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Biden nominates Huawei prosecutor for key China export post By Reuters

By Karen Freifeld WASHINGTON (Reuters) -U.S. prosecutor Thea Kendler, an attorney on the criminal case against China's Huawei and its Chief Financial Officer Meng Wanzhou, will be nominated for a Commerce Department post vital to controlling exports to China, the White House said on Wednesday. Kendler, an attorney in the Justice Department's national security division, will be nominated as assistant secretary for export administration at the Commerce Department. The nomination requires confirmation by the Senate.  Kendler is expected to work under Alan Estevez, a former Pentagon official, who was nominated on July 13 to be...

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Lloyd’s of London plans electric vehicle, hydrogen insurance in climate change fight By Reuters

LONDON (Reuters) - Lloyd's of London plans to develop insurance products for electric vehicles and hydrogen as part of its efforts to fight climate change, the specialist insurance market said on Thursday. Lloyd's published a climate action road map to speed the move to a net zero world through its leadership of an insurance task force launched last month with Britain's Prince Charles' Sustainable Markets Initiative (SMI). "There is an ever-more pressing need for a coordinated global effort across industries to effect the monumental transformation needed to address the climate challenge," Bruce Carnegie-Brown, chair of Lloyd's...

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Samsung Elec says demand for chips to remain strong after Q2 profit rises By Reuters

By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd said on Thursday it expects favourable market conditions for its component business in the second half of the year, after announcing its highest quarterly operating profit since 2018. The world's top maker of memory chips and smartphones posted a 54% jump in operating profit in the April-June quarter to 12.6 trillion won ($10.95 billion), from 8.1 trillion won a year earlier. Samsung (LON:0593xq) said the result was buoyed by strong memory-chip prices and higher-than-expected demand from consumer electronics makers and data centre...

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Facebook warns growth to slow significantly, mandates vaccine for U.S. staff By Reuters

By Elizabeth Culliford and Nivedita Balu (Reuters) -Facebook Inc said on Wednesday it expects revenue growth in the third and fourth quarters to "decelerate significantly," sending the social media giant's shares down about 5% in extended trading. The warning overshadowed the company's beat on Wall Street estimates for quarterly revenue, bolstered by increased advertising spending as businesses build their digital presence to cater to consumers spending more time and money online. Facebook (NASDAQ:FB) said it expects Apple (NASDAQ:AAPL)'s recent update to its iOS operating system to impact its ability to target ads and therefore ad revenue...

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Qualcomm forecasts sales above Wall Street as supply bottlenecks ease By Reuters

By Stephen Nellis (Reuters) -Qualcomm Inc on Wednesday forecasted fiscal fourth quarter revenue higher than Wall Street expectations thanks to sales of 5G phones, including Apple Inc's iPhones, and a growing portfolio of other chips. The San Diego, California-based company is the biggest supplier of mobile phone chips in the world and the leader in 5G technology, supplying modem chips that help iPhones connect to wireless data networks and the modems and central processors for much of the Android market. Shares were up 3.1% to $146.86 in after-market trading following the results, which could alleviate some...

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Ford raises 2020 profit outlook after beating estimates By Reuters

By Ben Klayman and Paul Lienert DETROIT (Reuters) -Ford Motor Co on Wednesday boosted its 2021 profit forecast after reporting better-than-expected quarterly results, lifting the No. 2 U.S. automaker's shares more than 3%. While an ongoing global chip shortage cost Ford market share in North America, Europe and China, higher prices on more profitable models such as large pickups and SUVs helped increase revenue and operating profit in North America, its largest market. Ford is "poised for a big comeback in the near future once it starts to replenish its chip supply for the F-series and...

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United Air Adds Preflight Snacks-Order Option in Economy Cabins By Bloomberg

(Bloomberg) -- United Airlines Holdings (NASDAQ:UAL) Inc. will let passengers sitting in its economy cabins order snacks, meals and drinks before longer flights, a change that could better align galley provisioning with customer demand and help the carrier convey a more premium travel experience. Pre-ordering one’s meal selections was a common amenity in first-class air travel on numerous global airlines before the pandemic. United will become the only U.S. airline to offer food and beverage pre-ordering in the economy cabin, the company said Wednesday in a statement. United will begin testing the service Thursday on flights...

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Amazon, Comcast, More Earnings: 3 Things to Watch By Investing.com

By Dhirendra Tripathi Investing.com -- Stocks treaded water on Wednesday as the Federal Reserve kept interest rates steady and said it would keep a close eye on progress toward the point where it would begin reducing its monthly bond purchases. With interest rates remaining around 0% to 0.25% for now, tech stocks have more reason to climb. The Nasdaq moved higher late afternoon on Wednesday, while the S&P 500 and the Dow Jones Industrial Average were flat to down with under an hour of trading left in the session. Fed policymakers have been under pressure to...

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UK wants world vaccinated by middle of 2022, Raab says By Reuters

OXFORD, England (Reuters) - British Foreign Secretary Dominic Raab warned that the world would not be vaccinated until 2024 under current rates and urged other countries to join Britain in donating shots to poorer nations to bring that date forward to the middle of next year. Raab told Reuters he hoped other countries would step up to the plate after Britain started distributing the first tranche of the 100 million shots it plans to give away. "We know on the current trajectory the world will only be adequately vaccinated at 2024, at the...

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Cheap Negative Rate Bets Fly Off the Shelves Before Fed Decision By Bloomberg

(Bloomberg) -- Traders are piling into inexpensive options that hedge against negative interest rates as bets on Federal Reserve hikes are pushed further out into 2023. Over the past 10 days, demand has emerged for an array of 100.00 call strike options on eurodollar contracts -- which are priced off Libor -- protecting against potential interest-rate cuts. More than 100,000 options have been bought across an array of tenors during that period. The call strike coincides with a Libor rate of zero, compared with Wednesday’s return of 0.1285%. Just before the Fed meeting, eurodollar futures are...

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