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☆ Estee Lauder to buy Tom Ford in $2.8 billion deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Estee Lauder Cos Inc (EL.N) said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition. Shares of Estee Lauder, which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading. Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering SA (PRTP.PA), the Financial Times reported on Friday. Reporting by Manya Saini and Granth Vanaik in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Regulator suspends licence of FTX's Australian unit until mid-May
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/IllustrationNov 16 (Reuters) - The Australian securities regulator has suspended the licence of the local arm of FTX until mid-May next year, it said on Wednesday, adding to the woes of the collapsed cryptocurrency exchange as it faces intense global regulatory scrutiny. The Australian Securities & Investments Commission (ASIC) in a statement said FTX Australia's financial services licence will be suspended until mid-May next year, taking back its permit to deal in derivative and foreign exchange contracts to retail and wholesale clients, along with provide general advice. "ASIC is monitoring this situation closely and speaking regularly with international regulators and the external administrators," the regulator said on Wednesday. It added FTX Australia could continue to provide limited financial services for terminating existing derivatives with clients until Dec. 19.

☆ Investor TCI urges Alphabet to cut excessive headcount, costs
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Activist investor TCI Fund Management has called on Alphabet Inc (GOOGL.O) to cut costs by lowering its headcount and reduce losses in its self-driving unit Waymo, saying the Google parent needs to adjust to an era of slower growth. The fund, an investor in Alphabet since 2017 with a $6 billion stake, said the company had "too many employees and cost per employee is too high". TCI said Alphabet pays some of the highest salaries in Silicon Valley, noting that the company has increased headcount by 20% annually since 2017 and more than doubled it since then. TCI also called on Alphabet to disclose operating profit margin targets and reduce losses in Other Bets, the unit that includes Waymo and other special projects. TCI demanded the unit reduce operating losses by at least 50%.

☆ Hedge Fund TCI says Alphabet cost base 'too high'
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - British activist TCI Fund Management said on Tuesday that the cost base of Alphabet Inc (GOOGL.O) is "too high" and the company's management needs to take action. "The company has too many employees and cost per employee is too high," it said in a letter to Alphabet. Alphabet did not immediately respond to a Reuters request for comment. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA authorizes Roche's monkeypox test
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - The U.S. Food and Drug Administration on Tuesday issued an emergency use authorization to Roche's (ROG.S) monkeypox test. Reporting by Leroy Leo in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Elliott raises stake in Pinterest; adds Clarivate, Cardinal Health to portfolio
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Hedge fund Elliott Investment Management raised its stake in social media platform Pinterest (PINS.N) while adding Clarivate Plc , Cardinal Health (CAH.N) and Triple Flag Precious Metals Corp (TFPM.TO) to its portfolio, a regulatory filing showed on Monday. The filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. The filings are closely watched for possible investment trends and potential future performance. Elliott had disclosed a stake in Pinterest in August, citing "significant potential for growth". Rival investment firm Tiger Global Management also added to its stakes in several tech firms in the third quarter, including tech giant Microsoft Corp (MSFT.O), and Jack Dorsey's payments firm Block Inc (SQ.N).

☆ Crypto lender BlockFi says it has significant exposure to FTX
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Cryptocurrency lender BlockFi said on Monday it has significant exposure to Sam Bankman-Fried's crypto exchange FTX, and associated entities, that last week filed for bankruptcy. FTX founder Bankman-Fried also resigned as chief executive, after the biggest blowup in the crypto industry drew calls for tighter regulation. "We do have significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US," BlockFi said. The crypto industry has been bracing for a fallout of the FTX collapse with several firms counting their exposure in millions to the beleaguered firm. In July, FTX had signed a deal with BlockFi to provide it with a $400 million revolving credit facility with an option to buy it for up to $240 million.

☆ Australia's Nitro Software recommends KKR's Alludo takeover offer of $335 mln
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Australia's Nitro Software (NTO.AX) said on Tuesday its board had determined the near A$500 million ($335 million) offer from KKR Inc's (KKR.N) Alludo to be "superior" to an earlier bid from major shareholder Potentia Capital Management. In late October, the company took on an offer from Alludo at A$2.00 per share, which it said was an 11% premium to tech-focused private equity firm Potentia's offer of A$1.80 per share. read moreNitro in a statement said it has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails. The company expects to hold a shareholders meet related to the Alludo offer in March 2023. ($1 = 1.4930 Australian dollars)Reporting by Roushni Nair in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett-backed Nubank's revenue surges on robust customer growth
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Nu Holdings Ltd (NUN.MX) posted a near three-fold jump in third-quarter revenue on Monday, as the Warren Buffett-backed digital banking firm saw rapid customer growth in its key domestic Latin American market. "Our customer base grew to over 70 million with a record high activity rate of 82%," said founder and Chief Executive David Vélez in a statement. Total revenue of the company, popularly known as Nubank, surged 171% to a record $1.3 billion on a FX-neutral basis for the quarter ended Sept 30. On a FX-neutral basis, gross profit climbed 90% to a record high of $427 million in the reported quarter. Nubank's customers grew by 5.1 million in the quarter, or 46%, over last year, to 70.4 million in Brazil, Mexico and Colombia.

☆ U.S. FDA staff flags unclear benefits of Ardelyx's kidney disease drug
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - U.S. Food and Drug Administration staff reviewers on Monday raised concerns over unclear benefits of Ardelyx Inc's (ARDX.O) drug for kidney disease patients, but the company's shares rose 20% on expectations over a possible approval. The FDA's staff reviewers said, "the magnitude of treatment effect appears less than that observed with approved drugs," in briefing documents released on Monday. Ardelyx's oral drug, tenapanor, is aimed at reducing elevated blood phosphate levels in patients with chronic kidney disease (CKD). The advisers' meeting, set for Nov.16, was called by the FDA following Ardelyx's appeal against the regulator's initial rejection of the drug in July last year, after it identified deficiencies. Around 37 million people, or one in seven people, in the United States have chronic kidney disease, as per a government report last year.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

☆ Tiger Global raises stake in Microsoft, Jack Dorsey's Block
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Investment firm Tiger Global Management has raised its stake in tech giant Microsoft Corp (MSFT.O) and Jack Dorsey's payments firm Block Inc (SQ.N), a regulatory filing released on Monday showed. The hedge fund trimmed its investments in China's JD.com Inc , digital banking firm Nu Holdings , software firm Blend Labs Inc (BLND.N) and cybersecurity firm SentinelOne Inc (S.N). Tiger Global also added Pagaya Technologies Ltd (PGY.O) and payments processor PayPal Holdings (PYPL.O) to its portfolio of investments. The quarterly filings are one of the few ways that funds are required to disclose their long positions, but may not reflect current holdings. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Major ad firm Omnicom recommends clients pause Twitter ad spend - The Verge
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - Advertising and marketing conglomerate Omnicom Group Inc (OMC.N) has recommended that clients pause their spending on Twitter in the short term, The Verge reported on Friday, citing an internal memo. Omnicom serves over 5,000 clients in 70 countries, including McDonald's Corp (MCD.N), Apple (AAPL.O) and Johnson & Johnson (JNJ.N). "The risk to our clients' brand safety has risen sharply to a level most would find unacceptable," the report added, citing the Omnicom memo. Last month, U.S. automaker General Motors Co (GM.N) said it had temporarily halted paid advertising on Twitter. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ AIG's Zaffino gets 5-year extension as CEO
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Insurer American International Group Inc's (AIG.N) Chief Executive Officer Peter Zaffino's employment term has been extended for five years through Nov. 10, 2027, the company said late on Thursday in a filing. The company's board approved a one-time grant in the form of restricted stock units (RSUs) having a grant date value of $50 million to Zaffino, according to the filing. He will also receive an annual base salary of $1.5 million and an annual cash bonus of $4.5 million based on the board's assessment of his performance. Zaffino previously served as the chief executive officer of insurance broker Marsh & McLennan Companies Inc (MMC.N). Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Coinbase cuts jobs again as cryptocurrencies extend fall
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

The job cuts, the second time this year, follow a week after "crypto market headwinds" contributed to Coinbase's net loss of $544.6 million for the three months ended Sept. 30, compared to a profit of $406.1 million a year ago. read moreThe job cuts will help operate as efficiently as possible," the spokesperson said. In June, Coinbase cut 1,100 jobs, or 18% of its workforce, weeks after it said it would extend a hiring freeze and rescind a number of accepted offers. But the bigger blow to digital assets came since FTX showed early cracks. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Reliance group, Adani bid for India's debt-ridden Future Retail
▼ + stars: | 2022-11-10 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

[1/2] Labourers rest in front of an advertisement for Reliance Industries at a construction site in Mumbai, India, March 2, 2016. April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail. Future Retail's court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment. The deadline for submission of EOIs ended earlier this month for Future Group's flagship retail unit, Future Retail, which was once the country's second-largest retailer. Other entities that have submitted EOIs include Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings.

☆ Juul secures investment, to lay off 400 workers to stay in business
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Juul Labs Inc said on Thursday it had secured an investment from some of its early investors and will undertake a reorganization, including job cuts to keep its business running. The e-cigarette maker plans to lay off about 400 people and reduce its operating budget by 30% to 40%. The move to stop bankruptcy preparations helps the company maintain its business operations and pursue its administrative appeal of the U.S. Food and Drug Administration's marketing denial order. Last month, WSJ reported Juul was preparing to file for Chapter 11 bankruptcy while searching for an alternative — such as a sale, investment or loan — that could stave off a filing, citing people familiar with the matter. Reporting by Deborah Sophia and Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

The once red-hot vaping company plans to lay off about 400 people and reduce its operating budget by 30% to 40%. The company said the investment would help Juul run its business operations, while it goes ahead with its administrative appeal of the U.S. Food and Drug Administration's marketing denial order related to its e-cigarettes. Last month, the Wall Street Journal reported Juul was preparing to file for Chapter 11 bankruptcy while searching for an alternative — such as a sale, investment or loan — that could stave off a filing. But following an appeal, the health regulator put the ban on hold and agreed to an additional review of Juul's marketing application. Reporting by Deborah Sophia and Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's NAB flags slowing lending growth from rising rates, shares fall
▼ + stars: | 2022-11-09 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

[1/2] A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. The country's second-largest lender also warned that economic uncertainty created by rising interest rates owing to soaring inflation could challenge some customers, however, said it expects strong employment conditions and substantial home and business savings helping it weather the impact. NAB forecasts a steep decline in business and housing lending volumes in fiscal 2023 in Australia, with business credit growth seen decelerating to 3.6% from 14.7% in fiscal 2022. NAB, the country's biggest business lender, recorded strong growth in its business and home lending during the year ended September, with windfall benefit from rising interest rates boosting its cash earnings to A$7.10 billion ($4.62 billion). That compares with A$6.56 billion reported a year earlier and analysts' estimate of A$7.08 billion, according to Refinitiv Eikon.

☆ Crypto exchange Gemini co-founder says no exposure to FTT, Alameda
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Gemini cofounder Cameron Winklevoss assured investors that the crypto exchange has no exposure to FTX, digital coin FTT and crypto trading platform Alameda, as a liquidity crunch at FTX sparks concerns of another crypto contagion. FTX, which developed a penchant for bailing out troubled crypto firms, saw investors express concerns about its financial health that led its token FTT to shed another 50% on Wednesday after wiping out 72% a day earlier. read more"For the avoidance of doubt, Gemini has no exposure to FTT tokens or Alameda and no material exposure to FTX," Winklevoss wrote in a tweet on Wednesday. loadingGemini joins cryptocurrency exchange Coinbase Global Inc (COIN.O) which also pacified investors on Tuesday. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Forbes enters into exclusive buyout talks with investor group
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Business news and information publisher Forbes said on Wednesday it has entered into "exclusive discussions" with an investor consortium for the sale of the company. The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company (SPAC). The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal. Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. It says its digital platform now reaches more than 140 million people with its 49 global editions.

☆ Binance likely to walk away from FTX deal-WSJ
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Cryptocurrency exchange Binance is likely to walk away from a deal to buy embattled rival FTX, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter. Binance was taken aback by "a big hole it found in FTX's finances", the report said. Binance and FTX did not immediately respond to Reuters requests for comment. Binance signed a nonbinding agreement on Tuesday to buy FTX's non-U.S. unit to help cover a "liquidity crunch" at the rival exchange, in a stunning bailout that raised fresh concerns among investors about cryptocurrencies. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA panel votes against Veru's COVID-19 pill
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

The panel voted 8-5 against the oral drug sabizabulin's usage. The unfavorable vote decreases the chances of authorization for Veru, which is already lagging in the race to develop a COVID-19 treatment. If authorized, the pill would provide an additional treatment option as the disease moves from a pandemic to an endemic stage. While data has shown the drug can also produce antiviral and anti-inflammatory responses, the FDA staff reviewers have said its mechanism of action in COVID-19 was uncertain. The FDA is not obligated to follow the recommendations of the panel, but usually does.

☆ Bumble shares tumble after weak fourth-quarter revenue forecast on forex hit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Bumble also faces competition from larger rival Match Group Inc (MTCH.O), which topped revenue estimates last week on the back of a jump in paying users for its flagship app Tinder. Bumble now expects current-quarter revenue between $232 million and $237 million, compared to Wall Street's estimates of $254.5 million, according to Refinitiv data. Earlier in March, Bumble said it is discontinuing operations in Russia, including the removal of all of its apps from Apple App Store and Google Play Store in Russia and Belarus. Bumble, which made its market debut in February 2021, said its total paying users increased to 3.3 million during the quarter. Reporting by Vansh Agarwal and Shreyaa Narayanan in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Nov 8 (Reuters) - Billionaire Elon Musk's social media platform Twitter will introduce an "Official" label for select verified accounts including major media outlets and governments when it launches its new $8 premium subscription product, its early stage products executive Esther Crawford said on Tuesday. Crawford also confirmed that the revamped Twitter Blue subscription product, which will allow paid users to have their accounts verified with a blue checkmark, will not verify users' identities with identification cards or materials. Fake accounts for government officials are a recurring issue for Twitter globally, according to sources familiar with the matter and researchers. Not all Twitter accounts that were previously verified with a blue check mark will get the "Official" label and the label is not available for purchase, Crawford said. Accounts that will receive the official label include governments, commercial companies, business partners, major media outlets, publishers and some other public figures, she tweeted.

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