DIRS.INFO The most relevant business & tech news

☆ UK's Frasers plans to buy SportScheck assets out of administration
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

'SportScheck' store is seen closed due to the coronavirus disease (COVID-19) pandemic in Munich, Germany, February 5, 2021. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 30 (Reuters) - British sports and fashion group Frasers (FRAS.L) said on Thursday it will seek to buy SportScheck's business and assets out of administration after the German sporting goods retailer filed for insolvency. Signa on Wednesday filed for self-administered reorganisation proceedings, and media reports followed on Thursday that SportScheck would also file for insolvency. Frasers confirmed SportScheck's administration in its statement and said it exercised its rights under its agreement with Signa to withdraw from the deal. However, the London-listed group said it intends to work with SportScheck's appointed administrator to purchase its business and assets.

Persons: Michaela Rehle, Frasers, Signa, SportScheck, SportScheck's, Sri Hari, Krishna Chandra Organizations: REUTERS, SportScheck, Retail, Sports, Sri, Thomson Locations: Munich, Germany, London, SportScheck, Bengaluru

☆ Cboe tops Q3 profit estimates on strong trading volumes
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Chicago Board Options Exchange (CBOE) Global Markets sign hangs at its headquarters building in Chicago, Illinois, U.S., September 19, 2018. REUTERS/Michael Hirtzer Acquire Licensing RightsNov 3 (Reuters) - Exchange operator Cboe Global Markets Inc (CBOE.Z), on Friday sailed past analysts' estimates for third-quarter profit as transaction volumes surged amid spiraling volatility in the global markets across asset classes. Revenue from its options segment surged 14%, while total revenue rose 9% to $480.5 million. On an adjusted basis, Cboe posted a profit of $2.06 per share, compared to analysts' average estimate of $1.86, according to LSEG data. Cboe expects organic net revenue growth to be at the high end of its target of 7% to 9% in 2023.

Persons: Michael Hirtzer, Cboe, Sri Hari, Sriraj Organizations: Exchange, REUTERS, Cboe, Markets Inc, Revenue, Nasdaq, Intercontinental Exchange, Sri, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ T. Rowe beats profit estimates on higher fee-based income
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 27 (Reuters) - T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. "However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter," CEO Rob Sharps said in a statement. Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier. Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.

Persons: Rowe Price, Toru Hanai, Rob Sharps, Rowe, Sri Hari, Shilpi Majumdar Organizations: REUTERS, Federal Reserve, Sri, Thomson Locations: Tokyo, Japan, Baltimore , Maryland, Bengaluru

☆ S&P pushes Egypt's rating deeper into junk amid funding pressures
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 20 (Reuters) - Global ratings agency S&P on Friday downgraded Egypt's long-term sovereign credit rating by one notch to "B-" , citing the country's mounting funding pressures. "Inflationary pressures are likely to remain high as we expect further exchange-rate weakness," S&P said in a statement. Earlier this month, Moody's downgraded Egypt's credit rating by a notch, citing the country's worsening debt affordability. "Due to the foreign currency crunch, we expect GDP growth to slow further in fiscal 2024," S&P added, while placing the country's outlook at "stable".

Persons: Brendan McDermid, Moody's, Sri Hari, Shailesh Kuber Organizations: REUTERS, Sri, Thomson Locations: New York City, U.S, Egypt, Bengaluru

☆ Moody's downgrades Egypt deeper into junk territory
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo Acquire Licensing RightsOct 5 (Reuters) - Moody's on Thursday downgraded Egypt's credit rating by a notch to 'Caa1' from 'B3', citing the country's worsening debt affordability. Egypt has been facing an economic crisis with record inflation and a chronic foreign currency shortage, and a borrowing spree over the last eight years has made external debt repayments increasingly onerous. "Moody's expects the materialization of asset sale proceeds at the central bank to help restore the economy's foreign currency liquidity buffer," the credit rating agency said, placing Egypt's outlook at 'stable'. Egypt has imposed import restrictions to remedy the shortage of foreign currency, while at least two national banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency.

Persons: Amr Abdallah Dalsh, Moody's, Sri Hari, Shinjini Organizations: REUTERS, International Monetary Fund, Sri, Thomson Locations: Cairo, Egypt, Bengaluru

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

BMO, which bought U.S. regional lender Bank of the West earlier this year, said provision for credit losses rose to C$492 million ($361.42 million), compared with C$136 million a year ago. The bank's earnings were also affected by severance costs of C$162 million and C$83 million in legal provisions at its capital markets unit. At Bank of Montreal, net interest income for the quarter rose to C$4.91 billion, compared with C$4.20 billion last year. At Scotiabank net interest income fell to C$4.58 billion, from $4.68 billion a year ago, largely hurt by lower corporate lending and lower loan fees. At Scotiabank, net income came in at C$2.23 billion, compared with C$2.61 billion.

Persons: Carlos Osorio, Tayfun Tuzun, BMO's, Scott Thomson, Thomson, John Aiken, BMO's Tuzun, Nivedita Balu, Pritam Biswas, Sri Hari, Shweta Agarwal, Bernadette Baum, Mike Harrison, Jonathan Oatis Organizations: Bank of Montreal, REUTERS, Bank of Nova, Bank of Canada's, BMO, Bank, Scotiabank, Barclays, Bank of, Analysts, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, U.S, Mexico, Bank of Montreal, Bengaluru

The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed Bay Street estimates for quarterly profit hurt by higher expenses and rainy day funds to cover for unpaid loans. The bank's earnings were also impacted by a C$306 million charge related to the termination of its First Horizon acquisition. "The higher interest rate would put pressure on the consumer. The banks set aside more money for bad loans compared to the prior quarter as consumers struggle to make payments amid high costs of living. RBC set aside C$616 million for credit losses, up from C$340 million a year ago, and TD set aside C$766 million, a jump from C$351 million.

Persons: Mark Blinch, Dave McKay, John Aiken, Kelvin Tran, Nivedita Balu, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter Organizations: Royal Bank of Canada, REUTERS, RBC, Barclays, Dominion Bank, The Bank of Canada, Thomson Locations: Toronto, Canada, Sri, Bengaluru

"We are seeing evidence of slowing labor markets as evidenced by slowing wage growth, lower job postings and an increase in Canadian unemployment. The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed analysts' estimates for quarterly profit, which was hurt by higher expenses, rainy day funds to cover for unpaid loans and weakness in its U.S. business. RBC reported adjusted earnings of C$2.84 per share, beating analysts' estimates of C$2.71 per share, according to Refinitiv data. The bank's earnings were also impacted by a C$306 million payment related to the termination of its First Horizon acquisition. RBC and TD together account for half of the market share among the big six Canadian banks with a market capitalization of C$168 billion and C$151 billion respectively.

Persons: Dave McKay, McKay, May, John Aiken, Kelvin Tran, TD, Nivedita Balu, Manya Saini, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter, Sharon Singleton Organizations: Royal Bank of Canada, RBC, Barclays, Dominion Bank, Bank of Canada, Thomson Locations: China, Toronto, Canada, Bengaluru

☆ Coinbase revenue beats estimates on interest income boost
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 3 (Reuters) - Coinbase Global (COIN.O) beat second-quarter revenue expectations on Thursday as a surge in the crypto exchange's interest income cushioned a slump in trading volumes, sending its share up 10% in extended trading. Coinbase earns interest on reserves backing USD Coin (USDC), the second-biggest stablecoin by market capitalization. It also earns interest on bitcoin-backed loans it provides to customers. Interest income in the quarter surged to $201.4 million from $32.5 million a year ago, boosting revenue at the company's subscription and services segment. Coinbase's revenue in the second quarter came in at $707.9 million, beating estimates of $662.5 million, according to Refinitiv data.

Persons: Dado Ruvic, Binance, Manya Saini, Sri Hari, Maju Samuel, Arun Koyyur Organizations: REUTERS, U.S . Securities, Exchange Commission, Sri, Thomson Locations: U.S, Bengaluru

"When we think about the back half, in Q3, we'll still see some pressure on transaction margin performance. PayPal's adjusted operating margin for the quarter came in at 21.4%, missing its forecast of 22%. PayPal's total payment volume surged 11% in the second quarter to $376.5 billion, benefiting from resilient consumer spending trends. PayPal forecast adjusted profit per share for the current quarter to be in a range of $1.22 and $1.24, above analysts' estimates of $1.22. PayPal posted revenue of $7.3 billion in the second quarter, compared with $6.8 billion last year.

Persons: Dado Ruvic, we'll, Gabrielle Rabinovitch, Dan Schulman, Kevin Kennedy, Schulman, Sri Hari, Manya, Maju Samuel Organizations: PayPal, REUTERS, PayPal Holdings, Apple, Reuters, Banking, Sri, Manya Saini, Thomson Locations: Bengaluru

☆ PayPal forecasts quarterly revenue above estimates as consumers shrug inflation worries
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Payments firm PayPal Holdings (PYPL.O) forecast third-quarter revenue above estimates on Wednesday, expecting consumers to remain resilient in the face of a tough economy. PayPal expects third-quarter revenue at about $7.4 billion, above analysts' average estimate of $7.32 billion, according to Refinitiv data. The optimistic revenue forecast echoed results of card giants Mastercard (MA.N) and Visa (V.N), which posted a boost in quarterly profits on the back of strong consumer spending. PayPal's revenue jumped to $7.3 billion in the second quarter ended June 30, compared with $6.8 billion a year earlier. In May, PayPal cut its forecast for annual adjusted operating margin, a move that eclipsed its profit forecast raise.

Persons: Dado Ruvic, Sri Hari, Manya, Maju Samuel Organizations: PayPal, REUTERS, PayPal Holdings, Mastercard, Visa, Apple, Sri, Manya Saini, Thomson Locations: Bengaluru

☆ Allstate posts bigger loss as catastrophe claims rise
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Robert Galbraith/File PhotoAug 1 (Reuters) - Insurer Allstate Corp (ALL.N) posted a bigger-than-expected quarterly loss on Tuesday as claims related to higher catastrophic events offset gains from strong investment income. The insurer's adjusted second-quarter loss widened to $4.42 per share from 75 cents a year earlier. "Severe weather resulted in 42 catastrophe events, where we remediated losses for 160,000 customers," Allstate CEO Tom Wilson said in a statement. The insurer's catastrophe losses in the quarter were $2.7 billion, compared to $1.11 billion a year earlier. Allstate posted an underlying combined ratio of 92.9%, compared to 93.4% a year earlier.

Persons: Robert Galbraith, Tom Wilson, Sri Hari, Maju Samuel Organizations: Allstate, REUTERS, Allstate Corp, Analysts, Sri, Thomson Locations: San Francisco , California, United States, Bengaluru

☆ Visa posts higher quarterly profit on spending boost
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: 1 min

July 25 (Reuters) - Payments processor Visa (V.N) reported a jump in third-quarter profit on Tuesday, helped by resilient consumer spending despite tough economic conditions this year. Excluding one-time costs, it posted a profit of $4.5 billion, or $2.16 per share, for the three months ended June 30, compared with $4.2 billion, or $1.98 per share, a year ago. Payment volumes rose 9%, while cross-border volumes surged 17% in the quarter. A rebound in spending since last year has kept card companies on more solid ground, but the U.S. Federal Reserve's relentless interest rate hikes are starting to deter pandemic-weary travelers who had fueled the recovery. Reporting by Niket Nishant and Sri Hari N S in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Niket Nishant, Sri Hari, Devika Organizations: U.S, U.S . Federal, Thomson Locations: U.S ., Sri, Bengaluru

☆ Fifth Third Bancorp tops profit estimates on strong interest income
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Fifth Third Bancorp (FITB.O) on Thursday posted a better-than-expected second-quarter profit, as interest rate hikes by the U.S. central bank boosted its interest income. The bank's shares, down 13% this year, were up 1.2% in premarket trading. The rigorous rate hike cycle by the Federal Reserve has allowed lenders to boost their interest income by charging higher interest on loans. Fifth Third's net interest income - the difference between the income from loan interests and payout on deposits - jumped 9% to $1.46 billion. The result trails major U.S. regional banks who saw their shares rise on the back of higher interest income and stabilized deposits after the banking crisis in the previous quarter sparked industry turmoil.

Persons: Sri Hari, Maju Samuel Organizations: Third Bancorp, U.S, Federal Reserve, Fifth, Fifth Third Bancorp, Sri, Thomson Locations: Ohio, Bengaluru

☆ MarketAxess tops profit estimates on strength in Eurobond trading
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - MarketAxess Holdings (MKTX.O) reported a better-than-expected second-quarter profit on Thursday, as a bustling Eurobond market helped offset the hit from a decline in U.S. government bond trading. The New York-based bond trader reported a profit of $1.59 per share for the three months ended June 30, beating analysts’ estimates of $1.57 per share, according to Refinitiv data. MarketAxess is an electronic trading platform for institutional investors and broker-dealers to trade corporate bonds and other fixed-income products. That prompted Eurobond investors to keep rejigging their portfolios, boosting trading volumes for the segment by 30.2% in the second quarter. However, a 33.1% slump in trading volumes for U.S. government bonds proved a drag.

Persons: MarketAxess, Sri Hari, Pooja Desai, Maju Samuel Organizations: MarketAxess Holdings, The, European Central Bank, U.S . Federal Reserve, Treasury, Sri, Thomson Locations: The New York, Washington, Bengaluru

☆ Bank stocks volatile on mixed results, Discover sinks amid regulatory review
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +3 min

July 20 (Reuters) - Bank stocks were volatile in premarket trading on Thursday as lenders reported mixed quarterly results, while shares of Discover Financial Services (DFS.N) tanked after it disclosed a regulatory review over some of its credit products. Meanwhile, two major mid-sized banks missed quarterly profit estimates, while one came ahead of Wall Street expectations on Thursday. KeyCorp (KEY.N) shares dropped 2.7% after the bank's profit plunged 50% and it forecast a decline in net interest income. They fell 5.7% in the second quarter compared with a year earlier. Outperforming peers, Fifth Third Bancorp's (FITB.O) shares rose 1.9% premarket as the bank's quarterly profit topped expectations, even as it trimmed its growth forecast for full-year NII.

Persons: Zions, Manya Saini, Jaiveer Shekhawat, Sri Hari, Shweta Agarwal, Krishna Chandra Organizations: Bank, Discover Financial Services, Discover, Federal Deposit Insurance Corporation, Truist, Major, Thomson Locations: Truist, Major U.S, Bengaluru

July 19 (Reuters) - The shares of Northern Trust (NTRS.O) jumped by more than 14% on Wednesday after the asset and wealth manager reported a smaller-than-expected drop in second quarter net interest income underpinned by higher interest rates and slower deposit losses. Analysts were, however, expecting a bigger drop in Northern Trust's quarter-on-quarter NII just like State Street. Northern Trust's shares were trading at $82.14, on track for its biggest one-day percentage gain since March 2020. Total revenue fell 1% to $1.77 billion in the quarter as Northern Trust generated fewer fees from its custodial, investment, and wealth management businesses. Northern Trust said its total assets under custody increased 5% to $14.48 trillion, while total asset management also rose 5% to $1.37 trillion.

Persons: Goldman Sachs, Alexander Blostein, NII, Sri Hari, Krishna Chandra Organizations: Northern Trust, Street Corp, Trust, Sri, Thomson Locations: Northern Trust's, Northern, Bengaluru

[1/3] Mark Walsh, CEO of Savers Value Village, celebrates his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - Thrift store operator Savers Value Village (SVV.N) fetched a market capitalization of nearly $4 billion in a strong debut on the New York Stock Exchange on Thursday, underscoring a resurgence in the IPO market as investors lap up new listings. Savers Value, owned by private equity firm Ares Management (ARES.N), joins a host of companies that have enjoyed a warm reception in recent months, reviving hopes the frosty IPO market has begun to thaw. So really this (an IPO) was the right smart option for us to move forward," said Savers Value CEO Mark Walsh. Savers Value and Ares raised over $401 million in the share sale on Wednesday.

Persons: Mark Walsh, Brendan McDermid, Avery Spear, Johnson, Ares, Niket Nishant, Sri Hari, Echo Wang, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Ares Management, U.S, U.S . Federal, Renaissance, Rivian, Kodiak Gas Services, Fidelis Insurance Holdings, Canada's Healthcare, Ontario, Norway's Norges Bank Investment Management, Thomson Locations: New York City, U.S, U.S ., Sri, Bengaluru, Echo, New York

☆ Charles Schwab forecasts up to 11% drop in second-quarter revenue
▼ + stars: | 2023-06-14 | by ( Sri Hari N S | ) www.reuters.com time to read: +2 min

June 14 (Reuters) - Charles Schwab (SCHW.N) expects its second-quarter revenue to drop by 10% to 11% due to a contraction in its net interest margin and softer trading activity, the brokerage firm said on Wednesday. The majority of these borrowings could be repaid before the end of 2024, Schwab said. Analysts have warned of a compression in net interest margins for financial firms, as the Fed's rate hikes drain excessive liquidity. Further increases in interest rates could add to pressure on Schwab's earnings, William Blair analysts Jeff Schmitt and Tyler Mulier wrote in a note. Fed policymakers on Wednesday left interest rates steady but signaled they would rise by half a percentage point by the end of the year.

Persons: Charles Schwab, Schwab, William Blair, Jeff Schmitt, Tyler Mulier, Blair, Niket Nishant, Sri Hari, Vinay Dwivedi, Maju Samuel Organizations: Federal Home Loan Bank, Federal, Thomson Locations: The Texas, Sri, Bengaluru

Search resuls for: "Sri Hari"

20 mentions found