three week …

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Amazon declines to comment on report of bid interest in UK’s Ocado

22 Jun 2023

LONDON (Reuters) – A spokesperson for Amazon declined to comment on Thursday on a Times newspaper report that highlighted talk of potential bid interest in British online supermarket group Ocado. Ocado shares were up 43% by 0923 GMT on the London Stock Exchange following the report. (Reporting by James Davey and Muvija M, Editing by …

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