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☆ Chinese property developer Sunac posts $2 billion core loss in 2022
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 31 (Reuters) - Major property developer Sunac China (1918.HK) on Friday logged a net narrowing core loss of 13.86 billion yuan ($2.02 billion) in 2022, as the debt-laden firm slowed its project construction and incurred higher interest expenses. Last year's core net loss, which excludes the revaluation of assets and financial instruments and foreign exchange loss, compares to a 25.30 billion yuan loss reported in 2021. Sunac also published its overdue 2022 interim results on Friday, posting a core loss of 11.06 billion yuan. Sunac is among the many Chinese developers that defaulted last year as the sector reeled under a debt crisis. "The Group will strive to complete the necessary legal procedures for the offshore debt restructuring within 2023," Hongbin said in a statement.

☆ Investors rack up U.S. money market funds for a third straight week
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Money continued to flow into safer U.S. money market funds for a third consecutive week as investors remained unsettled about the banking sector crisis, with slowdown worries also affecting the sentiment. According to Refinitiv Lipper data, U.S. money market funds received a net $59.31 billion worth of inflows in the week to March 29. Fund flows: US equities, bonds and money market fundsMeanwhile, investors turned net sellers of $20.68 billion worth of U.S. equity funds after $10.17 billion worth of net purchases in the previous week. They exited large, small and mid-cap equity funds of $8.25 billion, $2.43 billion and $1 billion, respectively. Fund flows: US equity sector fundsMeanwhile, investors turned net sellers of U.S. bond funds with disposals of $1.37 billion after about $2.87 billion worth net purchases in the previous week.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, warns again of bankruptcy
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

The embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. Bed Bath said it had so far raised $360 million through the complex deal, repaid its loan defaults and made all interest payments for senior notes. The latest stock offering plan comes amid a risk of losing additional funding from key investor Hudson Bay Capital Management, as the stock price continues to trade below $1. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, again warns of bankruptcy
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday announced plans to sell $300 million worth of its shares as the struggling retailer looks to raise more capital, and warned again that it would likely have to file for bankruptcy if it did not get the proceeds. The latest stock offering plan comes as the company risked losing additional funding from key investor Hudson Bay Capital Management, as its stock price trades below $1. On March 20, Bed Bath & Beyond stock dropped 21% to close at 81 cents after the company's announcement that it was seeking shareholder approval for a reverse stock split. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ London's FTSE 100 up for fourth day, Petrofac leads smallcaps higher
▼ + stars: | 2023-03-30 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The FTSE 100 (.FTSE) rose 0.5%, while the FTSE 250 (.FTMC) added 1.1% by 0841 GMT. With a day left for the end of the first quarter of the year, the FTSE 100 is on track for gains of 2%, while the mid-cap index is likely to have a muted end. Top performing sectors this quarter include the FTSE 350 aerospace and defence (.FTNMX502010), construction and materials (.FTNMX501010) and retailers (.FTNMX404010). The FTSE 350 Automobiles and Parts sector (.FTNMX401010) added 2.5% and is among top-performing sectors this quarter. Moonpig Group PLC (MOONM.L) added 17.9% after the online card retailer said it expects revenue to expand across 2024.

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - source
▼ + stars: | 2023-03-29 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches. On Tuesday, FDIC told Signature Bank's crypto clients they have until April 5 to close their accounts and move their money. New York's financial regulator had said earlier in March its decision to close Signature Bank had "nothing to do with crypto."

☆ FDIC hires Newmark Group to sell billions of Signature Bank debt - WSJ
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo for Signature Bank is displayed at a location in Brooklyn, New York, U.S., March 20, 2023. REUTERS/Brendan McDermidMarch 29 (Reuters) - The Federal Deposit Insurance Corp (FDIC) has hired Newmark Group Inc (NMRK.O) to sell about $60 billion of Signature Bank loans, the Wall Street Journal reported on Wednesday citing people familiar with the matter. Earlier this month, state regulators closed New York-based Signature Bank, making it the third largest failure in U.S. banking history. On March 19, a subsidiary of New York Community Bancorp (NYCB.N) entered into an agreement with U.S. regulators to buy deposits and loans from Signature Bank. The subsidiary, Flagstar Bank, assumed substantially all of Signature Bank's deposits, some of its loan portfolios and all 40 of its branches.

☆ Apple to host annual developers' conference from June 5
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Apple Inc (AAPL.O) said on Wednesday it will host its annual developers' conference from June 5 to June 9, where the iPhone maker is expected to unveil its latest software updates. Analysts will also look for hints from Apple about the much-anticipated mixed-reality headset that can overlay digital objects on a view of the real world. For new devices, the company sometimes gives developers a heads-up so they can start working on apps. Prior to 2020, Apple hosted the Worldwide Developers Conference (WWDC) in San Jose, California, with thousands of developers and Apple employees in attendance. The company said it will host developers and students at Apple's headquarters in Cupertino, California on June 5 to watch the keynote and State of the Union videos along with the online attendees.

March 28 (Reuters) - Canada's Crescent Point Energy Corp (CPG.TO) said on Tuesday it would acquire Spartan Delta Corp's (SDE.TO) oil and gas assets in Alberta's Montney region for C$1.7 billion ($1.24 billion). Crescent Point shares dipped 0.7% in Toronto, while Spartan stock gained nearly 8%. Crescent Point said it is looking to reduce net debt by about C$1 billion over the next 12 months and may also sell assets. Crescent Point also produces oil in the province of Saskatchewan. Crescent Point raised its production outlook to 160,000 to 166,000 boepd from the earlier forecast of 138,000 to 142,000 boepd.

☆ Housing market in tech hubs cooling faster than other parts of US - report
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Housing markets in tech hubs are cooling more rapidly than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp's (RDFN.O) report on Monday. Seattle, San Jose, Austin and Phoenix are among metros that have been affected the most as high mortgage rates, turmoil in the tech sector and unavailability of homes deter buyers, the report stated. Redfin agents report that uncertainty around the stability of the banking and tech industries is exacerbating nerves in some buyers and sellers. The New York metro area is likely to feel the impact of banking turmoil as many of its residents work in the financial sector, according to the report. "Banking instability could dampen homebuying demand in the area as finance workers worry about their industry," the report added.

☆ The road to First Republic Bank's collapse
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] The exterior of a First Republic Bank branch is pictured in San Francisco, California, U.S. April 28, 2023. REUTERS/Loren Elliott/File PhotoMay 1 (Reuters) - JPMorgan Chase & Co (JPM.N) is buying most of First Republic Bank's (FRC.N) assets, which had been seized by United States regulators, in a last-ditch rescue for the strained lender, marking the third major U.S. bank to fail in two months. Last week, First Republic reported a more than $100 billion plunge in deposits in the first quarter that sparked a brutal sell-off in the lender's shares. Banks have been staring at the biggest crisis since 2008 after two U.S. lenders collapsed in March and the turmoil has ratcheted up fears of a contagion and prompted action from the U.S. Federal Reserve, U.S. Treasury and the private sector. Below is a timeline of key events:Sources: company statements, press conferences, media reportsReporting by Mehnaz Yasmin amd Manya Saini in Bengaluru; Editing by Devika Syamnath and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ FDA staff says safety issues with Biogen's ALS drug to not prevent approval
▼ + stars: | 2023-03-21 | by ( Bhanvi Satija | ) www.reuters.com time to read: +2 min

March 20 (Reuters) - The U.S. health regulator's staff said on Monday safety issues with Biogen Inc's (BIIB.O) drug to treat an ultra-rare form of amyotrophic lateral sclerosis or ALS, also known as Lou Gehrig's disease, should not prevent its accelerated approval. The drug, tofersen, failed to meet its main goal of reducing symptoms but reduced protein neurofilament levels during a late-stage study. The risks related to Biogen's drug, such as spinal cord inflammation and optic nerve swelling, observed in trial patients "are acceptable to the patient population", the staff said. They added that a majority of these risks may be related to the way in which the drug is administered, rather than the drug itself. The company is seeking approval for the drug in ALS patients with mutation in a gene known as superoxide dismutase 1.

☆ US FDA staff flags no new safety concerns for Biogen's ALS drug
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Staff reviewers of U.S. drug regulator on Monday did not raise any new safety concerns about Biogen Inc's (BIIB.O) experimental drug for treating a rare type of amyotrophic lateral sclerosis, also known as Lou Gehrig's disease. The risks related to Biogen's drug, tofersen, "are acceptable to the patient population" and would not "preclude approval", staff reviewers said in briefing documents published on the agency's website. The agency has asked advisers to weigh in on approving the use of the drug based on available data, which shows it reduces a key protein related to the disease, and not disease symptoms. In October 2021, tofersen failed to meet the main goal of a late-stage study, but the company said trends of reduced disease progression were observed. Reporting by Raghav Mahobe and Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Meta launches subscription service in US
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Meta Platforms Inc (META.O) on Friday launched its subscription service in the U.S., which would allow Facebook and Instagram users pay for verification in the same vein as Elon Musk-owned Twitter. The Meta Verified service will give users a blue badge after they verify their accounts using a government ID and will cost $11.99 per month on the web or $14.99 a month on Apple's iOS system and Google-owned Android, Meta said in a statement. The service, which Meta said it was testing in February, follows in the footsteps of Snap Inc-owned (SNAP.N) Snapchat as well as messaging app Telegram and marks the latest effort by a social media company to diversify its revenue away from advertising. After a $44 billion buyout by Musk last year, Twitter had rolled out its Blue subscription service which lets people pay for the blue check mark previously limited to verified accounts of politicians, journalists and other public figures. Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Chipmakers' plans for factories in Europe, US and Asia
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of semiconductor manufacturer Infineon is seen in Villach, Austria, June 3, 2018. The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030, while U.S. President Joe Biden's administration passed the CHIPS Act last year to make over $52-billion worth of subsidies available for the American semiconductor industry. The Act deters companies using U.S. funds from undertaking any big expansions of overseas semiconductor manufacturing facilities in "countries of concern" such as China for 10 years, with some exceptions. India, Taiwan and South Korea have also offered incentives such as tax breaks to boost domestic chip production. Below are some of the chipmakers' plans for factories in Europe, North America and Asia:NORTH AMERICAEUROPEASIAReporting by Antonis Pothitos in Gdansk, Tiyashi Datta, Chavi Mehta and Aditya Soni in Bengaluru; editing by Josephine Mason, Mark Potter and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ YouTube restores Donald Trump's channel
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: 1 min

March 17 (Reuters) - Alphabet Inc's (GOOGL.O) YouTube said on Friday it has lifted its restrictions on former U.S. President Donald Trump's channel. The video streaming platform banned Trump on Jan. 12 in 2021 for violating its policy of inciting violence after his supporters stormed the U.S. Capitol when Congress began to certify Joe Biden's victory in the presidential election a week earlier. Reporting by Shubham Kalia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Sarepta slides as FDA about-turn on panel clouds gene therapy approval path
▼ + stars: | 2023-03-17 | by ( Aditya Samal | ) www.reuters.com time to read: +2 min

[1/2] Sign is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File PhotoMarch 17 (Reuters) - Shares of Sarepta Therapeutics Inc (SRPT.O) slumped as much as 21% on Friday on uncertainty over its gene therapy for Duchenne muscular dystrophy after the U.S. health regulator reversed its decision on a panel meeting. The U.S. Food and Drug Administration planned to hold a meeting of its independent experts to review the gene therapy, the company said late on Thursday, less than a month after saying it would not do so. Sarepta is developing SRP-9001 as the first gene therapy for the treatment of Duchenne muscular dystrophy, an inherited disorder of progressive muscular weakness typically seen in boys. Gene therapies such as BioMarin's (BMRN.O) bleeding disorder therapy have faced setbacks and tough scrutiny in the past, but the FDA approved multiple such products in 2022.

☆ European shares choppy ahead of ECB decision, Credit Suisse jumps
▼ + stars: | 2023-03-16 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) was flat by 0925 GMT after rising as much as 1.6% in early trading. The banks sector index (.SX7P) added 1.3%, after logging its steepest one-day drop in more than a year in the previous session. Shares of the Zurich-based lender had tumbled 24% to a record low on Wednesday. The cost of insuring exposure to European junk corporate bonds also fell, in a sign of investor relief. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Subhranshu Sahu and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ FDA says Pfizer COVID pill EUA for adolescents to stay even after nod for adults
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

Companies Pfizer Inc FollowMarch 16 (Reuters) - The U.S. health regulator said on Thursday the current emergency use authorization (EUA) for Pfizer's COVID-19 antiviral pill for high-risk adolescents will continue to remain in effect even if it receives full approval for use in some adults. Paxlovid has been authorized for emergency use in mild-to-moderate COVID patients aged 12 years and older since late 2021, but Pfizer's application for full approval only covers high-risk adults. "Should this new drug application be approved, FDA anticipates that the EUA for Paxlovid will remain in effect to continue authorizing treatment of adolescents with mild-(to-)moderate COVID-19 and further address other access needs," the regulator added. A full approval would provide doctors more flexibility in prescribing the drug and also allow the company to expand its advertising campaign. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Saumyadeb Chakrabarty and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Charles Schwab shares bought by CEO, Baron Capital - CNBC
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Charles Schwab (SCHW.N) chief executive officer Walt Bettinger said he bought 50,000 shares of the company while billionaire investor Ron Baron said he "modestly increased" his position in the stock, CNBC reported on Tuesday, as investors aim to buy a dip in shares amid a meltdown in financial stocks. Shares of the broker jumped 12% to $58.1 in afternoon trading, recouping losses a day after falling 12% to their lowest since November 2020. A few investors are turning bargain-hunters to cash in on stocks trading at very attractive prices. Baron, the 79-year-old founder of Baron Capital, did not disclose how much stock of Charles Schwab he purchased, according to the report. Baron Capital declined to comment while Charles Schwab did not immediately respond to a Reuters request for comment.

☆ U.S. prosecutors probing collapse of Silicon Valley Bank -source
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Al Drago/File PhotoMarch 14 (Reuters) - U.S. prosecutors are investigating the collapse of Silicon Valley Bank, according to a source familiar with the matter, as scrutiny mounts over the firm's sudden collapse and regulators scramble to contain the fallout. The U.S. Justice Department is probing the sudden demise of the bank, which was shuttered on Friday following a bank run, the source said, declining to be named as the inquiry is not public. Spokespeople for the SEC, SVB and the Justice Department declined to comment. The rapid demise of Silicon Valley Bank and the fall of Signature Bank have left regulators racing to contain risks to the rest of the sector. SVB Financial Group and two top executives were sued this week by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run.

☆ Nike to drop use of kangaroo skins for its shoes in 2023
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Nike said it will stop using kangaroo skins for its shoes this year, weeks after a similar step from German rival Puma, which would end a highly controversial practice that has drawn ire from consumers and animal rights activists. Sportswear giant Nike Inc (NKE.N) in a statement issued on Monday said it would debut a new line of Tiempo football boots, called the Tiempo Legend Elite, with a proprietary synthetic material that replaces the use of kangaroo leather. The Tiempo Premier line of football boots, which is set to launch this summer, will also forego kangaroo skin, Nike said. The decision from Nike and Puma (PUMG.DE) to end the use of kangaroo skin in their football boots comes as a big win for animal welfare activists, who have for long urged companies to drop unethical practices involving animal cruelty. The group has spearheaded the "Kangaroos Are Not Shoes" campaign, which it announced in 2020, and has been key behind introducing legislation banning the import and sale of kangaroo products.

☆ Southwest to upgrade crew-scheduling software, hire more staff during winter
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Southwest Airlines Co (LUV.N) said on Tuesday it would upgrade its crew scheduling software and hire more staff in the winter, as the airline attempts to address problems that had led to large-scale cancellations during the holiday season. The Dallas-based carrier has come under fire ever since bad weather during the Christmas holidays left staff stranded across the country, which overwhelmed its crew scheduling software, disrupting travel plans for two million customers. The three-part plan was developed by the airline with inputs from aviation consultancy Oliver Wyman, which was hired to investigate the disruption. The plan looks at bolstering operations during the winter season, when chances of weather-related disruptions to travel-related services are high. "Work is well underway in implementing action items to prepare for next winter - with some items already completed," Jordan said.

CHICAGO, March 14 (Reuters) - U.S. airlines on Tuesday tried to reassure investors about the strength of travel demand, a day after United Airlines (UAL.O) stoked worries about the industry's pricing power. Even as executives in other sectors of the economy have warned of recession risks, airline chief executives until now have remained upbeat as consumer travel demand stayed strong. Delta reaffirmed its first-quarter outlook, saying travel demand is strong and getting stronger. American Airlines (AAL.O) CEO Robert Isom said the Texas-based carrier was enjoying "tremendous" demand. Airline ticket prices have gone up due to persistent capacity constraints and an unending thirst for travel after pandemic-related restrictions ended.

☆ Advent International joins list of suitors for sandwich chain Subway - Sky News
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News reported on Monday. The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital - the joint owner of Asda - and TPG, according to the report. Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others. Advent International and Subway did not immediately respond to Reuters' requests for comment. The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.

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