2025-11-04 20:08

LONDON, Nov 4 (Reuters) - Britain's RMT trade union said on Tuesday it has secured a three-year pay deal for London Underground workers, following strike action in September that brought the public transport network to a standstill , opens new tab. The pay deal provides a 3.4% increase in the first year, followed by rises in line with the Retail Prices Index (RPI) inflation measure over the next two years, with guaranteed minimum increases if inflation drops. Sign up here. The RMT union said in a statement it has also won "fatigue-friendly" shifts, additional talks on staff travel, and a guaranteed £400 payment on Boxing Day, a public holiday celebrated on December 26. In September, five days of strikes on the "Tube", which is used by millions every day, caused major disruption across London. The new deal is expected to help prevent further industrial action. Transport for London (TfL), which operates the underground, welcomed the RMT's decision to accept its pay offer, according to a statement cited by British media. "This multi-year offer is fair, affordable and provides certainty for our colleagues over pay for several years. We are engaging with all of our unions on this offer and look forward to their responses," a TfL spokesperson said. According to TfL, there were no proposed changes to employees' working hours. https://www.reuters.com/business/world-at-work/union-reaches-pay-deal-with-london-underground-after-strike-action-2025-11-04/

2025-11-04 19:57

Starbucks partners with Boyu Capital for local expertise in China Boyu's involvement aligns with Starbucks' strategy, says analyst Starbucks faces competition from Luckin and boutique cafés in China SHANGHAI/BEIJING, Nov 5 (Reuters) - Starbucks' (SBUX.O) , opens new tab decision on Monday to sell up to 60% of its China business to local private equity firm Boyu Capital could help the hard-pressed brand regain ground in one of the world’s fastest-growing coffee markets. By pulling in Boyu, the U.S. coffee chain is adding local capital and operational expertise into its China arm, where it plans to triple its footprint to 20,000 stores, industry analysts say. Sign up here. However, Starbucks still faces mounting pressure from low-cost local rivals, including Luckin Coffee (LC0Ay.D) , opens new tab, as well as shifting consumer tastes. Boyu, already an investor in China’s budget bubble tea leader Mixue Group, is familiar with the low end of the coffee-price spectrum. The company operates Lucky Cup, a rapidly expanding coffee chain with a goal of opening 10,000 stores by the end of 2025. Prices start at just RMB 6 ($0.84), undercutting competitors such as Luckin. BOYU BETS ACROSS THE SPECTRUM By backing both Mixue and Starbucks, Boyu is positioning itself to capture both cost-conscious consumers and those seeking a premium experience. Starbucks' market share in China tumbled to 14% last year from 34% in 2019, according to Euromonitor International data. Boyu’s "hands-on experience in these markets matches Starbucks’ strategy," said food and beverage analyst Zhu Danpeng. "Boyu's involvement will make that push more resolute." Real estate risks also loom large. In smaller cities, rapid mall development can leave Starbucks stores stranded in underperforming locations, though Bernstein analysts wrote in an investor note that Boyu's deep connections could help it secure "some of the most premier real estate assets in China." Starbucks CEO Brian Niccol said Boyu would be especially helpful in assisting the roaster's entry into small cities. The company did not immediately respond to a request for comment. Niccol is pushing a U.S. recovery focused on overhauling store operations. His predecessor, Laxman Narasimhan, bet heavily on China, increasing the store count by more than a quarter to nearly 7,600 stores in the two years he led the company. Analysts say the China deal will allow Starbucks to focus more fully on the United States. Shares have lost 20% over the last year, compared with a 19% rise in the S&P 500. They were down more than 3% on the Nasdaq on Tuesday afternoon. Jessica Gleeson, a former Starbucks China executive, said the deal could be a turning point. "The injection of capital and China expertise from Boyu is exactly the catalyst Starbucks China needs to shift from defense back to offense," she said. STARBUCKS IN TOUGH POSITION Yet challenges remain. Ben Cavender, managing director at Shanghai-based China Market Research Group, said Starbucks’ brand is caught in a "really awkward position" in China. Budget-conscious consumers are flocking to Luckin or Yum China's KCOFFEE, while younger and more sophisticated drinkers are gravitating to boutique cafés offering better ambiance and quality at similar prices. "Starbucks is competing with an offer which by definition is a bit more unique and funky and interesting to the consumer," Cavender said. Starbucks China division generated around $3.1 billion in net sales last year, according to quarterly filings, compared to nearly $3 billion in 2024. Luckin reported slightly more than $3.6 billion in sales for the fiscal year ending in February. Starbucks did not disclose the licensing terms in the deal. Yum China, which launched KCOFFEE in 2022, pays licensing fees to Yum equal to 3% of net system sales, according to filings. https://www.reuters.com/world/china/starbucks-bet-local-expertise-could-help-it-regain-ground-china-2025-11-04/

2025-11-04 17:11

SANTIAGO, Nov 4 (Reuters) - Chile's Codelco (COBRE.UL), the world's largest copper producer, cut on Tuesday its forecast for 2025 output, despite higher production in the year's first nine months through September. The state-owned miner lowered its copper production guidance to 1.31 million to 1.34 million metric tons this year, from a prior estimate of 1.34 million to 1.37 million metric tons, but still aims to exceed last year's 1.321 million tons. Sign up here. Copper prices set an all-time high last week, spurred by concerns over mine supply and hopes of a U.S.-China trade deal. Codelco highlighted a production increase at its Ministro Hales mine and the role of the Rajo Inca structural project at the Salvador mine, which is ramping up production. CEO Ruben Alvarado added the guidance cut "does not jeopardize" expectations to produce 1.7 million tons annually by 2030. OUTPUT UP 2.1% In the first nine months of the year, the miner's output totaled 937,000 tons, up 2.1% from the same period last year. The production increase was achieved despite an accident on July 31 at its flagship El Teniente mine - Codelco's most profitable operation - which forced a temporary halt to mining and smelting. "This unfortunate accident impacted the production results achieved at the end of the second quarter of this year," the company said in a statement. Alvarado added that Codelco expects to have more conclusive information about the accident by the end of the year. By year-end, Codelco also expects to have a long-term development plan for El Teniente that will mitigate the lack of production with resources from the southern side of the deposit, Vice President of Operations Mauricio Barraza said. He noted it will take three years to attain the production level El Teniente had before the incident, which killed six workers. The company posted a pre-tax profit of $606.9 million from January to September, slightly below the $612.2 million reported in the same period last year. https://www.reuters.com/world/americas/chiles-codelco-9-month-pre-tax-profit-607-mln-2025-11-04/

2025-11-04 15:29

Nov 4 (Reuters) - Palantir Technologies (PLTR.O) , opens new tab fell around 6% on Tuesday as a strong quarterly update from the company failed to extend its record-breaking rally. The company, which has more than doubled in value this year, forecast fourth-quarter revenue above market expectations on Monday, driven by a rapid AI adoption boosting demand for its data analytics services. Sign up here. The company's stock has been riding on its strong relationship with the U.S. government after it won a slew of contracts, including using Palantir's data and AI technology in defence work. "Big Short" investor Michael Burry, known for his successful bets against the U.S. housing market in 2008, has now placed bearish bets on Nvidia (NVDA.O) , opens new tab and Palantir, according to a regulatory filing on Monday. Late last month, Burry, in his first X post in more than two years, warned of a bubble, fanning investor concerns over inflated spending in the AI and tech industry. "Time will tell if Burry has got his timing right or if the share decline in pre-market trading simply represents a pause for breath before Palantir starts racing higher again," said Dan Coatsworth, head of markets at AJ Bell. Palantir's shares are up more than 170% so far this year, after having surged around 1,000% in the past two years, sharply outpacing tech firms including Big Tech and AI giants Microsoft (MSFT.O) , opens new tab, Amazon (AMZN.O) , opens new tab and Alphabet (GOOGL.O) , opens new tab. Palantir has emerged as a retail favorite over the years, with daily retail cash turnover of about $302 million as of last close, the third highest among U.S.-listed shares that Vanda Track Research monitors. If current losses hold, the company is set to erase over $33 billion from its market value. Palantir trades at nearly 250 times its 12-month forward earnings estimates, compared with AI chip frontrunner Nvidia's 33 and Microsoft's 29.92 https://www.reuters.com/technology/palantir-shares-drop-europe-despite-earnings-beat-2025-11-04/

2025-11-04 14:36

BRUSSELS, Nov 4 (Reuters) - The European Commission said on Tuesday it welcomed industry indications that China had engaged with EU companies to restore partial flow of chips, preventing a worst-case scenario and creating time and space to find a lasting solution. "We welcome the constructive approach shown by the Netherlands and China," the EU executive said. Sign up here. It added that the Commission, led by EU trade chief Maros Sefcovic, would continue engagement to find a solution that restored functioning supply chains, while respecting EU economic security. https://www.reuters.com/business/retail-consumer/eu-sees-time-space-find-nexperia-solution-with-worst-case-avoided-2025-11-04/

2025-11-04 12:42

VIENNA, Nov 4 (Reuters) - The CEO of Austrian energy firm OMV on Tuesday urged the European Union to reconsoder its sustainability legislation or risk losing Qatar as a gas supplier which would undermine prosperity in the region. Qatar's Energy Minister Saad al-Kaabi, who is also CEO of QatarEnergy said on Monday that he could halt business with the EU if it does not significantly ease its Corporate Sustainability Due Diligence Directive. Sign up here. Kaabi told Reuters at the ADIPEC energy conference in Abu Dhabi that Qatar has contingency plans in place should it decide to stop shipments to Europe in response to the directive - a threat he has repeatedly said is not a bluff. "If the tanker from Qatar no longer docks in Europe, we will have a huge problem," OMV CEO Alfred Stern told Austrian newspaper Kronen Zeitung on Tuesday. "We must remain pragmatic now, because if we lose access to competitive energy, our prosperity will also decline," Stern said, adding that the EU risks alienating other energy supplying nations if it does not reverse course on sustainability. The EU sustainability directive requires companies doing business in the bloc to address human rights and environmental risks across their supply chains, and aims to hold companies accountable for harm even in operations outside Europe. https://www.reuters.com/business/energy/omv-ceo-warns-eu-risks-losing-qatari-gas-over-sustainability-law-2025-11-04/