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☆ British neobank Monzo boosts funding round to $610 million to crack U.S. market, launch pensions
▼ + stars: | 2024-05-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.

Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin

☆ A NASA astronaut, former SpaceX flight surgeon, and father of 2 says parenting is by far his hardest job
▼ + stars: | 2024-03-30 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +5 min

Read previewAnil Menon is one of NASA's newest astronauts and former SpaceX flight surgeon, but none of that compares to, what he said, is his hardest job: being a dad. Anil and Anna Menon pose together in their respective NASA and SpaceX astronaut jumpsuits. But when both parents work in space flight, unique challenges arise like conflicting schedules and time management. Anil Menon uses the problem-solving skills he gained from astronaut training to help him juggle parenting challenges. During astronaut training, Anil spent two months away from home in Florida learning how to fly a T-6 aircraft for pilot training.

Persons: —, Anil Menon, Anna Menon, Anil, Anna, James Blair, we've, James, Grace, Anil Menon Anil Organizations: Service, SpaceX, Polaris, Business, NASA Locations: Houston, LA, Florida

Donald Trump cannot obtain a bond to secure the $454 million civil business fraud judgment against him as he pursues an appeal of the case, his attorneys said in a New York court filing Monday. Attorneys for Trump and his co-defendants in the fraud case argued that it was "impossible" for them to secure a complete appeal bond, which would "effectively" require "cash reserves approaching $1 billion." Trump in a deposition last year claimed to have "substantially in excess of $400 million in cash." But Monday's filing nevertheless asserted that obtaining a bond for the full $464 million judgment is unattainable. The defendants had previously offered to post a $100 million bond, less than one-fourth the total judgment, in order to pause James from collecting the penalties during the appeal process.

Persons: Donald Trump, Letitia James, Arthur Engoron, Trump, Gary Giulietti, Giuletti, Giulietti, Trump's, James, Anil Singh, Alina Habba, Chubb, Jean Carroll Organizations: U.S, New York, Trump, Division of Manhattan Supreme, Appeals, New York ., Lockton Companies, U.S . Treasury Department, Trump Organization Locations: New York City, New York, New York . Manhattan, York

☆ 'Clean' property, private lenders could be Trump's best option to get $540 million for legal judgments
▼ + stars: | 2024-03-05 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +6 min

A more important factor could be whether Trump's real estate assets are already mortgaged, said law professor John Coffee. "He would have to come up with clean real estate property that is not already securing something that some other bank has a lien on," Coffee said. Michele Eve Sandberg | AFP | Getty ImagesIn New York City, the value of Trump's real estate holdings totals $690 million, according to a September 2023 estimate by Forbes. New York Attorney General Letitia James, who brought the fraud case, said she would seize Trump's real estate assets if he cannot pay his civil penalty. They instead offered to post a $100 million bond, but New York appeals court Judge Anil Singh rejected the proposal.

Persons: Donald Trump, Justin Sullivan, Trump, Jeff Bezos, Elon Musk, Chris Kise, haven't, Eric Talley, Talley, Alina Habba, Jean Carroll’s, Carroll, Jane Rosenberg, John Coffee, Jones, Michele Eve Sandberg, Letitia James, Anil Singh, Jean Carroll's, Neil Pedersen, Pedersen, Caitlin Ochs Organizations: Fox News, Greenville Convention Center, Getty, Columbia University, Trump, Manhattan Federal, Trump Organization, Trump National Doral, AFP, Forbes, New York, New, Sons, CNBC Locations: Greenville, Greenville , South Carolina, New York, New York City, Trump National Doral Miami, Miami , Florida, York, Manhattan, New York City , New York, U.S

☆ British neobank Monzo raises $430 million in Alphabet-led round to relaunch in the U.S.
▼ + stars: | 2024-03-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

British digital bank Monzo on Tuesday raised $430 million in fresh capital from investors to help it relaunch its services in the U.S.Monzo raised the money in a new funding round led by CapitalG, the independent venture arm of Google parent company Alphabet . HongShan, the Chinese venture capital firm that split from Sequoia Capital last year, also backed the round, alongside existing backers Tencent and Passion Capital. Monzo, which is one of the U.K.'s most popular app-only banks, said the fresh cash would be used to accelerate its expansion plans, including a renewed attempt at expanding its service to the U.S."With backing from global investors, we have the rocket fuel to go after our ambitions harder and faster, building Monzo into the one app that sits at the centre of our customers' financial lives," Monzo CEO TS Anil said in a statement. "Each milestone we've reached to this point has given us more strength and speed to make strides towards our mission — now we'll scale to even greater heights and seize the huge opportunity ahead."

Persons: Monzo, CapitalG, Tencent, Anil Organizations: Google, Sequoia Capital, Passion Locations: U.S

☆ King Charles’ cancer diagnosis: How much should the public be told?
▼ + stars: | 2024-02-07 | by ( Lauren Said-Moorhouse | Max Foster | ) edition.cnn.com time to read: +26 min

King Charles and Queen Camilla are seen leaving Clarence House in London on February 6, the day after it was announced King Charles had been diagnosed with cancer. But Queen Elizabeth and King Charles, they do not want to become the story, they still want to serve their public. In the fullness of time, I would like to think King Charles will talk about his treatment.”Britain's King Charles III poses for a portrait in Buckingham Palace's Throne Room after his official coronation in May 2023. From left are Camilla, Duchess of Cornwall; Prince Charles; Queen Elizabeth II; Prince Philip; Prince William; and Catherine, Duchess of Cambridge. From left are Prince Charles; the Queen; Prince Louis; Catherine, the Duchess of Cambridge; and Princess Charlotte.

Persons: London CNN — Britain’s King Charles III, Buckingham, Charles, King Charles, Queen Camilla, Clarence, Toby Melville, King, Rishi Sunak, Sunak, “, Sunak’s, Charles ’, Chris Jackson, ”, Kate Williams, Joe Biden, Matthew Chattle, survivorship, “ Jill, “ You’re, Anil Rustgi, Herbert, ” Rustgi, Sally Bedell Smith, George VI, ” King George VI, Prince Charles, Prince Harry, Emily Nash, It’s, Princes William, Harry, Andrew, Edward, Anne, Beatrice, Nash, Princess, Wales, She’s, hasn’t, Catherine, ” Williams, Kristina Kyriacou, ITV’s, They’ve, Kyriacou, she’d, Queen Elizabeth, ” Britain's King Charles III, Hugo Burnand, Princess Elizabeth, Elizabeth, Prince Philip, Prince Charles and Princess Anne, Eddie Worth, Margaret, Hulton, Sir Gerald Creasy, Paul Popper, Princess Margaret, Queen Elizabeth II, Prince, Popperfoto, Prince Edward, Princess Anne, Richard Nixon, William Lovelace, Serge Lemoine, David McFall, Anwar Hussein, Tim Graham, Camilla Parker Bowles, Lady Diana Spencer, Princess Diana, William, Diana, David Levenson, Johnny Eggitt, Nelson Mandela, David Thomson, Princess Diana's, Jayne Fincher, Thomas Coex, Adrian Dennis, Chris Ison, Prince of, Camilla, Matt Dunham, Prince William, Kate Middleton, James Devaney, FilmMagic, Andrew Milligan, Barack Obama, Chris Radburn, Duchess of Cornwall, Catherine , Duchess of Cambridge, Dominic Lipinski, Alessandro Bianchi, Mohd Rasfana, Andrew Parsons, Prince Charles , Prince Andrew, Duchess Camilla, Meghan Markle, Jonathan Brady, Max Mumby, He's, Prince George, Princess Charlotte, Prince Louis, Meghan, PoolAP Charles, Tim P, Paul Chiasson, Ben Stansall, Duchess, Cambridge, Hannah McKay, Reuters Charles, Liz Truss, Yui Mok, Queen Consort, Victoria Jones, Volodymyr Zelensky, Zelensky, Aaron Chown, Handout, Dan Kitwood, Andrew Matthews, Sarah Tilotta, Toby Hancock, CNN Charles, Giles, Jane Barlow, Emmanuel Macron, Benoit Tessier, Peter Nicholls, Britain's King Charles III, Estelle Paranque Organizations: London CNN, Clarence House, Reuters, CNN, BBC, British, Getty, Royal, Publishing, Macmillan Cancer, Cancer Research, Herbert Irving Comprehensive Cancer, Presbyterian, Columbia University Irving Medical Center, Topical Press Agency, Royals, CNN’s Royal, Buckingham Palace, Central Press, Hulton, Hulton Deutsch, Westminster Abbey, Keystone, Royal Navy, Queen, Trinity College , Cambridge, Bettmann, Hulton Royals, Cheshire Regiment, Spice, Westminster Hall, Royal Horticultural Society's, Chelsea, London Palladium, BBC Scotland's, Office, Zephyr, Army Air Corps, Sandringham, Royal Air Force, Whitby, Imperial State Crown, Royal Military Academy Sandhurst, Cathedral, Scotland, King, London Clinic, Northeastern University London Locations: London, British, Dubai, United Arab Emirates, Buckingham Palace, United Kingdom, NewYork, Queen, Windsor, Wales, Buckingham, Malta, Westminster, France, Washington, Kenya, West Berlin, Canada, Cirencester, England, Canterbury, India, Manchester, Papua New Guinea, Toronto, AFP, Balmoral, Balmoral , Scotland, Paris, Ashbourne, Ranville, Prince of Wales, Amatrice, Borneo, St, John's, Newfoundland, Labrador, Nyamata, Rwanda, St James's, Hamburg, Germany, Edward's, Edinburgh, Scotland, of Versailles, Versailles

☆ Alibaba, ASML and more: Jefferies reveals its 'highest-conviction' stocks to buy — and one has 118% upside
▼ + stars: | 2024-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investment bank Jefferies has revealed its top stock picks that are exposed to major themes like innovation, new products, and emerging markets. The investment bank forecasts Prudential shares will rise 118% to 18,000 British pence over the next 12 months. The investment bank expects Hong Kong-listed shares of Alibaba to rise to 128 Hong Kong dollars ($17), which implies an 84% upside potential. The investment bank expects shares to rise 57% over the next 12 months. The investment bank believes ASML's current valuation of 33 times forward earnings is too low since it forecasts 49% earnings growth over the next two years.

Persons: Jefferies, Prudential Jefferies, Prudential's, Anil Wadhwani, Eddie Wu, Wu, Alibaba's, Joe Dickerson, Dickerson, — CNBC's Michael Bloom Organizations: Prudential, Jefferies, Hong, U.S, HSBC Jefferies, HSBC, ASML Semiconductor, DexCom Locations: U.K, Asia, China, India, Africa, Hong Kong, Alibaba

SRINAGAR, India (AP) — For decades, India has focused its defense policy on its land borders with rivals Pakistan and China. Unless you are a maritime power you can never aspire to be a global power,” Chawla said. India, already a regional power, is positioning itself “as a global player today, an upcoming global power,” he said. Though we don’t own it, but we are probably the most capable and responsible resident naval power,” Chawla said. Chawla said India doesn't have “strength to project power into the South China Sea right now” because of the vast Chinese maritime assets there.

Persons: Adm, Anil Kumar Chawla, “, ” Chawla, ”, Darshana, Chawla, it’s Organizations: Pakistan, Hamas, U.S, Carnegie Endowment, International, Ocean Initiative, NATO Locations: SRINAGAR, India, China, Yemen, Iran, Tehran, Red, Gaza, U.S, Visakhapatnam, Marshall, Gulf, Aden, Picardy, “ China, South China, Beijing, Bangladesh, Sri Lanka, Maldives, Australia, Japan, Pacific, South, Asia, asia

☆ Don't count on the Fed slashing rates given the inflation 'rollercoaster' risk, warns BlackRock
▼ + stars: | 2024-01-09 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewInvestors positioning for sharp interest-rate cuts by the Federal Reserve this year may be disappointed, according to BlackRock. Increased geopolitical risks will also fuel price pressures in the coming years, according to BlackRock, reducing room for the Fed to ease monetary policy. "We think the Fed may not be able to deliver the rate cuts markets expect, even with growth moderating," analysts led by Jean Boivin wrote. "We think that means inflation is set to rollercoaster back up near 3% in 2025 as the goods price drag fades.

Persons: —, Jean Boivin Organizations: Service, Federal Reserve, Business, Investors, UBS, Fed, NatWest Locations: BlackRock

☆ Adobe shares slide on weaker-than-expected forecast for 2024
▼ + stars: | 2023-12-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Adobe shares dropped more than 6% in extended trading Wednesday after the software maker posted a lighter-than-expected forecast for 2024. Net income increased 26% to $1.48 billion, or $3.23 per share, up from $1.18 billion, or $2.53 per share, in the year-ago quarter. Adobe called for fiscal 2024 earnings per share of $17.60 to $18 on $ $21.3 billion to $21.5 billion in revenue. During the quarter Adobe increased the costs of some subscriptions. Prior to the after-hours move, Adobe shares were up almost 86% this year, outperforming the S&P 500 stock index, which has gained about 23%.

Persons: Wall, LSEG, Anil Chakravarthy, Shantanu Narayen, Narayen, Adobe Organizations: Adobe, Creative, Creative Cloud, European Commission, U.S . Department of Justice, DOJ, U.S . Federal Trade Commission, Restore, FTC, CNBC PRO Locations: LSEG

☆ Johnson & Johnson forecasts as much as 6% sales growth in 2024
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Dec 5 (Reuters) - Johnson & Johnson (JNJ.N) on Tuesday forecast revenue growth of 5-6% for the next year, as it banks on strong demand for cancer treatments Darzalex and Carvykti and resilient sales of blockbuster drug Stelara. The company has narrowed its focus on its drugs and medical devices business since it hived off its consumer health unit earlier this year. Sales of blockbuster psoriasis treatment Stelara in Europe are expected to come under pressure as early as next year as a key patent on the drug expires. Sales of the drug largely come from its use as a treatment for inflammatory bowel diseases (IBD), Wolk said. J&J's 2024 revenue growth forecast excludes sales of its COVID vaccine.

Persons: Johnson, Joseph Wolk, Wolk, J, Bhanvi, Patrick Wingrove, Anil D'Silva Organizations: Johnson, Thomson Locations: Europe, United States, Bengaluru, New York

Young voters could be pivotal in an election year where the race is expected to be very close between presumptive nominees Biden and Republican front-runner Donald Trump. While young voters tend to favor Democrats, even a small drop in turnout among those voters – or a shift toward Republicans – could make a dispositive difference in battleground states. Biden has a dramatic disadvantage, compared with Trump, on the economy, even as young voters report overwhelmingly that their own financial situations are solid. That's on track with Biden's performance among young voters in 2020, when exit polls showed Biden took 60% of the youth vote, compared to 36% of young voters who voted for Trump. The data on young voters reflects a trend other polling has shown throughout the campaign season: Americans are unhappy with the ways things are going and don't want a Biden-Trump rematch.

Persons: –, John Della Volpe, “, ”, Joe Biden's, Biden, Donald Trump, Republicans –, Trump, That's, aren't, Anil Cacodcar, Della Volpe, pollster Della Volpe, Andy Beshear Organizations: Harvard University's Institute, Politics, Young, Republican, Republicans, Biden, Trump, Democratic, GOP, America, Jackson, Health Organization, Kentucky Gov, Democrat Locations: Israel, Ukraine, Dobbs v, Virginia, New York, Maryland, – Arizona , Arkansas , Colorado , Florida , Iowa , Missouri, Montana , Nebraska , Nevada , Pennsylvania, South Dakota

The New York Stock Exchange (NYSE) in New York City, U.S., February 24, 2022. Pressuring equities on Monday were higher U.S. Treasury yields, which made returns on stocks less attractive. However, some analysts have cautioned that markets have been too quick to price in lower interest rates. The S&P index recorded eight new 52-week highs and no new lows, while the Nasdaq recorded 46 new highs and 17 new lows. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Anil D'Silva and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Jerome Powell, It's, Sam Stovall, Stovall, Santa Claus, advancers, Amruta Khandekar, Anil D'Silva, Pooja Desai Organizations: New York Stock Exchange, REUTERS, Companies Alaska Air, Hawaiian Holdings, Dow, Nasdaq, Federal Reserve, Treasury, Nvidia, Apple, Traders, Research, Alaska Air Group, Dow Jones, Marathon, NYSE, Thomson Locations: New York City, U.S, New York, Santa, Israel, Red

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsDec 4 (Reuters) - Qatar Holding is looking to sell around 510 million pounds ($643.72 million) of shares in Barclays (BARC.L), one of the banks acting on the deal said on Monday, cutting back on its crisis-era investment in the British bank. The deal is set to price at 141 pence per share, or a discount of about 1.4% to Barclays' closing share price on Monday. The share sale comes as Barclays is striving to revive its share price, which has halved since Qatar first invested in 2008. Qatar has previously cashed in on warrants acquired through the capital injection.

Persons: Peter Nicholls, Pablo Mayo, Juby Babu, Anil D'Silva, Jane Merriman, Josie Kao Organizations: Barclays Bank, REUTERS, Barclays, Qatar, Venkatakrishnan, Reuters, Pablo Mayo Cerqueiro, Thomson Locations: London, Britain, Qatar, British, Germany, Bengaluru

After apologizing for his post at the event on Wednesday, Musk unleashed a profanity-laced tirade against some of the advertisers for fleeing the platform. The Tesla (TSLA.O) chief acknowledged that an extended boycott by advertisers could bankrupt X, formerly Twitter, but suggested that the public would blame the brands and not him for a potential collapse. "We believe there is risk that more companies will stop advertising on X; at least on a short-term basis," D.A. Monthly U.S. ad revenue at X has declined at least 55% year-over-year each month since Musk bought the company in October 2022, Reuters reported last month. "Musk has stated that Twitter is worth a lot lesser than the $44 billion he had paid for it.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Elon, Walt Disney, Musk, D.A, Tom Forte, Russ Mould, AJ Bell, Chavi Mehta, Jaspreet Singh, Aby Jose Koilparambil, Anil D'Silva Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, New York Times, Warner Bros ., Davidson &, U.S, X, Reuters, Thomson Locations: Paris, France, Bengaluru

☆ Ford takes $1.7 billion profit hit from UAW strike
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

The automaker now expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion for 2023. In July, it forecast adjusted EBIT of $11 billion to $12 billion. Ford said the new outlook included $1.6 billion in lost profits in the fourth quarter due to interruptions in production of high-margin trucks and SUVs. A month into the strikes, Ford said the company was "at the limit" of what it could spend on higher wages and benefits. The deal UAW leaders finally approved included a pay hike of at least 30% for full-time workers and more than double pay for others.

Persons: David, Dee, Delgado, Ford, Shawn Fain, walkouts, Bill Ford, Tesla, Nathan Gomes, Anil D'Silva Organizations: New York, REUTERS, Ford, GM, UAW, Canadian, Chrysler, EV, Thomson Locations: Manhattan , New York City, U.S, United States, Michigan, Bengaluru

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

☆ Barclays in talks to buy Metro Bank's mortgage book worth $3.74 bln - Sky News
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo Acquire Licensing RightsNov 27 (Reuters) - Britain's Barclays (BARC.L) is in exclusive talks to buy embattled lender Metro Bank's (MTRO.L) 3 billion pound ($3.74 billion) residential mortgages portfolio, Sky News reported on Monday. Both Barclays and Metro Bank declined to comment. The report comes after Britain's best-known challenger bank announced a 325 million pound capital raise and 600 million pound debt refinancing in early October, in a bid to bolster its finances. Last month, Santander's (SAN.MC) chief executive officer Hector Grisi had said the Spanish bank may consider looking into acquiring a mortgage portfolio from Metro.

Persons: Peter Nicholls, Britain's, Jaime Gilinski, Hector Grisi, Eva Mathews, Anil D'Silva, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Britain's Barclays, Metro, Sky News, Barclays, Metro Bank, Separately, Reuters, Thomson Locations: London, Britain, Colombian, Metro, Spanish, Bengaluru

☆ Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small," Nansen analysts said. Investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry.

Persons: Dado Ruvic, Nansen, Changpeng Zhao, Zhao, Richard Teng, Binance, Zhao's, Lisa Pauline Mattackal, Jonathan Stempel, Chris Prentice, Michelle Price, Anil D'Silva Organizations: REUTERS, Investors, U.S, U.S . Securities, Exchange Commission, Justice Department, Thomson Locations: Nansen, Dubai, Seattle, United States, Bengaluru, New York

☆ Who are OpenAI's new board members as Sam Altman returns?
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria Acquire Licensing RightsNov 22 (Reuters) - ChatGPT-maker OpenAI on Tuesday said it reached an agreement for Sam Altman to return as CEO days after his ouster, and also agreed in principle to partly reconstitute the board of directors that had dismissed him. Bret Taylor, formerly co-CEO of Salesforce and Larry Summers, former U.S. Treasury Secretary, along with Quora CEO and current director Adam D'Angelo will be part of the board, OpenAI said. Here's what we know about them:* Taylor, 43, is an American computer programmer and entrepreneur, who is also a board member at Shopify (SHOP.TO). Taylor will chair the OpenAI board* Summers, 68, is an American economist who has served as U.S. Secretary of the Treasury from 1999 to 2001* A professor at Charles W Eliot University, Summers is also President Emeritus at Harvard* Summers is also on the board of Jack Dorsey's Block Inc (SQ.N) and Skillsoft Corp (SKIL.N)* D'Angelo, 39, is an American internet entrepreneur, best known as founder of California-based social question-and-answer website and online knowledge market Quora* A Computer Science graduate, D'Angelo was previously CTO of Facebook for nearly two years till June 2008(Sources: TechCrunch, Reuters reporting and LinkedIn)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Altman, Carlos Barria, OpenAI, Bret Taylor, Larry Summers, Adam D'Angelo, Taylor, Charles, Summers, Jack Dorsey's, D'Angelo, Aby Jose Koilparambil, Anil D'Silva Organizations: Economic Cooperation, REUTERS, U.S . Treasury, Quora, Treasury, Charles W Eliot University, Harvard, Skillsoft Corp, Science, Facebook, Thomson Locations: Asia, San Francisco , California, U.S, American, Shopify, California, Bengaluru

☆ Alphabet wants to invest in British fintech bank Monzo before it goes public
▼ + stars: | 2023-11-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Monzo, a British fintech bank, is in talks with Alphabet's private investment arm Capital G to raise what is primed to be its last funding round before a public listing. The bank touts around 8.5 million customers in the UK and is best known for its bright coral pink bank cards. Fintech funding in Europe dropped 70% to $5 billion from $17.1 billion in the first half of 2023, compared with 2022, according to Finch Capital. The prospective funding round is set to be the fintech's last private raise before a mooted public debut that would likely take place in late 2024 or 2025. The British bank reported £116.3 million in losses last year despite more than doubling its revenue.

Persons: Monzo, Catalyst, Monzo's, Cash, Conor Walsh, Anil Organizations: Business, Sky News, Abu Dhabi Growth Fund, Silicon, VC, fintech, Finch, London, Starling Bank Locations: British, London, Abu Dhabi, New York, Europe, Monzo, Starling

☆ Lowe's sees steeper drop in annual sales as DIY demand stumbles
▼ + stars: | 2023-11-21 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual same-store sales than previously expected, as inflation-hit consumers cut spending on home-improvement projects, hitting the company's key do-it-yourself (DIY) business segment. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending" particularly in categories including appliances, home decor, kitchen and bath where customers even postponed some purchases, CEO Marvin Ellison said. Average spending at Lowe's - particularly on big-ticket items - was under pressure in the quarter, resulting in a 7.4% drop in same-store sales while analysts expected a 5% decline, according to LSEG IBES data. Meanwhile, larger rival Home Depot's (HD.N) bigger customer base of "Pro-customers" like builders and contractors helped the retailer ride out the weakness in DIY spending and beat expectations for quarterly results. It expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Ellison, John Tomlinson, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Bengaluru

☆ Broadcom plans to close $69 billion VMWare deal on Wednesday
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 21 (Reuters) - Broadcom (AVGO.O) said it planned to close its $69 billion acquisition of cloud computing firm VMWare (VMW.N) on Wednesday, wrapping up one of the biggest takeover deals in the technology industry that was closely scrutinized by regulators globally. Some investors in the companies had feared about the outcome of the deal after reports said last month that rising Sino-U.S. tensions could lead China's regulator to scuttle the deal. Broadcom shares were down more than 1%, while VMware was down 4.6%. The deal was previously expected to close by Nov. 26.

Persons: Dado Ruvic, Biden, Bernstein, Zaheer Kachwala, Mary Varghese, Siu, Anil D'Silva, Shounak Organizations: VMware, REUTERS, Broadcom, VMWare, Thomson Locations: China, U.S, Beijing, Washington, Bengaluru, Hong Kong

☆ Lowe's sees steeper drop in annual comparable sales on weak demand
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Shoppers load a box of merchandise into a truck after visiting a Lowe's hardware store in Philadelphia, Pennsylvania, U.S. November 4, 2020. REUTERS/Mark Makela/File Photo Acquire Licensing RightsNov 21 (Reuters) - Lowe's Cos (LOW.N) on Tuesday projected a bigger drop in annual comparable sales than previously expected and trimmed its profit forecast as inflation-hit consumers cut back spending on home-improvement projects, sending its shares down 6%. Lowe's saw a "greater-than-expected pullback in DIY discretionary spending, particularly in bigger ticket categories" in the third quarter, CEO Marvin Ellison said. The company reported a 7.4% drop in same-store sales for the three months ended Nov. 3, compared with analysts' average estimate of a 5% drop, according to LSEG IBES data. Lowe's now expects full-year comparable sales to decline 5%, compared with its prior outlook for a 2% to 4% drop.

Persons: Mark Makela, Cos, Lowe's, Marvin Ellison, Deborah Sophia, Anil D'Silva Organizations: REUTERS, Home, Thomson Locations: Philadelphia , Pennsylvania, U.S, Lowe's, Placer.ai, Bengaluru

Ford said it would restart construction of the factory near Marshall, Michigan, after being paused two months ago. Ford is pushing for the U.S. Treasury Department to approve lithium-iron, or LFP, batteries made at the Michigan factory to qualify for Inflation Reduction Act EV subsidies. Ford now plans to cut the Michigan battery plant's capacity to 20 gigawatt hours and reduce hiring to 1,700 jobs. Ford said in October that it would cut future electric vehicle investments overall by $12 billion compared to previous plans. The company has previously postponed construction of a battery factory in Kentucky and another in Turkey.

Persons: Ford, CATL, Mark Truby, Truby, Joe White, Anil D'Silva Organizations: DETROIT, CATL, United Auto Workers, U.S . Treasury Department, Ford, Blue, Battery Park Michigan, Michigan, Thomson Locations: Michigan, U.S, Marshall , Michigan, Kentucky, Turkey

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