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LATAM Airlines files restructuring plan to exit bankruptcy
  + stars: | 2021-11-27 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Ueslei MarcelinoNov 27 (Reuters) - Chile's LATAM Airlines Group SA (LTM.SN) said on Friday it has filed a reorganization plan, proposing an $8.19 billion infusion of capital into the group, in a bid to exit its Chapter 11 bankruptcy. Register now for FREE unlimited access to reuters.com RegisterRecently, LATAM said it received several offers to fund the exit from Chapter 11 bankruptcy, each of which are worth more than $5 billion. The group filed for Chapter 11 bankruptcy protection in New York in May 2020 as world travel came to a halt amid the COVID-19 pandemic. read moreUpon emerging from Chapter 11, LATAM expects to have total debt of about $7.26 billion and liquidity of about $2.67 billion, the company said in the statement. read moreThe restructuring plan is accompanied by a support agreement with creditor group Parent Ad Hoc Group and some LATAM shareholders.
Persons: Ueslei Marcelino, Roberto Alvo, LATAM, Maria Ponnezhath, Sam Holmes Organizations: Airlines, Brasilia International, REUTERS, LATAM Airlines Group SA, reuters.com, Hoc Group, Thomson Locations: Brasilia, Brazil, Latin America, New York, Santiago, Bengaluru
Stocks tumble on new coronavirus variant fear
  + stars: | 2021-11-27 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
The NYSE Arca Airline index fell 6.45% in its biggest one-day percentage decline since September 2020. The domestically focused Russell 2000 small-cap index fell 3.67%. Both the S&P 500 and small cap Russell index posted their biggest one-day percentage drops since Feb. 25. The S&P 500 banks index dropped 3.87% as investors dialed back expectations of faster U.S. interest rate hikes. The S&P 500 posted seven new 52-week highs and 23 new lows; the Nasdaq Composite recorded 18 new highs and 334 new lows.
Persons: Keith Buchanan, Andrew Kelly Read, Russell, Jerome Powell, Joe Biden, Stocks, advancers, Medha Singh, Devik Jain, Mayur, Sruthi Shankar, Maju Samuel Organizations: Pfizer, Dow, Nasdaq, Authorities, European Union, Carnival Corp, Royal Caribbean Cruises, Cruise, Delta Air Lines, American Airlines, NYSE, reuters.com, Pfizer Inc, Moderna Inc, Global Investments, Wall, New York Stock Exchange, REUTERS, Dow Jones, Netflix Inc, Video Communications, Thomson Locations: South Africa, United Airlines, Atlanta, Manhattan , New York City, U.S, Bengaluru
REUTERS/Florence Lo/IllustrationSHANGHAI, Nov 26 (Reuters) - Chinese regulators have asked top executives of ride hailing giant Didi Global Inc (DIDI.N) to devise a plan to delist from the New York Stock Exchange due to concerns about data security, Bloomberg News reported. Shares in Didi investors SoftBank Group Corp (9984.T) and Tencent Holdings (0700.HK) fell more than 5% and 3.1%, respectively following the report. Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi. SoftBank Vision Fund owns 21.5% of Didi, followed by Uber Technologies Inc (UBER.N) with 12.8% and Tencent's 6.8%, according to a filing in June by Didi.
Persons: Didi, Florence Lo, Brenda Goh, Sneha Bhowmik, Arun Koyyur, Sam Holmes Organizations: REUTERS, Inc, New York Stock, Bloomberg News, U.S . bourse, Cyberspace Administration, China, SoftBank Group Corp, Tencent Holdings, Reuters, CAC, Vision Fund, Uber Technologies, Thomson Locations: SHANGHAI, U.S, HK, Hong Kong, United States, York, Shanghai, Bengaluru
The Nov. 22-25 poll of 44 economists put the median year-on-year growth forecast at 8.4% in the July-September period. Register now for FREE unlimited access to reuters.com Register"After lagging the recovery during the initial phases, Q3 saw services activity playing catch up. Relative control over new infections, and a large increase in vaccination helped improve services activity," wrote Rahul Bajoria, chief India economist at Barclays. "While supply shortages weighed on manufacturing, the services recovery scaled greater highs during the past quarter." "We expect the economic recovery to be stronger than consensus and the RBI's forecast, even with some downside risks."
Persons: Amit Dave, Rahul Bajoria, Kunal Kundu, Abhishek Upadhyay, Tushar Goenka, Shaloo Shrivastava, Devayani Sathyan, Manzer Hussain, Ross Finley, Barbara Lewis Organizations: REUTERS, Barclays, Reserve Bank of India, Societe Generale, ICICI Securities Primary, Thomson Locations: Ahmedabad, India, BENGALURU, Md
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 23, 2021. UK's FTSE 100 (.FTSE) dropped 2.6%, while Germany's DAX (.GDAXI) fell 2.7% and Spain's IBEX (.IBEX) lost 3.4%. Cyclical-heavy European stock markets have already been under stress this week as a resurgence in COVID-19 cases prompted new restrictions in several countries. Shares in British Airways owner IAG (ICAG.L) and easyJet (EZJ.L), cruise operator Carnival (CCL.L) and travel company TUI fell between 9% and 10%. The virus scare prompted euro zone money markets to scale back bets of a rate hike from the European Central Bank next year.
Persons: Safran, Germany's DAX, COVID, Emma Wall, Hargreaves Lansdown, Sruthi Shankar, Bansari, Subhranshu Sahu, Arun Koyyur Organizations: REUTERS, Airbus, FTSE, Britain, British Airways, IAG, TUI, European Central Bank, U.S, Thomson Locations: Frankfurt, Germany, South Africa, Botswana, Hong Kong, Bengaluru
Pinduoduo misses quarterly revenue estimates
  + stars: | 2021-11-26 | by ( ) www.reuters.com   time to read: +1 min
The Pinduoduo logo is seen in this illustration photo taken July 17, 2018. REUTERS/Thomas White/IllustrationNov 26 (Reuters) - Chinese e-commerce platform Pinduoduo Inc (PDD.O) posted quarterly revenue that missed market estimates on Friday, hurt by stiff competition from rivals Alibaba (9988.HK) and JD.com Inc (9618.HK) amid the pandemic-driven online shopping boom. Total revenue was 21.51 billion yuan ($3.37 billion)in the third quarter, below analysts' average estimate of 26.59 billion yuan, according to IBES data from Refinitiv. Net income attributable to ordinary shareholders was 1.64 billion yuan during the quarter ended Sept. 30, compared with a loss of 784.71 million yuan a year earlier. ($1 = 6.3880 Chinese yuan renminbi)Register now for FREE unlimited access to reuters.com RegisterReporting by Tiyashi Datta in Bengaluru and Sophie Yu in Beijing; Editing by Vinay Dwivedi and Ramakrishnan M.Our Standards: The Thomson Reuters Trust Principles.
Persons: Thomas White, Tiyashi Datta, Sophie Yu, Vinay Dwivedi Organizations: REUTERS, Pinduoduo, Alibaba, HK, JD.com Inc, Thomson Locations: Shanghai, Bengaluru, Beijing
People wait in line at Macy's before Black Friday sales in the Manhattan borough of New York City, New York, U.S., November 26, 2021. REUTERS/Jeenah MoonNov 26 (Reuters) - Shares of U.S. department-store operators slid on Friday as the detection of a new coronavirus variant possibly resistant to existing vaccines compounded woes stemming from low in-store visits and thin holiday season inventories. Retailers have turned Black Friday, which kicks off the holiday shopping season, into a month-long event this year in the face of supply chain hiccups and a labor squeeze, with customers preferring to shop online since the pandemic began last year. Macy's Inc (M.N) shed 6%, while Kohl's Corp (KSS.N) and Nordstrom Inc (JWN.N) dropped about 3.5% each. The S&P retailing index (.SPXRT) slipped 0.2%, coming off an all-time high hit just last week.
Persons: Russ Mould, AJ Bell, Rob Garf, Sam Stovall, Medha Singh, Bansari, Ramakrishnan M Organizations: Black, REUTERS, U.S ., Macy's Inc, Kohl's, Nordstrom Inc, European Union, Guess Inc, Eagle Outfitters Inc, Abercrombie, Fitch, Nike Inc, Inc, Research, Amazon.com, Thomson Locations: Macy's, Manhattan, New York City , New York, U.S, Britain, South Africa, Botswana, Hong Kong, Salesforce, New York, Bengaluru
Novavax testing vaccine that targets new COVID-19 variant
  + stars: | 2021-11-26 | by ( ) www.reuters.com   time to read: +1 min
A woman holds a small bottle labeled with a "Coronavirus COVID-19 Vaccine" sticker and a medical syringe in front of displayed Novavax logo in this illustration taken, October 30, 2020. REUTERS/Dado RuvicNov 26 (Reuters) - Novavax Inc (NVAX.O) said on Friday it had started working on a version of its COVID-19 vaccine to target the variant detected in South Africa and would have the shot ready for testing and manufacturing in the next few weeks. The company's COVID-19 shot contains an actual version of the virus' spike protein that cannot cause disease but can trigger the immune system. The vaccine developer said it had started developing a spike protein specifically based on the known genetic sequence of the variant, B.1.1.529. German drugmaker BioNTech SE (22UAy.DE) and Johnson & Johnson (JNJ.N) have also said they were testing the effectiveness of their respective COVID-19 vaccines against the new variant.
Persons: Dado Ruvic, Johnson, Manojna Maddipatla, Mrinalika Roy, Anil D'Silva Organizations: REUTERS, Novavax, European Medicines Agency, Thomson Locations: South Africa, Indonesia, Philippines, Canada, Bengaluru
Blue Prism shareholder Coast opposes Vista's new takeover offer
  + stars: | 2021-11-26 | by ( ) www.reuters.com   time to read: +1 min
Nov 26 (Reuters) - Blue Prism (PRSMB.L) shareholder Coast Capital said on Friday it will not support private equity firm Vista Equity's final takeover offer of 1.22 billion pounds ($1.62 billion) for the British software firm on grounds it undervalues the company. U.S.-based Coast, which owns around 2.8% of Blue Prism, had also objected to Vista's initial 1.09 billion pounds proposal made in September. Blue Prism shares jumped up to 7.7% to 1,309 pence on Friday. Blue Prism did not immediately respond to a Reuters request for comment. Separately, the UK Takeover Panel has set SS&C a Dec. 2 deadline to make a firm offer for Blue Prism or walk away.
Persons: Coast, James Rasteh, Qatalyst, Prism, Aby Jose Koilparambil, Krishna Chandra Organizations: Coast Capital, Vista, Prism, SS, C Technologies, Management, Coast Capital ., Bali Bidco Ltd, Blue Prism, UK, Thomson Locations: British, U.S, Bali, Bengaluru
Composer-lyricist Stephen Sondheim dies at 91 -NYT
  + stars: | 2021-11-26 | by ( ) www.reuters.com   time to read: 1 min
Stephen Sondheim poses as he arrives at a special screening of the DreamWorks Pictures film "Sweeney Todd The Demon Barber of Fleet Street" at Paramount Studios in Hollywood, California, December 5, 2007. Sondheim wrote music and lyrics for the original broadway musical "Sweeney Todd The Demon Barber of Fleet Street" on which the film is based. REUTERS/Fred ProuserNov 26 (Reuters) - Composer-lyricist Stephen Sondheim died early on Friday at his home in Roxbury, Connecticut at the age of 91, the New York Times reported. Register now for FREE unlimited access to reuters.com RegisterReporting by Ismail Shakil in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Stephen Sondheim, Sweeney Todd, Barber, Sondheim, Fred Prouser, Ismail Shakil, Chris Reese Organizations: DreamWorks Pictures, Paramount Studios, REUTERS, New York Times, Thomson Locations: Hollywood , California, Roxbury , Connecticut, Bengaluru
United Airlines planes are parked at their gates at O'Hare International Airport ahead of the Thanksgiving holiday in Chicago, Illinois, U.S., November 20, 2021. REUTERS/Brendan McDermidNov 26 (Reuters) - Companies benefiting from this year's economic reopening, including AMC Entertainment, United Airlines and Carnival Corp, were hammered on Friday by fears that a possibly vaccine-resistant coronavirus variant could mar their recovery. The variant, detected in South Africa, prompted several countries to tighten border controls and investors around the globe to dump equities for safer assets. read more"The economic recovery has been quite impressive and the one thing that could knock it over completely would be a more dangerous variant. The news, however, sparked a rally in last year's stay-at-home darlings such as fitness company Peloton (PTON.O), Zoom Video Communications (ZM.O), and videogame publisher Take-Two (TTWO.O).
Persons: Brendan McDermid, Ryan Detrick, Sam Stovall, Akash Sriram, Subrat Patnaik, Sruthi Shankar, Bansari, Aditya Soni Organizations: Airlines, REUTERS, AMC Entertainment, United Airlines, Carnival Corp, Travel, United, Delta Air, American Airlines, Marriott, Hilton, Royal, AMC, LPL, Video Communications, CFRA Research, Thomson Locations: Chicago , Illinois, U.S, South Africa, United States, Hyatt, Royal Caribbean, Bengaluru
A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. The FTSE 100 index (.FTSE) closed down 3.7% at its lowest in more than seven weeks, with commodity, travel, and banking stocks leading the sell-off. "The Bank of England will not hike rates in a period where we can enter lockdown and put serious burden on the economy." Supply-chain worries and inflationary pressures have kept the FTSE 100 under pressure, with the blue-chip index lagging its European peers so far this year. Energy (.FTNMX601010) and mining stocks (.FTNMX551020) fell 6.3% and 4.4%, respectively, tracking a slump in commodity prices on fresh economic slowdown fears.
Persons: Suzanne Plunkett, IAG, Roland Kaloyan, that's, Bansari Mayur, Uttaresh.V, Subhranshu Sahu, Kirsten Donovan Organizations: London Stock Exchange, REUTERS, FTSE, British Airways, Societe Generale, of England, HSBC, Lloyds Bank, Barclays, Energy, CMC, Thomson Locations: London, Britain, South Africa, Bengaluru
The travel restrictions do not ban flights or apply to U.S. citizens and lawful U.S. permanent residents. "As a precautionary measure until we have more information, I am ordering additional air travel restrictions from South Africa and seven other countries," Biden said in a statement. Amid this rapidly evolving situation, it is critical that U.S. government decisions regarding international travel restrictions and requirements be rooted in science." The United States could add countries to the restriction list if the variant spreads, a senior administration official said. She did not reference the Omicron variant.
Persons: Joe Biden, Biden, Eduardo Munoz Read, Anthony Fauci, Kathy Hochul, David Shepardson, Nandita Bose, Dan Whitcomb, Maria Ponnezhath, Leslie Adler, Heather Timmons, Sandra Maler Organizations: for Disease Control, Prevention, World Health Organization, White, Reuters, Airlines for America, U.S, Newark Liberty International Airport, REUTERS, Eduardo Munoz Read More Delta Air Lines, United Airlines, Cape Town, Biden, World Trade Organization, WTO, New, United, Thomson Locations: NANTUCKET, WASHINGTON, United States, South Africa, Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique, Malawi, Massachusetts, Nantucket, Newark , New Jersey, U.S, Newark, Cape, China, Europe, India, Brazil, Ireland, Britain, Iran, Bengaluru
A picture shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a hazy day in Beijing, China, November 5, 2021. Kaisa has been scrambling to raise capital by divesting assets including Hong Kong-listed property management unit, Kaisa Prosperity Holdings Ltd (2168.HK). But, media reported, that an extension resolution for another onshore bond due 2023 worth 2.5 billion yuan failed to pass on Wednesday. Fantasia has missed payment of $205.7 million offshore notes that were due Oct. 4. Separately, Rating agency Fitch downgraded on Wednesday China Aoyuan's (3883.HK) credit rating to "CCC-" from "B-", reflecting the reduced chances that the firm will be able to refinance its $688 million offshore bond due January 2022.
Persons: Thomas Peter, Kaisa, Kington Lin, Lin, Fantasia, Fitch, China Aoyuan's, Aoyuan, Sameer Manekar, Clare Jim, Edwina Gibbs, Christopher Cushing, Simon Cameron, Moore Organizations: Kaisa Group Holdings, REUTERS, HK, China Evergrande, Kaisa Prosperity Holdings, Reuters, Asset Management, Canfield Securities Limited, Energy Vehicle, Fantasia Holdings, China, Admiralty, Capital, Thomson Locations: Beijing, China, HONG KONG, Kaisa, Hong Kong, Canfield, HK, Bengaluru, Clare
The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The export-heavy FTSE 100 (.FTSE) gained 0.3%, with large dollar earners including Diageo (DGE.L), Unilever (ULVR.L), British American Tobacco (BATS.L), Reckitt Benckiser (RKT.L) boosted by a weaker pound. However, further gains were checked by declines in Vodafone (VOD.L) as it traded without entitlement for dividend. Register now for FREE unlimited access to reuters.com RegisterMitchells & Butlers (MAB.L) rose 3.6% after jumping as much as 7.7% earlier. An industry group warned on Wednesday that Britain could face a shortage of alcohol this Christmas unless the government steps up its efforts to address a lack of heavy goods vehicle (HGV) drivers.
Persons: Toby Melville, Reckitt, Russ Mould, AJ Bell, Andrew Bailey, Sruthi Shankar, Amal, Shailesh Kuber, William Maclean Organizations: London Stock Exchange Group, City of, REUTERS, Vivo Energy, Diageo, Unilever, American Tobacco, Vodafone, reuters.com, Butlers, Mitchells, Bank of, Thomson Locations: City, City of London, Britain, Peru, American, Bengaluru
Nov 25 (Reuters) - Britain's Blue Prism (PRSMB.L) has agreed to a final takeover offer from Vista Equity, valuing the robotics software company at 1.22 billion pounds ($1.63 billion), the U.S. private equity firm said on Thursday, topping an offer from SS&C Technologies (SSNC.O). The increased 1,250 pence-per-share cash offer from Vista comes amid objections to the deal from activist investor Coast Capital, who has supported U.S.-based SS&C's proposal. ($1 = 0.7506 pounds)Register now for FREE unlimited access to reuters.com RegisterReporting by Aby Jose Koilparambil in Bengaluru, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.
Persons: Aby Jose Koilparambil, William Maclean Organizations: Vista Equity, SS, C Technologies, Coast Capital, Thomson Locations: U.S, Vista, Bengaluru
REUTERS/Yara Nardi/File PhotoNov 25 (Reuters) - KKR & Co (KKR.N) and CVC Capital Partners are considering teaming up on a bid for Italy-based Telecom Italia SpA (TLIT.MI), Bloomberg News reported on Thursday, citing people with knowledge of the matter. CVC Capital, KKR and Telecom Italia did not immediately respond to a Reuters request for comment. KKR has made a 10.8 billion euro ($12 billion) offer in the midst of a boardroom row between Telecom Italia CEO Luigi Gubitosi and the former Italian telecoms monopoly's top investor Vivendi (VIV.PA), Reuters reported on Thursday. read moreGubitosi told the board that he is ready to step aside to speed up a decision on the KKR offer, according to sources. Register now for FREE unlimited access to reuters.com RegisterReporting by Anirudh Saligrama in Bengaluru Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.
Persons: Yara, Luigi Gubitosi, Anirudh, Nick Zieminski Organizations: REUTERS, KKR, Co, CVC Capital Partners, Telecom Italia SpA, Bloomberg, CVC Capital, Telecom Italia, Vivendi, Reuters, Thomson Locations: Rome, Italy, Italian, Bengaluru
UMC, Micron to withdraw complaints against each other
  + stars: | 2021-11-25 | by ( ) www.reuters.com   time to read: 1 min
Micron Technology's solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen NellisNov 25 (Reuters) - Taiwan's UMC (2303.TW) and U.S. semiconductor firm Micron Technology Inc (MU.O) have agreed to withdraw their complaints against each other, the companies announced on Thursday. UMC, formally known as United Microelectronics Corp, will also make a onetime payment to Micron of an undisclosed amount. Register now for FREE unlimited access to reuters.com RegisterReporting by Eva Mathews in Bengaluru; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
Persons: Stephen Nellis, UMC, Eva Mathews, Jonathan Oatis Organizations: Micron, REUTERS, Micron Technology Inc, United Microelectronics Corp, Thomson Locations: San Francisco , U.S, Bengaluru
The logo of Amazon is pictured inside the company's office in Bengaluru, India, April 20, 2018. REUTERS/Abhishek N. ChinnappaNEW DELHI, Nov 24 (Reuters) - Amazon.com Inc (AMZN.O) has asked India's Supreme Court to pause an expedited review of allegations that the U.S. firm concealed information while seeking antitrust clearance for a 2019 deal with India's Future Group, legal papers seen by Reuters showed. If the CCI rules against Amazon and revokes the 2019 approval, it could have wide-ranging ramifications on the U.S. firm's ongoing legal battle with Future, people familiar with the case say. That's because Amazon has so far successfully used the 2019 Future unit deal to argue breach of certain contracts when the Indian company announced plans to sell its retail assets to rival Reliance Industries (RELI.NS) for $3.4 billion last year. Future, which denies any wrongdoing, accuses Amazon of illegally interfering in its business decisions and derailing a potential deal without which it says it will face liquidation.
Persons: Abhishek, Aditya Kalra, Emelia Sithole Organizations: Amazon.com Inc, India's, Reuters, of India, Amazon, Reliance Industries, Thomson Locations: Bengaluru, India, DELHI, U.S, Indian, New Delhi
Pentagon to form new group to investigate UFOs
  + stars: | 2021-11-24 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Jim Urquhart/File PhotoNov 24 (Reuters) - The United States Department of Defense late on Tuesday said it will establish a new group to investigate reports on the presence of UFOs in restricted airspace. The formation of the group comes after the government released a report in June, encompassing 144 observations, which said there was a lack of sufficient data to determine the nature of mysterious flying objects. The new group which will succeed the U.S. Navy's Unidentified Aerial Phenomena Task Force, will work to detect, identify and attribute objects, assess and mitigate any associated threats, the Pentagon said. The U.S. military have spent decades deflecting, debunking and discrediting observations of unidentified flying objects and "flying saucers" dating back to the 1940s. read moreRegister now for FREE unlimited access to reuters.com RegisterReporting by Radhika Anilkumar in Bengaluru; editing by Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.
Persons: Jim Urquhart, Kathleen Hicks, Radhika Anilkumar, Philippa Fletcher Organizations: REUTERS, United States Department of Defense, Defense, Intelligence, Joint Staff, National Intelligence, reuters.com, Pentagon, Thomson Locations: Rachel , Nevada, U.S, Bengaluru
Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021. Patrick Pleul/Pool via Reuters/File PhotoNov 23 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk sold another 934,091 shares of the electric vehicle maker worth $1.05 billion after exercising options to buy 2.15 million shares, U.S. securities filings showed on Tuesday. Since then, he has sold 9.2 million shares worth $9.9 billion. Last Tuesday, Musk sold 934,091 shares to meet tax withholding obligations related to the exercise of stock options. read moreRegister now for FREE unlimited access to reuters.com RegisterReporting by Maria Ponnezhath in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Elon, Patrick Pleul, Elon Musk, Musk, Maria Ponnezhath, Arun Koyyur Organizations: Tesla Inc, Thomson Locations: Gruenheide, Berlin, Germany, Bengaluru
A healthcare worker fills a syringe with a dose of Bharat Biotech's COVID-19 vaccine called COVAXIN, during the coronavirus disease (COVID-19) vaccination campaign at All India Institute of Medical Sciences (AIIMS) hospital in New Delhi, India, January 16, 2021. REUTERS/Adnan Abidi/File PhotoBENGALURU, Nov 24 (Reuters) - Bharat Biotech's vaccine was only 50% effective at preventing symptomatic COVID-19 in a high-risk population during a devastating second wave of infections in India this year, data gleaned from hospital workers showed. Covaxin, which Bharat Biotech co-developed with an Indian research body, received emergency-use authorisation in India in January even before the completion of the late-stage trial. Bharat Biotech's U.S. partner, Ocugen (OCGN.O), has submitted a request to the U.S. FDA for emergency use approval. Register now for FREE unlimited access to reuters.com RegisterReporting by Anuron Kumar Mitra in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.
Persons: Bharat Biotech's, Adnan Abidi, Covaxin, Bharat, Anuron Kumar Mitra, Edwina Gibbs Organizations: All India Institute of Medical Sciences, REUTERS, Bharat Biotech, U.S, FDA, Thomson Locations: New Delhi, India, BENGALURU, Vietnam, Brazil, Bharat Biotech's, Bengaluru
HONG KONG, Nov 24 (Reuters) - U.S. private equity firm Warburg Pincus (WP.UL), a major global investor in Ant Group, has cut its valuation of the Chinese fintech company by 15% to below $200 billion, a source with direct knowledge of the matter told Reuters. There are also no signs that Ant's botched mega IPO will be revived anytime soon, sources familiar with the matter said. Warburg, which was a big investor in Ant's 2018 private fundraising, lowered the company's valuation to $191 billion at end-September from the $224 billion at end-June, said the first source. The slashing of Ant's valuation by Warburg comes as uncertainty remains about the outcome of a regulatory-driven revamp of the payments-to-loans business behemoth, and will weigh on the returns of the global investors who were betting on its turbo-charged growth. Warburg also changed its valuation methodology for the company, citing "regulatory developments and the impact of ongoing restructuring", said the source, without elaborating.
Persons: Warburg Pincus, Warburg, Ant, Julie Zhu, Kane Wu, Nikhil Kurian, Cheng Leng, Zhang Yan, Sumeet Chatterjee, Muralikumar Organizations: Ant Group, Reuters, Alibaba, Thomson Locations: HONG KONG, Hong Kong, Bengaluru, Beijing, Shanghai
Nov 24 (Reuters) - British technology firm IQE Plc (IQE.L) forecast lower annual profit margin and revenue on Wednesday as demand from the smartphone market softened amid tepid 5G technology rollout. IQE, which makes semiconductor wafers for chips used in Apple (AAPL.O) products, said it expected an 8% fall in 2021 revenue on a constant currency basis and a 2 percentage point decline in core profit margin at about 15%. Register now for FREE unlimited access to reuters.com RegisterReporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Persons: Aby Jose Koilparambil, Sherry Jacob, Phillips Organizations: IQE, Apple, Thomson Locations: British, Bengaluru
Goldman Sachs has already announced its latest managing director promotions. Wall Street's managing director promotion season is here. Read the full story here:Goldman Sachs kick offs managing director promotion season on Wall Street. What we know so farGoldman Sachs has already announced its managing director promotions on Nov. 2. When are MD promotions at other banks expected?
Persons: Goldman Sachs, Wall, Mike Karp, Goldman, Morgan Stanley, JPMorgan's Organizations: Citi, York, Goldman, Bengaluru New, Bank of America, JPMorgan, Intel Locations: Americas, Salt Lake City, Dallas,
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