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☆ Buyouts are getting complicated
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

The terms say that the buyer cannot be forced to close before Oct. 15 – seven months after the deal’s announcement. A Tuesday proxy filing shows that’s to give Platinum enough time to sort out its debt financing. Qualtrics, meanwhile, sold in March for $12.5 billion – but it turns out it almost got more. An unnamed bidder offered $21 per share, more than the $18.15 that Qualtrics accepted from Silver Lake and CPP Investments. Buyouts are getting done, but they’re also getting complicated.

☆ Buffet breaks out of Japan’s value trap
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, April 12 (Reuters Breakingviews) - Berkshire Hathaway (BRKa.N) has upped its stake in iconic Japanese trading houses, according to an interview boss Warren Buffett gave the Nikkei newspaper on Tuesday. Worries that the nonagenarian was walking into Japan’s infamous “value trap” now look overwrought. The rise in global interest rates and the popping of the tech bubble have pushed funds back into the boring nuts and bolts companies Buffett loves. Given that the trading houses are themselves Berkshire-like investors, Buffett says he is open to doing deals with them, and investing more in Japan. The hedge funds and activist investors who have been banging their heads against Japan Inc might watch what Buffett does next.

☆ Inflation beds down, gets comfortable
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

Price growth is now fueled more by non-essentials, like air fares and new cars, than food and energy. That’s a problem, since those core prices are historically less volatile and therefore less likely to drop. As costs edge higher, Americans will probably have to endure a longer, and more expensive, inflation battle. Core inflation is now outpacing broader CPI by the widest margin since the pandemic began, signaling those sticky prices that rarely drop are playing a bigger part in keeping inflation high. High core inflation means the Federal Reserve will probably raise rates again next month, making money even more expensive for households and businesses.

☆ Electric cars get a reality check
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 11 (Reuters Breakingviews) - Regulators want to encourage electric vehicles by flattering them less. The U.S. Department of Energy has proposed tweaking a decades-old formula for calculating EVs’ fuel efficiency. The overhaul will lower electric mileage ratings – but could encourage automakers to ditch fossil fuels more quickly. Automakers must meet a minimum overall CAFE mileage; falling short results in penalties. GM and rivals already want to catch up to electric leader Tesla – and its $600 billion valuation.

☆ IMF dashes hopes of growth rebound
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, April 11 (Reuters Breakingviews) - The International Monetary Fund may have just hammered the final nail in the coffin of a complete economic rebound. With downside risks dominating its outlook, the IMF’s estimates dash any remaining hopes of a full recovery from recent years’ shocks. The shortfall between actual growth and expected growth reached 1 percentage point in 2022. Put simply, the world economy will probably never regain the growth trajectory it had before the pandemic and Russia’s invasion of Ukraine. That’s a harsh reversal from recent hopes of a V-shaped recovery and a soft landing.

☆ UAE telco super app punt uses Indian playbook
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters Breakingviews) - The United Arab Emirates is finding more strategic places to park its cash. The telecoms giant’s purchase follows a $4.4 billion investment in Vodafone (VOD.L) in May last year. It’s a way to advance an ambition, revealed last June, to be a technology and investment powerhouse. In a way, e& is following an investor playbook akin to that of India’s Reliance Industries (RELI.NS). The $192 billion Indian conglomerate has spent years acquiring music apps and other services in an attempt to cross-sell to its mobile customers.

☆ UAE's e& takes $400 mln majority stake in ride-hailer Careem's Super App
▼ + stars: | 2023-04-10 | by ( Lisa Barrington | ) www.reuters.com time to read: +1 min

DUBAI, April 10 (Reuters) - Emirates Telecommunications Group Company (EAND.AD) has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies' (UBER.N) Middle East subsidiary, in a transaction valued at $400 million, e& said in a filing on Monday. The Super App will be managed by Careem founders Mudassir Sheikha and Magnus Olsson, said the company, formerly known as Etisalat Group and now called e&. The ride-hailing business will be separated from the Careem Super App business and will be fully owned by Uber, but will still be available on the super app. Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services. Uber and Careem's co-founders Sheikha, Olsson and Abdullah Elyas have the remaining stakes in the super app, a Careem spokesperson said.

☆ Australia may inadvertently fuel cyber crime, says data theft victim service
▼ + stars: | 2023-04-05 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

SYDNEY, April 5 (Reuters) - An Australian government-backed service for victims of identity theft blasted a plan to toughen privacy laws amid an explosion of online data theft, saying it would spur compromised companies to pay ransom and invite more hacking. IDCare, a non-profit that helps internet crime victims, said by making it easier for regulators to fine companies for poor data security and failing to criminalise ransom payment, Australia may inadvertently fuel a cyber-crimewave. Canberra raised the maximum fine to A$50 million ($34 million) from A$2.2 million for companies that fail to stop data theft after the first major attack in October, when some 10 million customer accounts at No. DEMAND SPIKESince Australia made it compulsory for companies to report data breaches in 2018, IDCare's submission said community demand for its services had rocketed. ($1 = 1.4806 Australian dollars)Reporting by Byron Kaye; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Monday's biggest analyst calls: Tesla, Amazon, First Republic, Roku, Walmart & more
▼ + stars: | 2023-03-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: Susquehanna upgrades Roku to positive from neutral Susquehanna said it sees an attractive risk/reward for the stock. Citi upgrades KeyCorp and M & T Bank to buy from neutral Citi upgraded several regional banks on Monday and said the risk/reward looks compelling. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it sees 50% upside for shares of the e-commerce giant. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it sees an attractive risk/reward heading into the company's investment community meeting on April 4. Morgan Stanley moves First Republic to no rating Morgan Stanley removed its estimates and ratings on the stock due to too much uncertainty.

☆ Xavier Niel can feast on European telco misery
▼ + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.

☆ Ardian mobile towers pounce would be a mouthful
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 23 (Reuters Breakingviews) - Ardian’s mobile towers takeover in Italy looks a stretch. Buying the rest could cost Ardian 10 billion euros, assuming a modest 20% premium. It would also need UK telco Vodafone (VOD.L) to sell the 33% stake it indirectly controls. Mobile towers are in hot demand among private equity players because of their steady cash flow. A 20% premium may value INWIT at 17.7 billion euros, including net debt of around 4 billion euros.

☆ Australia's IPH detects breach in IT systems
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Australian intellectual property services provider IPH Ltd (IPH.AX) said on Thursday it had detected unauthorised access to a portion of its IT environment, mainly affecting document management systems of its head office and two of its member firms. The information in document management systems include administrative documents, and some client documents and correspondence in case of the two member firms, Spruson & Ferguson (Australia) and Griffith Hack, the company said. IPH said it was working with external cyber security advisers to conduct a forensic investigation, adding that it has notified the Australian Cyber Security Centre (ACSC) of the incident. Australia has seen a rise in cyber attacks since late last year, with breaches reported by at least eight companies, including health insurer Medibank Private Ltd (MPL.AX) and telco Optus. Reporting by Himanshi Akhand in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Google , Netflix , Meta , Apple , Amazon and Microsoft generate nearly half of all internet traffic today. Big Tech firms say this would amount to an "internet tax" that could undermine net neutrality. They bemoaned spending billions on laying cables and installing antennas to cope with rising internet demand without corresponding investments from Big Tech. One suggestion is to require individual bargaining deals with the Big Tech firms, similar to Australian licensing models between news publishers and internet platforms. "The imbalance is not down to Big Tech, it's not down to streamers, and it's not down to telcos.

The move comes as global infrastructure funds are pouring huge sums of money to acquire capital-intensive telecom infrastructure assets in Southeast Asia, seeing strong growth opportunities. The sources said discussions are taking place for a minority stake to be sold in the decade-old Edotco, which is 63% owned by Axiata. However, three of the sources said there was a possibility that Axiata could even consider giving majority control in order to secure a deal. The sources said the bulk of the proceeds from the share sales will likely fund Edotco's business expansion. While broader dealmaking activity has fallen sharply over the past year due to weak equity markets and rising interest rates, telecom tower assets have been a bright spot.

SYDNEY, March 8 (Reuters) - One of Australia's top government bureaucrats on Wednesday demanded Russia crack down on the large number of cyber criminals operating in the country, saying their actions posed a threat to national security. The comments come as Canberra reforms its cybersecurity policy following a raft of cyber attacks on some of the country's largest companies. "The greatest density of cyber criminals, particularly those with ransomware, are in Russia," Michael Pezzullo, Secretary of the Department of Home Affairs, told the AFR Business Summit in Sydney. The move follows a rise in cyber attacks since late last year with breaches reported by at least eight companies, including health insurer Medibank Private Ltd (MPL.AX) and telco Optus, owned by Singapore Telecommunications Ltd (STEL.SI). The United States and Britain sanctioned several Russians accused of cyber attacks last month, saying ransomware attacks have paralysed businesses, schools and hospitals.

☆ There’s hope beyond moaning for European telcos
▼ + stars: | 2023-03-03 | by ( Pierre Briancon | ) www.reuters.com time to read: +6 min

The annual Barcelona tech fest this week was in line with tradition, but a different mood music could also be heard beyond the bleatings of European telco executives. The good news for them is that European competition authorities seem to have been mollified by the constant pleading, and could take a softer approach to consolidation in the industry. Höttges compared the 55 billion euros invested by European telcos on infrastructure last year to the 1 billion euros invested in connectivity by those he calls the “hyperscalers”. The hope is now that, considering the European telcos’ low return on investment, European competition authorities will review their strict stance on consolidation in the sector. But European telcos also have means to address some of the problems they are facing without giving the impression that everything depends on forces beyond their control.

☆ A South Korean telco giant has its own A.I. chatbot — and says it's a 'super app' version of ChatGPT
▼ + stars: | 2023-03-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The company has integrated its various service from music streaming to e-commerce into A. and is planning to launch it fully in 2023. Download our app, and we'll do basically everything you want us to do and more," Davis said. A "super app" is a concept pioneered by Chinese technology giants, such as Tencent with its WeChat messaging service. The idea is that a person only needs one app, and that several third-party services are accessible via that app. Super apps are popular in China and in parts of Asia, but haven't taken off in Europe and in the U.S.

☆ Big Tech vs. Big Telco: Top EU official says there's no 'battle' over network funding
▼ + stars: | 2023-02-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

BARCELONA — A top European Union official insisted Monday that the debate around tech giants paying for their usage of telecom networks is not sparking a "battle" between Big Tech and telcos. In it, there was a questionnaire asking whether to establish a digital fund at the EU or national level, or require a direct contribution from internet giants to the telco operators. "The consultation has been described by many as the battle over fair share between Big Telco and Big Tech. However, he insisted that there is not necessarily a "battle over fair share between Big Telco and Big Tech." WATCH: European telcos want U.S. big tech to pay for the internet — but tech giants are hitting back

☆ EU industry chief Breton says not favouring Big Telecoms over Big Tech
▼ + stars: | 2023-02-27 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Feb 27 (Reuters) - EU industry chief Thierry Breton on Monday defended a consultation on whether Big Tech should foot the bill for billions of euros of investments in Europe's telecoms infrastructure, saying it was not about putting Big Telecoms' interests above tech companies. Still, Breton took a swipe at the big U.S. tech companies with their large-scale data centres, their cloud-based radio access network (RAN) - the radio element of a cellular system - and their closed ecosystems. "And interoperability or openness are not currently a strong feature of their business model." "I see these two issues as currently holding back our collective potential compared to other continents," Breton said. Reporting by Foo Yun Chee; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Australia plans to reform cyber security rules, set up agency
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Feb 27 (Reuters) - Australia plans to overhaul its cyber security rules and set up an agency to oversee government investment in the field and help coordinate responses to hacker attacks, Home Affairs Minister Clare O'Neil told public radio on Monday. Current cyber security rules are not adequate to deal with attacks and cannot protect consumer data, O'Neil told ABC Radio, blaming the previous government for implementing them. She said Prime Minister Anthony Albanese will meet industry leaders and cyber security experts on Monday, and that he has decided to appoint a cyber security coordinator tasked with ensuring government agencies work together during cyber incidents. The office of the cyber security coordinator will exist within the department of home affairs, she said. The government has published a discussion paper on a new cyber security strategy, which it aims to implement next year, and is seeking feedback on how businesses can improve their cyber security in partnership with the government.

☆ Singapore's digital banks dangle incentives to win new customers — is it sustainable?
▼ + stars: | 2023-02-21 | by ( Sheila Chiang | ) www.cnbc.com time to read: +7 min

Singapore's new digital retail banks are offering lower fees, more incentives and waiving minimum account balances to win over customers from traditional banks. Bloomberg | Bloomberg | Getty ImagesSINGAPORE — Digital retail banks in Singapore are pulling out all stops to win new customers. Unlike traditional banks — like DBS , OCBC and UOB — which operate physical branches and automated teller machines, digital banks operate entirely online. Singapore's new digital banksThe city-state gave out four digital bank licenses in December 2020. The other two digital wholesale bank licenses were bagged by Ant Group's ANEXT Bank and Green Link Digital Bank, catering to small-and-medium enterprises and other non-retail segments.

☆ Stocks shrug off rates risk as U.S. consumers spend
▼ + stars: | 2023-02-16 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Equities - with the Nasdaq (.IXIC) up 15% so far this year - are clinging to the positives, while in interest rate markets investors are quickly ditching hopes for cuts later in 2023. Two-year Treasury yields , which also track short-term interest rate expectations, hit their highest since November at 4.703% overnight. S&P 500 futures rose 0.2%. Elsewhere the repricing of the interest rates outlook is putting an end to a couple months of selling of the dollar in currency markets. The U.S. dollar index is eying a third weekly gain in a row - the longest streak since September, when the index was galloping towards a 20-year high.

☆ KKR can limit the pain of Elliott's telco blitz
▼ + stars: | 2023-02-13 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Even so, KKR and Vodafone look insulated from the worst sort of Teutonic deal pain. Still, KKR – which has joined forces with Global Infrastructure Partners and will co-control Vantage with Vodafone – has some protections. Reuters GraphicsFollow @pamela_msg on TwitterloadingCONTEXT NEWSActivist investor Elliott Management disclosed a 5.6% stake in German phone masts company Vantage Towers on Jan. 31. The offer was recommended by Vantage Towers' management and supervisory board. Vantage Towers’ Chief Executive Vivek Badrinath is set to depart due to personal reasons.

☆ Here are Monday's biggest analyst calls: Apple, Tesla, Amazon, Netflix, Spotify, Disney, Uber & more
▼ + stars: | 2023-02-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Wells Fargo upgrades Spotify to overweight from equal weight Wells said the stock is coming off of "margin probation." Bernstein upgrades Diageo to outperform from market perform Bernstein said shares of the spirits company are compelling at current levels. " Wells Fargo reiterates Tesla as equal weight Wells said the industry dynamic surrounding EV pricing remains "challenged." Raymond James downgrades PayPal to market perform from outperform Raymond James said in its downgrade of PayPal that market share losses are growing. Cowen initiates Dick's as outperform Cowen said its survey checks show that Dick's continues to gain market share.

☆ Why Friday's market moves are an 'amazing feat' — listen to the 'Homestretch'
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: +6 min

HERE IS WHAT I'M GOING TO TALKABOUT TOMORROW, YOU SHOULD SELL. I'M TIRED OF THEM. I'M TIRED OF THE WAY THEY'REHIGH-HANDED WAY OF TELLING YOUEVERYTHING IS GOING WELL. TWO COMPANIES THAT DO WELL WITHA STRONG ECONOMY WE PROBABLYWILL NOT HAVE AS MANY BAD LOANSAS THE BEARS THINK, WELLS FARGOAND MORGAN STANLEY. WE HAD AMAZON THAT WAS BAD, ANDI DON'T KNOW, I'M STILL WORKINGON AMAZON TO TELL YOU THE TRUTHABOUT WHAT TO DO WITH IT.

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