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☆ JPMorgan profit surges on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase's (JPM.N) profit rose in the third quarter as surging rates and the acquisition of failed First Republic Bank drove its interest income to a record high, the largest U.S. lender reported on Friday. Shares of the bank rose 0.6% in premarket trading. It also hiked its 2023 NII forecast to $89 billion, excluding markets, compared with a prior forecast of $87 billion. The lender reported a profit of $13.15 billion, or $4.33 per share, for the three months ended Sept. 30.

Persons: Caitlin Ochs, JPMorgan Chase's, Jamie Dimon, Dimon, SoftBank Group's, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, Wall Street, Arm Holdings, Investment, Thomson Locations: New York City, U.S, Ukraine, Israel, Bengaluru, New York

☆ JPMorgan profit beats estimates on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase (JPM.N) beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high. Shares of the bank rose 1.1% to $147.40 in premarket trading. Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of First Republic. The lender's profit rose 35% to $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. Excluding one-time costs, the bank reported a profit of $4.50 per share, above analysts' average estimate of $3.96 per share, according to LSEG IBES data.

Persons: Caitlin Ochs, JPMorgan Chase, Jamie Dimon, Dimon, NII, SoftBank Group's, Jeremy Barnum, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Wells Fargo, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, First, Federal, Arm Holdings, Investment, Reuters, Thomson Locations: New York City, U.S, Ukraine, Israel, First Republic, North America, Bengaluru, New York

The indicative price range was set at 1,830-1,840 yen per share, KKR-backed Kokusai said in a regulatory filing on Tuesday, compared with 1,890 yen previously. Kokusai said the lower range reflected the view of institutional investors and the state of the stock market. If its IPO prices at the top of the range, Kokusai, which manufactures machines that deposit thin films on silicon wafers, will offer 108.3 billion yen ($729 million) worth of shares and have a market valuation of 423.9 billion yen, excluding an overallotment. Capital Research and Management and Lazard Asset Management have committed to purchase shares at the offer price, Kokusai said in a separate filing. Kokusai's largest customers are Samsung Electronics (005930.KS), TSMC (2330.TW) and Micron Technology (MU.O), collectively accounting for more than 40% of its revenue.

Persons: Kokusai, SoftBank Group's, Sam Nussey, Makiko Yamazaki, Miho Uranaka, Kaori Kaneko, Christian Schmollinger, Sonali Paul, Edmund Klamann Organizations: Kokusai, KKR, Capital Research, Management, Lazard Asset Management, Samsung Electronics, Micron Technology, Investors, Micron, Thomson Locations: TOKYO

The British company gets most of its revenue from the smartphone market, in which it has a 99% share across Google's Android and Apple's iOS devices. Arm shares last closed at $54.08, compared with the IPO price of $51. Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. At least 17 brokerages started covering Arm, with an average rating of "buy" and a median price target of $63.50.

Persons: Dado Ruvic, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva, Shounak Organizations: REUTERS, Holdings, Wall Street, SoftBank, J.P.Morgan, British, Citi, Deutsche Bank, Rosenblatt Securities, Philadelphia Semiconductors, HSBC, Thomson Locations: brokerages, Philadelphia, Bengaluru

Arm shares last closed at $54.08, about two dollars below their IPO price. TD Cowen said Arm faces some challenges from the weak smartphone market, but its current revenue represented an "under-monetization of its importance to the industry". Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. But by 8 am ET on Monday, at least 15 brokerages started covering Arm with a mean rating of "buy" and a $60 median price target.

Persons: Dado Ruvic, Morgan, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva Organizations: REUTERS, Arm Holdings, SoftBank, Citi, Deutsche Bank, Mizuho, HSBC, Thomson Locations: brokerages, British, J.P, Morgan, Bengaluru

☆ Forget the U.S: Pros say another top market looks cheap and offers the 'best' opportunities
▼ + stars: | 2023-10-09 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +4 min

Attractive returns and the breadth of opportunities are among the many reasons the U.S. has long reigned supreme for investors. In terms of countries, Japan looks to offer the best combination of earnings growth, cheap valuations and policy support," Tom Stevenson, investment director at Fidelity International, told CNBC Pro. "Japanese shares are trading on around 15 times this year's expected earnings and 14 times earnings two years out," he said. "There has been some increase in this multiple during the recent rally in Japanese shares, but they remain relatively cheap compared to the U.S. which trades on around 20 times earnings." Among his choices is the Baillie Gifford Japanese Fund, which he describes as a "growth-focused fund run by an experienced manager."

Persons: Tom Stevenson, Daniel Hurley, Rowe Price, Stevenson, TRP's Hurley, Fidelity's Stevenson, Hurley, Baillie Gifford Organizations: Fidelity International, CNBC, CNBC Pro, Japan, Tokyo Exchange Group, Stock, Japan's, Bank of Japan, Sony, Astella Pharmaceuticals, Fund, Schroder Japan Trust, SoftBank, SBI Holdings, Hitachi, Nippon Gas, Toyota, Japan IMI Locations: Japan, U.S

☆ Revolut strikes share deal with SoftBank to remove barrier to UK licence - FT
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. Revolut and SoftBank had been locked in months of negotiations, with the Japanese investor demanding stiff compensation for giving up its priority class of shares, the report said. The fintech startup can only win a UK banking license if it gets rid of preference shares held by investors including SoftBank. The standoff was one of the reasons Revolut could not immediately get a banking license. The BOE and SoftBank did not immediately respond to Reuters' requests for comment on the report, while Revolut and the FCA declined to comment.

Persons: Issei Kato, Revolut, SoftBank, The BOE, Akanksha, Maju Samuel Organizations: SoftBank, REUTERS, Financial Times, Bank of England, Tiger Global Management, Balderton, Ribbit, Financial, Authority, The, Thomson Locations: Tokyo, Japan, TCV, Bengaluru

☆ SoftBank’s AI dream team is far from iPhone killer
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - SoftBank Group’s (9984.T) Masayoshi Son, former Apple (AAPL.O) iPhone designer Jony Ive, and Sam Altman, boss of ChatGPT’s creator OpenAI, are forming a seemingly exciting alliance. SoftBank, which is flush with cash after the Arm IPO, is putting up over $1 billion into the project. Several Big Tech companies have tried to build consumer devices that imitate the popularity of the iPhone, without much success. And AI queries may drain mobile batteries quickly, as some iPhone users have discovered. It’s unclear what kind of device Son, Ive and Altman have up their sleeves.

Persons: Group’s, Son, Jony, Sam Altman, OpenAI, Altman, Karen Kwok, ’, quagmire, Neil Unmack, Oliver Taslic Organizations: Reuters, Apple, Financial Times, Big Tech, Counterpoint Research, Ericsson, X, Thomson Locations: Ukraine

☆ SoftBank Corp to raise $800 mln from bond-type shares in Japan first
▼ + stars: | 2023-09-25 | by ( Anton Bridge | ) www.reuters.com time to read: +3 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. SoftBank Corp, the Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T), first proposed the issuance in May, but board approval only came on Monday. The shares will be listed on the Tokyo Stock Exchange on Nov. 1, with pricing expected between Oct. 13 and 17. Although classed as equity in accounting terms, the shares offer a set dividend and can be redeemed by SoftBank after a period of five years. As the shares will be publicly listed, they can be purchased through the tax-efficient Nippon Individual Savings Account (NISA), unlike corporate bonds.

Persons: Issei Kato, SoftBank, Urvi, Anton Bridge, Mariko Katsumura, Kim Coghill, Mark Potter Organizations: SoftBank, REUTERS, SoftBank Corp, Tokyo Stock Exchange, Bankers, Savings, Thomson Locations: Tokyo, Japan, Japan's, Bengaluru, Anton

☆ SoftBank Corp to raise $800 mln via bond-type class shares - filing
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 25 (Reuters) - SoftBank Corp (9434.T) plans to raise 120 billion yen ($808.79 million) via Japan's first public offering of bond-type class shares, it said in a regulatory filing on Monday. The Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T) first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends on March 31, 2024. The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May. The proceeds will be used for growth investments in telecommunications, IT technologies and "next-generation social infrastructure", it said.

Persons: Issei Kato, SoftBank, Urvi, Anton Bridge, Mariko Katsumura, Rashmi Aich, Muralikumar Anantharaman, Kim Coghill Organizations: SoftBank, REUTERS, SoftBank Corp, Thomson Locations: Tokyo, Japan, Bengaluru, Anton

☆ SoftBank Corp to raise over $800 mln via bond-type class shares - Bloomberg News
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsSept 25 (Reuters) - SoftBank Corp (9434.T) will likely decide as early as Monday to raise up to 120 billion yen ($808.79 million) via Japan's first public offering of bond-type class shares, Bloomberg News reported, citing people familiar with the matter. The Japanese telecommunications arm of tech investment giant SoftBank Group (9984.T) first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends March 31, 2024. The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May. The proceeds will be used for growth investments in telecommunications, IT technologies and "next-generation social infrastructure", it said.

Persons: Issei Kato, SoftBank, Urvi, Rashmi Aich Organizations: SoftBank, REUTERS, SoftBank Corp, Bloomberg News, Thomson Locations: Tokyo, Japan, Bengaluru, Anton

☆ S&P lifts SoftBank's credit outlook to positive on Arm IPO
▼ + stars: | 2023-09-21 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank Group (9984.T) to positive from stable after the initial public offering (IPO) of British chip designer, Arm Holdings , its largest asset, last week. Analysts have said that improving SoftBank's credit rating was likely a central motivation for listing Arm. SoftBank shares failed to climb on the improved credit outlook, instead falling 2% in morning trade, their third day of declines. While Arm had a stellar first day of trade on Sept. 15 with shares soaring 25%, it last traded just above its IPO price of $51.

Persons: Issei Kato, Masayoshi, SoftBank, Anton Bridge, Edwina Gibbs Organizations: SoftBank, REUTERS, Rights, Arm Holdings, Thomson Locations: Tokyo, Japan

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. "Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Persons: Danish Siddiqui, JSW, LGES, China's CATL, Sajjan Jindal, CATL, Narendra Modi's, JSW's, Ola, Aditi Shah, Neha Arora, Heekyong Yang, Daniel Leussink, Miho Uranaka, Zhang Yan, Alexander Smith Organizations: REUTERS, Danish, Korea's LG Energy, Panasonic, Toshiba, JSW's, Tesla, General Motors, China's, HK, Reuters, JSW, Tata Motors, TVS, Thomson Locations: Mumbai, India, DELHI, Korea, Korean, India's, New Delhi, Seoul, Tokyo, Shanghai

"Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. All three sources declined to be identified as the talks are still ongoing and a final decision has not been made. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

☆ Klaviyo valued at $9.2 billion after pricing IPO above range: Reuters
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +1 min

Andrew Bialecki, CEO and co-founder of Klaviyo, poses for a portrait in Boston on Sep. 5, 2019. Marketing automation company Klaviyo Inc secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources told Reuters, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday, according to Reuters. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share.

Persons: Andrew Bialecki, Klaviyo, Ed Hallen, Goldman Sachs, Morgan Stanley, William Blair Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank Group, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters Locations: Boston, U.S

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, the company said, after pricing the share sale above its indicated range. Klaviyo said it priced 19.2 million shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Dimpal, Timothy Gardner, Miral Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York, Bengaluru

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources said, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Timothy Gardner Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York

☆ Tencent investors Naspers and Prosus announce abrupt departure of CEO Bob van Dijk
▼ + stars: | 2023-09-18 | by ( Arabile Gumede | ) www.cnbc.com time to read: +2 min

Bob van Dijk Bloomberg | Bloomberg | Getty ImagesThe immediate and mutually agreed departure of Naspers and Prosus CEO Bob van Dijk underscores a complicated few years for a firm seen riding on the coattails of its holdings in Chinese tech giant, Tencent . The South African Reserve Bank gave Naspers the greenlight to begin buying back more of its shares from Prosus. 'Getting rid' of the cross holdingPrior to the current structure, Naspers (headquartered in South Africa) owned a third of Chinese internet giant Tencent Holdings. Van Dijk oversaw the decision to split off its holding of Tencent and other tech holdings into Prosus in 2019. But that crossholding offered little value to investors with van Dijk telling Reuters at the time: "They [shareholders] said we don't like this cross holding, it creates complexity.

Persons: Bob van Dijk, Naspers, Koos, Van Dijk, Prosus, crossholding, van Dijk, We've, we're, Erwin Tu, Tu, Goldman Sachs Organizations: Bob van Dijk Bloomberg, Bloomberg, Getty, South, Naspers, South African Reserve Bank, Tencent Holdings, Johannesburg Stock Exchange, Euronext, Reuters, Citi, SoftBank Group Locations: Dutch, Prosus, South Africa, Johannesburg, Naspers

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

☆ Indian e-scooter maker Ather readies new models and exports after subsidy cuts
▼ + stars: | 2023-09-18 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

Ather electric scooters are seen outside the showroom in Mumbai, India, January 28, 2022. India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030. "The transition to electric vehicles could have been faster if not for the (subsidy) change but even then, there will be no major impact in the mid to long term," he said. Valued at around $750 million, Ather will raise more money before the end of 2023 to back its growth plans, he said, without giving more details. "India will not only be the largest market in the world for electric two-wheelers but also the largest exporter," he said.

Persons: Francis Mascarenhas, Tarun Mehta, Mehta, Ather, Electric, Hero MotoCorp, Aditi Shah, Kirsten Donovan Organizations: REUTERS, Rights, Ather, Reuters, Softbank, TVS, Thomson Locations: Mumbai, India

☆ Analysis: Arm's stellar listing sets the stage for more SoftBank acquisitions
▼ + stars: | 2023-09-17 | by ( Anton Bridge | ) www.reuters.com time to read: +4 min

[1/2] A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The tech investment behemoth raised nearly $5 billion from Arm's offering while retaining 90.6% of the firm. Known for debt-fuelled acquisition sprees, SoftBank founder and CEO Masayoshi Son flagged in June that the company was shifting back into "offence mode" as he highlighted the potential of artificial intelligence. That's after a year of "defence mode" when tech valuations crashed amid higher interest rates and global banking jitters. Few companies in SoftBank's investment portfolio have demonstrated commercial utility in AI, analysts said.

Persons: Dado Ruvic, behemoth, Masayoshi, Yoshimitsu Goto, SoftBank, SemiAnalysis, Kyle Stanford, There's, Amir Anvarzadeh, PitchBook's Stanford, Anton Bridge, Miyoung Kim, Edwina Gibbs Organizations: REUTERS, Rights, Arm Holdings, SoftBank, HK, Vision, Nvidia, Asymmetric Advisors, Thomson Locations: British

TOKYO (AP) — Asian shares were mostly higher Friday after China reported that its slowing economy showed signs of stabilizing in August. That is seen as a sign the economy may be breaking out of its post-pandemic malaise. “The Arm IPO optimism and China’s further stimulus measures boosted sentiment across Asian stock markets,” Tina Teng, a markets analyst at CMC Markets APAC & Canada, said in a commentary. A third report said prices getting paid at the wholesale level rose more last month than economists expected. Ignoring those and other particularly volatile prices, underlying inflation trends in Thursday’s report were closer to economists’ expectations.

Persons: Hang Seng, “, Australia's, Tina Teng, they’re, Mike Loewengart, ” Organizations: TOKYO, China, People's Bank of, Nikkei, SoftBank Group Corp, Arm Holdings, Nasdaq, CMC, Dow Jones Industrial, Treasury, Federal Reserve, Fed, CME Group, Morgan Stanley Global Investment, Brent, U.S . Locations: Shanghai, People's Bank of China, Tokyo, Canada, U.S

☆ Birkenstock reveals 21% revenue jump in updated financials ahead of IPO
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsSept 15 (Reuters) - German premium footwear maker Birkenstock Holding's revenue jumped 21% in the nine months ended June 30, it said in updated paperwork for a U.S. stock market listing on Friday. The company, backed by private equity firm L Catterton, is one of a handful of high-profile firms gearing up for a stock market debut. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 16% to 387 million euros in the same period. Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.

Persons: Fabrizio Bensch, Birkenstock, Barbie, Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket, Krishna Chandra Organizations: REUTERS, SoftBank, Arm Holdings, underwriters, Thomson Locations: Berlin, Germany, U.S, Bengaluru

☆ SoftBank's Arm by the numbers
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +3 min

Arm CEO Rene Haas rings the opening bell, as Softbank's Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023. Arm says it has a 10% share in cloud computing chips, 41% in automotive chips, 25.5% in networking and 64.5% in Internet of Things. That makes Arm China, not better-known names like Apple (AAPL.O) or Qualcomm (QCOM.O), Arm's largest customer. Arm China, in which Arm itself is in effect only a minority shareholder, underwent a nearly two-year boardroom battle between its local chief and shareholders that ended last year. In its latest earnings for the June quarter, SoftBank valued Arm at $45 billion, but two months later, it bought back a 25% stake in Arm that had been owned by SoftBank's investment vehicle, the Vision Fund, at a $64 billion valuation.

Persons: Rene Haas, Brendan McDermid, Group's, Arm, SoftBank, Anton Bridge, Miyoung Kim, Kim Coghill Organizations: Nasdaq, REUTERS, Arm Holdings, Apple, Qualcomm, SoftBank, Nvidia, Devices, Intel, Samsung Electronics, Vision, Thomson Locations: New York, U.S, United States, China, CHINA, Tokyo

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