DIRS.INFO The most relevant business & tech news

☆ Piyush Gupta might be banking’s boldest boss
▼ + stars: | 2022-11-15 | by ( Una Galani | ) www.reuters.com time to read: +7 min

Piyush Gupta of $65 billion Singaporean lender DBS Group (DBSM.SI) appears to be that CEO, whether he thinks of himself that way or not. Yet the two banks trade on a similar multiple of 1.5 times their estimated 2022 book value, according to Refinitiv. There is limited room for growth in DBS’ tiny home market, a city with a population of 5.5 million people. That, plus the pressure to maintain that 1.5-times-book market value, means Gupta needs to keep finding ways to grow. U.S. President Joe Biden and Chinese President Xi Jinping held talks on Nov. 14 while at the G20 summit in Indonesia.

The European Central Bank (ECB), which supervises euro zone banks, believes some lenders have overly optimistic assumptions about the economy, based on models that cannot fully capture the damage from the current bout of inflation, the sources say. Source: S&P Global-EBAMorgan Stanley estimates euro zone banks will pay out 40 billion euros ($40 billion) in 2022 dividends plus an additional 60 billion euros in share buybacks between this year and next - an outsized return by recent standards. "It's not a good idea to pay out capital during a recession," Intesa's Chief Executive Carlo Messina told analysts last week. "With the economy entering recession, the time of massive bank payouts is over," Marco Troiano, a managing director at Scope Ratings, said. "Running down capital cushions would weaken banks."

☆ How the U.S. midterms could ripple through the stock market
▼ + stars: | 2022-11-07 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Regardless of the winner, past midterm elections have ushered in a period of positive market performance, something investors would welcome after a year in which the S&P 500 has declined by nearly 21%. The S&P 500 aerospace and defense index (.SPLRCAED) is up nearly 10% this year. HEALTHCAREPharmaceutical and biotech stocks may benefit in a Republican victory, after Democrats recently pushed through a law aimed at lowering prescription drug prices. The S&P 500 healthcare sector (.SPXHC) is down some 7% in 2022, while the S&P 500 pharmaceuticals index (.SPLRCCARG) is up about 1%. Therefore Republican victory in the House or Senate "probably means a legislative standstill, implying an incremental positive for the category," the said.

☆ Factbox: Companies count the cost of ditching Russia
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +6 min

INDITEX (ITX.MC)Zara owner will book a provision of 216 million euros after agreeing to sell its Russia stores to UAE-based Daher Group. TRATON (8TRA.DE)Volkswagen's (VOWG_p.DE) truck division Traton in September said disposing of some assets in Russia would cause a 550 million euro loss. CREDIT AGRICOLE (CAGR.PA)Credit Agricole provisioned more than 500 million euros related to its Russian exposure in Q1. LINDEThe world's largest industrial gases company's exit from Russia recorded impairments of $993 million from its Russia exit. SIEMENS (SIEGn.DE)The Munich-based engineering and tech firm said in May it would take a 600 million euro hit in Q2 for exiting Russia.

☆ How Seoul crowd crush turned Halloween revelry to disaster
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +11 min

21:07 Police: Yes, Emergency report 112.Caller: Hello.Police: Yes, this is emergency report.Caller: Hello, this is Halloween street above Itaewon.Police: Yes.Caller: We’re near a bar called Meeting Square. During the festival.Police: Yes, yes.Caller: Oh, hey, hey, what's that called, it's a Halloween festival but it’s a serious situation. Oh, it's in front of the Meeting Square.Police: Yes.Caller: Yes, yes, the condition is a bit serious right now.Police: Meeting Square, Itaewon?Caller: Yes, Itaewon Station, Meeting Square.Police: Oh, yes, I understand. Yes.Caller: Yes. 22:00 Police: Emergency report 112.Caller: Ah, I want to report.

Walmart has agreed to pay $3.1 billion, mostly up front, according to two people familiar with the matter. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share. The agency has attributed much of the recent rise in overdose cases to illegally manufactured fentanyl, a powerful synthetic opioid. A congressional report last month put the economic toll of the opioid crisis in 2020 alone at $1.5 trillion.

The proposed settlement calls for CVS to pay $5 billion over 10 years, Walgreens to pay $5.7 billion over 15 years and Walmart to pay $3.1 billion, mostly up front, according to the people. Walgreens and CVS declined to comment. Walmart and a spokesperson for the plaintiffs' attorneys in the litigation did not immediately respond to requests for comment. The proposed settlement, which would be the first nationwide deal with retail pharmacy companies, follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion. CVS, Walgreens and Walmart are the three largest retail pharmacies in the country by market share.

☆ Morning Bid: Closer to fine
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom Westbrook. Having jumped the gun a few times, markets are again pricing in a pivot in monetary policy and might be getting closer to the mark. Bonds are rejoicing at this week's step-down in hiking speed at the Bank of Canada and hints the European Central Bank is getting closer to satisfied with its progress. Ten-year Italian BTPs are eyeing their best week in a decade, with yields down 73 basis points since last Friday's close. Markets now price a peak in the Fed funds rate around 4.8%, after flirting with 5% a week ago.

☆ Fact Check-Nazi symbols in Warsaw were part of movie set for World War Two film
▼ + stars: | 2022-10-27 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

Social media users are sharing images of Warsaw, Poland decorated with Nazi flags and swastikas, but the images are missing context. The images show the headquarters of the Polish Academy of Sciences, whose representatives told Reuters that the building and its immediate surroundings were turned into a movie set for a World War Two production. Photos of the Staszic Palace can be found on Google Maps (www.shorturl.at/nvMOU), showing a building that matches the one circulating on social media. More information on Skarbek, known as Christine Granville in England, and her work for the British Special Operations Executive during World War Two can be found (here). Nazi symbols in Warsaw were part of a movie set for a film about World War Two.

Oct 20 (Reuters) - Walmart Inc (WMT.N) has agreed to pay $215 million to resolve claims its pharmacies fueled an epidemic of opioid addiction in Florida, the state's attorney general announced on Thursday. The deal comes after the state earlier this year reached settlements with pharmacy operators Walgreens Boots Alliance (WBA.O) and CVS Health Corp (CVS.N) for $683 million and $484 million, respectively. Register now for FREE unlimited access to Reuters.com RegisterReporting By Brendan Pierson in New York; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

People are seen shopping in a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. Register now for FREE unlimited access to Reuters.com RegisterSteven Derringer, arguing for Walgreens, blamed the opioid crisis on excessive prescriptions and smaller, "mom and pop" pharmacies with lax controls. The U.S. opioid crisis has caused more than 500,000 overdose deaths over two decades, according to government data. One, brought by two Ohio counties, resulted in a jury verdict against Walgreens, Walmart and CVS Health Corp (CVS.N) last year, and a judgment of more than $650 million last month. Walmart and CVS settled with West Virginia last month for $82.5 million and $65 million, respectively, a week before a scheduled trial.

☆ World’s largest academic endowment lost money for the first time since 2016
▼ + stars: | 2022-10-14 | by ( Kate Trafecante | ) edition.cnn.com time to read: +2 min

CNN —Harvard University’s endowment lost $2.3 billion in fiscal 2022, blaming the loss on both the global market downturn as well as the university’s commitment to climate goals. This is the fund’s first negative return since 2016, according to the University’s Annual Financial Report, published on Thursday. During Harvard’s most recent fiscal year, which ended on June 30, HMC lost 1.8% on its investments, bringing the endowment’s total value down to $50.9 billion. The loss follows a banner year for fund, the largest academic endowment in the world. Its value increased by more than $10 billion to $53.2 billion fiscal year 2021 - the largest in the endowment’s history.

Up to 200 million euros of the capital will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. Local banking foundations in Tuscany - charitable organisations overseen by Italy's Treasury - have already put in some 30 million euros. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of only 8.6% over Wednesday's closing price stripped of subscription rights.

Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. If MPS gathers less than the maximum 2.5 billion euros, the state's contribution will be proportionally reduced so as not to exceed 64% of the total. At least 100 million euros will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of just 8.6% over Wednesday's closing price stripped of subscription rights.

☆ Harvard loses money in 2022 fiscal year as tumbling stocks hurt endowments
▼ + stars: | 2022-10-13 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 13 (Reuters) - Harvard University's endowment fund, the world's largest university endowment, lost money during the last year, marking a dramatic U-turn from the previous year's double-digit gains. Rattled by tumbling global markets, Harvard Management Co said it lost 1.8% in the fiscal year ended June 30, leaving the total endowment at $50.9 billion. Brown University lost 4.6%, decreasing the value of its endowment to $6.5 billion, the school said. Harvard's endowment chief noted that some other universities boosted returns by getting into the conventional energy sector. Last year, Harvard pledged to stop investing in fossil fuels after years of pressure from students, faculty and alumni.

Typically, banks would sell the debt to investors and pocket an underwriting fee. Elon Musk vs TwitterThe debate, currently a topic of conversation among investment bankers and debt investors, provides a window into the havoc wreaked on Wall Street by Musk’s U-turn last week. Musk, however, conditioned his proposal on his ability to secure debt financing and now has until Oct. 28 to close on the transaction. VARIOUS OPTIONSThe debt financing package is comprised of leveraged loans, which are risky because of the amount of debt the company is taking on, as well as secured and unsecured bonds. In September, banks financing the Citrix buyout undertook a similar restructuring.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

Attendee inspect Smith and Wesson firearms at the National Rifle Association's (NRA) annual meeting, in Indianapolis, Indiana, U.S., April 28, 2019. Smith & Wesson did not immediately respond to a request for comment. Wednesday's lawsuits allege that Smith & Wesson knowingly advertised its weapons, including the M&P-model rifle used by Crimo, to appeal to "militaristic fantasies" of troubled young men. "(Crimo) and other would-be mass shooters are highly susceptible to the disturbing promotional messages from Smith & Wesson," the lawsuits said. They are asking the court to stop Smith & Wesson from the allegedly illegal marketing, including by putting age restrictions on social media content and removing military references, and to award unspecified monetary damages.

☆ Saudi Arabia's wealth fund hires banks for debut green bonds
▼ + stars: | 2022-09-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

The Banco Sabadell logo can be seen behind leaves on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas/File PhotoLONDON/MADRID, Sept 21 (Reuters) - Spanish bank Sabadell (SABE.MC) has received indicative bids from France's Worldline (WLN.PA), Italy's Nexi (NEXII.MI) and U.S. firm Fiserv (FISV.O) for its payments arm, with a deal valued at up to 400 million euros ($393.64 million), three sources said. Register now for FREE unlimited access to Reuters.com RegisterSabadell, Worldline, Nexi and Fiserv declined to comment. In Spain, Sabadell has a strong presence on the payments front and accounts for close to 16.3% of the country's overall revenue generated at the point of sale (POS). Its payments arm, which is mainly focused on consumer lending, has core earnings of about 25-30 million euros, one of the sources said.

REUTERS/File PhotoSept 21 (Reuters) - Florida on Wednesday asked the U.S. Supreme Court to revive a state law aimed at stopping social media companies from restricting users' political speech after a federal appeals court blocked it earlier this year. Circuit Court of Appeals, allowed a similar Texas law that had also been challenged by NetChoice to take effect. NetChoice general counsel Carl Szabo said in a statement that the group agreed the case should be heard by the Supreme Court, and was confident it would prevail. read moreAlso in May, the Supreme Court, by a 5-4 vote, temporarily blocked the Texas law while lower courts considered NetChoice's challenge. Conservative Justices Samuel Alito, Clarence Thomas and Neil Gorsuch said in a dissent that it was not clear how the First Amendment should apply to large social media companies.

☆ In 5 National Parks, Hidden Gems and Roads Less Traveled
▼ + stars: | 2022-07-20 | by ( Colleen Creamer | ) www.nytimes.com time to read: +1 min

Those of us who’ve had to squeeze our way through crowds at national parks recently can attest how hugely — and annoyingly — popular the parks have become. The pandemic turned a Klieg light on nature’s allure, so much so that 44 parks set visitation records in 2021, according to the National Park Service. And, given the upward trajectory of 2021’s visitation numbers, it’s safe to say greater numbers are likely to be seen in many parks this year. But even the most popular parks have hidden gems and entrances that aren’t clogged with traffic. Packing a little patience, along with water, snacks and sunscreen, will go a long way.

Persons: who’ve Organizations: National Park Service Locations: Acadia, California’s Yosemite

☆ Renato Usatîi îl îndeamnă pe Sergiu Rența să își depună mandatul de consilier, după ce alesul local s-ar fi vaccinat în R. Moldova: „Sergiu, așa nu se poate"
▼ + stars: | 2021-03-30 | by ( Mudrii Elena | ) www.zdg.md time to read: +3 min

Unii oamenii de afaceri se angajează, pe timp de noapte, în calitate de servitori în cadrul instituțiilor medicale doar pentru a nimeri pe listele de vaccinare”, a declarat Usatîi. Sergiu Rența, consilier raional din Cahul, ales pe listele „Partidului Nostru”, a postat pe Facebook o imagine în care se laudă că s-a imunizat cu vaccinul Pfizer. Sergiu Rența le-a spus jurnaliștilor de la postul de televiziune TV8 că s-a vaccinat în municipiul Galați din România în calitate de cetățean român. Portalul Stopfals.md a verificat afirmațiile consilierului raional din Cahul Sergiu Rența și a constatat că ele sunt false. sursa foto: stopfals.mdPotrivit stopfals.md, certificatul de vaccinare a lui Sergiu Rența, eliberat, din spusele lui, la Galați este identic cu documentele emise de instituțiile medicale din Cahul.

Persons: Sergiu Rență, Sergiu, Renato Usatîi, Sergiu Rența, Cahul Sergiu Rența Organizations: Partidului Nostru, TV8, Partidului, Facebook Locations: Cahul, român, Galați, România, Moldova

☆ Peru: Trei morţi în cursul manifestaţiilor împotriva noului preşedinte
▼ + stars: | 2020-11-15 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Instalarea la preşedinţie a lui Merino (centru-dreapta), fost preşedinte al legislativului, a generat manifestaţii de protest la Lima şi în alte oraşe.Sâmbătă, mii de manifestanţi, în general foarte tineri, au ieşit din nou în stradă în a şasea zi consecutiv în mai multe oraşe pentru a cere demisia lui Merino, respingând ceea ce susţin că a fost o lovitură de stat parlamentară. Tinerii au arborat pancarte cu mesaje ca "Merino, nu eşti preşedintele meu", "Merino impostor" şi "Peru s-a trezit", scrie agerpres.ro. Şapte din 18 miniştri ai lui Merino şi-au anunţat demisia sâmbătă, după reprimarea protestelor, inclusiv cel al sănătăţii, Abel Salinas, potrivit presei locale.În schimb, premierul conservator Antero Flores Araoz (78 de ani) a exclus ca şeful statului să se retragă la presiunea străzii. "Nu prevede să se retragă întrucât milioane de peruani îl susţin. Din păcate, aceştia stau acasă şi nu i-aş invita să iasă", a spus premierul

Persons: Manuel Merino, Jorge Munoz, Carlos Castillo, Martin Vizcarra, Abel Salinas, Antero Flores Organizations: Congresului, Luis Valdez Locations: Lima, Peru, Luis, anunţat

Agenția Națională a Arhivelor a creat o pagină pe Instagram unde publică fotografii din perioada sovietică. Grăjdarul colhozului „Biruința”, satul Grigorievca, raionul Căușeni, anul 1947Colț sanitar în școala medie din satul Brânzeni, raionul Edineț, anul 1956Livrarea furajelor pentru bovine în colhozul „Voroșilov”, raionul Florești, anul 1956Pensionarul Lașcu F.I., în colhozul „Molotov”, satul Morozeni, raionul Orhei, anul 1983Altoirea butașilor de struguri. și Nistor T.C., colhozul „Viață Nouă”, satul Căușenii Vechi, raionul Căușeni, anul 1949Femeile pregătesc tutunul pentru uscare în colhozul „Viață Nouă”, raionul Florești, anul 1962Membrii echipei de anestezie din cadrul Spitalului Clinic nr. 1 din orașul Chișinău, anul 1986Lucrări de restaurare a Gării Feroviare din orașul Chișinău, anul 1941Vezi aici prima parte. Sursă foto: Instagram/Agenția Națională a Arhivelor

Persons: Molotov, și Nistor T.C Organizations: Agenția Națională a Arhivelor, Agenția Națională Locations: Chișinău, Căușeni, Edineț, Florești, Orhei, și, Chișinău

Search resuls for: "N.P"

25 mentions found