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☆ Australian court fines ANZ Group $6.6 mln for breaching consumer protection laws
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - An Australian court has fined ANZ Group Holdings (ANZ.AX) A$10 million ($6.6 million) in penalties for non-compliance with consumer credit protection laws in a case that stems from the country's Royal Commission proceedings, a corporate watchdog said on Friday. The Australian Securities & Investments Commission (ASIC) said the fine related to the lender's home loan introducer program – that allowed third parties to refer customers for home loans – between March 2017 and March 2018. The court case stems from a 2017 Royal Commission inquiry into Australia's financial services industry, which ended up exposing widespread misconduct in the sector. "ANZ has cooperated with ASIC during this process, is nearing completion of a customer remediation program and has made changes to its home loan processes," the bank said. ($1 = 1.5161 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Tata Technologies, a unit of Tata Motors, files for IPO
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 10 (Reuters) - Tata Technologies, a unit of Indian carmaker Tata Motors (TAMO.NS), filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator. However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares. The spend on digital services in these industries is expected to rise from $1.64 trillion in 2021 to $2.28-2.33 trillion by 2025, Tata Tech said, citing a report by Zinnov Management Consulting. Tata Motors said in December it was exploring the possibility of selling part of its stake in Tata Tech through a public float.

UK banks (.FTNMX301010) dropped to an eight-week low, spooked by a brutal rout in U.S. bank SVB Financial (SIVB.O) following a share sale. The FTSE 100 (.FTSE) slipped 1.9% to a five week low, while the more domestically focused mid-cap index (.FTMC) gave up 2.1% to hit a two-month low. The FTSE 100 is set to the end the week down about 2.8% in what could be its worst week since September, as worries around hawkish central banks sapped risk appetite. Next week, investors will be watching for UK Chancellor Jeremy Hunt's spring budget. Reporting by Susan Mathew in Bengaluru; Editing by Savio D'Souza and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Domino's expects tech investments to hit 2023 profit
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Britain's Domino's Pizza Group Plc (DOM.L) said on Thursday its profit this year would be impacted by investments in cloud-based technology platforms, sending its shares down more than 8%. The company said it expects underlying core profit this year to be within market expectations, excluding about 9 million pounds ($10.69 million) to be incurred in costs from investments in two new cloud-based IT systems. Brokerage Jefferies, however, said the outlook including investment costs implied a 7% decline from the group's market forecast of 137.6 million pounds for 2023. Domino's reported 2022 underlying core profit of 130.1 million pounds, compared with 136.4 million pounds in the previous year, affected by the technology investments, higher costs and food inflation. Shares of London-listed Domino's, a franchisee of U.S.-based Domino's Pizza Inc (DPZ.N), was down 8.2% at 0900 GMT.

☆ Reliance Jio to buy U.S.-based Mimosa Networks for $60 mln
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 9 (Reuters) - Jio Platforms, owned by Indian conglomerate Reliance Industries Ltd (RELI.NS), will buy communications equipment maker Mimosa Networks for $60 million to bolster its expanding 5G and broadband services, the companies said on Thursday. The deal is between Radisys Corp, a unit of Jio Platforms, and US-based Airspan Networks Holdings (MIMO.A), which owns Mimosa. Reliance Jio Infocomm USA, a unit of Jio, is a shareholder in Airspan and has a seat on its board, according to the statement. The Mimosa deal also comes at a time when some governments, including India, have either banned or discouraged the use of China's Huawei in national networks. Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ India's 1-yr, 10-yr yield curve briefly inverts for first time in nearly eight years
▼ + stars: | 2023-03-08 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

The 1-year bond yield, that trades close to the 364-day treasury bill yield, briefly rose to 7.4750% earlier in the day, while the 10-year benchmark 7.26% 2032 bond yield was at 7.4728%. The 1-year note last traded above the 10-year bond in May 2015, according to Refinitiv data. The 1-year yield eased to 7.43%, while the 10-year benchmark was at 7.46% as of 4:20 p.m. IST. On Feb. 28, Reuters reported that India's bond yield curve is likely to invert on the back of worsening liquidity deficit in India's banking system and bets of continued rate hikes. Reuters GraphicsThe benchmark 2032 bond yield has risen only 12 bps during the same period, leading to spread compression and ultimately inversion.

☆ Mesoblast soars on U.S. FDA's nod to review lead drug candidate
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Shares of Australia's Mesoblast Ltd (MSB.AX) rallied more than 23% on Wednesday after the U.S. Food and Drug Administration (FDA) agreed to review the company's lead drug candidate on a priority basis, more than two years after first rejecting it. The drug, remestemcel-L, is an investigational therapy to treat children suffering from complications after bone marrow transplants to treat blood cancers and other conditions. There are no approved treatments for the disease in the United States for children under 12, making Mesoblast's therapy an urgent need for a disease with low survival rates. The FDA said it considered Mesoblast's resubmitted biologics license application as a "complete response" and that it would fast-track remestemcel-L's review process. Mesoblast's shares were up about 15% at 0456 GMT, easing from a jump of as much as 23.2% to a one-month-high of A$1.140 earlier in the session.

☆ India's money laundering rules to apply to crypto trade - gov't notification
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, March 8 (Reuters) - India's money laundering laws will apply to trade in cryptocurrencies, the federal government said in a notification dated March 7. The exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets and the transfer of digital assets will be covered under money laundering laws, the notification said. The safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will also be covered, the notification added. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. Extending India's money laundering rules to cryptocurrencies will give authorities greater authority in monitoring the transfer of these assets beyond the country's borders.

☆ India cenbank imposes penalty on Amazon Pay for non-compliance
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, March 3 (Reuters) - The Reserve Bank of India said on Friday it imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said in a statement. Amazon Pay is an online payments processing service owned by Amazon.com Inc (AMZN.O). ($1 = 81.9170 Indian rupees)Reporting by Chris Thomas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, March 2 (Reuters) - U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. U.S-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises (ADEL.NS), a regulatory filing showed. GQG took a 3.4% stake in Adani Enterprises for about $662 million, 4.1% in Adani Ports for $640 million, 2.5% in Adani Transmission for $230 million, and a 3.5% stake in Adani Green Energy for $340 million. "This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Adani Group CFO Jugeshinder Singh. In the run-up to the announcement, Adani group shares rallied, with Adani Enterprises climbing nearly 35% over the last three sessions, Adani Ports 11% and Adani Green Energy 16%.

The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.93%. The S&P 500 and Nasdaq fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. The S&P 500 (.SPX) fell 22.28 points, or 0.56%, to 3,929.11, but was trading near its 200-day moving average, seen as a key support level by traders. The S&P index recorded two new 52-week highs and 12 new lows, while the Nasdaq recorded 26 new highs and 71 new lows. Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Futures extended losses after data showed the number of Americans filing new unemployment claims fell again last week, pointing to sustained labor-market strength. Another set of data showed non-farm unit labor costs were revised to 3.2% in the fourth quarter, against economists' estimate of a 1.6% rise. The two-year yield , which best reflects short-term rate expectations, hit a fresh 15-year high at 4.94%. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) fell on Wednesday after data showed U.S. manufacturing contracted for a fourth straight month in February, although raw material prices increased last month. ET, Dow e-minis were up 56 points, or 0.17%, S&P 500 e-minis were down 21.75 points, or 0.55%, and Nasdaq 100 e-minis were down 107 points, or 0.89%.

☆ Salesforce shares climb as growth forecast, buyback plan appease investors
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

March 2 (Reuters) - Shares of Salesforce Inc (CRM.N) jumped 15% in premarket trade on Thursday after the cloud-based software provider's revenue forecast eased concerns about slowing growth and its move to double its share repurchase to $20 billion appeased investors. Still, Salesforce's first-quarter revenue forecast implied growth of 10%, higher than analysts' estimates of 9%. Other activist investors with a stake in Salesforce include Starboard Value, Inclusive Capital Partners and ValueAct Capital. They have pushed for higher growth and margins, more share buybacks and raised concerns about recent acquisitions. Shares of Salesforce have advanced 26% this year through Wednesday's close, compared with a near 3% gain in the benchmark S&P 500 index (.SPX).

☆ Canadian Natural Resources Q4 profit misses on lower output, prices
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

Companies Canadian Natural Resources Ltd FollowMarch 2 (Reuters) - Canadian Natural Resources Ltd (CNQ.TO) missed market expectations for fourth-quarter profit on Thursday, as the energy firm was hurt by lower liquid prices and severe winter weather that hampered its production. Winter storm Elliott barreled through the United States and Canada in mid-December, hitting several oil production sites along the way that caused freeze-ins and equipment failures. Canadian Natural said its production declined 1.5% to 1.29 million barrels of oil equivalent per day (boepd) in the quarter ended Dec. 31. Canadian Natural said its fourth-quarter liquids realized price fell nearly 5% to C$69.34 per barrel. ($1 = 1.3612 Canadian dollars)Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber, Uttaresh.V and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Binance to revive bid for Singapore crypto permit -Nikkei
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

March 2 (Reuters) - Crypto exchange Binance will have its custodial arm apply for a permit to offer cryptocurrency services in Singapore "in due course", Nikkei Asia reported on Thursday, citing executives from the unit. Binance did not immediately respond to a Reuters email seeking comment. Singapore, a broadly crypto-friendly city-state, has previously presented challenges for the crypto giant. Binance Asia Services, a Singapore affiliate of Binance, withdrew its local license application in December 2021 without giving a reason beyond "strategic, commercial and developmental" considerations. Reporting by Nilutpal Timsina in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Axis Bank completes deal to buy Citi's India consumer business
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

The deal value of 116.03 billion rupees ($1.41 billion) is based on the closing position of assets, assets under management and liabilities of Citi's portfolio as of Jan. 31, Axis Bank said. The consideration was subject to changes in the business' position since then, said Axis Bank. "Citi India consumer banking customers are now served by Axis Bank," Citibank said on its website. Shares of Axis Bank rose 2.2% on Wednesday in their biggest intraday advance in four weeks. Axis Bank will hold a press conference on the deal after the market closes on Wednesday.

☆ Trump-backed SPAC Digital World to appeal Nasdaq delisting notice
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues. "The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations and the departure of top executives. The deal was inked in October 2021 and late last year, shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ European shares kicks off week on solid footing, all sectors rise
▼ + stars: | 2023-02-27 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The blue-chip index (.STOXX) added 0.9%. It fell 1.4% last week after hotter-than-expected U.S. inflation data fuelled bets that the Federal Reserve would continue to raise rates. European retailers (.SXRP) rose 1.1%, led by a 3.1% increase in shares of Hennes & Mauritz (HMb.ST). Mould highlighted that consumer spending has been buttressed by gas prices coming down and help from government-support schemes across the single-currency bloc. Dechra Pharmaceuticals (DPH.L) tumbled 15.5%, to the bottom of the STOXX 600, as the veterinary drugs maker warned its full-year operating profit would be at the lower end of analysts' expectations.

☆ Upbeat earnings help FTSE 100 rebound from last week's selloff
▼ + stars: | 2023-02-27 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies Bunzl, Associated British Foods up after resultsRolls-Royce top of FTSE 100 after price target raiseFTSE 100 up 0.8%, FTSE 250 adds 0.4%Feb 27 (Reuters) - The UK's FTSE 100 rose on Monday after upbeat earnings reports from Associated British Foods and Bunzl helped pull the index up from last week's battering on worries about high U.S. interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.8%, after recording its worst weekly performance so far this year as hotter-than-expected U.S. consumer spending data on Friday sparked a selloff on both sides of the Atlantic. Primark owner Associated British Foods (ABF.L) climbed 1.3% after raising its outlook for the full year 2022-23 for the clothing retailer. The FTSE 100 has had a stellar start to the year so far, rising 6.4% as strong earnings and a steady rise in commodity prices helped the index outperform major global peers, outweighing a gloomy economic outlook. The more domestically-inclined FTSE 250 midcap index (.FTMC) rose 0.4%, with a near 16% slump in shares of Dechra Pharmaceuticals(DPH.L) capping gains.

☆ Air India's order for 470 jets at list price of $70 bln
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Feb 27 (Reuters) - Tata group-owned Air India's order for a record 470 aircraft from Airbus (AIR.PA) and Boeing Co (BA.N) will be at a list price of $70 billion, Chief Executive Campbell Wilson said on Monday, as the airline seeks opportunities to expand in long haul international. Air India had, earlier this month, announced provisional deals for 220 planes from Boeing and 250 from Airbus in an order that would eclipse previous records for an order by a single carrier. The airline plans to fund the order with a combination of resources, including internal cash flow, shareholder equity and sale-and-leaseback of aircraft, Wilson told reporters at a press conference. Air India, once considered a world-class airline in India, saw its image tarnish in the mid-2000s due to financial troubles, an ageing fleet and poor service. "Air India has embarked on probably the greatest transformation in aviation history," Wilson added.

☆ India's forex reserves at 11-week low, down for third week
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Feb 24 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for the third straight week to hit an eleven-week low of $561.27 billion as of the week ended Feb. 17, the Reserve Bank of India's (RBI) statistical supplement showed on Friday. The reserves fell by $5.68 billion at the end of last week, data showed. The reserves stood at $566.95 billion in the week to Feb. 10, down $8.3 billion from the previous week. The RBI has said in the past that changes in reserves also stem from valuation gains or losses. Last week, the rupee fell 0.4% against the dollar, logging its fourth consecutive weekly decline, but outperformed its Asian peers.

☆ Australia's Medibank posts profit, policyholder growth; shares jump
▼ + stars: | 2023-02-23 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

The loss of confidence following the hack led to Medibank losing 13,000 customers between October and December, curbing the growth in policyholders for the July-December period to 0.1%. However, the rate of losses slowed in January and reversed to a net addition of 200 policyholders this month through Feb. 18, Medibank said. Medibank stock recovering Medibank stock recoveringMedibank reported that its net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, which, according to brokerage firm UBS, beat the consensus estimate of A$211 million. The 17% jump in policyholders in that business came as more international students, visitors and workers return to the country as the pandemic waned. Medibank also declared an interim dividend of 6.3 cents per share, up from 6.1 cents last year.

☆ Australia's Medibank beats profit view, says customer losses slow
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

However, Medibank said it still recorded a 0.1% growth in policyholders for the six months that ended on Dec. 31. The rate at which it lost customers slowed in January and it has even recorded a net growth of 200 policyholders this month through Feb. 18, Medibank said. Medibank's net profit after tax rose 5.9% to A$233.3 million ($159.4 million) in the six months ended Dec. 31, beating the consensus estimate of A$211 million, according to brokerage firm UBS. The company's shares were up 6.5% to A$3.28 by 0426 GMT, set for their best session in nearly three years. Since Medibank first reported the cyber incident on Oct. 13, its stock had declined nearly 13% as of last close.

☆ Dollar General cuts holiday-quarter profit forecast as costs bite
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Dollar General Corp (DG.N) on Thursday lowered its holiday-quarter profit forecast as heavy discounts and higher costs ate into margins. The company also forecast full-year 2023 profit below Wall Street expectations, sending its shares down about 6% in premarket trading. Dollar General said same-store sales increased 5.7% in the fourth quarter ended Feb. 3, missing its forecast of 6% to 7% growth. The company now expects fourth-quarter earnings to be between $2.91 per share and $2.96 per share, compared to its prior forecast of $3.15 per share to $3.30 per share. It expects profit to grow between 4% and 6% this financial year, less than the 10.6% growth analysts on average were expecting, according to Refinitiv data.

☆ Humana to exit employer group insurance business
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: 1 min

Feb 23 (Reuters) - Humana Inc (HUM.N) said on Thursday it will exit the employer group insurance business in a phased manner over the next 18 to 24 months and focus primarily on government-funded programs and specialty businesses. The company said it does not expect the move to impact its full-year 2023 forecast. It now expects first-quarter earnings to represent about 33% of full-year 2023 adjusted earnings per share, compared with 35% estimated previously. Humana also anticipated a roughly 30 basis points increase in its medical cost ratio, a percentage of its spends on claims to the premiums it collects, for the first quarter. It however, expects, an impact on the medical cost ratio for the full year.

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