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The US housing market is on fire, with competitive buyers bidding high above asking prices. Flyhomes, a startup that effectively turns borrowers into cash buyers, has raised a fresh $150 million. Seattle-based Flyhomes, a startup that effectively turns borrowers into cash buyers, has just raised $150 million in fresh funding. With this in mind, Flyhomes says its model makes buyers more competitive in the bidding process, since it effectively turns them into cash buyers. Usually, a buyer's agent takes a small percentage fee from a home's sellers as payment.
Persons: Buyers, Flyhomes, Tushar Garg, Andreessen Horowitz, Lisa Wu Organizations: Norwest, Battery Ventures, Canvas Partners Locations: Seattle, Oregon , California, Massachusetts, Texas, East
Talent matching startup Eightfold AI's logo is seen outside its office building in Mountain View, California, U.S. in this undated handout photo. Eightfold AI/Handout via REUTERSEightfold AI, a talent matching platform, said on Thursday it raised $220 million in a funding round led by SoftBank Group Corp's (9984.T) Vision Fund 2 that doubled the company's valuation since the previous funding round to over $2 billion. The profile will help employees find other suitable jobs within the company or help managers identify them for promotions or new jobs. He said over 100 companies and some U.S. states are customers, and that Eightfold AI is used in over 110 countries and available in 15 languages. Deep Nishar, senior managing partner at SoftBank Investment Advisers, said Eightfold AI took a more holistic approach than other companies offering solutions to recruitment and career management.
Persons: , Ashutosh Garg, Garg, siad Organizations: REUTERS, SoftBank Group, Indiana Department of Workforce Development, SoftBank Investment, Thomson Locations: Mountain View , California, U.S
The US housing market is on fire, with competitive buyers bidding high above asking prices. Flyhomes, a startup that effectively turns borrowers into cash buyers, has raised a fresh $150 million. Seattle-based Flyhomes, a startup that effectively turns borrowers into cash buyers, has just raised $150 million in fresh funding. With this in mind, Flyhomes says its model makes buyers more competitive in the bidding process, since it effectively turns them into cash buyers. Usually, a buyer's agent takes a small percentage fee from a home's sellers as payment.
Persons: Buyers, Flyhomes, Tushar Garg, Andreessen Horowitz, Lisa Wu Organizations: Norwest, Battery Ventures, Canvas Partners Locations: Seattle, Oregon , California, Massachusetts, Texas, East
Indian shares slip after central bank holds rates steady
  + stars: | 2021-06-04 | by ( Sethuraman N R | ) www.reuters.com sentiment -0.91   time to read: +2 min
BENGALURU (Reuters) - Indian shares inched lower on Friday after the country’s central bank kept interest rates unchanged as widely expected and unveiled liquidity support measures, with investors focusing on rising inflationary pressures. REUTERS/Francis Mascarenhas/File PhotoBy 0608 GMT, the NSE Nifty 50 index and the S&P BSE Sensex were down 0.2% each at 15,660.05 and 52,120.06, respectively. The Reserve Bank of India (RBI) held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. Analysts said there were no major surprises to lift the markets higher even though the central bank assured ample liquidity. This will cause markets to consolidate here for a while or take a correction.”On Friday, the Nifty bank index and metals index were the top drags, down 0.6% and 0.4%, respectively.
Persons: Francis Mascarenhas, , Gaurav Garg, Saurabh Jain Organizations: REUTERS, NSE, BSE, Reserve Bank of India, Analysts, CapitalVia Global, SMC Global Securities Locations: BENGALURU, Mumbai, India, COVID
Expert views: RBI keeps rates at record low on virus fallout
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +7 min
FILE PHOTO: A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File PhotoThe RBI on Friday held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. “The RBI also raised its inflation projections slightly on account of upside risks emanating from the second wave. “Overall, while we do not see any action on the policy rate front in the coming months, we are poised to see a more accountable and action-oriented RBI ahead. However, despite negative real rates and record-low mortgage rates, credit impulse in the system has continued to remain weak.
Persons: Altaf Hussain, GAURAV GARG, ” SHASHANK MENDIRATTA, ” MADHAVI ARORA, ” YUVIKA SINGHAL, TANVEE GUPTA JAIN, ” DEEPTHI MATHEW, SAKSHI GUPTA, ” PRITHVIRAJ SRINIVAS, KUNAL KUNDU Organizations: Reuters, Reserve Bank of India, Bank of India, REUTERS, IBM, NEW, , SDL, INDIA, UBS, SAP, HDFC BANK, SOCIETE GENERALE Locations: New Delhi, India, MUMBAI, NEW DELHI, COVID, DELHI, KOCHI, INDIA, BENGALURU
BENGALURU, May 31 (Reuters) - India’s economic growth picked up to 1.6% year-on-year in the January-March quarter, official data showed on Monday, before a harsh second wave of COVID-19 hit the country last month. The read-out for the March quarter was faster than the 1.0% growth forecast of analysts in a Reuters poll and upwardly revised 0.5% growth rate for the previous quarter. It could, however, reduce its FY22 growth estimate by 0.5%-1.0%. We admit the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on macro variables. While the GVA expansion rose sharply to 3.7%, exceeding our 3% forecast, GDP growth improved more modestly to 1.6%, and trailed our expectation of a 2% y/y rise.
Persons: RADHIKA RAO, , , KUNAL KUNDU, ” ANUBHUTI SAHAY, ” SAKSHI GUPTA, SHASHANK MENDIRATTA, ” “, YUVIKA SINGHAL, ” GARIMA KAPOOR, ” MADHAVI ARORA, ” DEEPTHI MATHEW, ” GAURAV GARG, ADITI NAYAR, ICRA, GURUGRAM Organizations: DBS BANK, SOCIETE GENERALE, OF SOUTH, HDFC BANK, IBM, NEW, Reserve Bank of, Locations: BENGALURU, SINGAPORE, INDIA, MUMBAI, NEW DELHI, Q4FY21, COVID, DELHI, Reserve Bank of India, KOCHI, INDORE, Q1FY22, India
India's Moglix is at least two years out from an IPO: CEO
  + stars: | 2021-05-24 | by ( ) www.cnbc.com + 0.98   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's Moglix is at least two years out from an IPO: CEOMoglix's CEO Rahul Garg says despite the latest coronavirus wave in India, its supply chain is still operating with "full efficiency".
Persons: Rahul Garg Locations: India
Indian state unable to obtain COVID-19 shots directly from Moderna
  + stars: | 2021-05-23 | by ( Aishwarya Nair | ) www.reuters.com sentiment -1.00   time to read: +2 min
A woman walks past a painting of Indian Prime Minister Narendra Modi a day before the inauguration of the COVID-19 vaccination drive, on a street in Mumbai, India, January 15, 2021. REUTERS/Francis MascarenhasAn Indian state looking to procure COVID-19 shots to combat a nationwide surge in infections on Sunday said that U.S. vaccine maker Moderna (MRNA.O) had declined to supply its shots and said it can only deal with the federal government. But India is facing a shortage of vaccines, with domestic production amounting to about 80 million doses a month. Some other Indian states, including Andhra Pradesh and Maharashtra, have said they also have insufficient supplies to inoculate those aged between 18 and 44. The country's output of COVID-19 shots for August-December is likely to be lower than the government's official estimate, according to internal projections shared with Reuters by two sources.
Persons: Narendra Modi, Francis Mascarenhas, Vikas Garg, Johnson Organizations: Indian, REUTERS, Moderna, Pfizer, Reuters, Thomson Locations: Mumbai, India, Francis Mascarenhas An, Punjab, Andhra Pradesh, Maharashtra
Analysis: India's prized investment grade status hanging by a thread
  + stars: | 2021-05-13 | by ( Marc Jones | ) www.reuters.com + 0.00   time to read: +5 min
REUTERS/Danish SiddiquiA spate of downgrades last year had already left India’s investment grade credit ratings hanging by a thread and the severity of the current virus wave is making the main agencies, S&P, Moody’s and Fitch agitated again. “We still see India as investment grade,” said NN Investment Partners’ head of Asian Debt, Joep Huntjens, who thinks the country’s economy will bounce back quickly. India’s government debt is not yet in most of those indexes, so the big issue will be the roughly $40 billion to $45 billion worth of investment grade corporate debt that is also likely to get cut. For a graphic on India’s weight in the JPMorgan CEMBI corporate bond index:CHASTENINGIf a cut does come, it wouldn’t be the first time India has lost investment grade status. While it has built up a healthy stock of currency reserves, its huge population of 1.4 billion means it still has the lowest prosperity level of any investment grade country when measured by GDP per capita of $2,164.
Persons: Danish Siddiqui, Moody’s, Fitch, , , Huntjens, Eldar Vakhitov, hasn’t, Manik Narain, , NN’s Huntjens, Narendra Modi, Subhash Chandra Garg, ” Garg Organizations: REUTERS, Danish, Partners, JPMorgan, UBS, Bank, JPMorgan’s Locations: Agra, India, Brazil, Argentina, South Africa, China
A spate of downgrades last year had already left India’s investment grade credit ratings hanging by a thread and the severity of the current virus wave is making the main agencies, S&P, Moody’s and Fitch agitated again. "We still see India as investment grade," said NN Investment Partners' head of Asian Debt, Joep Huntjens, who thinks the country's economy will bounce back quickly. NN's Huntjens thinks around 90% of Indian IG corporates would be hit and while giants like Reliance might be spared, India's 7.4% share of JPMorgan's Asia Investment Grade Corporates Index means there would be plenty of selling. CHASTENINGIf a cut does come, it wouldn't be the first time India has lost investment grade status. While it has built up a healthy stock of currency reserves, its huge population of 1.4 billion means it still has the lowest prosperity level of any investment grade country when measured by GDP per capita of $2,164.
Persons: Siddiqui, Moody’s, Fitch, Huntjens, Eldar Vakhitov, hasn't, Moody's, Manik Narain, , NN's Huntjens, Narendra Modi, Subhash Chandra Garg, Garg Organizations: REUTERS, Investment Partners, JPMorgan, UBS, Bank, JPMorgan's, Thomson Locations: Agra, India, Brazil, Argentina, South Africa, China
Indian shares end four-day rally on inflation worries
  + stars: | 2021-05-11 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
BENGALURU (Reuters) - Indian shares snapped a four-session rally on Tuesday as financial and IT stocks slid amid worries that a potential acceleration in U.S. inflation could lead to foreign fund outflows from the region. REUTERS/Francis MascarenhasThe NSE Nifty 50 index fell 0.61% to 14,850.75, while the S&P BSE Sensex slid 0.69% to 49,161.81. The Nifty Bank index fell 0.8%, with top private-sector lender HDFC Bank declining 1.2%. The Nifty Metal index dropped 0.9% after a commodity-driven four-day rally to record highs, while IT majors Infosys and Tata Consultancy Services slipped 0.7% each. State-run firms Coal India, NTPC, Indian Oil Corp and GAIL were among the top gainers in the Nifty 50, rising 4.6%-5.9%.
Persons: Francis Mascarenhas, GLOB, , Gaurav Garg, India’s, Sensex, GAIL Organizations: Bombay Stock Exchange, REUTERS, BSE, Stock, CapitalVia, Reserve Bank of, HDFC Bank, Infosys, Tata Consultancy Services, Coal India, Indian Oil Corp Locations: BENGALURU, Mumbai, India, Asia, Europe, United States, Reserve Bank of India
Mortgage Lender Better to Go Public in SPAC Deal
  + stars: | 2021-05-11 | by ( Maureen Farrell | Peter Rudegeair | ) www.wsj.com sentiment -1.00   time to read: +2 min
Startup mortgage lender Better, whose valuation has swelled in the private markets, said Tuesday that it plans to go public by merging with a special-purpose acquisition company. Better Holdco Inc., which operates a digital platform for mortgages and related services, plans to merge with Aurora Acquisition Corp. , a SPAC sponsored by the investment firm Novator Capital, the companies said. The deal, reported Monday by The Wall Street Journal, values Better at roughly $6.9 billion pre-new money, up from $4 billion late last year. Better would raise nearly $800 million in new capital in the deal, with an additional roughly $950 million in proceeds going to cash out existing shareholders. The company’s management expects the new funds to help accelerate its move into related services, including home and title insurance.
Persons: Thor Bjorgolfsson, Better’s, Vishal Garg Organizations: Aurora Acquisition Corp, Novator, Wall Street, SoftBank Group Corp Locations: Aurora
Digital mortgage lender Better.com announced Tuesday that it will make its market debut by merging with Aurora Acquisition Corp., valuing Better at $7.7 billion. An all-cash buyer was able to beat the timing of his traditional mortgage lender, and that's when Garg figured there had to be a better way. The SPAC deal includes a $1.5 billion private investment in public equity (PIPE) arrangement led by SoftBank. Over 300 SPAC deals occurred in the first quarter 2021, and the housing and mortgage market have been red hot, but SPAC returns have declined sharply over the course of the year. The CNBC SPAC Post Deal Index was down 6.98% in the past week through Monday.
Persons: Better.com, Vishal Garg, Morgan Stanley, Garg, Vishal, Thor Björgólfsson, we're, SPAC Organizations: Aurora Acquisition Corp, CNBC, Street Journal, New, Garg, National Bureau of Economic Locations: SoftBank, New York City, U.S
Citi has rehired Tasnim Ghiawadwala, a longtime former exec, to lead its commercial bank. She previously spent more than 20 years at Citi. A Barclays executive who spent 20 years at Citi is rejoining her old firm to lead its commercial bank. Ghiawadwala spent more than 21 years at Citi before moving to Barclays in 2018, where she was head of its corporate bank in the United Kingdom. At Citi, Ghiawadwala previously ran the CCB in Europe, the Middle East, and Africa (EMEA) for nearly eight years.
Persons: Tasnim Ghiawadwala, Ghiawadwala, Paco Ybarra, Sunil Garg, She'll, Michael Corbat's, Jane Fraser, Fraser, Ybarra Organizations: Citi, Barclays, bank's EMEA, Citibank North America, ICG, Citibank, Revlon, Reuters, Banking, Capital Markets Locations: United Kingdom, Europe, Africa
And exploding consumer demand for fully digital mortgage application processes should entice more fintechs to add a mortgage product—presenting partnership opportunities. It also integrates its offering into the platforms of partners like Ally Bank to improve their mortgage processes. Digital mortgage lending sector heats up. Additionally, mortgage rates went in a downward spiral over the course of 2020, encouraging both first-time purchases and refinancing. Better.com is already partnering with banks to digitize their mortgage processes, but increased consumer demand for digital mortgage solutions could entice fintechs to add this offering as well, presenting new partnership opportunities for Better.com.
Persons: Better.com, Vishal Garg, Moneybox, WealthSimple Organizations: Intelligence, Better.com, Bank, Insider Locations: Canada
SoftBank invests $500 million in digital mortgage lender Better.com
  + stars: | 2021-04-08 | by ( Riley De León | ) www.cnbc.com sentiment -0.99   time to read: +1 min
SoftBank has invested $500 million in digital mortgage lender Better.com amid what has been a hot U.S. residential real estate and mortgage refinancing market fueled by record low interest rates. An all-cash buyer was able to beat the timing of his traditional mortgage lender, and that's when Garg figured there had to be a better way. Amid a frenzy in pandemic-induced refinancing, Better reportedly extended $25 billion in loans last year and $14 billion in the first quarter of 2021 alone, according to the Journal. Mortgage rates have gone up and refinancing activity has recently slowed. Home prices have been rising at record rates amid high demand, pandemic relocations and low supply, the latter of which has stifled recent housing market action.
Persons: SoftBank, Vishal Garg, Morgan Stanley, Garg Organizations: Wall, CNBC, New Locations: New York City
People celebrate the Hindu holiday of Holi with colorful powder known as gulal. One factory in India, Radha Kishan Color World, produces 2,000 tons of gulal annually. In Hathras, Holi powder production brings in more than 30 crore rupees, or over $4 million, each year. Each popular Holi color has at least a dozen hues. The first evening is known as Chhoti Holi, or small Holi, and usually involves a symbolic bonfire.
Persons: Radha Kishan, Ratan Bihari Agrawal, Manu Garg, Ratan, Manu, Hathras, it's, Lord Krishna, Krishna, Radha Rani, Manpreet Singh, Singh Locations: Hathras, India, Uttar Pradesh, gulal, Aligarh
KUALA LUMPUR (Reuters) - Planemaker Airbus has said it stands to lose more than $5 billion worth of orders if AirAsia X Bhd’s (AAX) debt restructuring scheme goes through, court documents showed, joining more than a dozen creditors that have challenged the Malaysian low-budget carrier’s plan. AAX revealed in a Dec. 17 affidavit seen by Reuters it owes Airbus 48.71 billion ringgit ($12 billion) including predelivery payments for committed purchase of 118 aircraft. DEBT DEBATEBOCA has said AAX’s debt calculations should not include future debts, which are primarily owed to Airbus. Airbus alone holds about 75% of the total debt value needed to approve the restructuring, giving lessors relatively little say. AAX, the long-haul unit of budget airline AirAsia Group, has total debts and liabilities of about 64.15 billion ringgit ($15.8 billion), the lawsuit stated.
Persons: AAX, Anand Stanley, “ AAX, , AAX’s, Sankalp Garg, Shereen Ee, BOCA’s, Ee, BOCA, lessors Organizations: Reuters, Airbus, AirAsia X, AirAsia, REUTERS, BOC Aviation, BOCA, Kuala, Court, Airbus’s, Royce, AirAsia Group Locations: KUALA LUMPUR, Malaysian, Tangerang, Indonesia, Kuala Lumpur, Airbus’s Asia, AAX, Norwegian
Zoom Classes. No Chance Meetings. Is Virtual Business School Worth the Cost?
  + stars: | 2020-12-11 | by ( Paul Sullivan | ) www.nytimes.com sentiment -1.00   time to read: +2 min
Mr. Mullin said his negotiations class at Haas was probably better online, since it involved just two students in a Zoom breakout room. He has opted to attend class in person whenever it was offered, he said. Yale University’s School of Management adopted a hybrid model, where students could attend class on alternating days or just go virtual. “The pandemic has taken the bulk of it away,” said Kerwin Charles, dean of Yale’s business school. But they’re not chance encounters.”As to traveling for class work or with classmates, which many students cite as crucial to their selection of a business school, that is not happening.
Persons: Mullin, Haas, , Vishesh Garg, David Arteaga, you’d, Kerwin Charles, “ I’ve, they’re Organizations: Columbia, Yale University’s School of Management Locations: India, New Haven,
Disrupting banking: Chime and Better.com founders join CNBC's Disruptor 50 SummitFintech was the largest category on this year's Disruptor 50 list, reflecting the accelerated adoption of digital financial services. So-called "challenger banks" are a big part of this growth, as consumers are more inclined to move to online banking in a stay-at-home world. Discussing this and more, Chime co-founder and CEO Chris Britt and Better.com founder and CEO Vishal Garg join CNBC's Kate Rooney at the 2020 Disruptor 50 Summit.
Persons: CNBC's, Fintech, Chris Britt, Vishal Garg, CNBC's Kate Rooney
The weakness was triggered after the central bank changed rules on Saturday that made it cheaper for traders to short the currency. Over the weekend, the People's Bank of China (PBOC) cut the forex risk reserve ratio for forward contracts — from 20% to zero, according to a central bank statement. Banks used to hold 20% of sales for some currency forward contracts, which essentially lock in the exchange rate for the sale of a currency on a future date. "In the next step, the (PBOC) will continue to maintain the flexibility of the RMB exchange rate and stabilize market expectations, so as to keep the RMB exchange rate basically stable at an adaptive and equilibrium level," said the statement on the PBOC website. Analysts say the latest rule change may have the effect of tempering the recent strength in the yuan.
Persons: Banks, they're, Rohit Garg, Bank of America Merrill Lynch, Garg, CNBC's Organizations: People's Bank of China, Bank of America, SINGAPORE, Bank of America Merrill Lynch, CNBC's Locations: SINGAPORE, U.S
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