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☆ Star Entertainment's first-half statutory loss widens
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Star Entertainment Group's (SGR.AX) first-half statutory loss widened, the casino operator said on Thursday, as it navigates through regulatory concerns and costs related to compliance procedures. The company's earnings took a hit from the increased regulatory restrictions at its Sydney operations from mid-September, and rise in competition since the opening of Crown Resort's Sydney operations in August after the New South Wales (NSW) regulator granted it a licence. Star said it "continues to pursue the recycling of non-core assets, including the Treasury buildings," adding that the asset is expected to contribute A$233.0 million in additional cash. The second largest Australian casino operator posted statutory net loss after tax of A$1.26 billion ($858.19 million) for the six months ended Dec. 31, compared with A$74.2 million in losses last year. The firm, however, posted A$43.6 million in normalised net profit after tax for first-half, compared with A$73.7 million in losses last year.

☆ Nvidia forecasts first-quarter revenue above expectations
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Chip designer Nvidia Corp (NVDA.O) forecast first-quarter revenue above Wall Street estimates on Wednesday, expecting the artificial intelligence boom to drive up sales of its data center chips, sending its shares up nearly 7% in extended trading. Analysts believe Nvidia is best placed to capitalize on this boom as it dominates roughly 80% of the GPU market. The company forecast current-quarter revenue of $6.50 billion, plus or minus 2%. Analysts on average expect $6.33 billion in revenue, according to Refinitiv data. Revenue in the quarter ended Jan. 29. was $6.05 billion, compared with analysts' average estimate of $6.01 billion.

☆ Air New Zealand swings to first-half profit on soaring travel demand
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Air New Zealand Ltd (AIR.NZ) swung to a first-half profit for the first time in three years on Thursday, helped by strong travel demand following the reopening of domestic and international borders, and strong cargo revenues which were above pre-COVID levels. The carrier reported statutory profit before tax of NZ$299 million ($185.95 million) for the six months ended Dec. 31, compared with a loss of NZ$376 million reported a year earlier. The company posted a loss before other significant items and taxation of NZ$725 million in 2022. Air New Zealand did not declare a dividend, but said that it will consider providing dividends for its shareholders during its full-year results in August. ($1 = 1.6080 New Zealand dollars)Reporting by Archishma Iyer and Rishav Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ EBay forecasts first-quarter revenue above estimates
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Ecommerce company EBay Inc (EBAY.O) on Wednesday forecast first-quarter revenue above Wall Street estimates on hopes that cost-conscious shoppers would be attracted towards its used and refurbished product category in the face of a looming recession. Shares of the San Jose, California- based company rose nearly 2% in trading after the bell. The company forecast current-quarter revenue between $2.46 billion and $2.50 billion. However, gross merchandise volume (GMV), a widely watched figure for the e-commerce industry's performance, fell 12% to $18.2 billion in the fourth quarter. EBay posted revenue of $2.51 billion for the quarter ended Dec. 31, compared with analysts' estimate of $2.47 billion, according to Refinitiv IBES data.

☆ Moderna's combination skin cancer therapy receives FDA's breakthrough tag
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Moderna Inc (MRNA.O) said on Wednesday its experimental personalised mRNA skin cancer vaccine in combination with Merck & Co Inc's (MRK.N) drug Keytruda has received breakthrough therapy designation from U.S. regulators as an additional treatment for high risk patients. The breakthrough tag is granted by the U.S. Food and Drug Administration (FDA) based on data from a mid-stage study of the drug that showed the therapy reduced risk of skin cancer's recurrence or death by 44% compared with Keytruda alone. The FDA's breakthrough therapy designation is granted to expedite the development and review of drugs that are intended to treat a serious condition. The companies said they plans to initiate a late-stage study in adjuvant treatment of melanoma in 2023. Reporting by Khushi Mandowara in Bengaluru; Editing by Shinjini Ganguli and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Chemical maker INEOS makes U.S. shale bet with $1.4 bln Chesapeake deal
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Chesapeake Energy Corp worker walks past stacks of drill pipe needed to tap oil and gas trapped deeply in rock like shale at a Chesapeake oil drilling site on the Eagle Ford shale near Crystal City, Texas, June 6, 2011. REUTERS/Anna Driver/File PhotoFeb 21 (Reuters) - Chemical maker INEOS is entering into U.S. oil and gas production for the first time, agreeing to purchase assets in South Texas from Chesapeake Energy Corp (CHK.O) for $1.4 billion, the companies said on Tuesday. "Over the last two decades, U.S. onshore oil and gas production has provided security of supply for the global market and competitive advantage for U.S. industry," Brian Gilvary, chairman of INEOS Energy, said in a statement. The transaction, involving an area of around 172,000 net acres with average net daily production of about 36,000 barrels of oil equivalent, will also grant Chesapeake Energy a complete exit from the Eagle Ford shale basin. Proceeds from the deal will be used to repay debt and fund its share repurchase program.

☆ Frontier Airlines introduces new family seating policy
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - U.S. budget carrier Frontier Airlines said on Tuesday it has introduced measures under which at least one parent will automatically be seated with any children within their family group who are under the age of 14, at no additional cost. This comes after President Joe Biden, earlier this month, harshly criticized U.S. airlines saying they were charging families unfair fees and vowing to implement new consumer protections. This also prompted United Airlines Holdings Inc (UAL.O) to announce on Monday "an improved family seating policy" that will make it easier for children under 12 years to sit next to an adult in their party for free. The complete policy change will go into effect in early March. Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Crypto firm Polygon Labs cuts 100 positions as rout worsens
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

Feb 21 (Reuters) - Polygon Labs said on Tuesday it has laid off 100 employees, or nearly 20% of its positions, after it combined multiple business units earlier this year, making it the latest digital asset company to execute job cuts. The decentralised platform that makes digital coin Ethereum more accessible was founded in 2017 as Matic and was rebranded to Polygon in Feb 2021. The crash led to high-profile bankruptcies of key industry players such as crypto hedge fund Three Arrows Capital and Celsius Network. Its swift fall has sparked tough global regulatory scrutiny of how crypto firms hold funds and conduct business operations. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh Kuber and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Abbott gets FTC notice for information on infant formula products
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Panicked parents had emptied baby formula aisles at supermarkets last year as a recall of formulas produced at an Abbott facility in Michigan over complaints of bacterial infections worsened a shortage started by pandemic-led supply chain issues. The FTC had launched an inquiry last year into the shortage for infant formula in the United States and had said it would examine the pattern of mergers and acquisitions in the formula market. The Wall Street Journal had reported in January that Abbott's Michigan plant faced a criminal investigation by the Justice Department. On Friday, Abbott said in a regulatory filing that multiple civil lawsuits have been filed against the company regarding its manufacturing of certain powder infant formula products. Reporting by Granth Vanaik; Editing by Shailesh Kuber and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ VMware, Broadcom extend merger close deadline by three months
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Feb 17 (Reuters) - Cloud computing company VMware Inc (VMW.N) and chipmaker Broadcom Inc (AVGO.O) extended the date by which their $61 billion merger is to be completed by 90 days, according to a regulatory filing on Friday. The new "outside date" for the deal is May 26, the filing said. Broadcom's move comes as regulators worldwide ramp up scrutiny of deals by Big Tech. A Broadcom spokesperson said it was common for acquisitions of this size to extend their deal deadline. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed Martin gets U.S. Navy contract worth up to $2 billion
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: 1 min

Feb 17 (Reuters) - The U.S. Navy has awarded Lockheed Martin Corp (LMT.N) a contract worth up to $2 billion related to hypersonic weapon systems, the defense firm said on Friday, amid a global uptick in demand for arms and ammunitions. Under the contract, Lockheed will integrate the Conventional Prompt Strike (CPS) weapon system on to the navy's ZUMWALT-class destroyer stealth ships. The defense contractor will also provide launcher systems, weapon control, integrated missile components, and platform integration support for the naval platform. The contract comes as the United States and its global rivals have been developing several hypersonic weapons, which travel in the upper atmosphere at more than five times the speed of sound. Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Lockheed Martin gets U.S. Navy contract worth up to $2 bln
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: 1 min

☆ DoorDash beats revenue estimates as consumer demand remains strong
▼ + stars: | 2023-02-16 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

DoorDash continues to see consumers order more frequently, a company spokesperson told Reuters, adding that in 2022 it saw more consumers use the platform than ever. Total orders rose 27% to 467 million in the fourth quarter from the prior year. The San Francisco-based firm's revenue jumped 40% to $1.82 billion in the quarter ended Dec. 31. DoorDash expects full-year adjusted EBITDA, a measure of profitability, between $500 million and $800 million, compared with analysts' expectation of $591.8 million. Current finance chief Prabir Adarkar will take over as chief operating officer from Christopher Payne, who is retiring.

☆ Instagram rolls out broadcast chat feature 'Channels'
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: 1 min

Feb 16 (Reuters) - Instagram, the social media platform owned by Meta Platforms Inc (META.O), is rolling out a broadcast chat feature called Channels, the company's boss Mark Zuckerberg said on Thursday. "I'm starting a channel to share news and updates on all the products and tech we're building at Meta," Zuckerberg said in a Facebook post. "It will be the place I share Meta product news first." The company will also introduce the feature to Messenger and Facebook in the coming months. Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ YouTube CEO Wojcicki, one of the first Google employees, steps down
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

The change of guard comes as YouTube's advertising revenue fell for the second straight quarter amid intense competition for viewing time with short-form video services such as TikTok and Facebook's Reels, and streaming services like Netflix. One of the most prominent women in tech, Wojcicki said she will focus on "family, health, and personal projects", and plans to take on an advisory role at Alphabet. She was previously senior vice president for ad products at Google and became the CEO of YouTube in 2014. Mohan, a Stanford graduate, joined Google in 2008 and is the chief product officer at YouTube where he been focusing on building YouTube Shorts and Music. He previously spent nearly six years at DoubleClick, a company Google acquired in 2007, and later served for about eight years as senior vice president of display and video advertising at Google.

☆ AMC Networks names media industry veteran Kristin Dolan as CEO
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - AMC Networks Inc (AMCX.O) on Wednesday named media industry veteran and long-time board member Kristin Dolan as its chief executive officer, filling a position that had been empty since Christina Spade's abrupt departure in November. Kristin will take the reins of the company behind shows such as "Mad Men" and "The Walking Dead" on Feb. 27. She will receive a base salary of at least $2 million, AMC Networks said. Shares of the company, which is controlled by the Dolan family, rose more than 3% in extended trading. Cord cutting and a gloomy advertising market have weighed on AMC Networks' business, but its streaming unit has emerged as a bright spot.

☆ Cisco raises full-year forecast on strong demand, easing supply hurdles
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Cisco Systems Inc (CSCO.O) raised its forecast for full-year revenue growth and adjusted profit on Wednesday, banking on its ability to push backlog orders and rapid adoption of 5G technology to keep demand upbeat, sending the company's shares up 10%. For fiscal 2023, Cisco said it expects revenue growth of 9% to 10.5%, and adjusted per share earnings between $3.73 to $3.78. It had previously forecast revenue growth of 4.5% to 6.5% and earnings per share of $3.51 to $3.58. The raise in outlook comes on the back of growth in recurring revenue, improvement in supply chain and future estimated revenue, Chief Financial Officer Scott Herren said in a statement. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Roku promises cost cuts, sees robust first-quarter revenue; shares jump
▼ + stars: | 2023-02-15 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

Shares of the San Jose, California-based company rose 20% in after-market trading and later pared gains to 10% after Roku also beat fourth-quarter revenue estimates and reported a 16% jump in active users. "Despite tightening advertising budgets in the fourth quarter, ad spend on the Roku platform outperformed the overall ad and traditional TV markets in the U.S.," the company said in a statement. Roku said while pressure on ad budgets would continue in the near term, ad spending from restaurants, travel firms, consumer packaged goods and health and wellness had improved in the first quarter. For the quarter that ended Dec. 31, it reported revenue of $867.1 million, beating analysts' estimates of $801.7 million. On an adjusted basis, Roku posted a loss of $1.70 per share, narrower than an estimated loss of $1.73 per share.

☆ KPMG becomes first Big Four accounting firm to cut staff in U.S. - FT
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units. The cuts at KPMG will affect close to 700 people, the FT report added. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years," a spokesperson for KPMG said in an emailed statement to Reuters. The Big Four accounting firms comprise of EY, Deloitte, KPMG and PricewaterhouseCoopers. Reporting by Manya Saini in Bengaluru, additional reporting by Granth Vanaik; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Cisco forecast raise allays tech spending fears, lifts shares
▼ + stars: | 2023-02-15 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Cisco Systems Inc (CSCO.O) on Wednesday raised its full-year earnings forecast and delivered strong second-quarter results, indicating that spending on network infrastructure was staying resilient in the face of an economic slowdown. For fiscal 2023, Cisco said it expects revenue growth of 9% to 10.5%, and adjusted per share earnings between $3.73 to $3.78. It had previously forecast revenue growth of 4.5% to 6.5% and earnings per share of $3.51 to $3.58. Its second-quarter adjusted earnings of 88 cents per share and revenue of $13.59 billion were both higher than market estimates pooled by Refinitiv. "This is very strong growth and shows that the company may finally be exiting a difficult period related to supply-chain challenges," said Scott Raynovich, chief analyst at Futuriom.

☆ Avaya files for Chapter 11 bankruptcy
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Avaya Holdings Corp (AVYA.N) has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday. Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75%, from nearly $3.4 billion to about $800 million. The new capital is "expected to provide substantial liquidity to support Avaya during the process and beyond," it said. Earlier in September, Avaya has also announced restructuring, including job cuts, to reduce costs. Evercore Group is serving as financial advisor to Avaya for the process.

☆ Neiman Marcus to lay off about 5% of workforce
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Neiman Marcus Group said on Tuesday it would lay off about 5% of its workforce, or around 500 employees, as the luxury department store chain looks to cut costs in a tough economy. The company also said its Chief Product & Technology Officer Bob Kupbens will depart, while said Ryan Ross, president, Neiman Marcus, will lead customer insights for the group. Darcy Penick, the president of luxury department store Bergdorf Goodman, will assume group-level leadership of the NMG Product & Technology organization. Neiman Marcus Group has more than 10,000 employees as per its website. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Transportation company Via valued at $3.5 billion after latest fund-raise
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Via is valued at $3.5 billion, the transportation company said on Monday, after it raised fresh capital in a funding round led by 83North. Via develops public mobility systems by building a network of buses, shuttles, wheelchair-accessible vehicles and autonomous and electric vehicles in over 35 countries. It plans to use the capital to expand its products, improve its end-to-end digital infrastructure for public mobility and expand into new markets and verticals. Via had confidentially filed for an U.S. initial public offering in December 2021, a month after it raised $130 million and bagged a valuation of $3.3 billion. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra ELuri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart to close three U.S. tech hubs, relocate staff
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Walmart Inc (WMT.N) will close three of its U.S. technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters on Monday. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart's director of global communications. The big-box retailer would close offices that housed technology staff in Austin, Texas, in Carlsbad, California and in Portland, Oregon, Munroe said. The operations would move to hubs including one in San Bruno, California or the company's headquarters in Bentonville, Arkansas, he said, citing a memo sent last week by Walmart's global technology head, Suresh Kumar. The company currently has 11 tech hubs in the U.S. and six abroad, according to its website.

☆ Walmart to close three tech hubs - WSJ
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Walmart Inc (WMT.N) plans to close three of its U.S. technology hubs and has asked hundreds of workers to relocate to keep their jobs, the Wall Street Journal reported on Monday citing an internal memo. The big-box retailer will close offices that house technology staff in Austin, Texas; Carlsbad, California; and Portland, Oregon, the report said, citing the memo from technology chief Suresh Kumar. The WSJ report added Walmart will pay for workers in the locations to transfer to other primary offices such as San Bruno, California, or the company's headquarters in Bentonville, Arkansas. Walmart did not immediately respond to a Reuters request for comment. Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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