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☆ Payments provider ACI Worldwide considers sale, shares surge - Bloomberg News
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Payments technology provider ACI Worldwide Inc (ACIW.O) is in talks with private equity firms for a potential sale of the company, Bloomberg News reported on Wednesday, citing people familiar with the matter. The report added that there was no certainty ACI would reach a deal, given the rocky state of the leveraged financing markets. Shares of the Naples, Florida-based company rose nearly 13% to close at $26.11, its highest point since August 2022, to attain a market capitalization of nearly $2.9 billion. The company had explored a sale two years ago as well, with Starboard Value pushing the move after acquiring a stake. Reporting by Anirban Chakroborti in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Nissan, Renault agree to limit use of IP in new venture - Nikkei
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

The sharing of technology had emerged as a sticking point between Renault and Nissan Motor as the pair negotiated an overhaul of their decades-old partnership, Reuters reported in October. Renault had told Nissan that it wanted to use patents and other IP jointly acquired with Nissan in the new venture, the report said citing sources. However, Nissan had raised concerns about the treatment of IP, including battery and powertrain technology. Nissan said it would not allow the use of joint IP for products to be offered in the United States and China to forestall competition with the new company and prevent technology leaks, the Nikkei report said. Nissan wants to ensure that key internal-combustion and hybrid technology it owns is protected in any deal Renault strikes with Geely, Reuters reported in November.

☆ Apple to sign Luxshare for iPhone production in China - FT
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Luxshare, which was founded in 2004, became an Apple supplier in 2011 and has steadily moved up the hardware giant's value chain, from making connector cables for the iPhone and Macbook to manufacturing Airpods. Analysts expected Apple to diversify its supplier base amid production disruptions in China due to employee unrest at a factory operated by Foxconn and COVID-19 induced lockdowns. Apple in November warned of lower shipments of its premium iPhone 14 models following significant production cuts. Industry research firm TrendForce said on Saturday that Apple decided to employ Luxshare as one of the assemblers for the upcoming iPhone 15 Pro Max. TrendForce added that Luxshare's only iPhone assembly plant is located in China and it doesn't plan on setting up an iPhone production line at its Vietnam plant where it assembles Apple accessories.

☆ J&J's consumer health unit Kenvue files for IPO, moving closer to spin-off
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Jan 4 (Reuters) - Johnson & Johnson's (JNJ.N) consumer health unit Kenvue on Wednesday filed to be listed as an independent company, bringing the healthcare conglomerate a step closer to completing the biggest shakeup in its 135-year history. The filing, for Kenvue to list on the New York Stock Exchange under the ticker symbol "KVUE", comes more than a year after Johnson & Johnson announced its plan to break up into two companies. J&J's pharmaceutical and medical equipment units, which make cancer treatments and surgical tools, had recorded nearly $80 billion in sales in 2021, far ahead of its consumer products revenues. General Electric's (GE.N) spun-off healthcare unit, GE HealthCare Technologies , debuted as an independent company on Nasdaq on Wednesday. Kenvue said J&J will continue to own at least 80.1% of the voting power of the company's shares upon completion of the offering.

☆ Amazon secures $8 billion term loan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Amazon.com Inc (AMZN.O) said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. The online retailer has been bracing for likely slower growth, as soaring inflation forces businesses and consumers to cut back spending. Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30. Toronto Dominion was the administrative agent for the loan agreement in which DBS Bank and Mizuho Bank were among lenders, Amazon said.

☆ JPMorgan, Citi among firms facing potential divestment by Kentucky over energy 'boycott'
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Kentucky on Tuesday warned 11 major financial companies, including Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and BlackRock Inc (BLK.N), of potential divestment over their "boycott" of energy companies. State government entities must notify the Treasurer of direct or indirect holdings in the companies in the list. They must also write to the firms, asking them to stop the "boycott" failing which, they could be subject to divestment, Kentucky State Treasurer Allison Ball said. In the past year, other states like West Virginia and Texas have also boycotted several financial firms. In the testimony, Blass said BlackRock is a significant investor in many energy companies like Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N).

☆ Goldman Sachs' consumer banking unit head steps down - memo
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - The head of Goldman Sachs Group Inc's (GS.N) direct-to-consumer unit, Swati Bhatia, is stepping down from the role, according to an internal note seen by Reuters. The move comes as Goldman Sachs in October signaled it was scaling back its ambitions for the loss-making consumer unit, Marcus. read more read moreChief Executive Officer David Solomon, who took the helm in 2018, has tried to diversify the company's operations with Marcus. Bhatia, formerly the chief payments risk officer at digital payments company Stripe, had joined the bank in February 2021. Separately, the bank appointed Zeeshan Razzaqui as co-head of merchant point-of-sale lending at Platform Solutions, its unit focusing on financial technology products.

☆ FTX says Bahamas regulators hold $296 mln, not $3.5 bln of company's assets
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

Dec 30 (Reuters) - FTX on Friday disputed the Securities Commission of the Bahamas' claims that the regulator was holding $3.5 billion of the bankrupt cryptocurrency exchange's assets. When the digital assets of FTX were transferred to the regulator in November, their value was just $296 million, FTX said in a statement. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Alaska Airlines operations return to normal after weather disruptions
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

Dec 30 (Reuters) - Alaska Airlines (ALK.N) said on Friday its operations have returned to normal across its network, after a massive winter storm in the United States crippled movement through the holiday week. "We continue to help our guests with travel arrangements for flights that were canceled over the past week and a half, including booking them on other airlines to get them to their destinations," the company said. The Seattle-Washington based carrier also lowered its fares in select cities for passengers looking to book new flights in the wake of weather disruptions. Reporting by Priyamvada C in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. examining crypto wallets linked to FTX's Bankman-Fried - Bloomberg News
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Dec 30 (Reuters) - Federal prosecutors are looking into a series of crypto transactions that online analysts have tied to digital wallets associated with Sam Bankman-Fried, Bloomberg News reported on Friday, citing a person familiar with the matter. A spokesperson for the Manhattan U.S. attorney's office and an attorney for Bankman-Fried did not respond immediately to Reuters requests for comment. Bankman-Fried, the former chief executive officer of bankrupt crypto exchange FTX, tweeted that he was not behind the transactions. "I'm not and couldn't be moving any of those funds; I don't have access to them anymore," he said. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Apple CEO Cook conveyed app store curb concerns to Japan PM - Nikkei
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Dec 30 (Reuters) - Apple Inc (AAPL.O) Chief Executive Tim Cook asked Japanese Prime Minister Fumio Kishida to consider protecting users when regulating distribution of smartphone apps, Nikkei reported on Friday citing sources. Apple has faced heightened scrutiny over its App Store practices that charge a 30% fee on payments and subscriptions and does not allow iPhones to use apps from third party app stores. Cook asked Kishida to make sure that regulations around distribution of apps do not undermine user privacy and security, the report added. Earlier this month, Apple said it had invested more than $100 billion in its Japanese supply network over the last five years, as Cook visited the country. Revenue from Apple's services business, which includes the App Store, has been growing at a rapid pace in the last few years and now hovers at about $19 billion per quarter.

☆ Fidelity marks down value of Twitter stake by 56%
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Dec 30 (Reuters) - Fidelity funds slashed the value of their Twitter stake by 56% in November, according to a monthly disclosure by the investment firm released on Friday, as the social media giant navigates a period of turmoil following Elon Musk's $44 billion buyout. Fidelity Blue Chip Growth Fund's stake in Twitter was valued at nearly $8.63 million as of Nov. 30, compared to $19.66 million at October-end, days after Musk closed the acquisition. Another of the asset manager's funds, Fidelity Contrafund, also reported a similar markdown. Musk's tenure at Twitter so far has been chaotic amid an exodus of advertisers and heavy layoffs. Fidelity was among more than a dozen investors who backed the billionaire's deal to acquire Twitter, committing over $316 million.

☆ WHO urges China to share specific data regularly on COVID situation
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - The World Health Organization on Friday once again urged China's health officials to regularly share specific and real-time information on the COVID-19 situation in the country, as it continues to assess the latest surge in infections. The agency has asked Chinese officials to share more genetic sequencing data, as well as data on hospitalizations, deaths and vaccinations. COVID infections have risen across China this month after Beijing dismantled its zero-COVID policies including regular PCR testing on its population. The United States, South Korea, India, Italy, Japan and Taiwan have all imposed COVID tests for travellers from China in response. Senior Chinese health officials exchanged views with the WHO on the new coronavirus via a video conference, China's National Health Commission said in a statement earlier on Friday.

Although many public health experts are expressing concern about the rising COVID cases in China, infectious disease experts have been increasingly worried about the XBB.1.5 variant. Recombinants of the BA.2 variant, XBB and XBB.1.5, together accounted for 44.1% of the total cases in the country for the week ended Dec. 31. For the week ended Dec.24, XBB.1.5 had made up 21.7% of the total cases. The XBB variant has been driving up cases in parts of Asia, including Singapore. It accounted for 3.6% of the total cases in the U.S. this week compared with 4.2% in the previous week.

☆ Southwest Airlines plans to return to normal operations on Friday
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

[1/2] Southwest customers visit the help desk after U.S. airlines, led by Southwest, canceled thousands of flights due to a massive winter storm which swept over much of the country before and during the Christmas holiday weekend, at Dallas Love Field Airport in Dallas, Texas, U.S., December 28, 2022. REUTERS/Shelby TauberDec 29 (Reuters) - Southwest Airlines Co (LUV.N) plans to return to normal operations with minimal disruptions on Friday, the carrier said on Thursday. Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer's hemophilia B gene therapy succeeds in late-stage study
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) said on Thursday its experimental gene therapy for the treatment of hemophilia B, a rare inherited blood disorder, met its main goal in a late-stage study. The drugmaker licensed its hemophilia B gene therapy from Roche's (ROG.S) Spark Therapeutics unit in 2014 for a $20-million upfront payment. Pfizer plans to discuss the late-stage data with regulatory authorities in Europe and the United States and share additional data for the experimental therapy at a scientific conference in early 2023. According to government data, the estimated prevalence of hemophilia in the United States is 12 cases per 100,000 males for hemophilia A and 3.7 cases per 100,000 males for hemophilia B. In November, the U.S. health regulator approved the first gene therapy, CSL Ltd and uniQure's Hemgenix, to treat hemophilia B.Pfizer is also testing other experimental gene therapies in late-stage trials as potential treatments for the bleeding disorder hemophilia A and muscular disorder Duchenne muscular dystrophy.

☆ Gilead buys out rights to cancer therapy from Jounce for $67 mln
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Gilead Sciences (GILD.O) will buy all the remaining rights for an experimental cancer therapy, GS-1811, from Jounce Therapeutics (JNCE.O) for $67 million, the drugmaker said on Tuesday. Shares of Jounce more than doubled to $1.68, while Gilead's shares fell marginally in after market trading. In 2020, the drugmakers had agreed to collaborate on development of GS-1811, when Gilead made an upfront payment of $85 million to Jounce. Under the initial terms, Jounce was eligible to get up to $685 million in milestone payments from Gilead, of which it has received $40 million so far. With the amendment, Jounce will no longer receive the remaining milestone payments or any of the sales-based royalties for the therapy.

☆ Indian tycoon Adani says Adani Group is financially strong- India Today
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - Indian billionaire Gautam Adani said his conglomerate Adani Group is "financially very strong and secure," while addressing concerns about the company's debt, in an interview to news channel India Today on Wednesday. Adani said that people raising "noises" about Adani Group's debt have not done a deep dive into its financials and also have a "vested interest" to tarnish the reputation of the group. The tycoon recently took a major shareholding control in New Delhi Television Ltd (NDTV.NS) through his media entity AMG Media Network, raising fears that the media company might lose its editorial independence. Adani said, "NDTV will be a credible, independent, global network" with clear boundaries between management and editorial. Reporting by Rahat Sandhu and Akanksha Khushi in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Dec 28 (Reuters) - TG Therapeutics Inc (TGTX.O) said on Wednesday that the U.S. health regulator had approved its monoclonal antibody for treating patients with relapsing forms of multiple sclerosis, sending its shares up nearly 9% in afternoon trade. TG Therapeutics said it was expecting to launch the drug, branded as Briumvi, in the first quarter of 2023, but did not give details on its pricing. Jefferies analyst Chris Howerton said ahead of the approval that he was expecting the drug to be priced in the range of $30,000 per patient per year. Multiple sclerosis is a neurological disease in which the immune system attacks the brain cells causing motor disabilities. Unlike other MS drugs that target T cells, Briumvi belongs to a class of drugs that tackles B cells' role in driving the inflammation that is central to neurological disease.

☆ Activision's Boston studio workers announce unionization
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - A majority of workers at videogame publisher Activision Blizzard Inc's (ATVI.O) recently acquired studio Proletariat said on Tuesday that they are forming a union with the Communications Workers of America. The move would make the Boston-based studio, the third Activision Blizzard studio to seek unionization. The 57 workers in the Proletariat unit – that include animators, designers, engineers, producers and quality assurance workers – said they have filed for a union representation election with the National Labor Relations Board. Earlier in July, Activision said that it had Proletariat to expand the development pipeline of its online role-playing game "World of Warcraft". Workers who test games at Activision's unit Blizzard Albany have voted to form a union months after the company began negotiating with employees at its Wisconsin unit, the first in the company to unionize.

☆ U.S. probes how $370 million vanished in hack after FTX bankruptcy - Bloomberg News
▼ + stars: | 2022-12-27 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Federal prosecutors are investigating an alleged cybercrime that drained more than $370 million from crypto exchange FTX hours after it filed for bankruptcy, Bloomberg News reported on Tuesday citing a person familiar with the case. The criminal probe into the stolen assets, launched by the Department of Justice is separate from fraud case against FTX co-founder Sam Bankman-Fried, the report added. FTX filed for U.S. bankruptcy last month and Bankman-Fried stepped down as chief executive, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal. The U.S. Department of Justice accused Bankman-Fried of causing billions of dollars of losses related to FTX, which a U.S. prosecutor called a "fraud of epic proportions." The FTX collapse has fanned fears about the future of the crypto industry after the beleaguered exchange outlined a "severe liquidity crisis".

☆ Nitro rejects Potentia's alternative offer, seeks nod for KKR-backed firm's bid
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Australia's Nitro Software (NTO.AX) rejected an alternative takeover offer from private-equity (PE) firm Potentia Capital, which gave Nitro shareholders the choice of an all-cash, stock, or a combination of both, at the same offer price. The company also said on Wednesday it would recommend shareholders to vote for KKR Inc-backed (KKR.N) Alludo's all-cash, sweetened takeover offer of A$526.9 million ($354.55 million) and an off-market takeover. read moreAlludo's proposal of A$2.15 per share outbids top shareholder Potentia's A$2 per share for the PDF and e-signature software signing company. Alludo's offer is alongside a simultaneous off-market takeover offer for the software company. Alludo's offer requires 75% support from Nitro shareholders, while the off-market takeover offer needs a nod from 50.1% investors.

☆ FedEx, other shippers warn extreme weather will delay some U.S. holiday gift deliveries
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - A severe winter storm gripping most of the United States threatens to delay millions of last-minute Christmas gift deliveries due to shutdowns at major shipping hubs. FedEx (FDX.N), United Parcel Service (UPS.N), the U.S. Postal Service and Amazon.com (AMZN.O) alerted customers that severe weather was disrupting key operations in Tennessee, Indiana, Kentucky, Illinois, the Dakotas and other areas hard-hit by strong winds, bitter cold and blizzards. UPS and FedEx told Reuters they have contingency plans in place if severe weather shuts or idles cargo planes and delivery trucks. As a result, shipping companies have ample capacity to handle this year's holiday delivery surge, Jindel said.

☆ AT&T, BlackRock to form commercial fiber-optic platform
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - Wireless carrier AT&T Inc (T.N) and fund manager BlackRock Inc (BLK.N) are forming a joint venture to operate a fiber-optic platform in the United States, the companies said on Friday. The venture, Gigapower LLC, plans to deploy its network to an initial 1.5 million customer locations outside of AT&T's traditional 21-state wireline service presence, they said. The companies said they would jointly own and govern Gigapower, but did not disclose additional deal terms. The news comes as AT&T plans to expand its high-speed home internet service to newer areas in the country, in a bid to attract new subscribers. read moreAT&T did not immediately respond to a Reuters request seeking more details on the deal, while BlackRock declined to comment.

☆ U.S. SEC heightening scrutiny of auditors' crypto work - WSJ
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal on Thursday. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal. The SEC did not immediately respond to a Reuters request for comment on the report. read moreSeveral crypto firms have since been bracing for a fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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