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☆ Moody's turns negative on US credit rating, draws Washington ire
  + stars: | 2023-11-10 | by ( Davide Barbuscia Andrea Shalal | Davide Barbuscia | Andrea Shalal | ) www.reuters.com   time to read: +5 min
Moody's is the last of the three major rating agencies to maintain a top rating for the U.S. government. Fitch changed its rating from triple-A to AA+ in August, joining S&P which has had an AA+ rating since 2011. “While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The sharp rise in Treasury yields "has increased pre-existing pressure on US debt affordability," Moody's said. “Moody’s just downgraded our credit rating outlook to negative because of our out-of-control government spending and deficits," hardline Republican Representative Andy Harris said on X, formerly known as Twitter.
Persons: Shannon Stapleton, Joe Biden's, Fitch, Moody's, Karine Jean, Pierre, Moody’s, Wally Adeyemo, Adeyemo, Biden, Quincy Krosby, Donald Trump, Mike Johnson, “ Moody’s, Andy Harris, ”, Richard Rohan Francis, Davide Barbuscia, Andrea Shalal, David Morgan, Caroline Valetkevitch, Ira Iosebashvili, Megan Davies, Shilpi Majumdar, Shounak Dasgupta, David Gregorio, Chris Reese Organizations: REUTERS, . House, U.S ., Aaa, White, Republican, States ’ AAA, Treasury, Reserve, LPL, New York Times, Republicans, Democratic, Thomson Locations: New York City, U.S, WASHINGTON, American, Siena, Nevada , Georgia, Arizona , Michigan, Pennsylvania, Trump, Wisconsin
☆ UK regulator clears $1.52 billion UnitedHealth-EMIS deal
  + stars: | 2023-09-29 | by ( ) www.reuters.com   time to read: 1 min
Sept 29 (Reuters) - Britain's competition regulator said on Friday it has cleared UnitedHealth Group's (UNH.N) 1.24 billion-pound ($1.52 billion) acquisition of healthcare technology firm EMIS (EMISG.L). The Competition and Markets Authority (CMA) confirmed it found no competition concerns in the deal between specialist healthcare tech and software companies, which provide services to Britain's National Health Service (NHS). Optum UK, part of U.S.-based UnitedHealth, unveiled an offer to acquire EMIS in June last year, to position the combined entity to provide better services to the NHS. ($1 = 0.8173 pounds)Reporting by Richard Rohan Francis in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.
Persons: Richard Rohan Francis, Eileen Soreng Organizations: Markets Authority, CMA, National Health Service, Optum, Thomson Locations: U.S, Bengaluru
☆ Cisco's orders hit by sluggish demand, shares fall
  + stars: | 2023-05-17 | by ( Richardrohan Francis | ) www.reuters.com   time to read: +1 min
May 17 (Reuters) - Cisco Systems Inc (CSCO.O) said on Wednesday a large backlog of products due to supply chain constraints has hit demand for new orders from customers, sending the company's shares down 4% in extended trading. Cisco's product orders fell 23% in the third quarter, even as the maker of routers, security services and software products reported a quarterly profit that beat estimates, helped by its aggressive steps to resolve supply chain bottlenecks. But the backlog, combined with "macroeconomic conditions", hit demand for new products, company executives said on a post-earnings conference call. "Increase in product shipments is often leading customers and partners to absorb these shipments prior to placing new orders," Cisco CEO Chuck Robbins said. Cisco also forecast full-year revenue to rise between 10.0% and 10.5% and now expects annual adjusted earnings per share between $3.80 and $3.82.
☆ Cisco raises full-year profit forecast
  + stars: | 2023-05-17 | by ( ) www.reuters.com   time to read: +1 min
May 17 (Reuters) - Cisco Systems Inc (CSCO.O) on Wednesday raised its full-year profit forecast, betting that demand will stay strong for its networking infrastructure even in a slowing economy. Cisco also forecast fiscal 2023 revenue to rise between 10.0% and 10.5%, compared with its previous outlook of an increase of 9.0% to 10.5%. The maker of routers, security services and software products has also benefited from resilience in cloud spending, which has been a bright spot in the wider tech slowdown. Cisco posted revenue of $14.57 billion in the third quarter, compared with analysts' estimates of $14.39 billion, according to Refinitiv. Reporting by Richard Rohan Francis in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
☆ S&P downgrades Hungary's ratings to 'BBB-/A-3', outlook 'stable'
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +1 min
Jan 27 (Reuters) - Credit ratings agency S&P on Friday cut Hungary's long- and short-term foreign and local currency ratings to 'BBB-/A-3' from 'BBB/A-2', citing persistently high inflation and external pressures. The ratings agency revised its outlook to "stable" from "negative" on expectations that Hungary's economy will avoid a substantial economic downturn over the next two years and weather the indirect effects of the Russia-Ukraine war. S&P expects the Hungarian government, which has pledged to reduce the 2023 budget shortfall to 3.9% of gross domestic product, to gradually reduce fiscal deficits over the next few years. Last week, Fitch cut its outlook on Hungary's long-term foreign currency issuer default rating to "negative" from "stable". Reporting by Aatrayee Chatterjee and Richard Rohan Francis in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
☆ Cisco raises full-year outlook; announces restructuring
  + stars: | 2022-11-16 | by ( ) www.reuters.com   time to read: +2 min
[1/2] The logo of U.S. networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoNov 16 (Reuters) - Cisco Systems Inc (CSCO.O) raised its full-year revenue and profit forecast amid easing supply chain hurdles and announced $600 million in severance and other charges related to a new restructuring, which could impact roughly 5% of its workforce. The company said the restructuring plan will begin in the second quarter of fiscal year 2023. The company will talk to its employees on Thursday about the restructuring plan, Chief Executive Chuck Robbins said in a post-earnings call. Cisco said it expects an annual revenue growth of 4.5% to 6.5%, and adjusted earnings between $3.51 and $3.58.
☆ Cisco beats quarterly revenue estimates as supply chain constraints ease
  + stars: | 2022-11-16 | by ( ) www.reuters.com   time to read: +1 min
Nov 16 (Reuters) - Cisco Systems Inc (CSCO.O) beat first-quarter revenue estimates on Wednesday, as easing supply chain constraints and a COVID-19 recovery in China helped meet demand for its broad networking products portfolio, sending the company's shares 5% higher in extended trading. Easing supply chain snags and Cisco's recent investments in cloud offerings and targeted price hikes have helped the company improve its business and attract customers amid an economic slowdown. Cisco forecast current-quarter revenue to grow between 4.5% and 6.5%, while expecting adjusted earnings between 84 cents and 86 cents per share. The company's revenue was $13.63 billion in the first quarter, above analysts' estimates of $13.31 billion, according to Refinitiv data. Excluding items, Cisco earned 86 cents per share.
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