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☆ News Corp misses revenue, profit estimates; maintains ad growth
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - News Corp (NWSA.O) on Tuesday reported first-quarter revenue and profit that fell short of Wall Street estimates, even as it recorded growth in advertising and subscription sales. Revenue at the Dow Jones unit grew 16% to $515 million in the reported quarter, while all other units reported a drop in revenue. Overall revenue from advertising grew to $406 million, a $1 million rise from a year ago. On an adjusted basis, News Corp reported earnings per share of 12 cents, missing analysts' estimate of 15 cents. News Corp grew revenue by 11% and profits by 95% in the fiscal year 2022 ended June.

☆ Australia's NAB beats cash profit estimates on lending growth, rising rates
▼ + stars: | 2022-11-08 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies FY cash earnings A$7.10 bln, up 8.3%Full-year total dividend of A$1.51/shareRise in home, business lending boost earningsNov 9 (Reuters) - National Australia Bank (NAB.AX), the country's second-largest lender, on Wednesday logged a better-than-expected annual cash profit helped by robust home and business lending growth and margins that were supported by rising interest rates. The lender warned that ongoing economic uncertainty, stemming from rising interest rates owing to soaring inflation, could challenge some customers, but was confident of standing strong on the back of strong employment and substantial home and business savings. However, rapidly rising interest rates and inflation could impact household budgets, dampening consumption and overall growth, Chief Executive Officer Ross McEwan said. "This outcome reflects continued execution of our strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth," McEwan said. The Melbourne-based bank declared a final dividend of 78 Australian cents per share, compared with 67 Australian cents apiece last year.

☆ New Zealand's Fonterra appoints Neil Beaumont as CFO
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - New Zealand's Fonterra (FCG.NZ) on Wednesday named Neil Beaumont as its chief financial officer (CFO), to succeed Marc Rivers who announced his exit earlier this year. Chris Rowe, the acting CFO, will continue until Beaumont steps into the role in early February 2023, the company said. Beaumont has previously held senior roles at mining giant BHP Group (BHP.AX) in Chile and Australia and at auditing firm KPMG. Fonterra Chief Executive Officer Miles Hurrell said, Beaumont is "an experienced global finance leader whose expertise in strategic implementation will be a real asset to our management team." Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Netflix explores investing in live sports, bids for streaming rights- WSJ
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Netflix Inc (NFLX.O) is exploring investments in live sports broadcasting and has recently bid for the streaming rights for sports leagues, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company recently bid for the streaming rights for the ATP tennis tour for some European countries, including France and the U.K., but dropped out, the report said. The company also discussed bidding for other events, including U.K. rights to the Women's Tennis Association and cycling competitions, and was in talks late last year to acquire the World Surf League, the WSJ said. Streaming platforms are also looking at live sports to gain market share in an already saturated market. read moreReporting by Shreyaa Narayanan and Vansh Agarwal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn ramps up EV push with stake in U.S. truck maker Lordstown
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Carlos Garcia Rawlins/File PhotoNov 8 (Reuters) - Foxconn, the world's biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million. It said on Tuesday the latest deal would deepen Lordstown's ties with Foxconn's EV development platform MIH, or Mobility in Harmony. Lordstown Chief Executive Officer Edward Hightower, speaking via video at an MIH event in Taipei, said the truck maker and Foxconn were eyeing production for other original equipment manufacturers, or OEMs, as well. Foxconn shares traded up 0.5% on Tuesday. Lordstown CEO Hightower said the vehicle maker aims to deliver the first Endurance trucks to customers in the current quarter.

☆ Barclays cuts investment banking jobs as deals languish - source
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Barclays Plc (BARC.L) has cut its workforce in corporate and investment banking (CIB), according to a person familiar with the matter, joining rivals who also took similar steps to rein in costs as deals plunged from records set last year. As a result, premier banks including Goldman Sachs Group (GS.N) and Deutsche bank (DBKGn.DE) felt compelled to cut their workforce in mergers and acquisitions (M&A). read more read moreCitigroup Inc (C.N) also eliminated dozens of jobs across its investment banking division, Bloomberg News reported on Tuesday. The cuts at Barclays account for less than 3% of their headcount in investment banking, according to the source. Reporting by Mehnaz Yasmin in Bengaluru and Anirban Sen in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ News Corp misses quarterly revenue estimates
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - News Corp (NWSA.O) on Tuesday reported first-quarter revenue that fell slightly short of Wall Street estimates, with subscription sales partially offsetting weakness in advertising revenue. Total revenue came in at $2.48 billion in the quarter ended Sept. 30, compared to analysts' estimate of $2.50 billion, according to Refinitiv data. Revenue at the Dow Jones grew 16% to $515 million in the first quarter. All other units reported a drop in revenue. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Medibank says hacker leaked customer data on dark web
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Medibank Private Ltd (MPL.AX), Australia's biggest health insurer, said on Wednesday some customer personal data believed to have been stolen from its systems has been released by the hacker on a dark web forum. The leaked data includes names, addresses and phone numbers of its customers, and in the case of some international students, passport numbers. Some health claims data was also released. Local media has reported the leaked data was posted on a blog linked to ransomware crime group REvil, which has links to Russia. read more read moreReporting by Harshita Swaminathan and Himanshi Akhand in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Lordstown Motors Corp (RIDE.O) said on Monday it had entered into a deal under which Foxconn Ventures Pte Ltd, an affiliate of Foxconn (2317.TW), would invest up to $170 million in the electric vehicle maker, that would make the Taiwanese contract manufacturer its largest shareholder. Foxconn will purchase 12.9 million shares on or after Nov. 22 and an additional 26 million shares that will propel Foxconn's holdings to 19.3% of Lordstown's common stock and all of its preferred stock, surpassing founder Stephen Burn's stake of 17.2%, according to Refinitiv. Foxconn started manufacturing Lordstown's Endurance pickup trucks in September after buying the U.S. company's Ohio facility. The deal was prompted by the need to clinch funds essential for the start of production of Endurance. Lordstown expects to limit production of the Endurance through 2023 or longer to minimize losses, until it is able to cut its materials cost.

☆ Take-Two slumps as forecast cut deepens videogame industry gloom
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) lowered its annual sales forecast on Monday, the latest videogame publisher to be hit by this year's dollar spike and a broader gaming industry slump. Take-Two, whose shares fell nearly 17% in extended trading, now expects full-year adjusted sales between $5.4 billion and $5.5 billion. Its prior view was $5.8 billion to $5.9 billion. Overall spending on mobile games is estimated to decline 2.3% in 2022, according to data analytics firm Sensor Tower, after a surge during the pandemic. Some of the pressure is expected to be offset by strong sales of "NBA 2K23" - the latest installment in Take-Two's popular basketball series.

☆ Foxconn to become Lordstown's biggest shareholder
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

Nov 7 (Reuters) - Lordstown Motors Corp (RIDE.O) said on Monday that Foxconn Ventures Pte Ltd will buy some of the electric vehicle maker's shares in two rounds, that would make the Taiwanese contract manufacturer its largest shareholder. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Take-Two deepens videogame industry gloom with forecast cut
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) cut its annual sales forecast on Monday, the latest videogame publisher to be hit by this year's dollar spike and a broader gaming industry slump. Take-Two, whose shares fell nearly 15% in extended trading, now expects full-year adjusted sales between $5.4 billion and $5.5 billion. For the second quarter ended Sept. 30, Take-Two reported adjusted sales of $1.5 billion. The company's quarterly performance was supported by "NBA 2K23" - the latest game in Take-Two's popular basketball series - which has enjoyed solid demand since its early September launch. Reporting by Tiyashi Datta and Aditya Soni in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Former CEO says plan to rescue British furniture retailer Made.com fails
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Made.com's (MADE.L) co-founder and former chief executive Ning Li said his proposal to save the British online furniture retailer has been rejected, making the way for its collapse. The news comes almost a week after the company said it would appoint administrators after running out of cash, becoming one of the most high profile British retailers to fail this year partly as a result of a squeeze on household budgets. "Apparently, it would be preferable to break the company up and sell it in pieces to generate a little more cash," Ning added. In Oct., the struggling company suspended taking customer orders after talks to find a buyer failed. Reporting by Amna Karimi in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ James Hardie cuts fiscal 2023 profit view as inflation clouds housing market
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - James Hardie Industries (JHX.AX) on Tuesday lowered its earnings forecast for fiscal 2023 for the second time, as the world's largest fibre cement maker saw volumes across all three key regions tumbling amid uncertainties around a slowing housing market. Demand in the housing market has tapered down owing to an aggressive policy tightening by global central banks to contain decades-high inflation, making it less affordable for consumers to take out mortgages. The Australia-listed firm now expects full-year adjusted net income between $650 million and $710 million, down from $730 million to $780 million. "We see a weakened housing market for the remainder of our fiscal year, softening volumes in all three regions we participate in," James Hardie Chief Executive Aaron Erter said. James Hardie decided to skip the payment of an interim dividend and instead announced a share buyback program for up to $200 million, commencing immediately through to Oct. 31 2023.

☆ Global equity funds gain inflows for second week in a row
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Nov 4 (Reuters) - Global equity funds obtained huge inflows in the week ended Nov. 2 as investors were hoping that the U.S. Federal Reserve would consider decelerating the pace of its interest rate hikes, ahead of its policy decision. According to Refinitiv Lipper data, investors purchased a net $13.76 billion worth of global equity funds, marking their biggest weekly net buying since March 23. Fund flows: Global equities, bonds and money marketThe U.S., European, and Asian equity funds, all received inflows worth $10.19 billion, $2.42 billion and $830 million respectively. read moreFund flows: Global equity sector fundsMeanwhile, global bond funds obtained $655 million worth of inflows after witnessing disposals for 10 weeks in a row. Fund flows: EM equities and bondsAmong commodity funds, precious metal funds witnessed outflows for a third week, amounting $1.01 billion, but energy funds gained a second weekly inflow, worth $73 million.

Companies Enbridge Inc FollowNov 4 (Reuters) - Canadian energy infrastructure firm Enbridge Inc (ENB.TO) on Friday announced a C$3.6 billion ($2.65 billion) expansion of the southern segment of its British Columbia (B.C.) Gas production in Western Canada this year neared record levels of 18 billion cubic feet a day. Enbridge said the expansion of the southern part of its system, known as T-South, will add 300 million cubic feet per day (cfpd) of capacity. It will serve customers in the Pacific Northwest and southern B.C., as well as the Woodfibre LNG project that Enbridge bought a C$1.5 billion stake in earlier this year. Enbridge shares were trading 1.6% higher at C$54.51 on the Toronto Stock Exchange on Friday after the company reported a higher third-quarter adjusted profit.

☆ Miners lift FTSE 100 on China reopening optimism
▼ + stars: | 2022-11-04 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 up 0.9%, FTSE 250 adds 0.5%National World exploring Reach buyoutKuala Lumpur Kepong considers raising stake in SynthomerNov 4 (Reuters) - UK's export-oriented FTSE 100 rose on Friday as miners jumped on hopes that China would relax its COVID-19 restrictions, setting up the index for gains for the week that saw major central bank meetings dictating the market's moves. The blue-chip FTSE 100 (.FTSE) climbed 0.9%, while the mid-cap FTSE 250 (.FTSE) added 0.5% 9:39 GMT. As the week of central bank tightening ends, investors are looking toward the new budget announcement on Nov. 17. National World Plc (NWOR.L) jumped 2.4% after it said it was exploring a cash offer for Daily Mirror-owner Reach Plc (RCH.L). Reach rose 4.3%.

SummarySummary Companies Barrick now expects to exceed 2022 cost guidanceQ3 profit down 30% as gold production falls by 9%All-in sustaining costs up 22.7% from last yearNov 3 (Reuters) - Barrick Gold Corp (ABX.TO), shares hit their lowest level since March 2020 on Thursday after the world's second-biggest gold miner reported a 30.1% drop in third-quarter profit due to weak production and higher costs. Toronto-listed shares were down 6.9% to 18.26 Canadian dollars, on track for their biggest one-day drop in two years. The cost increase was largely down to a 9% fall in gold production from 1.09 million ounces to 988,000 ounces, CEO Mark Bristow told Reuters in an interview. Barrick remains on track to achieve its 2022 production guidance, Bristow said in a statement. Gold prices declined 8% during the third quarter as global central banks raised interest rates to battle surging inflation.

☆ Marriot shares slide on delayed opening of some properties in China
▼ + stars: | 2022-11-03 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

"The market in China is most certainly where we're seeing the most challenges," Chief Executive Anthony Capuano said during an analyst call. Revenue per available room (RevPAR) from Greater China was $64.06 in 2021 company-wide, behind U.S. & Canada and Middle East & Africa. "Looking forward we expect that the recession will mute, but not derail, growth in the U.S. hotel industry. Marriott now expects 2022 adjusted profit per share of between $6.51 and $6.58, compared with its previous forecast of $6.33 to $6.59 per share. Adjusted profit per share was $1.69, one cent above expectations.

Companies Teva Pharmaceutical Industries Ltd FollowNov 3 (Reuters) - Teva Pharmaceuticals (TEVA.TA) will pay up to $4.2 billion in the United States to settle claims related to its role in fueling the country's opioid crisis, New York Attorney General Letitia James said on Thursday. The company will pay $523 million to New York state to settle claims in the state, James said. Reporting by Leroy Leo in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Stripe to lay off 14% of employees
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: 1 min

Nov 3 (Reuters) - Stripe Inc is cutting its headcount by around 14%, the digital payments processing giant said in a blog post on Thursday. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australian regulator orders audit of bookmakers Sportsbet, Bet365
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Australia's financial crime watchdog on Thursday ordered an audit of Sportsbet, the country's largest online betting house operated by Flutter Entertainment (FLTRF.L), and British gambling firm Bet365 to assess their compliance with financing laws. External auditors must report within six months whether the firms are well placed to identify and mitigate money laundering and terrorism financing, conduct risk assessment, and have necessary oversight, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said. Sportsbet continues to invest heavily in AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing Act) compliance and in our people, processes and systems." While Australia's gambling industry has been scrutinized in recent years due to alleged money laundering by its biggest casino operators, online betting has also come under the scanner as its prevalence boomed. Reporting by Shashwat Awasthi and Roushni Nair; Editing by Shinjini Ganguli and Shailesh KuberOur 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.

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values the business at $14 billion, as the U.S. industrial firm pivots to supplying to a booming automation market. Emerson's shares edged up 1% in a weak broader market as the company also beat fourth-quarter earnings and revenue. The Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. Emerson said it plans to use proceeds from the deal to invest in automation-related businesses and spend around $2 billion on share repurchases in 2023. Centerview Partners LLC and Goldman Sachs are financial advisers to Emerson, while Barclays is the lead financial adviser to Blackstone.

☆ Blackstone to buy majority stake in Emerson's climate tech unit in $14 bln deal
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Emerson Electric Co (EMR.N) will sell a majority stake in its climate technologies unit to Blackstone Inc (BX.N) in a deal that values it at $14 billion, the latest revamp by the U.S. industrial firm as it focuses on the booming automation market. Emerson's shares rose about 3.8% before the bell as the company also beat fourth-quarter earnings and revenue. Emerson, which will retain about 45% stake in the climate tech unit, said Blackstone and co-investors Abu Dhabi Investment Authority and GIC, would contribute $4.4 billion in equity toward the deal, which would be supplemented by $5.5 billion of debt financing. read moreThe Climate Technologies business, which will be structured as a joint venture, generated net sales of $5 billion in fiscal 2022. The unit includes its Copeland compressor business and products and services across residential and commercial heating and cooling.

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