Latest News
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Hived, a UK-based delivery startup, raises $42 Million to expand its network
Hived is a UK parcel delivery startup that uses AI to manage its network. It announced on Thursday it had raised $42 Million in funding from investors. The money will be used to expand operations throughout the UK over the next 2 years. The Series B funding round was led by Japanese venture capital firm NordicNinja, and included Wex Venture Capital and Marunouchi Innovation Partners. Hived has signed retailers such as John Lewis, Uniqlo and Zara for online deliveries. The company is among a number that use electric vehicles to meet the demand for low-emission deliveries. Murvah Iqbal, Hived CEO, said that the new funding would be used to expand Hived’s delivery network beyond London. She stated that Hived would begin serving southern UK cities later this year before rapidly expanding to the rest the country. She said, "We plan to cover 80% the UK in the next two-years." "That's where we are headed." She added that the company will also decide whether it wants to physically expand into other markets, or instead license out its technology. Hived developed its own postcode based on the volume of customers and their demand using AI. Iqbal explained that the same system collects data about deliveries, which is then used to mentor drivers. She said, "Everyday a driver receives some feedback that will help them perform better." (Reporting by Nick Carey, editing by Barbara Lewis).
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Sources: Telecom Italia secured a 750 million euro state-backed loan
Two sources familiar with this matter said on Thursday that Telecom Italia is expected to receive a 750 million euro syndicated loan ($884 millions) backed by Italy’s export credit agency SACE. Sources who asked not to be identified said that the five-year loan provided by a group of banks would benefit from a 70 percent guarantee under SACE’s Archimede program. The finalisation is expected as soon as this month. Archimede is a programme designed to help Italian companies invest in strategic areas such as digital transformation or green transition. According to the Treasury’s multi-year budget revealed in April, it envisages an exposure maximum of 60 billion euro through 2029. Of that, 10 billion euros were already assumed by SACE. The latest data from the government showed that despite the phase-out of emergency state aid programmes in response to the COVID pandemic and the subsequent phasing-out of several guarantee schemes, Italy still helps firms obtain funding through a number of guarantee schemes totalling more than 13% GDP. EU accounting rules say that public guarantees don't increase the national debt unless they are used by banks who benefit. TIM will utilize the funds to upgrade its infrastructure and enhance digital services in accordance with EU and national digital goals. SACE and Telecom Italia declined to comment. TIM, Italy's largest telecommunications company and heir to the former phone monopoly, sold its fixed-line infrastructure last year for 18.8 billion euro to a consortium headed by the U.S. fund KKR, which included Italy's Treasury. The agreement, which aims to reduce the debt of the company and streamline its operations, helped TIM improve its credit rating. It remains below investment grade. Poste Italiane, a financial conglomerate backed by the Italian government, has replaced Vivendi as TIM's largest shareholder this year. It now holds a stake of 24.8%.
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As the US lifts restrictions on China imports, chip design software companies are on the rise.
In premarket trading, shares of Synopsys & Cadence Design Systems surged on Thursday as the United States lifted its export restrictions for chip design software. This signals a thawing in the trade tensions between China and the United States. Both companies, as well as Siemens of Germany, announced that they would resume access to their EDA tools for Chinese clients. Siemens gained 0.9% and Synopsys rose 6.7% in Frankfurt. According to a report published by the state-run Xinhua News Agency in April, three companies together control over 70% of China's EDA Market. EDA software is essential for designing semiconductors in smartphones, cars and other computing devices. The U.S. Commerce Department has also moved to remove a licensing requirement for ethane exported to China that was imposed in the beginning of this year. The Trump administration imposed a series tit for tat of trade restrictions after China suspended rare earth exports from April. Last week, the White House announced that it had reached an accord with China regarding expedited shipments of rare-earth minerals to the U.S. Susannah Streeter is the head of money markets and currency at Hargreaves Lansdown. Streeter said that there was no indication of a relaxation of controls for ASML and Nvidia. In an attempt to limit Beijing's access, the Trump administration placed export restrictions on Nvidia H20 artificial-intelligence chip in May. (Reporting and editing by Nivedita Battacharjee in Bengaluru, and Shailesh Kuber)
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INDIA RUPEE: Inflows push rupee to a one-month high, and optimism about trade deals boosts sentiment.
The Indian rupee reached its highest level in one month on Thursday. This was boosted by dollar sales made by foreign banks, and the reduction of bets against the local currency. Optimism surrounding a U.S. India trade agreement also helped sentiment. The rupee reached a high of 85.20 before closing the session at 85.31. This was a 0.4% increase on the day. The rupee was boosted by dollar sales from foreign banks during the second half of the session on Thursday. A rise above 85.40 triggered stop-loss orders for some bets made against the currency. The dollar index was stable ahead of an important U.S. employment report. The majority of Asian stock indices also rose on Thursday after U.S. and Vietnam trade talks raised the possibility that other countries in Asia could make breakthroughs ahead of the July 9, tariff deadline. India's benchmark stock indexes closed slightly lower, despite the fact that they were marginally lower. Sources familiar with the talks say that U.S.-India trade negotiators pushed hard on Wednesday to reach a deal to reduce tariffs before President Donald Trump's deadline of July 9, according to sources. DBS stated in a note on Thursday that "given the U.S. - Vietnam trade deal and the approaching deadline of July 9 for the reciprocal tariff suspension, markets are also aware of similar announcements regarding trade with India and the European Union." The rupee could rise above 85 if a deal is struck with India, but the amount of gains will depend on the foreign currency inflows. Also, if the central banks purchases dollars to shore up their FX reserves. Investors will be watching the U.S. Non-Farm Payrolls Report for clues about the future direction of Federal Reserve policy rates. The economists polled expect the U.S. to add 110,000 new jobs in June. Meanwhile, the unemployment rate is expected to rise from 4.3% to 4.3%. (Reporting and editing by Vijay Kishore; Jaspreet Klra)
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Reactions to the death of Liverpool player Jota
Here are some quotes and reactions to the death on Thursday of Diogo, a 28-year-old Liverpool and Portugal striker who died in a car accident near Zamora (northwestern Spain): LIVERPOOL FOOTBALL CLUB Diogo Jota's tragic death has devastated the Liverpool Football Club. The club has been informed that the 28-year old died in a traffic accident with his brother Andre, while they were both on holiday in Spain. Liverpool FC has no further comments to make at this time. They ask that the privacy of Diogo's and Andre’s family, their friends, teammates, and club staff be respected while they attempt to cope with such a tragic loss. We will continue to offer them our full support. PORTUGAL PRIME MINISTER LUIS MONTENEGRO The news of Diogo's death, a Portuguese athlete who had done much to honour Portugal, and that of his brother was unexpected and tragic. My deepest condolences go out to their families. "It is a sad and tragic day for football, and for national and global sports." PORTUGUESE FOOTBALL FEDERATION The Portuguese Football Federation, and the entire Portuguese Football Community are devastated by Diogo Jota's and Andre Silva's deaths in Spain today. "Diogo Jota, not only was a great player who had almost 50 caps in the national team but was also an exceptional person respected by his teammates and rivals. He was contagious and a point of reference in his community. We have lost two champions. They are irreparable losses to Portuguese football. We will do all we can to honor their memory. Former Liverpool player JAMIE CARRAGHER Diogo Jota and his brother Andre received devastating news this morning. "Our thoughts are with his family and friends, particularly his wife Rute and their three beautiful kids." PORTUGAL AND AL-HILAL MIDFIELDER RUBEN NEVES They say we only lose people if we forget them. "I will never forget you." FC PORTO "FC Porto has been in mourning." "It's with deep sorrow and shock that we express our condolences to Diogo Jota's family and friends, as well as his brother Andre Silva who was also a member of our youth team. Rest in peace. SPORTING CP "The world football is poorer." Sporting CP is saddened by the deaths of Portuguese international Diogojota and Andre Silva. "Our deepest sympathies go out to all the family during this difficult time." Reporting by Aadi Nair in Bengaluru Editing and Alexandra Hudson by Christian Radnedge
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The French air traffic controllers walkout disrupts travel in the early summer season
French air traffic controllers started a two-day walkout on Thursday in protest of staff shortages, and outdated equipment. This led to hundreds cancellations as summer is just getting underway. France's civil Aviation Agency DGAC has told airlines to re-evaluate their schedules. This includes at Paris' Roissy de Gaulle Airport - one Europe's most busy hubs – forcing carriers to cancel flights. Air France, France’s largest airline, announced that it had adjusted its flight schedule without providing details. However, it maintained its entire long-haul schedule. British Airways, owned by IAG, was using larger aircraft in order to minimize disruption. Ryanair announced that it was forced to cancel over 30,000 flights on Thursday and Friday. Michael O'Leary, CEO of Ryanair, said: "Once more European families are being held hostage by French air traffic controllers on strike." It is unfair to EU families and passengers on holiday. Easyjet has announced that it will cancel 274 flights on Thursday and Friday. The strike coincided the beginning of summer vacations in Europe, which is one of the busiest periods for travel. UNSA-ICNA is France's second largest union of air traffic controllers. Its members are striking because they feel understaffed, have outdated equipment, and suffer from a toxic management environment. USAC-CGT said that the DGAC failed to understand the frustration of controllers. UNSA-ICNA stated in a press release that "the DGAC fails to modernise tools that are vital to air traffic control, even though they continue to promise that the necessary resources will be made available." The agency added that "the systems are on the verge of failure, and it is asking for more staff to compensate its problems." The DGAC didn't immediately respond to a comment request on the concerns of the unions. The complaints are similar to those of air traffic controllers from the United States who have complained about outdated infrastructure, staffing shortages and obsolete technology. The French Transport Minister Philippe Tabarot deemed the union's demands unacceptable. On Friday, the DGAC requested that airlines reduce one out of four flights into and out of Paris and nearly half of all flights leaving the capital. The south was particularly hard-hit. The agency warned that "despite these preventative measures", disruptions and significant delays can be expected in all French airports. It urged passengers to switch flights if possible. Luxair Luxembourg Airlines has warned that additional delays and schedules changes may occur across other destinations due to air traffic rerouting. O'Leary, Ryanair's CEO, urged the European Commission (the executive arm of the European Union) to reform EU air-traffic control services in order to provide adequate staffing during peak times and to protect overflights, those flights that fly over a region or country without landing, when there are national strikes. Reporting by Makini Brrice, Richard Lough, and Sudip Kar Gupta from Paris, Sarah Young from London, Mark Potter for editing.
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Diogo Jota, the Portuguese footballer of Liverpool, dies in a car accident in Spain
The Portuguese Football Federation announced on Thursday that Diogo Jota of Liverpool, a 28-year-old forward, died with his brother in a car accident near Zamora, in northwest Spain. On its website, the regional fire department in Castile and Leon (where Zamora is situated) reported that a car had crashed on Thursday morning, just after midnight. It burst into flames and two men aged 28 and 26 were found dead. "We've lost two champions." The deaths of these two players are irreparable for Portuguese football. We will do all we can to honor their legacy each day. The Spanish police said they couldn't confirm names yet, but all signs pointed towards Jota and brother. A spokesperson for the police said that the Lamborghini in which they were traveling veered off of the road. They said that the bodies had been transported to a nearby forensics facility in Zamora, where autopsies would be performed. Jota, who married on June 28th, helped Liverpool win Premier League and FA Cup last season. The Merseyside team also won League Cup and FA Cup. Jota joined Anfield in 2020 from Wolverhampton Wanderers and scored 65 goals across 182 matches in all competitions. He played 49 times for Portugal and won the UEFA Nations League twice. (Reporting and editing by Alexandra Hudson, Charlie Devereux; writing by Inti Pinedo and Emma Pinedo)
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Reactions to the death of Liverpool player Jota
Here are some quotes and reactions to the death on Thursday of Diogo, a 28-year-old Liverpool and Portugal striker who died in a car accident near Zamora (northwestern Spain): PORTUGAL PRIME MINISTER LUIS MONTENEGRO The news of Diogo's death, an athlete who has done much to honour Portugal, and that of his brother, is tragic and unexpected. My deepest condolences go out to their families. "It is a sad and tragic day for football, and for national and global sports." PORTUGUESE FOOTBALL FEDERATION The Portuguese Football Federation, and the entire Portuguese Football Community are devastated by Diogo's death and Andre Silva's death in Spain today. "Diogo Jota, not only was a great player who had almost 50 caps in the national team but was also an exceptional person respected by his teammates and rivals. He was contagious and a point of reference in his community. We have lost two champions. They are irreparable losses to Portuguese football. We will do all we can every day to honor their legacy. FC PORTO "FC Porto has been in mourning." "It's with deep sadness and shock that we express our condolences to Diogo Jota's family and friends, as well as his brother Andre Silva who was a member of our youth team. Rest in peace. Reporting by Aadi Nai in Bengaluru, Editing by Christian Radnedge
INDIA RUPEE-Rupee forward premiums are raised by an increase in Fed rate cuts bets
The Indian rupee gained on Thursday, after weak U.S. employment data supported Fed rate-cut bets. Meanwhile, a U.S. Vietnam trade agreement lifted regional sentiment.
The dollar-rupee future premiums have been boosted by an increased likelihood of rate cuts from the U.S. Central Bank, as well as the 1-year implied return reaching a one-month high.
The rupee was up 0.2% to 85.55 at 11:30 am IST.
Asian currencies were mostly rangebound, while regional equities, including India's benchmark indices BSE Sensex, and Nifty 50, each rose about 0.4%.
After a surprise drop in the private sector payrolls released on Wednesday, odds of a Fed cut in July increased to one in four.
CME's FedWatch Tool shows that the odds of this happening were about 1 in 5 before the release of data.
On Wednesday, President Donald Trump announced that the U.S. had struck a deal with Vietnam. This included a 20% tariff for exports to the U.S. The news fueled hopes that other deals could be reached before the deadline of July 9.
Sources familiar with the negotiations said that U.S. negotiators and Indian negotiators were trying to reach a deal on tariff reductions before the deadline, but there are still some unresolved disagreements.
The rupee is expected to remain range-bound for the near term, with resistance at 85.40 and a support level near the 86 handle.
A trade agreement "would be a positive sentimental experience" for the rupee, but significant gains will only come if it leads to a rise in portfolio inflows. This is what a trader from a foreign bank has said.
The U.S. Non-Farm Payrolls Report for May is likely to be the main focus of attention later in the day. This report will influence the expectations regarding the future trajectory and policy rate benchmarks.
"Quite bearish position on the broad US Dollar index also suggests a near-term pressure on dollar shorts, though the broader tendency is still for Asian currency to continue strengthening," MUFG stated in a report. (Reporting and editing by Nivedita Battacharjee; Jaspreet Klra)
(source: Reuters)