DIRS.INFO The most relevant business & tech news

☆ Engine No. 1 held talks with Coca-Cola on new recycling initiatives - source
▼ + stars: | 2022-10-18 | by ( Shashwat Awasthi | Byron Kaye | ) www.reuters.com time to read: +1 min

1 has held talks with Coca-Cola Co (KO.N) about steps the soda giant could take to ramp up recycling of its cans and bottles, a source familiar with the matter told Reuters on Tuesday. 1 partner responsible for getting three seats at Exxon, brought the Coca-Cola idea to Engine No. 1 from Jana Partners where he had been researching it, another source told Reuters. 1 has suggested a partnership between Coca-Cola and garbage collection and recycling company Republic Services Inc (RSG.N), in which Engine No. Coca-Cola and Republic did not respond to Reuters requests for comment.

☆ Salesforce shares jump on report that Starboard has taken a stake
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

Oct 18 (Reuters) - Starboard Value LP has taken a stake in Salesforce Inc (CRM.N), CNBC reported, citing the activist investment firm's founder Jeff Smith. Shares of the software firm, which fell about 42% this year, rose more than 7% in trading before the bell. The hedge fund did not disclose the size of the stake in the report. Salesforce said it is committed to acting in the best interests of shareholders, but declined to comment on the stake. Register now for FREE unlimited access to Reuters.com RegisterReporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Reuters, citing sources, had reported in April that the stock market flotation could value Mobileye at as much as $50 billion. "Most companies don't have the grit needed to blaze a trail with all this public market volatility." IPOs by U.S. technology companies have sunk to their lowest levels since the global financial crisis of 2008, as several companies have shelved plans for their listings in the country. read moreTech IPOs this year have raised $507 million, according to Refinitiv data, the lowest amount that has been raised through flotation since 2000. Goldman Sachs, Morgan Stanley, Citigroup and BofA Securities are among underwriters of Mobileye's offering.

☆ Abu Dhabi outperforms Gulf markets, IHC at record peak
▼ + stars: | 2022-10-18 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Abu Dhabi's stock market outperformed the Gulf region on Tuesday, buoyed by a surge in conglomerate International Holding Co (IHC) (<IHC.AD>), while the Egyptian index extended gains for a third session. The Abu Dhabi index (<.FTFADGI>) leapt 3%, its biggest intraday gain since May 2021, bolstered by a 8.3% jump in IHC. IHC, Abu Dhabi's most valuable listed company, is also seeking shareholder approval to increase the share capital to 2.19 billion dirhams ($596.26 million) from 1.82 billion dirhams. The Qatari index (<.QSI>) added 0.7%, led by a 1.8% gain in the Gulf's biggest lender Qatar National Bank (<QNBK.QA>). Outside the Gulf, Egypt's blue-chip index (<.EGX30>) was up 0.2%, extending gains for a third session.

☆ British Airways, pilots' union agree pay deal - FT
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - British Airways is set to avoid a pilots' strike after the airline reached an agreement on the outline of a pay deal with the union, the Financial Times reported on Tuesday. The IAG (ICAG.L)-owned carrier's agreement with the British Airline Pilots' Association (BALPA) includes a 4% pay rise for this year. "We are pleased to have agreed a pay proposal in principle with BALPA, which will now be put to members with a recommendation from the union," British Airways said in a statement. The carrier had in July agreed to pay deals with the GMB and Unite unions read moreBALPA did not immediately respond to a Reuters request for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muhammed Husain and Anchal Rana in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's CIBC adds former finance minister Morneau to board
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Canada's Minister of Finance Bill Morneau arrives to a meeting of the special committee on the COVID-19 pandemic, as efforts continue to help slow the spread of the coronavirus disease (COVID-19), in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada May 13, 2020. REUTERS/Blair GableOct 18 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) said on Tuesday the country's former finance minister, Bill Morneau, will join its board of directors effective Nov 1. Morneau served as Canada's minister of finance from 2015 to 2020 and played a key role in shaping sustainable and inclusive monetary policies, the lender said in a statement. He has also advocated on issues such as climate change and the digital economy at major international forums, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Twitter locks staff stock accounts in anticipation of deal - Bloomberg News
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Twitter Inc (TWTR.N) has frozen equity award accounts for employees days ahead of the deadline to close its deal with Elon Musk, Bloomberg News reported on Tuesday, a sign that the social media firm hopes the deal will consummate. The report sent Twitter shares up 1.8% at $51.6, still lower than Musk's offer price of $54.2 per share. Musk, chief executive of Tesla Inc (TSLA.O), and Twitter are directed by the Delaware court to close the $44 billion deal on Oct. 28. Musk in May tried to walk away from the deal alleging that Twitter understated bot and spam accounts on the social media platform, which started a series of lawsuits between the two parties. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Domino's Pizza beats sales estimates as discounts spur demand
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Domino's Pizza Inc (DPZ.N) beat quarterly U.S. same-store sales estimates on Thursday, as it saw steady demand for its pizza and chicken wings helped by heavy discounts offered by the company amid rising inflation. Domino's, which posted a 2% rise in U.S. same-store sales in the third quarter, has been doubling down on discounts and promotions, offering cheaper meals "inflation relief" deals. The price increases, however, failed to protect profit margins at Domino's, while also taking a hit from a strengthening U.S. dollar. Domino's international segment's same-store sales fell to 1.8%, compared with a 8.8% jump reported last year, which was however roughly in line with analysts' expectation. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Domino's Pizza beats sales estimates as heavy discounts boost demand
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

Oct 13 (Reuters) - Domino's Pizza Inc (DPZ.N) beat quarterly U.S. same-store sales estimates on Thursday, as heavy discounts helped boost demand for its pizzas and chicken wings amid decades-high inflation. U.S. same-store sales at the world's largest pizza chain, rose 2% in the third quarter, compared with a 1.02% rise estimated by analysts, according to Refinitiv IBES. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets in red ahead of U.S. inflation data
▼ + stars: | 2022-10-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Most stock markets in the Gulf ended lower on Thursday, ahead of U.S. inflation data which is likely to shape the size of the Federal Reserve's next interest rate hike. read moreThe Saudi market could continue seeing negative performances while oil markets continue to show downside risk, said Farah Mourad, senior market analyst of XTB MENA. In Abu Dhabi, the index (<.FTFADGI>) eased 0.4%, with the UAE's biggest lender First Abu Dhabi Bank (<FAB.AD>) falling 1.3%. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) retreated 0.5%, ending two sessions of losses, helped by a 0.8% increase in top lender Commercial International Bank Egypt (<COMI.CA>). Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Oct 13 (Reuters) - Pfizer (PFE.N) and its German partner BioNTech said their COVID-19 vaccine booster, adapted for the BA.4 and the BA.5 subvariants of Omicron, generated a strong immune response and was well-tolerated in testing on humans. With the results, which the companies described as consistent with preclinical data, the partners are following up with human trial data that had previously been missing from their successful filings for regulatory approval. Register now for FREE unlimited access to Reuters.com RegisterThey did not disclose the levels of antibodies generated in the preliminary analysis of the study. Healthcare regulators for the European Union and the United States had already approved the upgraded shot last month, even though trial data from testing on humans had at the time not been available. “While we expect more mature immune response data from the clinical trial of our Omicron BA.4/BA.5-adapted bivalent vaccine in the coming weeks, we are pleased to see encouraging responses just one week after vaccination in younger and older adults," said Pfizer Chief Executive Albert Bourla.

☆ India's Byju's to cut 2,500 staff, aims for profitability by March 2023
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 12 (Reuters) - India's popular edu-tech startup Byju's will lay off 2,500 employees in its push towards achieving profitability by March next year, the Tiger Global-backed firm said on Wednesday. Valued at around $22 billion in September, the online learning platform had in May reported a loss of 45.64 billion rupees ($554.77 million) for fiscal 2021 due to higher promotion and employee expenses. Register now for FREE unlimited access to Reuters.com Register"We aim to ensure sustainable growth alongside strong revenue growth," Mrinal Mohit, chief executive at Byju's India business, said. Last month, Byju's paid 19 billion rupees to Blackstone Inc (BX.N), settling its dues to the private equity firm as part of a $950 million deal to buy Aakash Educational. ($1 = 82.2680 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone invests $500 mln in Resolution Life as part of asset management deal
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Blackstone Inc (BX.N) signed a partnership deal to manage certain investments for Resolution Life and has agreed to invest $500 million in the life insurance group, the companies said on Wednesday. The asset manager has been executing a similar playbook in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio. Register now for FREE unlimited access to Reuters.com RegisterIt also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial Inc (FNF.N). With backing from Resolution's existing investors, Blackstone will also aid Resolution in raising another $2.5 billion of equity capital to help "rapidly scale its growth". Founded in 2003, Resolution acquires and manages portfolios of life insurance policies.

☆ Virgin Orbit, Spire Global partner for multiple satellite launches
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Satellite launch firm Virgin Orbit Holdings Inc (VORB.O) and Spire Global Inc (SPIR.N) entered into a deal under which the satellite operator will purchase multiple launches over several years starting 2023, the companies said on Wednesday. Spire Global, which is looking to boost its space services business, said that the deal provides flexibility and control over launches instead of it relying on the rideshare market where satellites will launch with others on a large rocket. Cannacord Genuity analyst Austin Moeller said Virgin Orbit's inaugural November launch from British soil is also highly convenient for Spire, which builds its satellites in Glasgow, Scotland. Earlier in January, Virgin Orbit – on its first successful mission since going public – carried satellites for Spire, the U.S. Defense Department, and the Polish company SatRevolution. Virgin puts satellites into orbit using a rocket, LauncherOne, that is mounted on a modified Boeing CO (BA.N) 747 jumbo jet.

☆ Novavax says COVID booster dose shows benefit against Omicron variants
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Novavax Inc (NVAX.O) said on Wednesday data from studies in adults and adolescents showed that the booster dose of its COVID vaccine produced robust antibodies against several Omicron variants, including BA.1, BA.2 and BA.5. The data was from two studies - a late-stage study evaluating the booster in adults and adolescents who had received Novavax primary vaccination and another study testing it in those aged 18 to 49 who had received primary series of Novavax vaccine or other authorized or approved vaccines. In the late-stage study, a single homologous booster dose significantly increased antibody levels against these variants relative to pre-boost levels, the company said. "These data are an early indication that our vaccine may be effective against variants such as Omicron," Novavax executive Gregory M. Glenn said. The company said ongoing trials are studying the efficacy of the vaccine against variants including BA.4 and BA.5.

☆ U.S. shale producer EOG pays $847 mln to settle third-quarter hedges
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - Shale oil and gas producer EOG Resources Inc (EOG.N) paid $847 million during the third quarter to settle wrong-way bets on energy prices, the company said in a regulatory filing on Tuesday. Russia's invasion of Ukraine sent energy prices soaring since February, although they cooled off from decade highs towards the end of September. U.S. crude oil averaged roughly $91.65 a barrel in the third quarter ended Sept. 30, below the $108 average in the second quarter. To protect themselves from volatility, oil and gas producers often enter 'hedging contracts' which guarantee sales at a fixed price in the future. Producers who lock in sales at lower prices or purchases at higher than current prices, lose to settle the differences.

☆ Uber exits five Pakistani cities, to continue services via unit Careem
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

An Uber office is shown in Redondo Beach, California, U.S., March 16, 2022. REUTERS/Mike BlakeOct 11 (Reuters) - Uber Technologies Inc (UBER.N) will discontinue its ride-hailing services app in five cities in Pakistan including Karachi and Islamabad, the company said on Tuesday, in a move that will reduce market overlap between the U.S. firm and its Middle East unit Careem. The change, effective immediately, also covers the cities of Multan, Faisalabad and Peshawar, but the Uber app will continue operations in Lahore, where the company plans to launch new products. read moreUber said in a statement it would prioritize minimizing the impact to its employees, drivers, riders, and partners who use the Uber app during this change in those cities. Register now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Thoma Bravo to take software firm ForgeRock private in $2.3 bln deal
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - ForgeRock (FORG.N) said on Tuesday it will be acquired by buyout firm Thoma Bravo in an all-cash deal valued at about $2.3 billion, just over a year after the digital identity management company went public. ForgeRock shareholders will receive $23.25 for each share held, which represents a premium of about 53.4% to the stock's last closing price. Register now for FREE unlimited access to Reuters.com RegisterShares of ForgeRock jumped 50% to $22.76 before the bell. San Francisco-based ForgeRock provides identity and access management solutions for consumers, workforce and internet of things devices. Register now for FREE unlimited access to Reuters.com RegisterReporting by Eva Mathews in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Merck's blood vessel disorder drug succeeds in late-stage study
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Merck & Co (MRK.N) said on Monday a therapy it gained through the drugmaker's $11.5 billion acquisition of Acceleron Pharma last year met the main goal of a late-stage study in patients with a progressive blood vessel disorder. Sotatercept, when compared to placebo, significantly extended how far patients with pulmonary arterial hypertension (PAH) could walk in six minutes. The trial data validates the Acceleron acquisition, and also supports Merck's budding portfolio of cardiovascular drugs, Truist Securities analyst Robyn Karnauskas said in a note. Pulmonary arterial hypertension is a rare type of high blood pressure that affects an estimated 40,000 people in the United States, according to Merck. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khushi Mandowara and Mrinalika Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Rail union BMWED members reject contract deal with U.S. railroads
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - A union representing employees who build and maintain tracks said on Monday its members rejected the tentative contract deal with a committee representing major U.S. freight railroads. The Brotherhood of Maintenance of Way Employes (BMWED), which represents more 11,000 workers, said the rejection results in a "status quo" period where the union will reengage bargaining with the Class I freight carriers. read moreSo far, only four of the 12 unions have ratified the agreement. read moreIn September, a division of International Association of Machinists and Aerospace Workers reached an improved tentative contract deal with the NCCC after its members rejected it earlier. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Delivery startup Getir in advanced talks to buy Gorillas- Bloomberg News
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Turkish fast delivery startup Getir is in advanced talks to buy Berlin-based rival Gorillas Technologies GmbH, Bloomberg News reported on Monday, citing people familiar with the matter. The potential deal would give Getir scale in key European markets including the UK and Germany, the report said. No final decisions have been made, but the proposed deal would be a mix of cash and equity, Bloomberg added. Abu Dhabi Growth Fund (ADG), Alpha Wave Global, Sequoia Capital and Tiger Global participated in the funding round. read moreWhen contacted by Reuters, a Getir spokesperson said they could "neither confirm or deny" the Bloomberg report, while Gorillas said it will not provide any comment.

☆ PG&E files to separate non-nuclear generation assets into standalone unit
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - PG&E Corp has moved to separate its non-nuclear generation assets into a standalone unit by filing an application with the California Public Utilities Commission (CPUC), the utility said on Wednesday. The company is seeking regulatory approval to sell a stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation LLC, which would provide a source of equity financing to help PG&E fund wildfire risk mitigation and clean energy investments, it added. PG&E would maintain majority ownership in the unit. The power company has been blamed for sparking numerous wildfires, including some of the state's most deadly and destructive. The company expects to launch the minority stake sale process in first-quarter 2023 and said the deal would have no impact on PG&E customer bills.

☆ Tata Motors launches $10,000 electric car in India to further its lead
▼ + stars: | 2022-09-28 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

A general view of the Tata Tiago EV electric hatchback that was unveiled during a global launch event in Mumbai, India, September 28, 2022. REUTERS/Francis MascarenhasNEW DELHI, Sept 28 (Reuters) - Tata Motors (TAMO.NS) launched India's lowest priced electric car at a little over $10,000 on Wednesday as the country's only electric vehicle (EV) maker looks to draw in more buyers. Tata leads India's EV market, helped by government subsidies and high tariffs on imports. That is much cheaper than India's next most affordable EV - the electric version of Tata's Tigor compact sedan which starts at around $14,940. China, however, has some EV models that start as low as 32,800 yuan ($4,525).

☆ Workiva gets takeover interest from Thoma Bravo, TPG - Bloomberg News
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Cloud-based data platform Workiva (WK.N) has received takeover interest from private equity firms Thoma Bravo and TPG (TPG.O), Bloomberg News reported on Wednesday citing sources familiar with the matter. Private equity firms have taken several software companies including Anaplan and Zendesk Inc private this year. Thoma Bravo this year has acquired cybersecurity firm SailPoint, agreed to buy Ping Identity Holding (PING.N) and has expressed interest in British firm Darktrace Plc (DARK.L) and Australia's Nearmap (NEA.AX). Workiva, which currently has a market value of $3.4 billion, told Reuters it would not comment on market rumors and speculation. Thoma Bravo and TPG did not immediately respond to a Reuters request for comment.

☆ Amazon plans to close several U.S. call centers - Bloomberg News
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Amazon.com Inc is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter. The shift to remote working across most industries was accelerated by the COVID-19 pandemic with cloud call center companies such as Five9 Inc (FIVN.O) seeing a boom in business. Amazon, the world's largest online retailer, is also encouraging its customer service employees at some call centers in the country to work from home in a move that would save money on real estate, the report added. (https://bloom.bg/3LSo4RP)The company's cloud computing division, Amazon Web Services, also sells Amazon Connect software that enables companies serve their customers using remote networks. Amazon is working with employees to make sure their transition to remote working is seamless, a spokesman for the company told Reuters, but did not comment on the planned closure of call centers.

Search resuls for: "Shailesh"

25 mentions found