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FAA finalizes pilot training, certification rules for air taxis

22 Oct 2024

By David Shepardson (Reuters) – The Federal Aviation Administration said on Tuesday it was finalizing comprehensive training and pilot certification rules for flying air taxis, addressing a key hurdle to the deployment of electric vertical takeoff and landing aircraft. The White House cleared the FAA’s final rules on Friday that were first proposed in June …

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L’Oreal third quarter sales miss expectations as China buys less

22 Oct 2024

PARIS (Reuters) -French cosmetics giant L’Oreal reported a rise in third quarter sales on Tuesday that missed expectations after low consumer confidence in China sapped demand for beauty products. The company, which owns the Maybelline and Lancome brands, said sales for the three months to the end of September were 10.28 billion euros ($11.11 billion), …

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Starboard Value CEO says Pfizer’s board should hold management accountable

22 Oct 2024

By Michael Erman and Svea Herbst-Bayliss NEW YORK (Reuters) -Activist hedge fund Starboard Value’s chief executive officer said on Tuesday that drugmaker Pfizer’s board needs to hold management accountable for its underperformance, particularly for its record for producing profitable new drugs. “We measure success in producing blockbuster drugs and we all get measured by our …

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Former Abercrombie CEO Mike Jeffries indicted for sex trafficking

22 Oct 2024

(Reuters) -Mike Jeffries, the former chief executive of Abercrombie & Fitch, has been indicted on sex trafficking and prostitution involving dozens of men. The charges were unveiled on Tuesday, a decade after Jeffries left the retailer he built over 22 years into a popular clothing brand known for sexually charged marketing. Jeffries, his partner Matthew …

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Philip Morris shares soar on strong third quarter

22 Oct 2024

(Reuters) -Philip Morris International’s (PMI) <PM.N> shares hit record highs on Tuesday after the cigarette maker raised its annual profit forecast and beat third-quarter estimates thanks to higher prices and strong demand for its smoking alternatives. PMI has invested billions of dollars in developing substitutes for cigarettes as health-conscious consumers switch to smoking alternatives in …

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JPMorgan chief Dimon would consider a role in Harris administration, NYT reports

22 Oct 2024

(Reuters) -JPMorgan Chase CEO Jamie Dimon would consider a government role, perhaps that of the Treasury Secretary, if Democratic Vice President Kamala Harris wins the U.S. presidential election, the New York Times reported on Tuesday. Dimon is not making his stance known publicly for fear of retribution should Donald Trump, the Republican presidential candidate, win, …

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3M raises annual profit forecast, explores sale of small businesses

22 Oct 2024

By Kannaki Deka (Reuters) -3M Co raised its full-year profit forecast on Tuesday after strong demand for roofing material, industrial adhesives and electronics equipment helped the U.S. manufacturing giant surpass quarterly profit estimates. The Scotch Tape maker also announced it was reviewing its portfolio and had initiated a sale process for “a few small businesses”. …

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SAP shares hit all-time high after upbeat cloud business outlook

22 Oct 2024

By Hakan Ersen FRANKFURT (Reuters) -Shares in SAP were up 5% at market open on Tuesday, hitting an all-time high of 221 euros ($239.21) after the German software company raised its full-year targets on a strong cloud business in the third quarter. Cloud revenue grew 27%, adjusted for currency effects, to 4.35 billion euros ($4.71 …

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Stocks down, US yields higher as traders weigh election uncertainty

22 Oct 2024

By Chibuike Oguh NEW YORK (Reuters) -A gauge of global shares was lower on Tuesday, on track for the second consecutive day of losses, with U.S. yields higher as markets weighed uncertainty ahead of the U.S. election as well as the outlook on interest rate cuts. Democratic Vice President Kamala Harris held a marginal 46% …

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Ten bodies recovered after fuel tanker explodes in Uganda

22 Oct 2024

KAMPALA (Reuters) -Ten bodies were recovered from the scene of a fuel tanker explosion in Uganda’s capital Kampala on Tuesday, a Reuters witness said. Police said the tanker had overturned around 1500 local time (1200 GMT) and that “several people may have lost their lives, while others have been injured”. The incident occurred in the …

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