Inkhabar webdesk

By Polina Devitt LONDON (Reuters) -Large flows of silver from the U.S. and China to London's spot market in the past week are easing a liquidity squeeze in the world's largest over-the-counter precious metals trading hub, traders and analysts said. A shortage of available metal in the London market helped drive silver prices to a premium over U.S. Comex futures a week ago, making deliveries by airplane – usually reserved for much more expensive gold – profitable for sellers. "The major pressure is done for now," said Tai Wong, an independent metals trader. He estimated that around 15 million-20 million troy ounces (311-467 metric tons) of U.S.-based metal had arrived in London over the past week. SILVER PRICES, LONDON BORROWING RATES BOTH HIT RECORD Another source familiar with the matter said at least 1,000 tons of silver had gone into London vaults from the U.S. and China. As tightness in the London market coincided with surging gold prices and strong buying in India, benchmark silver prices hit a record $54.47 per troy ounce on Friday. They were just below $52 on Monday. [GOL/] Meanwhile, short-term silver borrowing rates in London eased by Friday from record highs seen on October 10. London vaults held 24,581 tons of both allocated and unallocated silver, valued at $36.5 billion, as of end-September, the London Bullion Market Association said. According to Morgan Stanley Commodities Strategist Amy Gower, most London inventories are "spoken for" by silver-backed exchange-traded funds. Consultancy Metals Focus estimates that 83% of silver held in London vaults had been allocated to ETFs as of end-September. About 697 tons of silver has left Comex warehouses in the U.S. since stocks there hit a record high of 16,543 tons (531.9 million troy ounces) on October 3. Comex inventories surged earlier this year due to uncertainty over U.S. import tariffs. Further appetite for U.S. stocks outflows depends on the results of a U.S. probe into potential import tariffs on critical minerals, which the market expects this month. UK COMPETES WITH INDIA FOR SUPPLY A China-focused precious metals trader said that about 100-150 tons were on their way out of China, the world's second-largest silver producer after Mexico, as of the last week. Not all the Chinese metal was heading to London, he said, as Britain had to compete with India, the world's biggest consumer, which is also experiencing a shortage of available supply due to its festive season. "Premiums in India have climbed to unprecedented levels, prompting increased air freight," Metals Focus said. Silver inventories in warehouses monitored by the Shanghai Futures Exchange fell 249 tons last week to 920 tons, the lowest since May. That was the largest weekly outflow in 11 years. (Reporting by Polina Devitt; Editing by Jan Harvey)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Linda Pasquini and Leo Marchandon (Reuters) -Gucci-owner Kering has agreed to sell its beauty business to L'Oreal for 4 billion euros ($4.7 billion) in a strategic shift by new CEO Luca de Meo, who is trying to cut the luxury group's debt and refocus on its fashion business. WHAT IS THIS SALE ABOUT? The sale, which includes fragrance line Creed and long-term fragrance licences for Bottega Veneta, Balenciaga and Gucci, is a big step in cutting Kering's debt, a key investor concern. "The proceeds will strengthen the balance sheet and support deleveraging, adding to the 1 billion euro reduction in net debt already achieved in the first half of 2025," Juliane Barthold and Stoyan Toshev from Frankfurt-based brokerage Metzler told Reuters in an email. Royalties from these brand licenses will ensure a continuing income stream from the beauty segment for Kering, they added. Kering's net debt was 9.5 billion euros at the end of June. It also had 6 billion euros of long-term lease liabilities. Kering did not give any detail on the deal's impact on its debt. L'Oreal and Kering agreed to set up a 50/50 joint venture to explore further business opportunities beyond cosmetics. KERING STRATEGIC U-TURN Kering set up its beauty business in 2023 after buying Creed for 3.5 billion euros in an effort to diversify and reduce its reliance on the Gucci brand, which makes up most of its profit.  But it has struggled to ramp up the business, posting a 60 million euro operating loss for the first half of 2025. Kering is also battling declining growth at Gucci, which has been hit by slowing demand in the key Chinese market. Gucci made up 44.5% of its revenue and 63% of its operating income in 2024. Sarah Thirion, an analyst at Paris-based Midcap, said in a note to investors that Kering was "demonstrating strategic realism", adding: "(It) must choose its battles, and beauty is clearly no longer one of them". DE MEO FIRMLY IN THE DRIVING SEAT The sale marks a shift by CEO De Meo, backtracking on one of the big strategic pivots of recent years by his predecessor Francois-Henri Pinault, whose family controls Kering. De Meo, who took over as CEO in September, told shareholders he planned to take some difficult decisions to cut Kering's debt, including rationalising and reorganising where necessary. Kering has also postponed a plan to fully acquire Italian fashion brand Valentino, and aims to sell stakes in its real estate to raise cash. "This highlights that Luca de Meo has the mandate to make big changes and is acting quickly to make things happen," Deutsche Bank analysts wrote in a research note. WHAT'S NEXT FROM DE MEO? "Luca de Meo has already laid the foundations for his ascendancy. He will certainly not fail to act quickly on the excessively high operating costs, which, together with the decline in sales, have contributed to the decline," Midcap's Thirion told Reuters in an email. Meanwhile, the joint venture will mean Kering benefits from L'Oreal's beauty expertise, Barthold and Toshev said. "We are awaiting more details from the strategy in spring 2026, which we expect to boost the operating performance further," they added. Kering is set to publish its third-quarter results on Wednesday, after the market close in Paris. ($1 = 0.8575 euros) (Reporting by Leo Marchandon and Linda Pasquini in Gdansk; editing by Milla Nissi-Prussak and Alexander Smith)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Raphael Satter and AJ Vicens WASHINGTON (Reuters) -A more than year-long digital intrusion into cybersecurity company F5, publicized last week and blamed on Chinese spies, has defenders across the industry hunting for signs of compromise among the many corporate networks that use its products. Several worry that more disclosures are coming. So far, little is known about the scope of the hack beyond statements from F5 that its source code and sensitive information about software vulnerabilities were stolen. The company's website says it serves more than four in five Fortune 500 companies in some capacity, and U.S. officials have said that federal networks were among those targeted in the hack's aftermath and have urged immediate action. That extensive presence alone has triggered widespread unease. F5's stock tumbled 12 percent last Thursday, the day it published a host of fixes for previously vulnerable products, although it rebounded slightly by the end of the week. Several cybersecurity executives and analysts compared the hack at F5 to the extraordinary intrusion at the software company SolarWinds discovered in December 2020. That company, whose Orion software was used for network monitoring, became the unwitting springboard into a number of highly sensitive networks after its source code was tampered with. Around a dozen government departments were eventually breached in the wide-ranging spy operation. Just like SolarWinds, which was little known in the consumer market before the hack, F5 has a host of tech equipment and services – load balancers, content delivery networks and firewalls – that typically play low-profile but critical roles in directing, managing and filtering organizations' internet traffic. "I'm not equating this to the SolarWinds attack, but I'm equating it to the fact that people never hear of it, but it's in everybody's network," said Michael Sikorski, the chief technology officer at Palo Alto Networks' threat intelligence-focused Unit 42. "When we're talking about 80 percent of the Fortune 500, we're talking about banks, law firms, tech companies, you name it." Sikorski said the F5 hackers stole source code and undisclosed vulnerability information, potentially giving them the ability to develop tools for cyberespionage in a tight time frame. Bob Huber, chief security officer of cybersecurity firm Tenable, said he too had SolarWinds in mind as he tried to make sense of what was going on at F5. "As of right now, this is not SolarWinds," he told Reuters, noting that F5 has said it had "no evidence of modification to our software supply chain." Still, Huber said there were signs that more unwelcome disclosures lie ahead, given the paucity of information about the breach and the urgency with which the government was moving to remediate it, via an October 15 emergency directive and a public warning that unnamed federal networks were being targeted by a "nation-state cyber threat actor." "We're waiting for the other shoe to drop," he said. While no other victims of the F5 breach have been publicly identified, cybersecurity firm Greynoise Intelligence, which monitors internet scanning and attack activity, has found hints that an unknown actor was searching out F5 devices on the internet starting about a month ago. Greynoise detected a major spike in scanning activity focused on F5 beginning in mid-September, according to Glenn Thorpe, the company's senior director of security research and detection engineering. "That implies someone somewhere knew something," Thorpe said. (Reporting by Raphael Satter and AJ Vicens; Editing by Edmund Klamann)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday it has opened a preliminary probe into about 2,000 Waymo self-driving vehicles after reports that the company's robotaxis may have failed to follow traffic safety laws around stopped school buses. The probe is the latest federal review of self-driving systems as regulators scrutinize how driverless technologies interact with pedestrians, cyclists and other road users. NHTSA said the Office of Defects Investigation opened the review after flagging a media report describing an incident in which a Waymo autonomous vehicle did not remain stationary when approaching a school bus with its red lights flashing, stop arm deployed and crossing control arm extended. The report said the Waymo vehicle initially stopped beside the bus then maneuvered around its front, passing the extended stop arm and crossing control arm while students were disembarking. A Waymo spokesperson said the company has “already developed and implemented improvements related to stopping for school buses and will land additional software updates in our next software release.” The company added "driving safely around children has always been one of Waymo's highest priorities. In the event referenced, the vehicle approached the school bus from an angle where the flashing lights and stop sign were not visible and drove slowly around the front of the bus before driving past it, keeping a safe distance from children." NHTSA said the vehicle involved was equipped with Waymo's fifth-generation Automated Driving System (ADS) and was operating without a human safety driver at the time of the incident. Waymo has said its robotaxi fleet numbers more than 1,500 vehicles operating across major U.S. cities, including Phoenix, Los Angeles, San Francisco and Austin. The Alphabet-owned company also plans to expand internationally, with launches in cities including Tokyo and London in coming years. (Reporting by Akash Sriram in Bengaluru and David Shepardson in Washington; Editing by Tasim Zahid)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)