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☆ Ken Griffin's Citadel is rebuilding one of its most critical platforms. Here's an inside look at the project.
▼ + stars: | 2023-07-06 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

The platform is currently being rolled out and will let the fund move into new asset classes faster. Now, the migration to a new reference-data platform is underway. With the new solution, Citadel says, it will be able to move into new asset classes much faster. With the new platform, Citadel can respond when new asset classes come into the market, like cryptocurrencies or collectibles. "It's critical for our systems to accommodate growth in various asset classes and support the ever-increasing crossover between them," Tan said.

Persons: Rituraj Deb Nath, Deb Nath, Robert Tan, Tan, It's, Goldman Sachs, There's Organizations: Citadel, Citadel Securities, Google, Bank of America

☆ Exclusive: US, Dutch set to hit China's chipmakers with one-two punch
▼ + stars: | 2023-06-29 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

ASML said in March it expects the Dutch regulations to affect its TWINSCAN NXT:2000i and more sophisticated models. But the company's older DUV models, like one called the TWINSCAN NXT:1980Di, could also be kept from about six Chinese facilities by the U.S. The new Dutch regulations will not take effect immediately, sources said, with one person expecting the effective date to be September, two months after publication. ASML is Europe's largest chip equipment company due to its dominance in lithography, one of the central steps in the computer chip making process. Other companies that could be impacted by the new Dutch rules include atomic layer deposition firm ASM International.

Persons: Liu Pengyu, ASML, Karen Freifeld, Toby Sterling, Anna Driver, Stephen Coates Organizations: . Commerce Department, Lam Research, Materials, Embassy, Nikon Corp, Tokyo Electron, U.S, SMIC, International, Thomson Locations: United States, Netherlands, U.S, China, Washington, Japan, ASML'S, Almere, Amsterdam

☆ U.S., Dutch set to hit China's chipmakers with one-two punch
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +4 min

Japan, home to chip equipment makers Nikon and Tokyo Electron , has since adopted rules to restrict exports of 23 types of semiconductor manufacturing equipment that will take effect July 23. ASML said in March it expects the Dutch regulations to affect its TWINSCAN NXT:2000i and more sophisticated models. But the company's older DUV models, like one called the TWINSCAN NXT:1980Di, could also be kept from about six Chinese facilities by the U.S. The new Dutch regulations will not take effect immediately, sources said, with one person expecting the effective date to be September, two months after publication. ASML is Europe's largest chip equipment company due to its dominance in lithography, one of the central steps in the computer chip making process.

Persons: Mark Rutte, Joe Biden, Liu Pengyu, ASML Organizations: . Commerce Department, Lam Research, Materials, Embassy, Nikon, Tokyo, U.S, SMIC, International Locations: Netherlands, U.S, China, United States, Washington, Japan, ASML'S, Almere

☆ Ending the retailers’ crisis has a high price tag
▼ + stars: | 2023-05-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: +5 min

BARCELONA, May 2 (Reuters Breakingviews) - High-street retailers are facing a heavy bill to weather the cost-of-living crisis. The cost of heating stores and staff requests for pay rises are squeezing operating margins at top players like H&M (HMb.ST) and Next (NXT.L). Shrinking disposable income is making it hard for these retailers to boost sales to protect margins. Most bricks-and-mortar retailers trade on higher multiples than they did before the war in Ukraine sparked soaring inflation. But that leaves a squeezed middle of retailers like H&M exposed to the brunt of the retail crisis.

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

☆ Next boss: downturn in UK economy won't be long lasting
▼ + stars: | 2023-03-29 | by ( James Davey | ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters) - The boss of British fashion retailer Next (NXT.L) said on Wednesday he did not think the downturn in the UK economy would be long lasting and anticipates a sharp recovery in 2024. Recent gauges of Britain's economy, such as consumer confidence data, have suggested it could sidestep a prolonged recession which had been widely predicted last year. "We've never thought that the downturn would be long-lasting," Next CEO Simon Wolfson told Reuters after the retailer reported full-year results. Next said it would not need to increase prices this year by as much as previously thought. However higher costs for wages and energy are still expected to reduce its profit this year.

Solar-solutions company Nextracker is a market leader in both technology and share, according to Bank of America. Analyst Julien Dumoulin-Smith upgraded Nextracker to buy from neutral. Dumoulin-Smith also raised his price target for the company's shares to $40 from $36, implying 23% upside from Tuesday's close price. He raised his estimates as he anticipates Nextracker receiving credits from the Inflation Reduction Act. NXT 3M mountain Nextracker stock More specifically, Dumoulin-Smith said that Nextracker is on track for an upward trajectory in 2023 as project deliveries accelerate.

☆ UK stocks climb as banks, export-focused companies rise
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%March 29 (Reuters) - UK stocks edged higher on Wednesday, supported by gains in banks amid easing fears of a financial sector meltdown, while shares of export-focused energy and materials companies gained as the pound weakened. The exporters-heavy FTSE 100 (.FTSE) rose 0.3% as the pound slipped 0.2% . Industrial metals (.FTNMX551020) and precious metals (.FTNMX551030) miners rose 0.1% and 0.5%, respectively. Late on Tuesday, John Glen, chief secretary to the UK Treasury, told Reuters that Britain's banks had not seen deposit outflows in reaction to the failures of U.S. regional lenders. Shares of UK lenders (.FTNMX301010) gained 0.7%.

☆ Atlas Energy valued at $1.75 billion after shares fall in U.S. debut
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Shares of Atlas Energy Solutions Inc (AESI.N) fell nearly 3% in their U.S. market debut on Thursday, valuing the oilfield services firm at $1.75 billion. The Austin, Texas-based company's shares opened at $17.5, below its initial public offering price of $18 a share. Atlas raised $324 million in its IPO on Wednesday after it sold 18 million shares at $18 apiece, below a range of $20 to $23 set earlier. Reuters was the first to report last year that Atlas was preparing for an IPO which could value the company at $2 billion to $3 billion. Calgary-based energy company Greenfire Resources and clean energy producer NET Power plan to merge with blank-check companies to go public in the United States.

Arm is expected to confidentially submit paperwork for its initial public offering in late April, the sources said, speaking on condition of anonymity because the discussions are confidential. The listing is expected to happen later this year and the exact timing will be determined by market conditions, the sources added. SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock market flotation in recent years. The preparations for the IPO are expected to be kick-started in the U.S. in the coming days, the sources said. The valuation range has not yet been finalized but Cambridge, England-based Arm is hoping to be valued at more than $50 billion during its share sale, the sources said.

☆ U.S. IPO pick-up offers hope of market re-open
▼ + stars: | 2023-02-20 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

A year after Russia's invasion of Ukraine and an inflation rally fueled a bout of market volatility that prevented most initial public offerings in 2022, last week saw a flurry of listings. In total, the IPOs raised about $1.17 billion in proceeds, up sixfold from the previous week when stock market debuts raised about $193 million, according to Dealogic. We see this as step one in a broader IPO market recovery, with some of the stronger sectors leading the early supply," said Rob Stowe, co-head of Americas equity capital markets at Barclays Plc (BARC.L). Some companies are waiting for a sustained IPO recovery before deciding to pull the trigger for their debut, some of the advisers said. That will likely take at least until the summer if the market recovery continues, they added.

☆ Solar tech firm Nextracker raises $638 mln in upsized U.S. IPO
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Solar technology firm Nextracker raised $638 million in its U.S. IPO, pricing it slightly higher than its indicated target range, parent company Flex Ltd (FLEX.O) said in a statement on Wednesday, adding that the number of shares sold was increased. Nextracker sold 26.6 million shares of its Class A common stock at $24 apiece, according to the statement, giving the Fremont, California-based company a valuation of over $3.5 billion. This comes at the upper-end of their indicated range of $20 to $23 per share. The decision to increase the deal size comes at a challenging time for the U.S. IPO market, where activity has come to a standstill due to heightened volatility in a rising interest rate environment. Nextracker has also granted the underwriters an option to purchase up to about additional 4 million shares, it added.

☆ Britain's M&S to invest $587 mln in store estate
▼ + stars: | 2023-01-16 | by ( James Davey | ) www.reuters.com time to read: +3 min

M&S's move shows the continuing importance of physical stores to retailers despite the rise of online shopping over the last two decades. Last October, M&S set out plans to accelerate what it calls its store rotation programme, delivering what was an initial five-year plan within three years by 2025-26. "Our store rotation programme is about making sure we have the right stores, in the right place, with the right space," said Machin. Twelve new M&S food halls are also planned. In addition to its owned store investment, M&S plans to extend its franchise model to expand its convenience stores offer, building on partnerships with BP, Moto, SSP and Costa.

☆ ASOS identifies cost savings after Christmas sales slide
▼ + stars: | 2023-01-12 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

ASOS said sales in its biggest market of Britain fell 8% in the period, hurt by Christmas delivery problems and a tough comparison against last year when the pandemic favoured online shops. Liberum analysts called recent trading weak, adding there had been "progress on new strategy but we remain wary." Britain is in the midst of a cost-of-living crisis and ASOS blamed weak consumer sentiment for its UK sales fall but many other retailers, such as clothes chain Next (NXT.L), have managed to grow sales over Christmas, showing that ASOS is more challenged than others. Data from IMRG showed that online retail sales in the UK fell for the first time ever last year, down 10.5% year-on-year. In Europe, ASOS did better, growing sales more than 6% in the period.

☆ Factbox: How British retailers fared over cost-of-living crisis Christmas
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 6 (Reuters) - British consumer spending over the Christmas period has so far held up better-than-expected, providing some relief to retailers who had feared an escalating cost-of-living crisis would hit the key holiday sales period. Only a small number of retailers have so far reported their Christmas sales. ALDI UKThe British arm of German discount supermarket group Aldi said its sales in December rose 26% compared to the previous year. B&M (BMEB.L)British discount retailer B&M said comparable sales rose 6.4% in its key Christmas quarter, showing that shoppers sought out value options as they grappled with the cost-of-living crisis. BOOTS UK (WBA.O)Health and beauty products retailer Boots UK said its December retail sales were up around 15% year-on-year, highlighting strong sales in gifting and fragrance categories.

☆ After Christmas relief UK retailers face 2023 reality check
▼ + stars: | 2023-01-06 | by ( James Davey | ) www.reuters.com time to read: +3 min

Ahead of Christmas, European retailers fretted that the key trading period could be the worst in at least a decade. Next, often acclaimed as a bellwether for the UK consumer economy, said it expected sales and profit to fall in 2023. The strain on Britons' household budgets is likely to begin to tell this month as Christmas credit card bills arrive. UK consumers will this year face persistent inflation in essential goods, particularly food and energy. M&S's apparel business will likely have benefited from Britain's severe cold snap in December which Next said dramatically boosted sales.

☆ FTSE 100 rises on Next boost; recession worries loom
▼ + stars: | 2023-01-05 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) climbed 0.4%, extending gains to a third straight session and outperforming most regional peers. British clothing retailer Next (NXT.L) surged 7.4% after raising its pretax profit forecast for the current year, pushing the broader retailers index (.FTNMX404010) to a more than four-month high. Oil majors BP (BP.L) and Shell (SHEL.L) rose more than 1% each as crude oil prices rebounded amid dollar weakness. Britain's services sector ended 2022 in a lacklustre fashion, with new orders falling and hiring frozen during December, a survey showed, highlighting the likelihood that Britain is already in recession. Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh.V and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Big Pharma drags European shares down; inflation data in focus
▼ + stars: | 2023-01-05 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +3 min

The market was hoping the minutes could be a "blueprint to a pivot," said Danni Hewson, an analyst at AJ Bell. Healthcare stocks (.SXDP) dragged, with pharma giants like Novartis AG (NOVN.S) and Sanofi (SASY.PA) shedding more than 1% each. Investors await producer price data, due at 1000 GMT, for clues on the impact of the European Central Bank's aggressive tightening to tamp down inflation. Retail stocks were battered last year, posting their worst annual performance since 2008, as rising interest rates and high inflation put pressure on household budgets. Reporting by Bansari Mayur Kamdar in Bengaluru Editing by Vinay Dwivedi and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

If more female fans tune in, they will help Chief Executive Stefano Domenicali fuel revenue at his motor-racing division. Around 40% of F1 fans are now female, up 8% from 2017, and more women are attending races too, Domenicali said in November. One way to accelerate the trend could be featuring female drivers. She also boasts a fanbase of over half a million social media followers – more than the W Series itself. Unfortunately for Formula One, when financial pressures ended W Series 2022 early, she absconded to Andretti Autosport’s team for the U.S. IndyCar NXT races.

☆ UK retailer Next to buy collapsed rival Joules - media reports
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - British fashion chain Next Plc (NXT.L) has secured a deal to buy collapsed retailer Joules (JOUL.L) out of administration, according to media reports on Thursday. Before Joules went into administration, Next was in talks with the company over a potential 15 million pound equity investment, but talks were eventually terminated. Last month, some reports said South African fashion retailer TFG (TFGJ.J), the owner of British brands such as Phase Eight, Hobbs, Whistles and Damsel, was also in the race to buy Joules. loadingNext, TFG, M&S, Frasers and Joules' administrator, Interpath Ltd, did not immediately respond to Reuters' requests for comment. TFG's chief executive on Wednesday had declined to comment on reports that it was buying Joules.

☆ British clothing company Joules plans to call in administrators
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - The board of British clothing company Joules (JOUL.L) plans to appoint administrators after failing to find a new investor, becoming the latest retailer to face collapse as shoppers tighten their belts. Joules tried to secure new financing last week after a mild autumn meant low sales of coats, Wellington boots and wooly jumpers but it said on Monday talks had failed and it intended to appoint administrators from Interpath Advisory. Last week, online furniture seller Made.com also appointed administrators, resulting in 400 job losses. Shares in Joules, which is listed on the AIM junior market, would be suspended and a further announcement would be made in due course. Reporting by Sarah Young; editing by James DaveyOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's Next to buy failed furniture retailer Made.com, jobs at risk
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 9 (Reuters) - British fashion retailer Next (NXT.L) will buy the brand of collapsed online furniture seller Made.com (MADE.L), which entered administration last week after running out of cash. Made, which had a nearly 18-month run as a public company, last week became one of the most high profile British retailers to fail, hurt by supply chain issues and as consumers cut back on discretionary spending. It said on Wednesday that while Next would buy Made.com's brand, domain names and intellectual property, the company's administrators PwC would take control of its remaining assets including payments made to creditors. Made said in September it was cutting jobs and considering a sale, with some reports saying as much as 35% of the workforce was likely being let go. Reporting by Sachin Ravikumar; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ FTSE 100 steady, midcaps fall ahead of key Fed meeting
▼ + stars: | 2022-11-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

UK pharmaceuticals stocks (.FTNMX201030) rose 1.2% after GSK (GSK.L) said it expects sales to rise between 8% and 10%, sending its shares up 1.2%. The blue-chip FTSE 100 (.FTSE) was flat, while the mid-cap FTSE 250 (.FTMC) fell 0.4% by 0934 GMT, dragged down by budget airline Wizz Air (WIZZ.L) after it said uncertainty for consumers rose. Third-quarter earnings among companies on the FTSE 100 have so far painted a mixed picture, as some firms performed better than expected as COVID restrictions eased globally, while some battled supply chain snags and surging inflation. British American Tobacco Plc fell 3%, to the bottom of FTSE 100, after Goldman Sachs downgraded its performance rating for the stock to "neutral". Reporting by Johann M Cherian in Bengaluru; Editing by Dhanya Ann Thoppil and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Britain's Next sticks to outlook after sales rise
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 2 (Reuters) - British clothing retailer Next (NXT.L) kept full-year guidance that was cut in September as it reported a 0.4% rise in third-quarter full-price sales, slightly ahead of its expectations. Next, which trades from about 500 stores and online and is often considered a gauge of how British consumers are faring, said on Wednesday it still expected full price sales for the rest of its 2022-23 year to fall 2% and a full-year pretax profit of 840 million pounds ($967 million), up 2.1% versus 2021-22. The group said full-price sales in the last five weeks of its quarter to Oct. 29 were up 1.4%, boosted by one particularly strong week at the end of September, when temperatures dropped and sales of heavier weight products improved. Over the quarter store sales in the UK and Ireland were up 3.1%, while online sales fell 1.9%. Reporting by James Davey; editing by William James and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Interest rate delusion may be biggest error of all
▼ + stars: | 2022-10-06 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

The false idea exposed by the current bear market is that interest rates would remain low indefinitely. The belief that interest rates would remain at permanently low levels could prove the most costly error of all. The lowest-ever interest rates gave us the “Everything Bubble”. Now that interest rates are rising, everything is at risk. The pension funds faced margin calls on their loans, and the bond market seized up as they scrambled to raise cash.

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