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☆ Amazon in talks with Disney about ESPN streaming partnership - The Information
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO-The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. Disney and ESPN are still in the midst of determining an appropriate price for the new service, the report said. ESPN is considering charging between $20 and $35 a month for the new streaming service, which could make it the most expensive streaming service in the U.S, the report added. Amazon.com, Walt Disney and ESPN did not immediately respond to Reuters requests for comment. Reporting by Leroy Leo and Zaheer Kachwala in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Walt, Robert Iger, Leroy Leo, Zaheer Kachwala, Maju Samuel, Shailesh Organizations: REUTERS, Walt Disney Co, ESPN, Disney, Walt Disney, CNBC, Thomson Locations: Lauwin, France, U.S, Bengaluru

☆ SpaceX working with Cloudflare to speed up Starlink service- The Information
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

SpaceX logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsAug 23 (Reuters) - Elon Musk-owned SpaceX is working with Cloudflare (NET.N) to boost the performance of its satellite internet service Starlink, the Information reported on Wednesday, citing a person with direct knowledge of the project. Starlink is one of a growing number of makers of small satellites that are focused on providing satellite-based internet, including Amazon.com's (AMZN.O) Kuiper, Britain's OneWeb and venture capital-backed Planet. Cloudflare did not immediately respond to a Reuters request for comment. Reporting by Jose Joseph and Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elon Musk, Starlink, Cloudflare, Jose Joseph, Chavi Mehta, Shailesh Organizations: SpaceX, Elon, REUTERS, Thomson Locations: Bengaluru

☆ Qantas focuses on international capacity recovery after record annual profit
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

"Travel demand is incredibly robust and we've taken delivery of more aircraft and opened up new routes to help meet it," Qantas Group CEO Alan Joyce said. Qantas said its group domestic capacity is expected to remain above pre-COVID levels throughout fiscal 2024. Additionally, its profit was helped by the completion of the group's A$1 billion recovery programme launched in 2020, in the wake of the COVID-19 pandemic. The results beat the mid-point of Qantas' profit outlook of A$2.43 billion to A$2.48 billion, nearly A$850 million higher than its 2018 record levels of A$1.60 billion. The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years.

Persons: Loren Elliott, Alan Joyce, Refinitiv Eikon, Roushni Nair, Archishma Iyer, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways Ltd, Thomson Locations: Sydney, Australia, Bengaluru

☆ Qantas to secure new planes from Airbus, Boeing
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The multi-billion dollar order is split between 12 Airbus A350s and 12 Boeing 787s, which will arrive from fiscal 2027 and into the next decade, Qantas said. Qantas said the deal was aimed at providing a replacement for its current Airbus A330 and Airbus A380 aircraft. This has the potential to meet up to 90% of the group’s interim SAF target for 2030, Qantas said. "SAF reduces lifecycle carbon emissions by up to 80 per cent and is a key part of Qantas’ emissions reduction plan," it said. Reuters earlier in the week had reported, citing industry sources, that Boeing was nearing a deal for its 787 Dreamliner aircraft with Qantas.

Persons: Loren Elliott, Vanessa Hudson, Stan Deal, Rishav Chatterjee, Shailesh Kuber, Maju Samuel Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways, Airbus, Boeing, SAF, Global, Incoming Qantas, Boeing Commercial Airplanes, Reuters, Thomson Locations: Australia, Sydney, Bengaluru

☆ NetApp beats revenue estimates on rising demand for cloud services
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Aug 23 (Reuters) - NetApp (NTAP.O) reported first-quarter revenue above Wall Street estimates on Wednesday, driven by strong demand for cloud based services from businesses. Enterprise spending on cloud held strong as businesses moved to upgrade their technology infrastructure that is core to their operations and also incorporate newer AI capabilities. NetApp also reiterated its profit and revenue outlook for fiscal 2024. NetApp's total revenue for the quarter ended July 28 was $1.43 billion, compared to analysts' estimate of $1.41 billion, according to Refinitiv data. The company earned an adjusted profit of $1.15 per share, which beat expectations of $1.07 per share.

Persons: NetApp, Yamini, Shailesh Organizations: Enterprise, Thomson Locations: Sunnyvale , California, Bengaluru

☆ Fintech firm Ramp raises $300 mln at lowered valuation of $5.8 bln
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - Ramp, a developer of financial management software, has raised $300 million in its latest funding round to accelerate expansion in new categories, the company said on Tuesday, notching up a valuation of $5.8 billion. The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed. The latest funding round was co-led by Thrive Capital and Sands Capital along with existing investors Founder's Fund and General Catalyst among others. Previous investors in the fintech include Microsoft Corp (MSFT.O) CEO Satya Nadella, Goldman Sachs (GS.N), Redpoint Ventures and Thrive Capital. The financial management company intends to expand its software into adjacent categories in an attempt to make customer's businesses more "efficient", said Chief Executive Officer Eric Glyman.

Persons: Satya Nadella, Goldman Sachs, Eric Glyman, Pritam Biswas, Shailesh Organizations: New, Sands Capital, Founder's Fund, Catalyst, Microsoft Corp, Redpoint Ventures, Thomson Locations: York, Bengaluru

☆ NYSE suspends trading of WeWork warrants, to start delisting them
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. WeWork, which earlier this month warned about its ability to stay afloat, added that the company's common shares will continue to trade on the NYSE. WeWork had received a non-compliance notice from the NYSE in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. In its efforts to regain listing compliance, WeWork last week had said it would proceed with a one-for-forty reverse stock split. WeWork's shares have lost almost all its value since it went public with an equity value just shy of $9 billion in 2021.

Persons: Kate Munsch, WeWork, recoiled, Adam Neumann, Jaspreet Singh, Shailesh Organizations: REUTERS, New York Stock Exchange, NYSE, Thomson Locations: San Francisco , California, U.S, WeWork's, Bengaluru

☆ Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021. If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share. Newcrest in mid-May said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company. Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year, it said. The Australian Competition and Consumer Commission and Newcrest did not immediately respond to Reuters requests for comment.

Persons: Dado Ruvic, Newmont, Newcrest, Harish Sridharan, Shailesh Organizations: REUTERS, Newmont Corp, Newcrest, Foreign Investment, Board, Australian Competition, Consumer Commission, Thomson Locations: Japan, Philippines, Papua New Guinea, Bengaluru

☆ Teva Pharmaceuticals to pay $225 mln to settle price-fixing charges
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The logo of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsAug 21 (Reuters) - Teva Pharmaceuticals will pay a fine of $225 million over five years to settle the criminal price-fixing charges brought against Teva in 2020 by the U.S. Department of Justice, the company said on Monday. Reporting by Pratik Jain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Amir Cohen, Pratik Jain, Shailesh Organizations: Teva Pharmaceutical Industries, REUTERS, Teva Pharmaceuticals, Teva, U.S . Department of Justice, Thomson Locations: Tel Aviv, Israel, Bengaluru

☆ Teva to pay $225 mln, divest cholesterol drug to settle price-fixing charges
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The logo of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsAug 21 (Reuters) - Teva Pharmaceutical (TEVA.TA) will pay $225 million and divest its copycat version of a cholesterol drug as part of its settlement of price-fixing charges, the U.S. Department of Justice said on Monday. Glenmark will also pay a penalty of $30 million to resolve similar charges, the DOJ said. Teva and Glenmark will have to divest their respective versions of a generic cholesterol drug, pravastatin, that was a core part of the companies' price-fixing conspiracy, the DOJ said. As part of the deals with the DOJ, Glenmark and Teva both admitted to participating in fixing the price of pravastatin.

Persons: Amir Cohen, Teva, Glenmark, Pratik Jain, Shailesh Organizations: Teva Pharmaceutical Industries, REUTERS, Teva Pharmaceutical, U.S . Department of Justice, Prosecutors, Pharmaceuticals, DOJ, Thomson Locations: Tel Aviv, Israel, Bengaluru

☆ Axiom Space raises $350 mln in round led by Saudi, Korean investors
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Aug 21 (Reuters) - Axiom Space has raised $350 million in a funding round led by Saudi Arabia's Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA to develop a private space station. Axiom said the round took its total raise so far to $505 million and made it the space startup to receive the second-most funding in 2023, only behind Elon Musk's SpaceX. Axiom, which also has a $1.26 billion contract with the U.S. space agency NASA to develop spacesuits for use on the moon and other space programs, expects the first module of its private space station to launch by 2026. The company has also trained astronauts taken by SpaceX rockets to the International Space Station (ISS) as the once government-dominated space industry in the United States becomes increasingly privatized. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Axiom, Arsheeya, Shailesh Organizations: Saudi Arabia's Aljazira, NASA, Elon, SpaceX, International Space, Thomson Locations: United States, Bengaluru

☆ China's Country Garden flags H1 net loss, vows to address liquidity concerns
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru

☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

☆ Aptiv expects semiconductor prices to remain high
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Aptiv PLC (APTV.N) does not expect semiconductor prices to cool off in the near future, the auto parts supplier said on Wednesday. Even though supply-chain challenges are easing, prices of certain parts remain high, denting profits. The company said the "real challenge" is in obtaining chips, whose prices have risen 25% to 30%, while supply chains remain tight. The Dublin-based company said demand for new vehicles remains strong in North America and Europe, but flagged concerns around underlying GDP growth in China. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Clark, Pratyush Thakur, Shailesh Kuber, Pooja Desai Organizations: Aptiv, Ford, Detroit, JPMorgan, United Auto Workers, UAW, Ford Motor, General Motors, Thomson Locations: Dublin, North America, Europe, China, Bengaluru

☆ Energy stocks push TSX higher, Nuvei slumps after qtrly profit drops
▼ + stars: | 2023-08-09 | by ( Siddarth S | ) www.reuters.com time to read: +1 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File PhotoAug 9 (Reuters) - Canada's main stock index rose on Wednesday, driven by gains in energy stocks as oil prices rose on supply tightness, while Nuvei Corp shares slumped after the payments firm's quarterly profit more than halved. ET (1406 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 90.42 points, or 0.45%, at 20,296.4. Heavily weighted energy stocks (.SPTTEN) climbed 1.3% as oil touched new highs on supply tightness due to output cuts by Saudi Arabia and Russia. The value of Canadian building permits rose by 6.1% in June from May, data showed.

Persons: Chris Helgren, Brian Madden, Siddarth, Pooja Desai Organizations: Toronto Stock Exchange, REUTERS, Nuvei Corp, Toronto Stock, Investment, Cannabis, Manulife, Thomson Locations: Toronto , Ontario, Canada, Saudi Arabia, Russia, China, Bengaluru

☆ CD&R to take packaging firm Veritiv private in $2.3 billion deal
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Aug 7 (Reuters) - Veritiv (VRTV.N) on Monday agreed to be bought by private equity firm Clayton, Dubilier & Rice (CD&R) in a $2.3 billion deal that would take the packaging firm private. Under terms of the deal, CD&R would pay $170 per in cash for each share of Veritiv common stock, representing a nearly 20% premium to its last close. Shares of Veritiv, which is set to report second-quarter results on Aug. 8, were trading up 18% at $167.20 before the bell. Morgan Stanley served as exclusive financial advisor to Veritiv for the deal, which is expected to close in the fourth quarter of 2023. Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Clayton, Morgan Stanley, Veritiv, Kannaki, Shailesh Organizations: Thomson, & $ Locations: Dubilier, Bengaluru

☆ Wells Fargo hires Credit Suisse veteran as head of financial sponsors
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoAug 7 (Reuters) - U.S. bank Wells Fargo (WFC.N) said on Monday Malcolm Price has joined its corporate and investment bank (CIB) as the head of financial sponsors, after 35 years at Credit Suisse. During his time at Credit Suisse, Price helped form its financial sponsors coverage business in 1996. He was the Swiss bank's first head of Americas financial sponsors before assuming global leadership of the group in 2015. At Wells Fargo, Price will jointly report to Tim O'Hara, head of banking and Scott Warrender, head of coverage within the banking unit.

Persons: Malcolm Price, Price, Tim O'Hara, Scott Warrender, Pritam Biswas, Shailesh Organizations: REUTERS, Credit Suisse, UBS Group, Thomson Locations: Wells Fargo Bank, New York City, U.S, Wells, Swiss, Wells Fargo, Bengaluru

☆ India's Reliance expects to soon list shares of its financial unit
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shailesh Andrade/File PhotoNEW DELHI, Aug 6 (Reuters) - Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report. A listing date for Jio Financial Services is widely expected to be announced at Reliance's forthcoming annual general meeting. Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions. "Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Relianceand digitally deliver financial services, democratising access to financial services offerings for Indian citizens," he said. Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.

Persons: Shailesh Andrade, Mukesh Ambani, Ambani, Nidhi Verma, Giles Elgood Organizations: Reliance Industries, REUTERS, Reliance Industries Ltd, Reliance, Financial Services Ltd, Financial, Jio Financial Services, Financial Services, BlackRock Inc, Thomson Locations: Mumbai, India

☆ Emerson raises fiscal 2023 forecast on demand for industrial automation
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File PhotoAug 2 (Reuters) - U.S. engineering and industrial software firm Emerson (EMR.N) on Wednesday raised its fiscal 2023 forecast, as companies increase spending on automation in response to a tight labor market. Emerson now expects its fiscal 2023 adjusted profit from continuing operations between $4.40 and $4.45 per share, up from its previous outlook of $4.15 to $4.25 per share. The company also expects its 2023 revenue to grow about 10.5%, at the higher end of a 9%-to-10.5% growth it forecast earlier. The industrial conglomerate reported adjusted earnings per share of $1.29 for the quarter through June, beating analysts' average estimates of $1.10 per share.

Persons: Brendan McDermid, Emerson, Lal Karsanbhai, Shivansh, Shinjini Ganguli Organizations: Emerson Electric, New York Stock Exchange, REUTERS, Companies, Thomson Locations: New York, U.S, North America, St, Louis , Missouri, Bengaluru

☆ American Airlines says in talks with Airbus, Boeing over narrowbody jet order
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

An American Airlines aircraft flies past JetBlue and United Express aircraft as it lands at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File PhotoAug 2 (Reuters) - American Airlines (AAL.O) said on Wednesday that it is in talks with planemakers Airbus (AIR.PA) and Boeing (BA.N) over a new narrowbody jet order, at a time when airlines rush to order more aircraft amid a travel boom. Bloomberg News earlier reported that the airline was in talks with the companies to order at least 100 jets, citing people familiar with the matter. "We are talking to Boeing and Airbus about our narrowbody aircraft needs for the latter half of this decade and beyond," American said in a statement. Airbus, when contacted by Reuters, said "we have no comment on our confidential commercial talks, which may or may not be happening."

Persons: Joshua Roberts, Max, Airbus's, Nathan Gomes, Tim Hepher, David Shepardson, Milla Nissi Organizations: American Airlines, JetBlue, United Express, Reagan National Airport, REUTERS, Airbus, Boeing, Bloomberg, Reuters, Thomson Locations: Arlington , Virginia, U.S, Bengaluru, Paris, Washington ,

☆ Battery maker IBC to set up plant in India's Karnataka for nearly $1 bln
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - International Battery Company (IBC) has signed an investment pact worth 80 billion rupees ($971.89 million) with India's southern state of Karnataka to build a battery manufacturing facility, the state's minister said on Tuesday. The manufacturing facility will be spread across 100 acres in the state, Minister for Commerce & Industries, Infrastructure MB Patil said in a post on messaging platform X.Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility. IBC plans to begin production by 2025, Bloomberg News reported, citing Gunjan Krishna, commissioner at Karnataka's Industries and Commerce Department, adding that the private company is aiming to ramp up capacity to 10 gigawatt by 2028. The company, which met state government officials in June, had then expressed an interest in investing on battery production in Karnataka, Patil had said in a post in June. ($1 = 82.3140 Indian rupees)Reporting by Anirudh Saligrama in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Gunjan Krishna, Patil, Anirudh, Shailesh Organizations: International Battery Company, Commerce & Industries, Patil, Bloomberg, IBC, Bloomberg News, Karnataka's Industries, Commerce Department, Thomson Locations: Karnataka, Bengaluru

☆ Barcode scanner maker Zebra's profit outlook disappoints as clients cut tech spending
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Barcode scanner maker Zebra Technologies (ZBRA.O) forecast third-quarter adjusted profit widely below market estimates on Tuesday as economic uncertainty hit corporate tech spending. The company, whose customers include the U.S. Postal Service and Walgreens Boots Alliance (WBA.O), expects quarterly adjusted profit between 60 cents and $1 per share, compared with estimates of $3.77 per share, according to Refnitiv. Its operating expenses decreased to $344 million in the second quarter ended June 30, from $370 million a year earlier. Adjusted profit for the reported quarter came in at $3.29 per share, compared with estimates of $3.28.

Persons: Tanya Jain, Shailesh Organizations: Zebra Technologies, U.S . Postal Service, Walgreens Boots Alliance, Revenue, Thomson Locations: Refnitiv, Bengaluru

☆ On Semiconductor forecasts robust Q3 revenue on silicon carbide strength
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Chipmaker ON Semiconductor Corp (ON.O) on Monday forecast third-quarter revenue above market estimates, on optimism that strong demand from the automotive sector will offset broader weakness in the semiconductor industry. Automotive chipmaker NXP last week forecast a strong third-quarter revenue and profit, exuding confidence over a steady automotive demand. Onsemi, which makes sensors and supplies chips to companies like Volkswagen (VOWG_p.DE), expects revenue between $2.10 billion to $2.20 billion in the third quarter. For the second quarter ended June 30, the company's revenue rose to $2.09 billion, ahead of analysts' expectations of $2.02 billion. The revenue was boosted by Onsemi's power solutions group, which provides power management chips, making up about 53% of total quarterly revenue.

Persons: Onsemi, Hassane El, Khoury, Zaheer Kachwala, Shailesh Organizations: ON Semiconductor Corp, NXP Semiconductors, chipmaker NXP, Volkswagen, Thomson Locations: Arizona, Bengaluru

☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

☆ Liberty Mutual to stop offering business owner's policy in California as costs bite
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Property and casualty insurer Liberty Mutual will stop offering its business owner's policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers' profits. A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company "will not renew its current book of this line of business beginning in December." BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package. Liberty Mutual joins a growing list of major insurers retreating from California. In May this year, State Farm said that it would stop selling new insurance policies to homeowners in California.

Persons: Fitch, Jaiveer Singh, Manya, Shailesh Organizations: Liberty Mutual, Reuters, Global, Farm, Manya Saini, Thomson Locations: California, Bengaluru

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