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☆ 3D-printing takeover battle misses third dimension
▼ + stars: | 2023-07-10 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

Stratasys (SSYS.O) for now prefers a merger with peer Desktop Metal (DM.N), but a sweetened bid from Nano Dimension (2N5By.F) complicates matters. A simpler two-dimensional financial analysis suggests a snubbed offer from 3D Systems (DDD.N) may wind up the best option. The company’s nominees favor the Desktop Metal deal, while Nano’s back the alternative transaction. On May 25, Stratasys agreed to combine with Desktop Metal in an all-stock deal valued at $1.8 billion. On the same day, 3D Systems offered to buy Stratasys for $7.50 a share in cash and 1.3223 3D Systems shares for each Stratasys share.

Persons: Stratasys, Nano’s, Jeff Graves, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Systems, Desktop, Twitter, Thomson

The producers and a licensing company co-owned by L.M. Montgomery wrote "Anne of Green Gables," about the title character's childhood in a fictional town on Prince Edward Island, in 1908. New York-based Anne With An E LLC produces "Anne of Green Gables: A New Musical." The licensing company countersued the producers for trademark infringement in May and said the new musical would confuse consumers. The case is Anne With An E LLC v. Anne of Green Gables Licensing Authority Inc, U.S. District Court for the Southern District of New York, No.

Persons: Producers, Anne, Montgomery's, Prince Edward Island, Montgomery, Anne of, Cameron Reuber, Peter Sloane, Leason Ellis, Marc Rachman, Davis, Gilbert Read, Anne of Green, author's, Blake Brittain Organizations: Gables, L.M, Green, Broadway, Authority, Southern, of, Anne of Green Gables, Thomson Locations: Manhattan, Canadian, Prince, Gables, . New York, Green Gables, Connecticut, of New York, Washington

☆ Refile and wait? Pulse check on the quest for a spot bitcoin ETF
▼ + stars: | 2023-07-07 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

But the regulator still found the filings to lack clarity and comprehension, prompting BlackRock to refile last week. BlackRock first filed its application to launch the iShares Bitcoin Trust last month, with Fidelity following suit two weeks later. "However, if [the SEC] is trying to manufacture a way to approve a bitcoin ETF, this would be the way to do it. The filings come amid an ongoing legal battle between Grayscale and the SEC about converting its Grayscale Bitcoin Trust (GBTC) into an ETF. "But certainly, things look more positive than they did maybe three weeks ago, six weeks ago."

Persons: Dave Nadig, Bob Pisani, BlackRock, Nadig, Coinbase, they've Organizations: Fidelity, BlackRock, U.S . Securities, Exchange Commission, Coinbase, SEC Locations: CNBC's, refile

☆ US job market’s shifting balance
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters Breakingviews) - Quitting doesn’t pay like it used to. The raises Americans earn from switching jobs is shrinking, narrowing their advantage in wage gains versus job-keepers. While it’s happened without mass layoffs, weaker pay gains signal that the labor market’s balance of power is shifting back to businesses. And although job creation is gently slowing, government data released Friday showed unemployment dipping to 3.6% in June, nearly matching a five-decade low. That’s a welcome sign for workers after economists’ forecasts suggested millions would have to lose their jobs for inflation to cool.

Persons: Ben Winck, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Reuters Graphics Reuters, Twitter, Thomson Locations: U.S

☆ Berlusconi leaves control of family business to two eldest children
▼ + stars: | 2023-07-06 | by ( Elvira Pollina | ) www.reuters.com time to read: +4 min

[1/2] Eleonora Berlusconi, , Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Marina Berlusconi walk to attend the funeral of former Italian Prime Minister Silvio Berlusconi at the Duomo Cathedral, in Milan, Italy June 14, 2023. Marina and Pier Silvio Berlusconi, who both already have executive roles in parts of the business, will hold equal stakes jointly worth around 53% in the Fininvest family holding company, the source said, confirming an earlier report from ANSA news agency. Marina chairs Fininvest while Pier Silvio has been in charge of the MFE-MediaForEurope (MFEB.MI) TV business which has long been the jewel in the family's crown. Barbara, Eleonora and Luigi Berlusconi, his three children from his second marriage, have been less involved in the family business. Berlusconi, who founded a business empire based on real estate and then television, died in Milan.

Persons: Eleonora Berlusconi, Pier Silvio Berlusconi, Barbara Berlusconi, Luigi Berlusconi, Marina Berlusconi, Silvio Berlusconi, Claudia Greco, Marta Fascina, Dell'Utri, Silvio Berlusconi's, Marina, Pier Silvio, Silvio, Barbara, Eleonora, Berlusconi, Paolo, Marcello Dell'Utri, Fascina, Milan's, Villa San, Villa, Costa, Vladimir Putin, Tony Blair, Giulio Piovaccari, Federico Maccioni, Keith Weir, Alvise Armellini, Mark Potter Organizations: Italian, Cathedral, REUTERS, MILAN, Fininvest SpA, Reuters, Forza Italia, Italian Serie A, Monza, Villa, British, Thomson Locations: Milan, Italy, Marina, Fininvest, Raffaele, Italian, Villa San Martino, Arcore, Russian

☆ India expects EU carbon tax to hit exports of steel, iron ore and cement
▼ + stars: | 2023-07-06 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

[1/4] An employee works inside a steel factory in the northern Indian city of Lucknow June 11, 2010. REUTERS/Pawan KumarNEW DELHI, July 6 (Reuters) - Already facing subdued demand from developed nations, India's exports are likely to be hit by the European Union's 20% to 35% tariffs on high-carbon goods like steel, iron ore and cement, the finance ministry said in a report released on Thursday. Reporting of carbon content in exports to the EU would be required beginning Oct. 1, 2023, and the main goods affected would be steel, cement, aluminium, fertilisers, electricity and hydrogen. "The impending downside risks to India’s exports include the European Union’s introduction of the Carbon Border Adjustment Mechanism," the finance ministry said in its annual economic report. India's merchandise trade deficit rose faster-than-expected in May to $22.12 billion, up from $15.24 billion in April, due to reduced demand for Indian exports from developed countries.

Persons: Pawan Kumar, Aftab Ahmed, Shivam Patel, Clarence Fernandez, Simon Cameron, Moore Organizations: REUTERS, El, Thomson Locations: Indian, Lucknow, DELHI, EU

☆ Bitcoin hits 13-month high
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

LONDON, July 6 (Reuters) - Bitcoin hit its highest level in 13 months on Thursday rising as much as 3.28% to $31,500. The world's largest cryptocurrency has recently found support due to plans by fund managers, including BlackRock - the world's largest asset manager - to launch a U.S.-listed spot bitcoin exchange-traded fund (ETF). Nasdaq refiled its application to list BlackRocks's ETF according to a filing made public on Monday after the U.S. securities regulator had reportedly raised concerns over initial filings. Reporting by Samuel Indyk, editing by Alun JohnOur Standards: The Thomson Reuters Trust Principles.

Persons: Samuel Indyk, Alun John Organizations: BlackRock, Nasdaq, Thomson Locations: U.S

☆ China's services activity softens as recovery falters - Caixin PMI
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

The data broadly tracked the government's official PMI released last week and showed a slowdown in service sector activity as demand for in-person services weakened. Business activity and new orders both expanded at notably slower rates last month than in May, the Caixin PMI showed. The rate of job creation in the services sector also edged up to a three-month high but remained mild overall. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, fell to 52.5 from 55.6 in May, marking the sixth straight month of expansion. "Meanwhile, the services sector continued a post-COVID rebound, but the recovery was losing steam."

Persons: Wang Zhe, Nomura, Ting Lu, Ellen Zhang, Ryan Woo, Sam Holmes Organizations: P Global, PMI, Employment, Caixin Insight, Thomson Locations: BEIJING, COVID, China

[1/4] Security forces operate at the site of a district court, where according to city authorities an explosive device was activated by a man inside a building, amid Russia’s attack on Ukraine, in Kyiv, Ukraine, July 5, 2023. REUTERS/Valentyn OgirenkoKYIV, July 5 (Reuters) - A man who detonated an explosive device at a court in the Ukrainian capital died on Wednesday after barricading himself inside part of the building, Interior Minister Ihor Klymenko said, citing "preliminary information." Two members of a special rapid response security forces unit were hurt during attempts to bring the man under control at the Shevchenkivskyi court in the centre of the capital. Klymenko, briefing reporters at the scene, said the man had "presumably...died from the explosive device". After the hearing, he said the man had first locked himself into a bathroom and tossed an explosive device at two guards.

Persons: barricading, Ihor Klymenko, ., Klymenko, Ihor Humenyuk, Olena Harmash, Timothy Heritage, Ron Popeski, David Gregorio Our Organizations: Security, REUTERS, Ukrainian, Police, Thomson Locations: Ukraine, Kyiv, Valentyn, KYIV, Russia

☆ Danish mall shooter sentenced to indefinite psychiatric treatment
▼ + stars: | 2023-07-05 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

COPENHAGEN, July 5 (Reuters) - A Danish court sentenced a 23-year-old man on Wednesday to indefinite psychiatric treatment at a secure facility for the killing of three people during a shooting spree in a Copenhagen shopping mall a year ago. The man killed two 17-year-olds and a 46-year-old man on July 3 last year when he opened fire at the Field's mall in the capital's southern outskirts. He has admitted to the shootings but said he was mentally ill at the time. "It was a day that affected many people, many of whom are sadly still struggling with physical and psychological scars," prosecutor Soren Harbo said outside the Copenhagen court. But it declared that he was mentally ill at the time of the shootings, which meant he was sentenced to undergo psychiatric treatment at a secure facility for an indefinite amount of time rather than a regular prison sentence.

Persons: Soren Harbo, Luise Hoj, Nikolaj Skydsgaard, Helen Popper Our Organizations: DR, Reuters, Thomson Locations: COPENHAGEN, Copenhagen

☆ SBI Holdings to help Taiwan's Powerchip build a plant in Japan
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

TOKYO, July 5 (Reuters) - Financial firm SBI Holdings (8473.T) said on Wednesday it would help Taiwan's Powerchip Semiconductor Manufacturing Corp (6770.TW) establish a factory in Japan as the country looks to revive its chip industry. "This is the best possible time to enter chip manufacturing," Kitao said at a joint press conference with the Taiwanese company's chairman, Frank Huang. Powerchip is currently looking at three or four potential sites and manufacturing could begin two years after construction starts, Kitao added. Japan is also funding a homegrown venture, Rapidus, which says it plans to produce advanced logic chips from the middle of the decade with help from IBM Corp (IBM.N). Powerchip provides contract manufacturing services for logic and memory chips for power management to customers including MediaTek Inc (2454.TW), Taiwan's largest designer of mobile phone chips.

Persons: Yoshitaka Kitao, Kitao, Frank Huang, Powerchip, Miho Uranaka, Tim Kelly, Christopher Cushing, Jamie Freed, Louise Heavens Organizations: Financial, SBI Holdings, Semiconductor Manufacturing Corp, SBI, Taiwan Semiconductor Manufacturing, Sony Group, Denso Corp, Kioxia Corp, Western Digital Corp, chipmaker Micron Technology, IBM Corp, MediaTek Inc, Thomson Locations: TOKYO, Japan, Kumamoto prefecture, Hiroshima

☆ Nasdaq refiles BlackRock's bitcoin ETF application with SEC
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Nasdaq (NDAQ.O) refiled an application with the U.S. securities regulator to list an exchange-traded fund by BlackRock Inc (BLK.N) that will reflect the price of bitcoin to add additional details, according to a filing made public on Monday. The move comes after the regulator reportedly had concerns over the initial filings by Nasdaq as being unclear and incomplete. According to Cboe's Fidelity bitcoin ETF filing, the company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022. Reporting by Jaiveer Singh Shekhawat in Bengaluru and John Mcrank in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Coinbase, Jaiveer Singh, John Mcrank, Shailesh Organizations: Nasdaq, BlackRock Inc, U.S . Securities, Exchange Commission, SEC, Global Inc, Fidelity, ., Thomson Locations: Manhattan, Bengaluru, New York

☆ Apple makes history as first $3 trillion company amid tech stock surge
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

The iPhone maker's advance was among the most eye catching in a month marked by investor interest in the potential of artificial intelligence, with share buyers also particularly favouring companies with strong balance sheets and cash flows. In a similar vein, electric car maker Tesla Inc (TSLA.O) witnessed a 28% jump in its market capitalization in June. The company's shares have soared following a revenue forecast that was more than 50% above the Wall Street estimate in May. Apple and Microsoft Corp (MSFT.O) led the list of top 20 global companies by market capitalization at the end of June. By contrast, Alphabet Inc's (GOOGL.O) market cap dropped 2.3% last month to $1.53 trillion, on rising competitive pressures from Microsoft's Bing which has grown in prominence after the integration of the artificial intelligence behind ChatGPT.

Persons: Bing, Patturaja Murugaboopathy, Gaurav Dogra, David Holmes Organizations: Apple Inc, Federal Reserve, Tesla Inc, Reuters Graphics, Ford Motor, General Motors Co, Nvidia Corp, Apple, Microsoft Corp, Reuters, Thomson Locations: Bengaluru

☆ Tensions on France's streets ease, fewer arrests overnight
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

The interior ministry said 157 people were arrested overnight, down from over 700 arrests the night before and over 1,300 on Friday night. Three of the 45,000 police officers deployed overnight were injured, the ministry said, while around 350 buildings and 300 vehicles were damaged, according to provisional figures. The grandmother of Nahel, the teenager shot dead by police during a traffic stop in a Paris suburb, said on Sunday she wanted the nationwide rioting triggered by his killing to end. "We were modest, we hadn't have much, but we wanted to overcome it, we had hope that we would make it with hard work." At this stage, everything indicates the people who attacked his home were youths from the same suburb, he added.

Persons: Emmanuel Macron, Nahel, Vincent Jeanbrun, Jeanbrun, BFM, Les Republicains, Tassilo Hummel, Lincoln, Alison Williams Organizations: Thomson Locations: France, North, Paris, l'Hay, L'Hay

The SEC raised the same concerns with Nasdaq (NDAQ.O) over a recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. According to Cboe's Fidelity bitcoin ETF filing, The company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The recent filings for bitcoin ETFs by BlackRock and Fidelity have sent the price of bitcoin soaring more than 20% since June 15 to one-year highs. "It's not surprising to hear that the SEC is pushing back a little bit," he said of the bitcoin ETF applications. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022.

Persons: Cboe, Coinbase, Binance, it's, John Reed Stark, bitcoin, Ed Moya, It's, Carolina Mandl, John McCrank, Manya, Michelle Price, Shinjini Ganguli, Alexander Smith, David Gregorio Our Organizations: Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, WisdomTree, Coinbase, Cboe, BlackRock, ., Internet, Manya Saini, Thomson Locations: BlackRock, Nasdaq, Manhattan, New York, Bengaluru

[1/5] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - The Dow and the S&P 500 rose on Thursday as bank shares rallied after major lenders cleared the Federal Reserve's annual stress test, while strong economic data stoked expectations of further interest rate hikes from the central bank. Stronger than expected economic data pushed Treasury yields higher and steered investors toward economically sensitive sectors as recession fears eased. Buyers shied away from rate-sensitive growth sectors due to concerns that the Fed would keep interest rates higher for longer. After a health check showed that the biggest U.S. banks have enough capital to weather a severe economic slump the S&P 500 banks index (.SPXBK) gained.

Persons: Brendan McDermid, Buyers, Mona Mahajan, Louis, Edward Jones, Jerome Powell, underpeformed, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Dow, St, Nasdaq, Dow Jones, Traders, Reuters, Microsoft, Micron Technology, Occidental Petroleum, Berkshire Hathaway Inc, Nike, Thomson Locations: New York City, U.S, megacaps, Philadelphia, New York, Bengaluru

Those figures are now 20% at Berkeley Law and 15% at Michigan Law. The Association of American Law Schools on July 10 is convening a virtual conference focused on admissions in a post-affirmative action landscape, chaired by Berkeley Law dean Erwin Chemerinsky. Alongside strategies to recruit and admit diverse students, Zearfoss said the changing demographics of the law school applicant pool have helped Michigan Law bolster student diversity—good news for law schools now facing an affirmative action ban. The law school also prioritizes recruiting at events geared toward minority applicants and at college and universities with significant minority enrollment, Zearfoss added. Michigan Law and Berkeley Law both voluntarily withhold information about each applicant's race to ensure they comply with their state laws, admissions officials said.

Persons: Sarah Zearfoss, Erwin Chemerinsky, Edward Blum, ”, Michigan’s Zearfoss, Zearfoss, Chemerinsky, “, ” Chemerinsky, Karen Sloan, Leigh Jones Organizations: U.S, Supreme, University of Michigan Law School, University of California, Berkeley School of Law, Berkeley Law, American Bar Association, Michigan Law's, ABA, Michigan Law, Association of American Law Schools, Berkeley, Fair Admissions, Harvard University, University of North, Asian, Fair, Association of American Medical Colleges, American Dental Association, Law, Thomson Locations: Michigan, California, American, Sarah Zearfoss , Michigan, University of North Carolina, U.S

☆ Twitter's new chief working on plans to bring advertisers back to platform- FT
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

[1/2] A promoted tweet on Twitter app is displayed on a mobile phone near a Twitter logo, in this illustration picture taken September 8, 2022. REUTERS/Florence Lo/IllustrationJune 28 (Reuters) - Twitter's new chief, Linda Yaccarino, is working on a series of plans to bring back advertisers who left the platform under Elon Musk's ownership, including introducing a video ads service, pursuing more celebrities and raising headcount, the Financial Times reported on Wednesday. (This story has been refiled to add source in the headline)Reporting by Juby Babu in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Linda Yaccarino, Juby Babu, Subhranshu Sahu Organizations: REUTERS, Elon, Financial Times, Thomson Locations: Bengaluru

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Factbox: Financial firms line up spot bitcoin exchange-traded fund applications
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

Stock picker Cathy Wood's Ark Invest and Swiss-based exchange-traded fund (ETF) issuer 21Shares on Wednesday amended their bitcoin ETF application, while asset manager Fidelity is also expected to file a spot bitcoin ETF application, trade publication The Block reported on Tuesday. The U.S. Securities and Exchange Commission (SEC) has rejected dozens of applications for spot bitcoin ETFs, saying the proposals have not met anti-fraud and investor protection standards. These are the major firms with live SEC applications:BLACKROCK(BLK.N) - The world's biggest asset manager filed for a bitcoin ETF on June 15. INVESCO(IVZ.N) AND GALAXY DIGITAL - Invesco reactivated its September 2021 application to launch the Invesco Galaxy Bitcoin ETF on Cboe's BZX exchange. VANECK - VanEck refiled on June 22 to for approval to launch the VanEck Bitcoin Trust on Cboe's BZX exchange.

Persons: Cathy, 21Shares, BlackRock's, BNY, Cboe BZX, WisdomTree, refiled, John McCrank, Michelle Price, Daniel Wallis Organizations: U.S, Invest, Fidelity, U.S . Securities, Exchange Commission, SEC, BLACKROCK, Nasdaq, BNY Mellon, Ark, 21Shares, Company, U.S . Bank, National Association, Invesco, Galaxy, NYSE Arca, Valkyrie, Thomson Locations: BlackRock, Swiss

☆ BlackBerry reports surprise profit on cybersecurity strength
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoJune 28 (Reuters) - BlackBerry (BB.TO) posted a surprise profit for the first quarter on Wednesday as its cybersecurity business benefited from higher client spending, while its enterprise software continued to gain traction in automotive sector. The Canadian technology company is banking on resilient demand for its cybersecurity products on rising security threats in the information technology sector. BlackBerry reported a surprise profit of 6 cents per share for the quarter ended May 31, while analysts were expecting a loss of 5 cents per share. Revenue in the cybersecurity business unit rose 5.5% sequentially to $93 million, while revenue from licensing and other services came in at $235 million, majorly comprising of proceeds from patent sale. Waterloo, Canada-based BlackBerry earlier had announced its plans to conduct a review of strategic alternatives, including possible separation of its core businesses - cybersecurity and software systems.

Persons: Dado Ruvic, Akshita, Shweta Agarwal Organizations: REUTERS, BlackBerry, Refinitiv . Revenue, Malikie Innovation, Thomson Locations: U.S, Canadian, Refinitiv ., Waterloo, Canada, Bengaluru

☆ FOREX Dollar weaker after data burst, euro rises on ECB comments
▼ + stars: | 2023-06-27 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Additional data on single-family new home sales in May and home prices in April also indicated the housing market has been able to weather rising interest rates from the U.S. Federal Reserve. Morgan Stanley said on Tuesday it was now expecting the Fed to hike its key interest rate by 25 basis points in July, from an earlier estimate of a pause, raising its terminal rate forecast to 5.375%. The euro was up 0.49% to $1.0957 after climbing to $1.0976, the highest since June 22, after comments from ECB officials. Other ECB policymakers weren't anticipating clear evidenceinflation is easing enough that would enable the central bank to pause their interest rate hikes. The euro rose 0.84% against the yen at 157.830.

Persons: Christine Lagarde, Joseph Trevisani, Morgan Stanley, Shunichi Suzuki, Lagarde, Sterling, Jerome Powell, Andrew Bailey, Kazuo Ueda, Yevgeny Prigozhin, Vladimir Putin, Chuck Mikolajczak, David Evans, Alex Richardson Organizations: YORK, European Central Bank, greenback, U.S, Conference Board, U.S . Federal, Bank of Japan, Japan's Finance, ECB, Federal, Bank of England, Thomson Locations: U.S, Russian, Belarus

MUMBAI, June 27 (Reuters) - Goswami Infratech, a Shapoorji Pallonji group entity, closed India's largest debt issue from a low-rated company on Tuesday, signalling growing interest in high-yielding debt from local and global private credit funds, bankers and fund managers said. Goswami Infratech accepted bids worth 143 billion rupees ($1.74 billion), including from Edelweiss Special Opportunities Fund, Davidson Kempner, Ares Capital Management, Varde Partners and Cerberus Capital Management, the bankers said. "We are seeing money coming in from global asset managers, international development financial institutions and large pension funds in Indian private credit funds," said Vineet Sukumar, founder of Vivriti Asset Management, which also manages a private credit fund. Two recent changes in regulation have also provided a boost to private credit funds. The tweaks have led to more funds from high net worth individuals and family offices flowing into private credit funds, while elevated yields are further leading to attractive investment opportunities.

Persons: Goswami Infratech, Davidson Kempner, Sukumar, Ajay Manglunia, Saurabh Jhalaria, Karthik Athreya, Sundaram, Dharamraj Dhutia, Bhakti, Sohini Goswami Organizations: Edelweiss, Fund, Ares Capital Management, Varde Partners, Cerberus Capital Management, Deutsche Bank, Standard Chartered Bank, Ares, Vivriti Asset Management, JM Financial, EY, Asset Management, Thomson Locations: MUMBAI, India

☆ Prosus slashes India's Byju's valuation to $5 bln
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 27 (Reuters) - Dutch-listed technology investor Prosus NV (PRX.AS) has slashed the valuation of troubled Indian edtech startup Byju's to $5.1 billion according to its annual report, a fall of more than 75% from the startup's $22 billion valuation last year. Byju's told investors it will file 2022 audited earnings by September and 2023 results by December, Reuters reported. Earlier this year, Blackrock, too, had cut Byju's valuation to $8.3 billion. India's Employee Provident Fund Organisation on Tuesday observed a shortfall in payments from Byju's, Reuters reported. Byju's deposited 1.23 billion rupees ($15.01 million) after the EPFO asked it to.

Persons: Prosus, Byju's, Manvi, Sriram, Pooja Desai Organizations: Prosus NV, Atlantic, BlackRock, Deloitte, Reuters, Blackrock, India's, Provident Fund, Thomson Locations: BENGALURU, Byju's, U.S, Blackrock, Manvi Pant, Bengaluru, Mumbai

Variable rate mortgages in Canada typically require borrowers to make regular payments in fixed amounts. WHAT IS THE EXTENT OF MORTGAGE AMORTIZATION EXTENSION? Both banks had no variable-rate mortgages with amortizations greater than 30 years prior to the start of rate hikes. If interest rates stay high over the next few years, as the central bank has warned, it raises questions about customers' ability to service bigger than anticipated debt at higher rates during renewals. The big banks said most customers are able to cope with higher interest rates as they had passed a rigorous stress test to handle higher interest rates.

Persons: Royce Mendes, Carolyn Rogers, OSFI, Nivedita Balu, Fergal Smith, Steve Scherer, Denny Thomas, Conor Humphries Organizations: TORONTO, Statistics Canada, Royal Bank of Canada, CIBC, Bank of Nova, National Bank, Bank of Canada, BoC, Thomson Locations: Canada, United States, Bank of Nova Scotia, amortization, Toronto, Ottawa

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