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13 May
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Lloyd’s of London insurer Beazley posts 16% Q1 premium rise By Reuters

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LONDON (Reuters) -Lloyd's of London insurer Beazley posted a 16% rise in gross written premiums to $971 million in the first quarter, helped by rising premium rates, it said on Thursday. Premium rates on its renewal business also increased by 16%, ahead of the insurer's expectations, it said in a statement. Insurers have been benefiting from rising premium rates across the board, after suffering pandemic-related losses last year. "We have had a positive start to the year with good rate momentum that is well ahead of our expectations, as well as continued strong targeted growth," new...

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13 May
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Samsung Electronics raises non-memory chip investment to $151 billion through 2030 By Reuters

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SEOUL (Reuters) - Samsung Electronics (LON:0593xq) Co Ltd said on Thursday it would invest 171 trillion won ($151.10 billion) in non-memory chips through 2030, raising its previous investment target of 133 trillion won announced in 2019. Samsung competes with bigger rivals Taiwan's TSMC in contract chip manufacturing and Qualcomm (NASDAQ:QCOM) Inc in mobile processing chips. Samsung will accelerate research and development of advanced chip contract manufacturing processes and construction of production lines, it said in a statement. The South Korean electronics major added that its third chip production line at Pyeongtaek, south...

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13 May
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Luxury jet makers battle over lucrative spy plane niche By Reuters

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By Allison Lampert and Tim Hepher MONTREAL/PARIS (Reuters) - Last month, a ghostly grey business jet took off from central Sweden and headed across the Baltic on a routine spying mission. The converted Gulfstream, caught on a tracking website, was flown by the Swedish Air Force and patrolled an area thick with Russian radar signals off the militarised coast of Kaliningrad. Apart from a couple of unobtrusive bulges underneath, Sweden's two Gulfstream-based S102B Korpen spy planes look like any other sleek corporate jet. But inside, the Swedish jets and a growing fleet of newer corporate...

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13 May
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Apple says ‘Chaos Monkeys’ author hired in ads business has left company By Reuters

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By Stephen Nellis (Reuters) - Apple Inc (NASDAQ:AAPL) on Wednesday said Antonio García Martínez, a former Facebook Inc (NASDAQ:FB) product manager who joined Apple recently to work in its advertising business, is no longer with the company. García Martínez, who came to Silicon Valley after a stint on Wall Street, wrote the 2016 book "Chaos Monkeys" about his time in the technology industry. He joined Apple as a product engineer in Apple's advertising platform business in April, according to his LinkedIn page. Technology news publication The Verge reported on Wednesday that more than...

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13 May
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Japan’s Kansai Electric to restart 44-yr-old reactor in June – for a few months By Reuters

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TOKYO (Reuters) - Japan's Kansai Electric Power Co plans to restart a 44-year-old nuclear reactor in June that has been off line since the wake of the Fukushima disaster 10 years ago, but will shut it down again before an October deadline for tighter anti-terrorism security upgrades at the reactor kicks in. With peak summer power demand looming, and savings on fuel costs elsewhere in prospect, the Osaka-based utility aims to restart the Mihama No.3 reactor in late June, the first restart of a reactor that is more than 40 years old in Japan since safety...

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13 May
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South Korea government think tank says loose monetary policy should continue By Reuters

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SEOUL (Reuters) - South Korea's top government think-tank on Thursday called on the central bank to maintain loose monetary policy for the time being and raised its economic growth forecasts for the current year. "As the economic recovery has not been strong, and since the trend of inflation has been underperforming the target inflation for a long while, the need to adjust the monetary policy stance is not high for now," the state-run Korea Development Institute (KDI) said in a bi-annual report on the economy. "Accommodative monetary policies should stand to support economic recovery for the...

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13 May
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SoftBank shares slide after $23 billion buyback scheme not extended By Reuters

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By Sam Nussey TOKYO (Reuters) - SoftBank Group Corp shares tumbled 8% in morning trade on Thursday after the conglomerate did not extend its buyback programme, removing support for the stock as concern over frothy portfolio valuations outweighed record earnings. SoftBank completed a 2.5 trillion yen ($22.8 billion) buyback on Wednesday, though Chief Executive Masayoshi Son said further repurchases remain an option. "If we think it's beneficial to buy back shares we will," Son told reporters, adding that investment opportunities and any significant underperformance of the group's shares would be taken into account. ...

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13 May
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Analysis: India’s prized investment grade status hanging by a thread By Reuters

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By Marc Jones LONDON (Reuters) - India's devastating COVID-19 crisis is making investors question more than ever whether after years of debt accumulation and patchy progress on reforms, a country touted as a future economic superpower still deserves its 'investment grade' status. A spate of downgrades last year had already left India's investment grade credit ratings hanging by a thread and the severity of the current virus wave is making the main agencies, S&P, Moody's and Fitch agitated again. All three firms have either cut - or warned they could cut - the country's growth forecasts...

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13 May
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Exclusive: Boeing wins FAA OK for 737 MAX electrical fix, notifies airlines – sources By Reuters

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WASHINGTON (Reuters) - Boeing (NYSE:BA) Co on Wednesday won approval from U.S. regulators for a fix of an electrical grounding issue that had halted flights for about 100 737 MAX airplanes, clearing the way for their quick return to service after flights were halted in early April, sources told Reuters. The largest U.S. planemaker confirmed to Reuters the Federal Aviation Administration (FAA) had signed off on the service bulletins Boeing sent to carriers on Wednesday on the fixes. "After gaining final approvals from the FAA, we have issued service bulletins for the affected...

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13 May
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Nissan-backed autonomous startup WeRide raises new funds, at $3.3 billion valuation By Reuters

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BEIJING (Reuters) - WeRide, an autonomous driving startup backed by Nissan, Renault (PA:RENA) and Mitsubishi, said on Thursday that it has raised hundreds of millions of dollars valuing the company at $3.3 billion. WeRide, which is testing vehicles in California, China's southern city of Guangzhou and central city of Zhengzhou, did not disclose details on the size of the funding. WeRide is pursuing a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in most circumstances with no human intervention. It raised $310 million in January. ...

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