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☆ Intel terminates plan to buy Tower Semiconductor
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

Tower Semiconductor is seen on smartphone in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAug 16 (Reuters) - Intel (INTC.O) said on Wednesday it has terminated its plans to acquire Israeli contract chipmaker Tower Semiconductor (TSEM.TA) as it was unable to get timely regulatory approvals for the $5.4 billion deal. Intel, which signed a deal to buy Tower last year, will pay a termination fee of $353 million to the latter, according to a statement. Intel, however, did not mention the details about the regulatory approvals. Reporting by Anirudh Saligrama in Bengaluru; Editing by Savio D'Souza and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirudh, Savio D'Souza, Nivedita Organizations: Semiconductor, REUTERS, Intel, chipmaker, Reuters, Thomson Locations: Bengaluru

☆ Indian rupee drops below 83/USD, RBI likely intervenes
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Aug 14 (Reuters) - The Indian rupee on Monday declined below 83 to the U.S. dollar for the first time since October 2022, prompting the Reserve Bank of India to intervene, three traders told Reuters. The rupee was at 82.9650 to the dollar by 09:32 a.m. IST, down from 82.8450 on Friday. "It's obviously not a surprise that the RBI is there, but today seemed like the kind of day where it was possible they would relent". The Korean won, the Malaysian ringgit and the Indonesian rupiah were down between 0.6% and 0.8%. Reporting by Nimesh Vora; Editing by Savio D'Souza and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Nimesh Vora, Savio D'Souza, Sonia Cheema Organizations: U.S, Reserve Bank of India, Reuters, Korean, Malaysian, Thomson Locations: MUMBAI

☆ India's Adani group stocks hit by first auditor quitting over Hindenburg report
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was "not convincing." "The spotlight is back on Adani Group stocks and this time the auditor has raised concerns and resigned. The flagship Adani Enterprises (ADEL.NS) dropped 5.5%, while Adani Power (ADAN.NS), Adani Energy Solutions (ADAI.NS), Adani Wilmar (ADAW.NS), Adani Green Energy (ADNA.NS) and Adani Total Gas (ADAG.NS) declined between 3% and 5%. "In the near term, the Adani group stocks will likely remain under pressure and any re-rating will happen gradually when the water settles down."

Persons: Amit Dave, Hindenburg, Gautam Adani, Prashant Tapse, Adani, Avinash Gorakshakar, Rama Venkat, Savio D'Souza Organizations: Adani, REUTERS, Deloitte, Reuters, Adani Ports, Mehta, Adani Enterprises, Adani Energy Solutions, Energy, Profitmart Securities, Associates, BDO International, Thomson Locations: Ahmedabad, India, BENGALURU, Bengaluru

[1/2] A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoAug 14 (Reuters) - India's market regulator has sought 15 more days to complete its probe into the Adani group's dealings, it said in a filing before the country's Supreme Court. SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. Reporting by Jayshree P Upadhyay in Mumbai; Editing by Savio D'Souza and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, SEBI, Jayshree, Savio D'Souza, Jacqueline Wong Organizations: Securities and Exchange Board of India, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Mumbai, India

☆ Canada's Telesat says MDA to build 198 satellites, shares soar
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 11 (Reuters) - Satellite operator Telesat (TSAT.TO), has given space tech firm MDA (MDA.TO) a C$2.1 billion ($1.56 billion) contract to build 198 satellites for its low-earth orbit program. Telesat said it had earmarked $3.5 billion as capital expenditure for the Lightspeed project and that the MDA deal had helped it save $2 billion. The technology would also allow each satellite to be slightly smaller than the ones Telesat was previously considering. Telesat's Lightspeed network is designed to serve the connectivity requirements of enterprise and government users, with highly secure, resilient, low-latency broadband connectivity anywhere in the world. The company launched its first LEO 3 demonstration satellite aboard Rocket Lab's Electron rocket in July.

Persons: Dado Ruvic, Telesat, Samrhitha, Denny Thomas, Savio D'Souza, Shounak Organizations: REUTERS, MDA, Canadian, Lightspeed, Revenue, Thomson Locations: Bengaluru, Toronto

☆ South Korea's Hyundai to launch more EVs in India
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File PhotoBENGALURU, Aug 8 (Reuters) - South Korea's Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world's third-largest auto market. Hyundai has already laid out plans to invest $2.45 billion to beef up EV production in the country, and is bullish on the local appetite for EVS. "The country is becoming an increasingly important center for electric vehicle production and sales," Hyundai said. That could include Teslas, with the Elon Musk-run company (TSLA.O) planning to sell locally made EVs, starting at $24,000.

Persons: Andrew Kelly, Kia, Hritam Mukherjee, Nandan, Savio D'Souza Organizations: Hyundai Motor, New York, REUTERS, Hyundai, Kia, EV, Hyundai Motor Group, Elon, Thomson Locations: Manhattan , New York City, U.S, BENGALURU, India, Bengaluru

☆ Security firm ADT's commercial unit to be taken private by GTCR for $1.6 bln
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

A security sign for ADT is seen outside a home in Port Washington, New York, September 30, 2014. REUTERS/Shannon Stapleton/File PhotoAug 8 (Reuters) - Home and small business security firm ADT (ADT.N) said on Tuesday it will sell its commercial security, fire and life safety unit to private equity firm GTCR for $1.6 billion. ADT expects to use the net proceeds of about $1.5 billion from the deal to cut debt. "This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR's support and expertise," ADT CEO Jim DeVries said. Reporting by Aishwarya Jain; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Jim DeVries, Aishwarya Jain, Savio D'Souza, Arun Koyyur Organizations: REUTERS, ADT, Thomson Locations: Port Washington , New York

☆ Indian private credit funds rush to fill gap left by banks
▼ + stars: | 2023-08-08 | by ( Bhakti Tambe | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 8 (Reuters) - A growing number of Indian alternative investment funds are expanding their private credit business, filling a void left by banks and non-bank lenders and mirroring a pick-up in activity across Asia. Private credit funds typically invest in debt or hybrid securities of unrated and lower-rated companies. Edelweiss Alternatives has invested 359 billion rupees in private credit and is looking to launch its next real estate credit fund. Vivriti Asset aims to add 15 billion rupees to the roughly 35 billion rupees it already manages in private credit, managing director Vineet Sukumar said. Private credit funds lend to these companies at 12%-18%, splitting transactions into tranches.

Persons: Lakshmi Iyer, Vineet Sukumar, Goswami Infratech, Amit Agarwal, Ankur Jain, Bhakti Tambe, Savio D'Souza Organizations: Advisors, Investments, Vivriti, Management, Edelweiss, Thomson Locations: MUMBAI, Asia, Edelweiss

A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. The Elon Musk-led firm did not specify a reason for the departure of Kirkhorn, who has been with Tesla for 13 years. He will remain with the company through the end of the year to aid a smooth transition. Taneja, 45, joined Tesla after the automaker acquired SolarCity in 2016. Musk currently leads SpaceX, Neuralink, the Boring Company and is chief technology officer at social media platform X, formerly known as Twitter.

Persons: Thomas Peter, Zachary Kirkhorn, Taneja, Elon, Kirkhorn, Tesla, Deepak Ahuja's, Musk, Elon Musk, Gene Munster, Akash Sriram, Savio D'Souza, Arun Koyyur Organizations: REUTERS, LinkedIn, Elon, Deepwater Asset Management, Wall Street Journal, SpaceX, Neuralink, Boring Company, Twitter, Thomson Locations: Beijing, China, Austin , Texas, Bengaluru

☆ Campbell to buy Rao's premium sauces maker Sovos for $2.33 bln
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File PhotoAug 7 (Reuters) - U.S. packaged food maker Campbell Soup (CPB.N) will buy Michael Angelo's and Rao's owner Sovos Brands (SOVO.O) for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces. Campbell will pay $23 per share for Sovos, a nearly 28% premium to the stock's last close. Sovos' shares were trading at $22.48 while Campbell slipped 1.2% to $44.58 in early trade. Last month, Unilever (ULVR.L) said it would buy frozen yogurt brand Yasso in North America while Mars Inc agreed to buy Kevin's Natural Foods. In May, Campbell Soup sold Emerald Nuts to Flagstone Foods for an undisclosed amount.

Persons: Brendan McDermid, Campbell, Michael Angelo's, beefing, Sovos, Campbell Soup, Arun Sundaram, Savyata Mishra, Savio D'Souza, Shweta Agarwal, Sriraj Organizations: REUTERS, Sovos Brands, Unilever, Mars Inc, Flagstone Foods, CFRA, Thomson Locations: New York City, U.S, North America, Canada, Bengaluru

A partial counterweight to Apple for the S&P 500 and Nasdaq was Amazon.com. Amazon's rise were an 11-point positive for the S&P 500. Reuters GraphicsAverage hourly earnings rose 0.4% in July, unchanged from the previous month, exceeding expectations, taking the year-on-year increase in wages to 4.4%. DraftKings' (DKNG.O) shares rose 5.8% after the sports-betting firm raised its fiscal year 2023 revenue outlook. The S&P 500 posted 19 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 54 new highs and 91 new lows.

Persons: dents, jitters, Said Greg Bassuk, Brendan McDermid, Carl Icahn, DraftKings, Echo Wang, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Ganguli, Louise Heavens, David Gregorio Our Organizations: Companies, Apple, Dow, Nasdaq, AXS Investments, Treasury, Labor Department, Reuters, New York Stock Exchange, REUTERS, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York, Ukraine, China, New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. Data for June additions was revised lower to 185,000 jobs, from 209,000 reported previously. Reuters GraphicsAverage hourly earnings rose 0.4% in July, unchanged from the previous month, exceeding expectations, taking the year-on-year increase in wages to 4.4%. The yield on the 10-year benchmark Treasury note dipped after the jobs data, partly boosting some megacap stocks. Buoying the S&P 500 index, Amazon.com shares (AMZN.O) rose after the company issued an upbeat third-quarter outlook.

Persons: Brendan McDermid, Greg Bassuk, jitters, Said, Echo Wang, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Ganguli, Louise Heavens, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Apple, Nasdaq, Treasury, AXS Investments, Labor Department, Reuters, Microsoft, Dow Jones, Thomson Locations: New York City, U.S, Ukraine, China, New York, Bengaluru

The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks. "At this point in some ways the jobs data doesn't do much to the Fed. Giving solid boost to the S&P 500 index, Amazon.com shares (AMZN.O) surged 10.9% after the company issued an upbeat third-quarter outlook. Of the 422 companies in the S&P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts' estimates, according to Refinitiv data. Amgen (AMGN.O) gained 6.2% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.

Persons: Brendan McDermid, David Russell, Stocks, Carl Icahn, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Labor Department, Data, Reuters, Fed, Treasury, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. All eyes will be squarely on the July U.S. nonfarm payrolls report, due at 8:30 a.m. ET, with a Reuters poll of economists estimating payrolls increased by 200,000 jobs last month, after having risen 209,000 in June, showing labor market conditions remain tight. "Today's NFP data would be important for setting the market tone for the coming weeks," Jefferies strategist Mohit Kumar said. ET, Dow e-minis were up 10 points, or 0.03%, S&P 500 e-minis were up 8.5 points, or 0.19%, and Nasdaq 100 e-minis were up 44.25 points, or 0.29%.

Persons: Brendan McDermid, Amazon's, nonfarm, Jefferies, Mohit Kumar, Stocks, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Organizations: New York Stock Exchange, REUTERS, Apple Futures, Dow, Nasdaq, Amazon.com, Microsoft, Labor Department, Fitch, AAA, Dow e, Horizon Therapeutics, Sports, Thomson Locations: New York City, U.S, States, Bengaluru

☆ Blackstone to submit bid for stake in India's Cipla- report
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

Employees and security staff work at the reception area of Cipla at its headquarters in Mumbai, India June 17, 2015. REUTERS/Danish Siddiqui/FILE PHOTOAug 4 (Reuters) - U.S. based private equity fund Blackstone (BX.N) will submit a bid next week to acquire a 33.47% stake in Indian drugmaker Cipla (CIPL.NS), the Economic Times reported on Friday, citing people in the know. Reporting by Manvi Pant in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Manvi, Savio D'Souza Organizations: REUTERS, Danish, Blackstone, Economic Times, Thomson Locations: Cipla, Mumbai, India, Manvi Pant, Bengaluru

☆ SoftBank's Arm Ltd aims upto $70 bln valuation in September IPO - Bloomberg News
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - British chip designer Arm Ltd is targeting an initial public offering (IPO) at a valuation of between $60 billion and $70 billion as soon as September, Bloomberg News reported on Wednesday, citing people familiar with the matter. The roadshow is scheduled to start in the first week of September with pricing for the IPO to come in the following week, Bloomberg said. It was not immediately clear what impact any IPO investment by one or more of those companies would have on Arm's commercial relationships. Reporting by Gursimran Kaur in Bengaluru; Editing by Savio D'Souza, Nivedita Bhattacharjee and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Gursimran Kaur, Savio D'Souza, Nivedita, Sohini Organizations: REUTERS, Bloomberg, SoftBank Group Corp, Nasdaq, Reuters, Intel, AMD, Nvidia, Qualcomm, Thomson Locations: British, U.S, London, Bengaluru

Bankers have been worried about the eventual outflows of these funds, but RBI officials have assured them in informal meetings that they have adequate buffers to manage such an eventuality, the banking sources said. "Whenever banks have expressed concerns about potential outflows on the forex and debt market, the RBI has always responded positively," said a treasury official at a state-run bank. The official and other sources requested not to be named as they are not authorized to speak to the media. The RBI has never disclosed the quantum of such funds, the sources said. Reporting by Ira Dugal, Siddhi Nayak and Dharamraj Dhutia; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: CLSA, Ira Dugal, Siddhi Nayak, Dharamraj, Savio D'Souza Organizations: Reserve Bank of, U.S, Bankers, Reuters, Thomson Locations: MUMBAI, Reserve Bank of India, India, Siddhi

☆ Strathcona buys rival to go public, create Canada's 5th biggest oil company
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

It did not say when the combined company will start trading. Pipestone Energy has a market capitalization of $756.83 million, according to Refinitiv Eikon data. Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest. Including debt, the combined company will have a market capitalization of C$11.5 billion. Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.

Persons: Strathcona, Rob Morgan, Juby Babu, Savio D'Souza, Rashmi Organizations: Strathcona Resources, Pipestone Energy Corp, Strathcona, Pipestone Energy, Energy, Thomson Locations: Strathcona, Calgary , Alberta, Bengaluru

☆ Before suing Coinbase, SEC asked it to trade only in bitcoin -FT
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong. The SEC told FT that its enforcement division did not make formal requests for "companies to delist crypto assets". The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler has labeled the crypto industry a "Wild West" that has undermined investor trust in the U.S. capital markets. The SEC and Coinbase did not immediately respond to a Reuters request for comment on the report.

Persons: Coinbase, Brian Armstrong, Armstrong, let's, Gary Gensler's, Gensler, Juby Babu, Sonia Cheema, Savio D'Souza Organizations: U.S . Securities, Exchange Commission, SEC, Financial Times, Binance, Thomson Locations: Solana, Cardano, U.S, Bengaluru

☆ Intel results boost chip stocks on optimism PC market slump is ending
▼ + stars: | 2023-07-28 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

Intel is poised to add about $10 billion to its market value, based on its current price of $37. Intel's results lifted Advanced Micro Devices (AMD.O) and Nvidia (NVDA.O) by 3.2% and 2.3%, respectively, while Qualcomm (QCOM.O) advanced 2.6%. Although a titan of the American chip industry, Intel has fallen behind rivals such as Taiwan's TSMC and Nvidia both in terms of margins and market value as the PC market downturn and stiff competition in the data center market battered its business. Earnings reports from other chipmakers including Samsung (005930.KS) have also shown that the glut in the smartphone and PC markets is ending, but the outlook for demand from customers outside the AI industry remains gloomy. Intel has a 12-month forward price-to-earnings ratio of 31.10, compared with Nvidia's 43.26 and an industry median of 19.95.

Persons: Glenn O'Donnell, Forrester, Pat Gelsinger, Aditya Soni, Chavi Mehta, Savio D'Souza, Shounak Organizations: Intel, Devices, Nvidia, Qualcomm, Samsung, Rosenblatt Securities, Thomson Locations: KS, Bengaluru

July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.

Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th hike in the U.S. central bank's past 12 policy meetings. As of Wednesday, 77.6% of the 152 companies listed on the S&P 500 (.SPX) that have reported earnings have beaten analysts' expectations as compiled by Refinitiv. Advancing issues outnumbered decliners on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.64-to-1 ratio favored advancers. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 72 new highs and 92 new lows.

Persons: Brendan McDermid, Dow, Jerome Powell, Goldman Sachs, Angelo Kourfafas, Edward Jones, Brent Schutte, David Bahnsen, Jim Vena, Lance Fritz, Wells Fargo, decliners, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Boeing, Dow, Nasdaq, Federal, Fed, Northwestern Mutual Wealth Management, Google, NYSE, Bahnsen, Meta, Facebook, Refinitiv, Reuters Graphics Reuters, Dow Jones, Union Pacific, Thomson Locations: New York City, U.S, Bengaluru

☆ Ant Group plans restructuring, paving way for Hong Kong IPO - Bloomberg News
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Jack Ma-backed Ant Group (688688.SS) is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter. Once the restructuring is complete and Ant secures the license, it can prepare for a public listing in Hong Kong instead of reviving the dual Shanghai-Hong Kong listing plan that was suspended by Chinese authorities in 2020, Bloomberg said. Ant Group declined to comment on the report, while Alibaba did not immediately respond to a Reuters request for comment. Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO. Alibaba said it would not participate in the buyback but would maintain its shareholding in Ant.

Persons: Jack Ma, Ant, Alibaba, Jyoti Narayan, Savio D'Souza Organizations: Ant, Bloomberg, Alibaba, HK, Ant Group, Thomson Locations: China, Hong Kong, Shanghai, Bengaluru

☆ Aston Martin races past second quarter expectations
▼ + stars: | 2023-07-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO-Employees work on a car at the Aston Martin factory in Gaydon, Britain, March 16, 2022. Aston Martin kept its 2023 forecast for volumes of about 7,000 vehicles and an adjusted core profit margin of about 20%. Aston Martin reported an adjusted operating loss of 38.9 million pounds ($50.2 million) and revenue of 381.5 million pounds in the quarter to June. Analysts on average had expected an adjusted operating loss of 51 million pounds on revenue of 344 million pounds, according to a company-compiled consensus. Aston Martin said it was also on track to meet its medium-term financial targets.

Persons: Aston Martin, Phil Noble, Amedeo Felisa, Felisa, JP Morgan, James Bond's, China's Geely, Yadarisa, Savio D'Souza, Mark Potter Organizations: Aston, REUTERS, HK, Lucid, Thomson Locations: Gaydon, Britain, Bengaluru

☆ India tax council to meet on Aug 2 to finalise online gaming tax - source
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 26 (Reuters) - India's Goods and Services Tax (GST) Council will meet on Aug. 2 to decide on a 28% tax on funds that online gaming companies and casinos collect from customers, and finalise other rules, a government official said on Wednesday. The official asked not to be named because he was not authorised to speak to the media. The Finance Ministry and GST Council Secretariat did not immediately respond to a Reuters request for comment. Since the government first announced its plan for the tax on July 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers. This would be taken into account when a final decision is taken by the GST Council, Malhotra told NDTV.

Persons: Nirmala Sitharaman, Narendra Modi, Sanjay Malhotra, Malhotra, Nikunj Ohri, Savio D'Souza Organizations: Goods, Services Tax, India's, Finance Ministry, Tiger, Steadview, NDTV, Thomson Locations: DELHI

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