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☆ Former BP boss Bob Dudley says Looney’s shock exit ‘came out of nowhere’
▼ + stars: | 2023-10-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Arun Sankar | Afp | Getty ImagesFormer BP CEO Bob Dudley on Tuesday said that Bernard Looney's abrupt resignation last month came as a shock and denied any prior knowledge of the latter's past personal relationships with colleagues. Looney succeeded Dudley, who stood down as BP CEO in 2020. He informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues before becoming CEO, BP said. "Things at BP are OK. We move forward as you would expect, despite the change that happens," interim BP CEO Murray Auchincloss said Monday during a CNBC-moderated ADIPEC panel session. Dudley — who now chairs the Oil and Gas Climate Initiative, an organization backed by BP, Saudi Aramco, Exxon Mobil and other Big Oil firms — echoed Auchincloss' view.

Persons: Bernard Looney, Arun Sankar, Bob Dudley, Bernard Looney's, Dudley, Looney, Murray Auchincloss, Auchincloss, It's, Dudley — Organizations: Afp, Getty, BP, Financial Times, CNBC, Abu Dhabi International Progressive Energy Congress, BP Plc, Abu, Abu Dhabi International Petroleum Exhibition, United, Bloomberg, Climate Initiative, Exxon Mobil, Big Oil Locations: New Delhi, Abu Dhabi, United Arab Emirates, Saudi Aramco

A nurse fills a syringe with malaria vaccine before administering it to an infant at the Lumumba Sub-County hospital in Kisumu, Kenya, July 1, 2022. REUTERS/Baz Ratner/File photo Acquire Licensing RightsGENEVA, Oct 2 (Reuters) - The World Health Organization (WHO) recommended on Monday the use of a second malaria vaccine to curb the life-threatening disease spread to humans by some mosquitoes. recommended the broad use of the world's first malaria vaccine called RTS,S," WHO chief Tedros Adhanom Ghebreyesus told a briefing in Geneva. "Today, it gives me great pleasure to announce that WHO is recommending a second vaccine called R21/Matrix-M to prevent malaria in children at risk of the disease." "GSK has always recognised the need for a second malaria vaccine, but it is increasingly evident that RTS,S, the first ever malaria vaccine and the first ever vaccine against a human parasite, set a strong benchmark," GSK said in a statement.

Persons: Baz Ratner, Tedros Adhanom Ghebreyesus, Tedros, Poonawalla, Takeda, Hanna Nohynek, Gabrielle Tétrault, Farber, Leroy Leo, Gareth Jones, Mark Potter Organizations: Lumumba, REUTERS, Rights, World Health Organization, WHO, Britain's University of Oxford, UNICEF, Serum Institute of India, Reuters, GSK plc, United Nations, GSK, Takeda Pharmaceuticals, Thomson Locations: Kisumu, Kenya, Geneva, Ghana, Malawi, Bengaluru

☆ ‘We are not in the business of ice cream’: Big Oil CEOs defend themselves against climate criticism
▼ + stars: | 2023-10-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Executives representing energy majors in the U.S., Europe and Asia speak during a CNBC-moderated panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. "So, the debate has always been posed here, I'm reminded of an old saying: 'If you want to keep everyone happy, sell ice cream.' We are not in the business of ice cream — and I'm reminded, there are people who are lactose intolerant," Taufik said. "In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. Wael Sawan, chief executive officer of Shell Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.

Persons: We've, Tengku Muhammad Taufik, I'm, Taufik, Vicki Hollub, Oxy, Hollub, Patrick Pouyanne, Pouyanne, Wael Sawan Organizations: CNBC, Abu, Abu Dhabi International Petroleum Exhibition, United, United Arab Emirates, Bloomberg, Getty Images, Monday, Big Oil, Amnesty, Petronas, Shell Plc, Getty Locations: U.S, Europe, Asia, Abu Dhabi, United Arab, Paris

☆ Glencore may look elsewhere for recycling hub after Italy rejects fast-track approval
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 1 (Reuters) - Glencore Plc (GLEN.L) may look at alternative options for a recycling hub in Europe for electric car batteries after the Italian region of Sardinia rejected a fast-track approval process for its pilot project, the mining company said. The companies said they would set up the hub in Portovesme, in Sardinia, by re-purposing Glencore's existing production sites on the island. Sardinia's regional government said on Friday the pilot project for the recycling hub could not be granted a fast-track approval process. "Glencore may consider alternative options for a European battery materials processing hub if the unnecessary extension of the approval process results in a delayed timeline that makes the project economically unviable," it said.

Persons: Arnd, Glencore, Francesca Landini, Jane Merriman Organizations: REUTERS, Glencore, Cycle Holdings, Thomson Locations: Baar, Switzerland, Europe, Italian, Sardinia, Italy, Portovesme

☆ Exclusive: Carlyle in exclusive talks for $7 bln-plus Medtronic units deal-sources
▼ + stars: | 2023-09-29 | by ( David Carnevali | ) www.reuters.com time to read: +1 min

Medtronic Plc logo is seen displayed in this illustration taken, April 10, 2023. Medtronic is seeking to streamline its portfolio and focus on its higher-growth assets, such as its heart and diabetes devices. The units that Medtronic would shed would be moved to a new company majority-owned by Carlyle, the sources said. Medtronic would retain a stake in the new company of more than 35%, the sources added. Medtronic and Carlyle declined to comment.

Persons: Dado Ruvic, Medtronic, Carlyle, David Carnevali Organizations: REUTERS, Carlyle Group Inc, Medtronic, Carlyle, Thomson Locations: New York

☆ Australia's Energy One says no proof of malicious activity after cyber incident
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Australian software supplier Energy One (EOL.AX) said on Friday it had not uncovered any evidence of malicious activity on their customer systems after a cyber incident was first identified last month. The company had previously said some personal information of its current and former employees had been compromised, for which the notification process is underway. "Our investigations have not revealed any evidence that customer systems have been impacted and the company continues to securely trade," Energy One said in a statement on Friday. Australian firms have suffered many cyber attacks since September 2022, putting the spotlight on the country's understaffed cybersecurity industry. Recently, Shell Plc (SHEL.L) identified a cybersecurity incident involving some employees at BG Group in Australia, the latest company to be hit by the MOVEit hack.

Persons: Clare O'Neil, Ayushman Ojha, Rashmi Aich, Sherry Jacob, Phillips Organizations: Energy, Shell Plc, BG Group, Home Affairs, Thomson Locations: Australian, Australia

☆ UK business confidence slips in September: Lloyds Bank
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

Companies Lloyds Banking Group PLC FollowLONDON, Sept 29 (Reuters) - British business confidence declined in September as optimism about the economic outlook faded, a survey showed on Friday, adding to signs of a slowdown in the economy. The Lloyds Bank Business Barometer, which surveys around 1,200 companies across the economy, fell to 36% from August's 18-month high of 41%. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said the BoE's decision - taken after the survey was conducted - could underpin business confidence in the coming months. While Lloyds said its gauge of pricing expectations inched higher in September, hiring intentions cooled. The proportion of companies planning to raise salaries also fell, although remained around the average for the year.

Persons: Hann, Ju Ho, Andy Bruce Organizations: Lloyds Banking Group, Lloyds Bank, P Global PMI, Lloyds, Bank of England, Lloyds Bank Commercial Banking, National Statistics, Thomson

We are growing but nowhere near fast enough," said Ben Blackwell, CEO of the Global Wind Energy Council. In June, Siemens Gamesa said quality problems at its two most recent onshore wind turbines would cost 1.6 billion euros ($1.7 billion) to fix. "The ratio between risk and reward is out of line in the offshore wind market in many jurisdictions. You can see this from investors not showing up," the Global Wind Energy Council's Blackwell told Reuters. "The situation in U.S. offshore wind is severe," Orsted CEO Mads Nipper said last month.

Persons: Pascal, Jon Wallace, WindEurope, Markus Krebber, Germany's, Ben Blackwell, Rob West, Siemens Gamesa, Fraser McLachlan, McLachlan, Jochen Eickholt, Wallace, Energy Council's Blackwell, Denmark's Orsted, RWE's Krebber, Joe Biden's, Mads Nipper, Nina Chestney, Nichola Groom, Christoph Steitz, Nora Buli, Francesca Landini, Toby Sterling, David Clarke Organizations: REUTERS, Rights, European, Jupiter Asset Management, EU, Shell, Siemens, LinkedIn, Wind Energy, Thunder Said Energy, GCube Insurance, Bloomberg New Energy Finance, Energy, Reuters, European Commission, Thomson Locations: Le Havre, Normandy, France, European Union, Britain, Netherlands, Norway, Ukraine, Jupiter, U.S, Los Angeles, Frankfurt, Milan, Amsterdam

JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory's anti-trafficking efforts. The remaining $20 million will cover attorneys' fees incurred by the Virgin Islands as part of the litigation in federal court in New York. The Virgin Islands said the deal "includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures." Virgin Islands Attorney General Ariel Smith said the agreement settles what was the first enforcement action against a bank for facilitating and profiting from human trafficking. The Virgin Islands previously obtained a $105 million settlement from Epstein's estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.

Persons: JPMorgan Chase, Jeffrey Epstein, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Jes Staley, Epstein, Staley, Ariel Smith, Smith, Boies Schiller Flexner, Stephanie Keith, Leon Black, Jamie Dimon, Jed Rakoff, Virgin Organizations: JPMorgan, U.S . Virgin, Virgin Islands, Virgin, Barclays Plc, Bloomberg, Getty Images Bloomberg, Getty, Treasury Department Locations: New York, New York City, U.S, Manhattan, Virgin, Epstein's, Florida

☆ Candy Crush Saga hits $20 billion revenue milestone, maker King says
▼ + stars: | 2023-09-26 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

[1/2] Mascots dressed as characters from the mobile video game "Candy Crush Saga" pose outside the New York Stock Exchange ahead of the IPO of Mobile game maker King Digital Entertainment Plc March 26, 2014. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - Candy Crush Saga, the matching game played by millions on their commute, has reached $20 billion in revenue since its 2012 launch, maker King said, adding that it would soon release levels up to 15,000 for the most dedicated players. King President Tjodolf Sommestad said Candy Crush Saga and its other titles like Farm Heroes Saga showed that mobile games could have enduring appeal. Todd Green, Candy Crush general manager, said the game was constantly updated to make it more satisfying, from optimising the tiny bounce when candies land in the grid to adding new levels, including the 15,000 milestone. "Candy Crush took us a few months to build but we added 10 years of development after that."

Persons: Brendan McDermid, King, Tjodolf Sommestad, Candy, Sommestad, Todd Green, Candy Crush, Crush, Paul Sandle, Bill Berkrot Organizations: New York Stock Exchange, Mobile, King Digital Entertainment, REUTERS, Facebook, Activision Blizzard, Microsoft, Thomson Locations: U.S

Kevin Hodges, a partner at law firm Williams & Connolly, was the first member of Amazon's defense team identified in a court document in the case. Amazon General Counsel David Zapolsky, a 24-year veteran of the company's legal department, can turn to a stable of top outside law firms that already represent it. Thomas Barnett, co-chair of the firm’s antitrust practice and a former senior Justice Department official, was involved in the effort. A Covington spokesperson did not respond to a request for comment on whether the firm is defending Amazon in the FTC antitrust case. Amazon has also turned to U.S. law firm Paul, Weiss, Rifkind, Wharton & Garrison to navigate government scrutiny.

Persons: Jim Vondruska, Kevin Hodges, Williams, Connolly, Hodges, John Schmidtlein, David Zapolsky, Lina Khan, Thomas Barnett, Covington, Paul, Weiss, Garrison, Paul Weiss, Andrew Goudsward, Mike Scarcella, David Bario, Matthew Lewis Organizations: Amazon Logistics, REUTERS, U.S . Federal Trade, Amazon.com, Amazon, Williams, U.S . Justice, Microsoft, BP, Big Tech, Alphabet's, Google, FTC, Burling, Department, D.C, Covington, Thomson Locations: Chicago . Illinois, U.S, WASHINGTON, Washington, Mexico, Covington, Rifkind, Wharton

☆ US CDC panel weighs use of Pfizer's maternal RSV vaccine to protect infants
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

[1/3] A child suffering from an RSV infection at the pediatric intensive care unit at the Asklepios Clinic in Sankt Augustin, Germany, December, 6, 2022. RSV is a common respiratory virus that usually causes mild, cold-like symptoms but can also lead to serious illness and hospitalization. It is typically a seasonal illness, starting in the autumn and peaking in the winter in most of the U.S., according to the CDC. An estimated 58,000 to 80,000 children below the age of five years are hospitalized every year due to RSV infection in the U.S., according to government data. However, the agency said the difference did not appear to be statistically significant, thus might have been due to chance.

Persons: Benjamin Westhoff, Sriparna Roy, Bill Berkrot Organizations: Asklepios, REUTERS, Pfizer, GSK, U.S . Centers for Disease Control, Prevention, U.S . Food, Drug Administration, CDC, FDA, Thomson Locations: Sankt Augustin, Germany, U.S, Bengaluru

☆ Looking for value stocks? Citi lists over 10 European names — for risk-takers and the cautious
▼ + stars: | 2023-09-22 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

European value stocks are doing better than growth stocks right now, according to Citi analysts. Citi defined "quality" value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. Citi said investors "have not been particularly risk-averse," as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. 'Risky value' stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for "value low risk" and quality.

Persons: TotalEnergies, Moller Maersk, — CNBC's Michael Bloom Organizations: Citi, HSBC Holdings, Zurich Insurance Group, ABN AMRO, Imperial Brands, Nokia, BNP, BMW, Bayer, Life, WPP PLC Locations: European, China, Dutch, Danish

[1/2] A model of a new fighter jet of the Global Combat Air Programme (GCAP) led by Britain, Japan, and Italy, is seen at the DSEI defence event in London, Britain, September 12, 2023. Reuters/Sarah Young/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - Japan, Britain and Italy plan to choose Britain as the headquarters for their next-generation fighter program, four sources in Japan said, putting London at the forefront of a partnership that could expand to include other nations. "Discussion about the headquarters is ongoing and we are unable to comment on the location," Japan's defence procurement agency said in an email. "No final decisions have been made on the locations and we will not comment on speculation," a spokesperson at Britain's defence ministry said. Officials at the Italian defence ministry were unavailable for comment.

Persons: Sarah Young, Leonardo, LDOF.MI, Richard Berthon, Britain's, Tim Kelly, Nobuhiro Kubo, Paul Sandle, Angelo Amante, Gerry Doyle Organizations: Global Combat Air, Reuters, Rights, London, United, United Arab Emirates, Combat, Britain's Ministry of Defence, BAE Systems PLC, Mitsubishi Heavy Industries, Mitsubishi Electric Corp, Royce PLC, Japan's IHI Corp, Thomson Locations: Britain, Japan, Italy, London, Saudi Arabia, United Arab, GCAP, European

☆ This month's three big IPOs gave up their early gains this week, denting market confidence
▼ + stars: | 2023-09-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Three highly anticipated initial public offerings that came to market this past week raised investor hopes that a nearly two-year-long drought in IPOs might finally be coming to an end. In fact, the Renaissance IPO ETF that tracks aftermarket trading in recent IPOs picked up heading into Arm's offering, but fell 2.5% on Thursday and is down nearly 5% this month. Market barometer IPOs are a barometer of market confidence as investors bet on the hope that they are snatching up companies with strong growth potential, said Truist Advisory Service's chief market strategist Keith Lerner. The underwhelming performance of recent IPOs is just another sign that the choppy market waters are likely to continue, he added. From that perspective, the recent IPOs aren't necessarily a sign of market failure, according to Sarhan.

Persons: Adam Sarhan, —, Instacart, Keith Lerner, Lerner, Sarhan, Michael Bloom Organizations: Investments, ARM, Arm Holdings, Klaviyo, CART, Facebook Locations: IPOs, Arm's, British

Benefit consultants from Mercer, Aon (AON.N) and Willis Towers Watson (WTW.O) see employer healthcare costs jumping 5.4% to 8.5% in 2024 due to medical inflation, soaring demand for costly weight-loss drugs and wider availability of high-priced gene therapies. Benefit consultants help design insurance plans for medium and large employers. About two-thirds of U.S. workers receive benefits through such plans.Insurers UnitedHealth (UNH.N), Centene (CNC.N), Cigna (CI.N) and Elevance (ELV.N), which manage employer insurance plans, declined to comment for this story. Of its projected 8.5% increase in employer healthcare costs for next year, Aon anticipates 1 percentage point coming from weight-loss drugs alone. Gene therapy treatment of just one employee could significantly raise costs for a company, consultants said.

Persons: Srdjan, Willis Towers Watson, Mercer, Marsh McLennan, Beth Umland, Aon, Novo's Ozempic, Eli Lilly's, Janet Faircloth, Jodi Picoult's, Khushi Mandowara, Leroy Leo, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Reuters Graphics, Novo, Reuters, Employers, Thomson Locations: Ljubljana, Mercer, Aon, United States, Bengaluru

☆ Philip Morris considers selling stake in pharmaceuticals unit to boost healthcare division
▼ + stars: | 2023-09-20 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Philip Morris International is considering selling off a stake in its largest pharmaceuticals unit. But more recently the division has struggled, and Philip Morris has had talks with Deutsche Bank on a range of options to try to grow its wellness and healthcare division, the WSJ first reported. In recent years, Philip Morris has also acquired Fertin Pharma, a nicotine gum maker, and OtiTopic, a respiratory drug maker. And, in the second quarter of this year, the company took a $680 million impairment charge related to its wellness and healthcare division. The news comes as the tobacco company continues to face resistance from public health groups.

Persons: Philip Morris, it's, Concordia, Philip Morris's Organizations: Philip Morris International, Marlboro, Deutsche Bank, WSJ, Fertin Pharma, PMI, Concordia, UN, Assembly Locations: New York

Since then, Unilever has worked to make Elida an autonomous unit that could also appeal in its entirety to private equity firms, the sources added. Morgan Stanley and Evercore have now contacted several parties to gauge acquisition interest in Elida for what could be a multi-billion-dollar deal, according to the sources. Unilever, Morgan Stanley and Evercore declined to comment. This has prompted Unilever, the maker of Dove soap and Ben & Jerry's ice cream, to review its portfolio of non-core assets it can sell to raise cash. Unilever beat underlying sales growth forecasts in the second quarter after raising prices to offset the higher costs.

Persons: Morgan Stanley, Hein Schumacher, Ives, Moussel, Alberto Balsam, Evercore, Abigail Summerville, Richa Naidu, Chizu Organizations: Unilever Plc, Evercore Inc, Unilever, Credit Suisse, Elida, Breyers, Thomson Locations: St, Zwitsal, Elida, Klondike, New York, London

☆ House prices are falling and rents are rising in the UK. These 2 stocks will benefit, analysts say
▼ + stars: | 2023-09-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Falling house prices and rising rents are expected to benefit two U.K. stocks focused on the private rented sector: The PRS REIT PLC and Grainger PLC , according to stock analysts. Those contrary trends of declining house prices and surging rents have created a favorable environment for companies owning rental housing — like PRS REIT and Grainger. Jefferies has forecast 9% rental growth for PRS REIT in 2023, while Berenberg expects continued "strong organic rental growth to result in continued earnings growth, despite increasing finance costs." The investment banks also pointed to high occupancy rates for the two landlords: 97-98% for PRS REIT and 98.7% for Grainger. PRS REIT shares have dropped 21% in the past year, far above the 2.1% decline for the FTSE 250 index.

Persons: Grainger, PRS REIT, Jefferies, Berenberg, Numis, Mike Prew Organizations: PRS REIT PLC, Grainger PLC, National Statistics, PRS, PRS REIT, Grainger Locations: London

☆ London stocks open higher on surprise CPI data
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-heavy FTSE 100 (.FTSE) rose 0.6% by 0705 GMT, while the sterling weakened 0.4% against the U.S. dollar, hitting its lowest levels since May. Britain's annual consumer price inflation (CPI) unexpectedly fell to 6.7% last month from 6.8% in July, data showed, while economists polled by Reuters had forecast CPI would rise to 7.0%. M&G (MNG.L) gained 3.3% after the insurer posted a better- than-expected 31% rise in its first-half operating profit. Mid-cap stocks (.FTMC) soared 1.4%, boosted by a 3.8% rise in Dunelm Group Plc (DNLM.L) after the homeware retailer said it expected higher sales volumes to drive earnings in 2024.

Persons: Toby Melville, BoE, Siddarth, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, Bank of England, U.S ., Reuters, Dunelm, Thomson Locations: City, City of London, Britain, Bengaluru

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources said, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Timothy Gardner Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, the company said, after pricing the share sale above its indicated range. Klaviyo said it priced 19.2 million shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Dimpal, Timothy Gardner, Miral Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York, Bengaluru

☆ Klaviyo valued at $9.2 billion after pricing IPO above range: Reuters
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +1 min

Andrew Bialecki, CEO and co-founder of Klaviyo, poses for a portrait in Boston on Sep. 5, 2019. Marketing automation company Klaviyo Inc secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources told Reuters, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday, according to Reuters. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share.

Persons: Andrew Bialecki, Klaviyo, Ed Hallen, Goldman Sachs, Morgan Stanley, William Blair Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank Group, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters Locations: Boston, U.S

☆ Here's Goldman Sachs' complete guide to successfully trading IPOs
▼ + stars: | 2023-09-18 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Wary of high valuations Goldman warned investors about IPOs that have high valuations. "Investors should also be wary of IPOs that come to market at extremely high valuations," Kostin said. Day 1 indicator IPOs that pop dramatically on the day that they debut can typically sustain their rally in the short run, Goldman said. Conversely, IPOs that fall on their first day typically decline by an additional 4% over the subsequent three months. But Goldman noted that the first day indicator doesn't correctly predict IPOs' long-term performance.

Persons: Goldman Sachs, Goldman, Russell, David Kostin, Kostin Organizations: Arm Holdings, Wall, Reserve, Turo, SoftBank

☆ FTSE 100 slips at open ahead of Fed, BoE monetary policy decisions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.1%, FTSE 250 off 0.2%Sept 18 (Reuters) - UK's FTSE 100 slipped at open on Monday as investors await interest rate decisions from the U.S. Federal Reserve and the Bank of England (BoE), while Britain's main manufacturing trade body cut its forecast for the sector's growth for this year. The exporter-heavy FTSE 100 (.FTSE) slipped 0.1% by 0712 GMT, while the mid-cap FTSE 250 (.FTMC) was down 0.2%. Britain's main manufacturing trade body cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty. Reporting by Siddarth S in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, BoE, Siddarth, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Federal Reserve, Bank of England, Phoenix Group, Mondi, Sezar, Thomson Locations: City, City of London, Britain, Russia, Moscow, Bengaluru

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