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☆ Ambani’s finance listing will measure disruption
▼ + stars: | 2023-05-11 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Back in 2019 the boss of $200 billion Reliance Industries (RELI.NS) had pledged to spin out its giant retail and digital units. He has since lured big strategic and financial investors including Meta (META.O), Alphabet’s (GOOGL.O) Google and KKR (KKR.N)into those businesses. Jio Financial could be listed as soon as September. The entity will be renamed Jio Financial Services. Jio Financial will list as soon as September, a person familiar with the situation told Breakingviews.

[1/3] Alphabet CEO Sundar Pichai speaks at the Google I/O 2023 conference, in Mountain View, California, U.S., May 10, 2023. Called the Search Generative Experience, the revamped Google can craft responses to open-ended queries while retaining its recognizable list of links to the Web. "We are reimagining all of our core products, including search," Sundar Pichai, Alphabet's CEO, said after he took the stage at the event. Generative AI can, using past data, create brand new content like fully formed text, images and software code. WHAT OUTFIT TO WEARWith the embedded AI, Google still looks and acts like its familiar empty search bar.

☆ Medvedev to focus on more spin, improved sliding on clay
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - World number three Daniil Medvedev said he wants to focus on playing more spin and sharpen his slide to develop his game on clay as he gears up for Italian Open this week. Asked about what he has to do in order to play good tennis on clay, Medvedev told reporters on Tuesday: "Play definitely some more spin. Especially the sliding, I think the sliding was always a problem. Despite not being the biggest fan of clay, Medvedev reached the Monte Carlo semi-finals and Barcelona final in 2019. The Italian Open runs until May 21, with the French Open Grand Slam beginning in Paris a week later.

☆ 5 Tony-Nominated Broadway Shows, 5 Stagecraft Secrets
▼ + stars: | 2023-05-10 | by ( Michael Paulson | ) www.nytimes.com time to read: +1 min

The wordless preshow — a big Hollywood star silently spinning — was born of an impulse. An early readthrough in Chastain’s apartment planted the seed of the idea: She did the reading from her armchair, prompting a transfixed Lloyd to suggest she consider performing the play that way. “I wanted it to feel like I’ve been sitting there for years,” she said, “and haven’t fully woken up to the possibilities.”And why does she rotate? Lloyd said that concept was central to the show’s design. “It’s a very political play — that’s why it’s endured — but it’s also very psychological, about someone spiraling out of control,” he said.

☆ UK's Melrose Industries to focus on aerospace after automotive spin-off
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The company also said it expects annual revenue between 3.35 billion pounds ($4.23 billion) and 3.45 billion pounds, while analysts are expecting a revenue of 3.4 billion pounds, according to company-compiled estimates. Melrose also said it will not seek acquisitions of "an unrelated industrial business or, in the near term, a material aerospace business," as it shifts its strategy to focus on aerospace. In April, Melrose listed shares in the former automotive division of British engineer GKN on the London Stock Exchange. Newly created Dowlais (DWL.L), which encompasses GKN's Automotive, Powder Metallurgy and Hydrogen businesses, was spun off to existing Melrose shareholders. It is still holding on to GKN's Aerospace division, which manufactures airframe and engine structures and interconnection systems for the aerospace industry.

☆ ValueAct loses its temper in 7-Eleven
▼ + stars: | 2023-05-10 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, May 10 (Reuters Breakingviews) - ValueAct Capital’s chief Mason Morfit prefers to chide undervalued conglomerates behind closed doors. In its latest 151-page presentation, ValueAct took its case directly to shareholders, the second time it has seen fit to do so in its history. That highlights the U.S. fund’s frustration from its two-year long campaign calling for Seven & i to spin off its 7-Eleven convenience stores, among other things. That implies a standalone 7-Eleven could be worth 10 trillion yen, roughly a quarter more than its parent today. He may have a point, and in truth ValueAct has far more experience turning around technology companies than food retailers.

☆ Boys, 6 and 3, crash parents’ car, while driving to buy a toy car
▼ + stars: | 2023-05-10 | by ( Heather Chen | ) edition.cnn.com time to read: +1 min

CNN —It was a late night joyride that thankfully ended without anyone getting seriously hurt. The apparent reason for the brothers’ late night joyride? They were heading to the shops to buy a new toy car. They can be heard telling passersby that they want to go to a toy store to buy a model car. They said the case is being investigated under Section 43 of the Road Transport Act 1987 for reckless driving.

☆ For Trump, a Verdict That’s Harder to Spin
▼ + stars: | 2023-05-10 | by ( Maggie Haberman | Jonathan Swan | ) www.nytimes.com time to read: +1 min

When Alvin L. Bragg secured the indictment of former President Donald J. Trump, it galvanized Trump supporters. Ron DeSantis of Florida, mark that indictment as the moment that Mr. Trump sped away from his nearest opponent in the polls. The price that Mr. Trump was ordered by the jury to pay his accuser, Ms. Carroll, was $5 million, in a verdict he has promised to appeal. Mr. Trump was said to be furious about the verdict, and questioning the various decisions that were made by his team in the defense. Far from letting up on Ms. Carroll, his team plans to aggressively attack her claims and tether her to Democrats.

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

Walmart de Mexico (Walmex) (WALMEX.MX) in April said it had bought Trafalgar, a payment app, to compete in a market dominated by Grupo Salinas' Baz, Oxxo's (FEMSAUBD.MX) Spin and MercadoPago of MercadoLibre (MELI.O). Executives at the Walmart unit expect the deal to "unlock Cashi's potential," starting with transfers, withdrawals and remittances while keeping open the option of loans and other financial services in the future. "We want to be the best financial services application in Mexico, and that requires constant investment," Marcelino Herrera, Walmex senior vice president of financial services, told Reuters. Walmart plans over $15 billion in capital expenditures for automation and alternate revenue streams in 2023, including its ad business, third-party marketplace, and deliveries. SYNERGIESWalmart has not defined fintech as a top investment priority but has poured money into it over the past year.

☆ Hurricanes of Data: The Tiny Craft Mapping Superstorms at Sea
▼ + stars: | 2023-05-09 | by ( Porter Fox | ) www.nytimes.com time to read: +35 min

The Tiny Craft Mapping Superstorms at Sea Shortly after dawn on Sept. 30, 2021, Richard Jenkins watched a Category 4 hurricane overrun his life’s work. That August, a sister ship, SD 1031, successfully entered Tropical Storm Henri, but only in its early stages. Hurricane research, modeling and forecasting requires many terabytes of data for every square mile the storm passes through, including vitally important sea-level data from inside a storm. The next day, the depression was upgraded to a tropical storm and officially given the name Sam. And four months later, Tropical Storm Megi killed more than 150, wiped out several villages with landslides and displaced more than a million people.

☆ Disney's Iger may have to add slowing growth to his turnaround checklist
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Disney is also embroiled in a legal fight with Florida Governor Ron DeSantis over state efforts to control Disney World. The media and entertainment giant's Disney+ streaming service is expected to add a net 1.3 million subscribers in the second quarter, compared with additions of 7.9 million a year ago, according to Visible Alpha. "Star Wars" spin-off "The Mandalorian" was Disney+'s most in-demand series both in the U.S. and worldwide during the quarter, according to data provider Parrot Analytics. The streaming unit's operating loss is expected to widen to about $750 million from a loss of nearly $670 million a year earlier. That would mark the slowest growth since the second quarter of 2021, as the company's cable business also takes a hit from an ad market slowdown.

REUTERS/Aly Song/File PhotoSYDNEY/HONG KONG, May 8 (Reuters) - Alibaba's (9988.HK) logistics arm aims to raise up to $2 billion via a listing in Hong Kong likely early next year, sources with knowledge of the matter said, bolstering hopes for a capital markets revival in the Asian financial hub. Cainiao, which has started work on the IPO, is looking to raise between $1 billion and $2 billion in Hong Kong, according to three sources. IPO PROSPECTSDealmakers hope that Cainiao's potential IPO, expected to be followed by market debuts from some of the other Alibaba units in the near-term, could help revive sluggish fundraising activities in Hong Kong. About $1.5 billion has been raised from IPOs in Hong Kong so far this year, marginally above the $1.2 billion raised in the same period last year, according to Refinitiv data. ($1 = 6.9149 Chinese yuan renminbi)Reporting by Scott Murdoch in Sydney and Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Asset management firm discusses HSBC and Asia spin-off proposal
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Breathing out' for HSBC shareholders to know spin-off proposal was denied: Asset management firmDan Scott of Vontobel Asset Management says HSBC shares are continuing to do well and "it's business as usual."

☆ Free F1 live stream: Where to watch Miami Formula 1 GP online from anywhere
▼ + stars: | 2023-05-07 | by ( Brendan Griffiths | Senior Commerce Director | ) www.businessinsider.com time to read: +4 min

It's all shaping up nicely, and you won't want to miss today's F1 Miami GP live stream. We can help show you where to watch a free F1 live stream of the Miami race today with various viewing options worldwide. Watch a free Miami F1 live streamThis weekend's simplest option for a free F1 live stream is using a VPN to tune into one of the free European streams mentioned above. How to watch the Miami F1 live stream with a VPNSign up for a VPN if you don't have one. Turn it on and set it to a country with a free live stream.

The buyout consortium has turned to other private equity firms to help fund the deal as direct lenders, one of the sources added. There is no certainty that Warburg Pincus and Advent will successfully complete negotiations to acquire the unit and Baxter may still opt to sell to another bidder or keep the business, according to the sources. Baxter, Warburg and Advent did not immediately respond to requests for comment. Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines. The company said dialysis operations, which are a part of Baxter's renal care unit, had become a drag on its margin.

☆ Use the writers' strike as an opportunity to catch up on some content
▼ + stars: | 2023-05-06 | by ( Lisa Respers France | ) edition.cnn.com time to read: +5 min

While Hollywood deals with the first TV and movie writers’ strike in 15 years, the wealth of content that we have available to us is a good reminder of the creativity those writers have put into making the shows and movies we love. Something to sip on…Corey Mylchreest as Young King George, India Amarteifio as Young Queen Charlotte in episode 101 of "Queen Charlotte: A Bridgerton Story." Liam Daniel/NetflixOne of the reasons the strike is even happening is because streaming has changed the entertainment industry so much that writers say their wages are being adversely affected through shorter seasons and changing distribution models. Those individuals can’t work – and some of our favorite shows will be delayed – unless writers and studios reach a new agreement soon. In the meantime, catch up on some brilliant shows you’ve missed.

☆ Where to watch the coronation live stream free online from anywhere: King Charles' schedule in full
▼ + stars: | 2023-05-06 | by ( Brendan Griffiths | Senior Commerce Director | ) www.businessinsider.com time to read: +6 min

This guide will run through everything you need to know on where to watch the coronation live stream for free online, wherever you are in the world. And if your country isn't showing a King Charles coronation live stream, or you want to tune into the comprehensive and ad-free British coverage, we can help show you how just a few minutes from now via a VPN. The BBC2 coronation live stream will also include sign language. Coronation live stream scheduleHere's the planned schedule for the day's televised events with the UK and US timings. ET: Coronation procession back to Buckingham Palace1:45 p.m. BST / 8:45 a.m.

☆ HSBC defeats Asia spin-off proposal at investor meeting
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 5 (Reuters) - Europe's biggest bank HSBC (HSBA.L) defeated a resolution from Hong Kong-based shareholders and backed by major investor Ping An to potentially spin-off its lucrative Asia business, the bank's chairman Mark Tucker said on Friday. Tucker told investors at the end of the annual investor meeting held in Birmingham in England that shareholders had backed the board in all resolutions. The special resolutions submitted by individual investor Ken Lui recommending the bank boost dividends and review its strategy were both defeated, Tucker said. A HSBC spokesperson said that apart from Ping An, none of the bank's top 50 shareholders voted against the board and a "strong majority" of retail shareholders also backed the lender. "The overwhelming majority of shareholders, excluding Ping An, have voted to draw a line under the debate on the structure of the bank," the spokesperson added.

☆ 7-Eleven spin-off would jeopardise growth, CEO says, pushing back at ValueAct
▼ + stars: | 2023-05-05 | by ( Ritsuko Shimizu | ) www.reuters.com time to read: +2 min

TOKYO, May 5 (Reuters) - A spin-off of 7-Eleven would jeopardise the convenience store chain's future growth by cutting it off from its parent's strength in the food business, the chief executive of Japan's Seven & i Holdings Co Ltd (3382.T) told Reuters. ValueAct has long been critical of Seven & i's conglomerate structure, calling for a spin-off of the 7-Eleven chain or for a sale of the entire company, but Isaka said that would not be in the chain's best interests. "The risk and probability of 7-Eleven Japan's growth coming to a halt would be very high if the company's product development resources were to be cut off," he said. In April, ValueAct ratcheted up the pressure on the company, calling for Isaka's departure and saying he was responsible for a "flawed strategy". Isaka said 7-Eleven is reliant on staff and know-how from Seven & i's supermarket businesses, such as Ito-Yokado, in developing products for its "Seven Premium" private brand.

☆ Johnson & Johnson's consumer health unit Kenvue started trading. What it means for J&J shareholders like us
▼ + stars: | 2023-05-05 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

For now, it's not exactly clear how J & J will go about the second step of this divestiture. In this scenario, we would have the option to relinquish some, all or none of our J & J shares. In fact, our optimism around the breakup was a big reason we bought into J & J nearly a year ago . J & J continues to argue against claims that its baby powder and other talc products caused cancer lack merit. "Look at it as a whole company today, knowing that [roughly] 10% doesn't belong to J & J," explained Cantor Fitzgerald analyst Louise Chen, who has a buy rating and maintains a $215 price target on J & J.

☆ HSBC spin-off proposal reflects a longer-term issue that's not likely to go away, says analyst
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC spin-off proposal reflects a longer-term issue that's not likely to go away, says analystMichael Makdad of Morningstar explains why he doesn't expect the resolutions will be passed.

☆ Mercedes' Russell fastest in first Miami Grand Prix practice
▼ + stars: | 2023-05-05 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

[1/2] Formula One F1 - Miami Grand Prix - Miami International Autodrome, Miami, Florida, U.S. - May 5, 2023 Mercedes' George Russell during practice REUTERS/Mike SegarMIAMI, May 5 (Reuters) - George Russell overcame steering issues that threatened to scuttle his first practice session of the Miami Grand Prix on Friday to put his Mercedes top of the timing sheets ahead of team mate and seven-times world champion Lewis Hamilton. Red Bull's double world champion Max Verstappen had spent much of the hot and steamy practice at the top of the charts but ended the session fourth fastest behind the two Mercedes and Ferrari's Charles Leclerc. Ferrari's Carlos Sainz was fifth fastest followed by Alpine's Pierre Gasly and the Aston Martins of Fernando Alonso and Lance Stroll. Hamilton was just 0.212 seconds back while Verstappen, the winner in the inaugural Miami Grand Prix, was nearly a half-second off the pace. Until the spin Hulkenberg had been enjoying a lively practice for the U.S.-owned outfit, sitting second behind Verstappen when the session was paused.

☆ HSBC shareholders to vote on whether to spin off Asia business at Friday's annual meeting
▼ + stars: | 2023-05-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

HSBC's senior executives faced its Hong Kong shareholders from retirees to taxi drivers as the lender seeks to fend off a push in Asia to split the bank. Last month, HSBC said spinning off its Asian business "would result in material loss of value for HSBC shareholders." "It's just a bank that has some great operations [in] Hong Kong, and other places. Shares of HSBC in Hong Kong were trading 0.6% lower on Friday. The annual meeting is scheduled to begin at 6 p.m. Hong Kong time.

The European Central Bank has pressed RBI to unwind its highly profitable Russian business, people have told Reuters, and the Austrian bank says it has been working on a solution. "The group will continue to progress potential transactions which would result in the sale or spin-off of Raiffeisenbank Russia," RBI said as it released better-than-expected earnings. In Russia, profit after tax was 301 million euros ($332 million), up from 96 million euros a year earlier. Overall, the Russia business generated more than 40% of RBI's in the quarter. Reuters GraphicsThe Austrian bank has operated in Russia since the collapse of the Soviet Union and is Russia's 10th-largest bank by assets.

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