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☆ Instacart to target valuation of up to $9.3 bln in IPO -source
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

Sept 10 (Reuters) - Grocery delivery service Instacart is targeting a valuation between $8.6 billion and $9.3 billion in its initial public offering, according to a person familiar with the matter. The valuation range will be disclosed in an updated IPO regulatory filing on Monday, the source said on SundayInstacart declined to comment. The Wall Street Journal was the first to report on Sunday on Instacart's IPO valuation target. The targeted valuation is a steep drop from the firm's $39 billion valuationin 2021, when the coronavirus pandemic was raging and doorstep delivery boomed. Like SoftBank's chip designer Arm Holdings Ltd and marketing automation firm Klaviyo, Instacart is expected to list its shares in September - part of a wave of high-profile names testing investor appetite for new listings.

Persons: Instacart, Anirudh Saligrama, Manya Saini, Niket, Echo Wang, Cynthia Osterman, Leslie Adler Organizations: Arm Holdings Ltd, Thomson Locations: Bengaluru, Echo, New York

☆ Virgin Voyages raises $550 mln in Ares Management-led fundraise
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Virgin Voyages Scarlet Lady cruise liner sits docked at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon Dawson Acquire Licensing RightsSept 8 (Reuters) - Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets. The funding was led by Ares Management (ARES.N) with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital. Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and New Zealand by the end of the year.

Persons: Simon Dawson, Richard Branson's, Tom McAlpin, Nirmal Saverimuttu, Manya Saini, Arun Koyyur Organizations: REUTERS, Richard Branson's Virgin Group, Ares Management, Virgin Group, Bain Capital, Virgin Voyages, Caribbean, Thomson Locations: Dover Port, Dover, Britain, British, Australia, New Zealand, Bengaluru

Arm kicked off its roadshow in Baltimore, where influential asset manager T Rowe Price is headquartered, underscoring the fund manager's significance in big IPOs. Arm disclosed the proposed range would value it at between $48 billion and $52 billion. The valuation that Arm is chasing represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." Unlike most loss-making but high-growth tech companies that debut with lofty valuations but later plummet below list price, Arm is profitable.

Persons: Group's, T Rowe Price, SoftBank, Jamie Mills O’Brien, Abrdn, Arm, Dado Ruvic, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Arm Holdings, Rivian Automotive Inc, Sands, Cambridge, Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Inc, Reuters, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: Baltimore, Arlington , Virginia, England, China, United States, Bengaluru, London, Lincoln

☆ Mastercard denies report of plans to raise credit card fees
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. The Wall Street Journal, citing sources and documents it had viewed, reported last week that fee increases were scheduled to start in October and April at Mastercard and rival Visa (V.N). "Mastercard is not raising interchange rates in the U.S. this fall and has no plans to do so," the company said. It is also not raising network fees in the U.S. required for the processing of Mastercard transactions this fall, the firm added. "We stand by our reporting," the Wall Street Journal said in a statement to Reuters.

Persons: Dado Ruvic, Manya Saini, Maju Samuel, Devika Organizations: REUTERS, Mastercard, Street, Visa, Reuters, Street Journal, Thomson Locations: U.S, Bengaluru

☆ Mastercard denies report it plans to raise credit card fees
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 5 (Reuters) - Mastercard (MA.N) on Tuesday denied a media report that this fall the payments processing giant is planning to increase credit card fees, which many merchants pay when they accept customers' credit cards. "Mastercard is not raising interchange rates in the U.S. this fall and has no plans to do so," the company said. It added that its also not raising network fees in the United States required for the processing of Mastercard transactions this fall. The world's largest payments processor added that despite strong growth in the use of its cards, overall interchange fees on Visa transactions have been flat for the past decade.

Persons: Dado Ruvic, Dow Jones, Manya Saini, Maju Samuel Organizations: REUTERS, Mastercard, Street, Visa, Thomson Locations: U.S, United States, Bengaluru

☆ SoftBank's Arm aims for over $52 bln valuation in biggest US IPO of the year
▼ + stars: | 2023-09-05 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +5 min

The valuation that Arm is chasing now represents a climb-down from the $64 billion valuation at which SoftBank last month acquired the 25% stake it did not already own in the company from its $100 billion Vision Fund. Jamie Mills O’Brien, portfolio manager at British fund manager Abrdn, said he found SoftBank's valuation ask in the IPO "more palatable than initially discussed." REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsReuters first reported on SoftBank's proposed price range for the IPO on Saturday. If the underwriters exercise their right to buy shares in Arm in full as part of 'greenshoe option', it would take the IPO amount to be raised to $5.2 billion. Arm expects to trade on the Nasdaq Global Select Market under the symbol "ARM".

Persons: Group's, SoftBank, Jamie Mills O’Brien, Abrdn, Kim Kyung, Sara Russo, Bernstein, Goldman Sachs, JPMorgan Chase, Manya Saini, Pablo Mayo, Arun Koyyur, Nick Zieminski Organizations: Vision, Nvidia Corp, Apple, Nvidia, Devices, Intel, Samsung Electronics, REUTERS, Rights Reuters, Acorn Computers, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, SoftBank, Barclays, JPMorgan, Mizuho Financial Group, underwriters, Pablo Mayo Cerqueiro, Thomson Locations: United Kingdom, China, United States, New York, Tokyo, Japan, Bengaluru, London

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 1 (Reuters) - Robinhood (HOOD.O) said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies. The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection last year. Robinhood shares climbed more than 3% in premarket trading on the news. The online brokerage said the sale of the 55.3 million shares at $10.96 apiece had been approved by the U.S. District Court for the Southern District of New York. Robinhood first disclosed its intention to buy back the stake in February and said the company's board had authorized it to pursue purchasing most or all of the stock.

Persons: Andrew Kelly, Sam Bankman, Robinhood, Fried, FTX, Palo, Manya Saini, Hannah Lang, Devika Syamnath, Mark Potter Organizations: Inc, REUTERS, United States Marshal Service, Emergent Fidelity Technologies, U.S, Southern, of, Reuters, Thomson Locations: New York City, U.S, Robinhood, of New York, United States, Manhattan, Palo Alto , California, Bengaluru, Washington

☆ Canada's antitrust agency favors RBC's $10 billion deal for HSBC unit
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 1 (Reuters) - Canada's Competition Bureau said on Friday Royal Bank of Canada's (RY.TO) (RBC) proposed acquisition of HSBC's (HSBA.L) domestic unit for C$13.5 billion ($10 billion) is unlikely to substantially hurt competition. Still, the regulator found that the deal would "result in a loss of rivalry between Canada's largest and seventh largest banks." It has been seeking comments on how the deal could impact consumers and the stability of the banking sector. Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Osorio, OSFI, Manya Saini, Balu, Arun Koyyur Organizations: Royal Bank of Canada, REUTERS, Friday Royal Bank of Canada's, RBC, Finance, HSBC, Reuters, Bank of Montreal, Thomson Locations: Toronto , Ontario, Canada, Bengaluru, Toronto

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

A vehicle drives on a flooded road after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 30, 2023. Hurricane Idalia plowed into Florida's Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning its fury on southeastern Georgia, where floodwaters trapped some residents in their homes. At about $10 billion, Idalia would cost insurers less than 10 of the costliest hurricanes to hit the United States. Higher reinsurance rates can affect the premiums that insurers charge their customers. FLORIDA PAINFlorida has a large number of very small, thinly capitalized insurers, insurance experts have said.

Persons: Hurricane Idalia, Julio Cesar Chavez, Thomas Hayes, Gallagher Re, Michael Peltier, Berkshire Hathaway, Ajit Jain, Noor Zainab Hussain, Manya, Chibuike Oguh, Jon Stempel, Devika Syamnath, Megan Davies, Cynthia Osterman Organizations: REUTERS, Hurricane, UBS, Global, Great, Great Hill Capital, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Florida Office, Insurance, Bankers, Property Insurance Corp, Property Insurance, Berkshire, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Coast, Georgia, United States, Ukraine, California, Great Hill, New York, FLORIDA, USA, Lexington, Berkshire, Bengaluru, Chibuike

☆ US Fed ramps up demands for corrective actions by regional banks - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. Among the banks given the warnings were Citizens Financial (CFG.N), Fifth Third Bancorp (FITB.O) and M&T Bank Corp (MTB.N), the report added. The banks and the Fed did not immediately respond to Reuters' requests for comment. Banks are dealing with the aftermath of the biggest crisis to hit the sector since 2008, which saw three mid-sized lenders collapse earlier this year. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Ernst, Banks, Manya Saini, Krishna Chandra Organizations: . Federal, REUTERS, Federal, Bloomberg, Fifth Third Bancorp, T Bank Corp, Fed, Thomson Locations: Washington, Bengaluru

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Goldman Sachs to sell wealth advisory unit to Creative Planning
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 28 (Reuters) - Goldman Sachs (GS.N) on Monday said it has struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC. Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. "It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy," said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Weil, Manya Saini, Saeed Azhar, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Creative Planning, United Capital Financial Partners, Creative, Wealth Management, Co, Gotshal, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

☆ Tech firm Klaviyo reveals revenue rise ahead of US IPO
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Klaviyo's revenue rose 51% for the recent quarter, the data and marketing automation company disclosed in its paperwork for a U.S. initial public offering (IPO) submitted on Friday. Other marquee names testing the IPO market include SoftBank Group-backed chip designer Arm and grocery delivery app Instacart. Successful stock market flotations from these companies could underscore the return of investor appetite for high-growth technology firms and could buoy the IPO market, encouraging other startups to move ahead with their offerings. The company reported revenue of $164.6 million for the quarter ended June 30, compared with $109 million a year earlier. Goldman Sachs, Morgan Stanley and Citigroup are acting as lead underwriters of the offering, the company said in its filing.

Persons: IPOs, Klaviyo, Goldman Sachs, Morgan Stanley, Manya Saini, Niket, Shilpi Majumdar, Krishna Chandra Organizations: U.S, SoftBank, Reuters, New York Stock Exchange, Summit Partners, Citigroup, Thomson Locations: United States, Bengaluru

☆ HSBC expands venture debt offering to early-stage startups in US
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

An HSBC bank is pictured during the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., October 19, 2020. REUTERS/Carlo Allegri Acquire Licensing RightsAug 24 (Reuters) - HSBC (HSBA.L) said on Thursday it has expanded venture debt offering to early-stage startups through its U.S. innovation banking division. Debt has become an increasingly popular option for startups looking for cash in a tough financing market. HSBC hired 42 bankers from Silicon Valley Bank (SVB), which collapsed in March. "We've been working to mobilize the broader HSBC innovation banking platform around to really be able to support companies from Series A, all the way through their journey," said David Sabow, head of technology and healthcare at the bank's U.S. innovation banking unit.

Persons: Carlo Allegri, We've, David Sabow, Manya Saini, Saeed Azhar, Shinjini Ganguli, Tomasz Janowski Organizations: HSBC, REUTERS, Silicon Valley Bank, Federal Reserve, KPMG, Thomson Locations: Manhattan, New York City , New York, U.S, London, Silicon, United States, Israel, Hong Kong, Bengaluru, New York

"We are seeing evidence of slowing labor markets as evidenced by slowing wage growth, lower job postings and an increase in Canadian unemployment. The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed analysts' estimates for quarterly profit, which was hurt by higher expenses, rainy day funds to cover for unpaid loans and weakness in its U.S. business. RBC reported adjusted earnings of C$2.84 per share, beating analysts' estimates of C$2.71 per share, according to Refinitiv data. The bank's earnings were also impacted by a C$306 million payment related to the termination of its First Horizon acquisition. RBC and TD together account for half of the market share among the big six Canadian banks with a market capitalization of C$168 billion and C$151 billion respectively.

Persons: Dave McKay, McKay, May, John Aiken, Kelvin Tran, TD, Nivedita Balu, Manya Saini, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter, Sharon Singleton Organizations: Royal Bank of Canada, RBC, Barclays, Dominion Bank, Bank of Canada, Thomson Locations: China, Toronto, Canada, Bengaluru

Arm's stock market launch is expected to bring back to life a lackluster IPO market, which has over the last year seen several high-profile startups postpone their listing plans due to market volatility. Arm said that more than 50% of its royalty revenue for the most recent fiscal year came from smartphones and consumer electronics. The company, whose chip technology powers most smartphones including iPhones, did not reveal the number of shares it is planning to sell and the valuation it will seek. Arm makes money from upfront licensing fees for technology and then a royalty paid on each chip sold by Arm's customers. Arm's chip designs dominate the smartphone industry, but they are also used in laptops made by Apple (AAPL.O) and some Windows machines.

Persons: Dado Ruvic, SoftBank, Arm, Goldman Sachs, JPMorgan Chase, Manya Saini, Jaiveer, Stephen Nellis, Max Cherney, Echo Wang, Anirban Sen, Stephen Coates Organizations: REUTERS, Arm Holdings, Research, Reuters, Vision Fund, SECOND, Acorn Computers, Apple Inc, Apple Computer, VLSI Technology, London Stock Exchange, Nasdaq, Nvidia Corp, Apple, Nvidia, U.S, Barclays Plc, JPMorgan, Mizuho Financial Group, underwriters, Thomson Locations: U.S, Saudi, China, Arm China, Bengaluru, San Francisco, New York

☆ SoftBank's chip designer Arm reveals financials ahead of blockbuster US IPO
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

Aug 21 (Reuters) - Arm, the British chip designer owned by Japan's SoftBank Group (9984.T), on Monday disclosed its financial details in a filing with the U.S. Securities and Exchange Commission for an initial public offering. Reporting by Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Manya Saini, Arun Koyyur Organizations: Japan's SoftBank, U.S . Securities, Exchange Commission, Thomson Locations: British, Bengaluru

Arm's sales fell to $2.68 billion in the 12 months ended March 31, hurt by a slump in global smartphone shipments, the source said, requesting anonymity. In May, SoftBank reported that revenue for the year at Arm had grown 5.7% under International Financial Reporting Standards. Arm will disclose its latest financials next week under the U.S. accounting standards, the source added. Reuters had previously reported that SoftBank was aiming to list Arm at a valuation of $60 billion to $70 billion in the IPO. Arm's IPO preparations are being led by Goldman Sachs Group (GS.N), JPMorgan Chase (JPM.N), Barclays Plc (BARC.L) and Mizuho Financial Group.

Persons: SoftBank, Goldman Sachs, JPMorgan Chase, Arm's financials, Anirban Sen, Manya, Shinjini Organizations: Nasdaq, Reuters, Vision Fund, Goldman, JPMorgan, Barclays Plc, Mizuho Financial Group, Bloomberg News, Manya Saini, Thomson Locations: New York, Bengaluru

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.

Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.

Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. China's economic and property woes and the absence of concrete stimulus steps have sent a chill through global markets. "The China property sector is like a black hole, so many developers have been dragged into it since two years ago after Evergrande," said Winner Zone Asset Management CEO and CIO Alan Luk.

Persons: Evergrande, Aly, Nomura, HSI, Alan Luk, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam, Kim Coghill Organizations: HONG KONG, China Evergrande, HK, U.S, Hong, British Virgin Islands, China Evergrande Group, REUTERS, Zhongrong International Trust Co, Longfor, Asset Management, Manya Saini, Thomson Locations: China, Asia, HONG, U.S, United States, Hong Kong, British Virgin, New York, Shenzhen, Guangdong province, Beijing, Bengaluru

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

☆ Canadian fintech investment shrinks in first half of 2023 - report
▼ + stars: | 2023-08-17 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Investment in Canada's financial technology sector was reduced to less than half in the first six months of 2023 from last year, according to a report from accounting firm KPMG on Thursday. Reuters GraphicsIn comparison, the first half of 2022 saw $834.1 million invested across 109 deals. In the second half, $1.09 billion was invested across 87 deals, the report said. "We could see some stability coming back to financing markets by the end of 2023 or early 2024. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: PitchBook, Geoff Rush, Georges Pigeon, Manya Saini, Krishna Chandra Organizations: KPMG, Reuters, Canada, Thomson Locations: Canada, Bengaluru

☆ Asset manager Valkyrie files for Ethereum-focused ETF with US SEC
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsAug 16 (Reuters) - Asset manager Valkyrie has filed for an Ethereum Strategy exchange-traded fund (ETF) that will invest in ether futures and other collateral assets, paperwork filed with the U.S. Securities and Exchange Commission showed on Wednesday. The greenlighting of the ETF by the SEC was seen as a watershed moment for cryptocurrencies at the time. The regulator, however, has rejected dozens of applications for spot bitcoin ETFs, citing inadequate level of trading surveillance that could leave the underlying spot market subject to fraud and manipulation. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Valkyrie, Manya Saini, Anil D'Silva Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Exchange, BlackRock, SEC, Thomson Locations: Washington ,, Bengaluru

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