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☆ Kinder Morgan second-quarter revenue misses on lower prices
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

Companies Kinder Morgan Inc FollowJuly 19 (Reuters) - Pipeline and terminal operator Kinder Morgan (KMI.N) on Wednesday posted lower-than-expected second-quarter revenue, hurt by lower commodity prices. Kinder Morgan faced lower commodity prices, higher interest expense in the second quarter as well as higher sustaining capital expenditures versus the prior year period, President Kim Dang said. The Houston-based company said earnings from its products pipelines fell about 4.3% to $286 million, while earnings from the transportation of CO2 fell about 17.4% to $175 million, due to lower realized prices. Kinder Morgan's revenue fell about 32% to $3.50 billion in the quarter, and missed estimates of $4.55 billion, according to Refinitiv data. Reporting by Tanay Dhumal in Bengaluru; Editing by Vinay Dwivedi and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Kinder Morgan, Kim Dang, Tanay, Vinay Dwivedi, Shounak Organizations: Kinder Morgan Inc, Kinder, Thomson Locations: China, Houston, Bengaluru

☆ Adtech firm Aleph withdraws IPO filing
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

July 18 (Reuters) - Aleph Group Inc said on Tuesday it had filed to withdraw its IPO plans, citing "public interest and the protection of investors," more than a year after the digital advertising firm submitted paperwork to go public. Emerging markets-focused Aleph, which helps large digital platforms connect with advertisers and customers, counts Meta Platforms (META.O), Spotify Technology (SPOT.N) and Microsoft Corp (MSFT.O)-owned LinkedIn among its customers. Founded in 2005 as IMS Internet Media Services, Aleph was valued at $2 billion in 2021 after private equity firm CVC Capital Partners bought a stake worth $470 million. U.S. initial public offerings have seen a recent spurt after more than a year of lull as hefty interest rate hikes and worries of a recession dented investor appetite for new listings. Reporting by Mehnaz Yasmin in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Mehnaz Yasmin, Vinay Dwivedi Organizations: Spotify Technology, Microsoft Corp, IMS Internet Media, Capital Partners, U.S, Thomson Locations: Bengaluru

Tesla's earnings on Wednesday are expected to show its gross profit margin declined to 18.9% in the second quarter, according to 19 analysts polled by Visible Alpha. "Tesla's market share for the EV segment is likely to decline over time," said Morningstar analyst Seth Goldstein said. "However, I think the more appropriate metric to look at is Tesla's total auto market share, which continues to grow as they continue to grow deliveries." Reuters GraphicsCHARGING AHEADAs EV sales slow, Tesla has been moving aggressively to capture a larger share of the U.S charging market in a bid to diversify its revenue. Piper Sandler estimates Tesla's revenue from its charging network to hit $9.65 billion in 2032, with more than half the sales coming from EVs made by other carmakers using its network.

Persons: Elon, Tesla, Vitaly Golomb, Seth Goldstein, Piper Sandler, EVs, Akash Sriram, Aditya Soni, Vinay Dwivedi Organizations: stoke, Ford, Visible Alpha, Reuters, Reuters Graphics, General Motors, Thomson Locations: BYD, China, U.S, Bengaluru

REUTERS/Jorge SilvaBANGKOK/NEW DELHI, July 17 (Reuters) - Indian tourists are streaming into Southeast Asia, cementing the world most populous country's position as a key growth market for a travel and tourism sector that is feeling the pinch of China's slower-than-expected re-opening. "Southeast Asia is obviously very well positioned for a lot of the growth that is inevitably going to come from India," aviation analyst Brendan Sobie told an industry conference last month. Tanes Petsuwan, deputy governor of the Tourism Authority of Thailand said 1.6 million Indians were expected to visit the kingdom this year. Indians are helping to sustain a post-pandemic rebound for hospitality chains, including Minor Hotels, which has 45 properties in Southeast Asia with more than 6,000 rooms. Thailand's central bank expects 29 million visitors this year and 35.5 million in 2024.

Persons: Jorge Silva, Brendan Sobie, Tanes Petsuwan, Chai Eamsiri, Chai, Vinay Malhotra, IndiGo's, Sobie, Dillip, Pratyush Tripathy, That's, Somsong Sachaphimukh, Somsong, Pasit, Stefanno Sulaiman, Neil Jerome Morales, Robert Birsel Organizations: REUTERS, Jorge Silva BANGKOK, Thai Airways, Organisation for Economic Cooperation, Reuters, Asian Development Bank, Tourism Authority, IndiGo, Airbus, Minor, Bank of, Tourism Council of, Thomson Locations: India, Thailand, Patong, Phuket, DELHI, Asia, China, Thai, Singapore, Indonesia, Southeast Asia, Jakarta, Bangkok, Kolkata, Pattaya, Europe, United States, Thailand's, Bank of Thailand, Tourism Council of Thailand, BANGKOK, JAKARTA, MANILA

☆ Salesforce hires activist lawyer from Wachtell, Lipton as legal chief
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Salesforce (CRM.N) appointed Wachtell, Lipton's Sabastian Niles as its chief legal officer on Monday, months after the leading activist lawyer helped defend the business software provider against several hedge funds that had called for changes at the company. "I'm thrilled to welcome Sabastian to Salesforce as part of our world-class management team," CEO Marc Benioff said. Wachtell, Lipton, Rosen & Katz is a major law firm sought out by corporate America to handle merger deals as well as activist investment firms' push for changes. Niles spent nearly 17 years at the law firm, where he began his career as a summer associate after earning his law degree from Harvard, rising to become a partner. Niles was part of the team at Wachtell when it advised Salesforce after Starboard Value, ValueAct and Elliott Investment Management pressured it for making key changes earlier this year.

Persons: Wachtell, Lipton's Sabastian Niles, I'm, Marc Benioff, Lipton, Katz, Niles, Bill Ackman's, Jeffrey Ubben, Mason Morfit's, Salesforce, Svea Herbst, Bayliss, Yuvraj Malik, Vinay Dwivedi Organizations: Rosen, Harvard, Bill Ackman's Pershing, Capital Management, Elliott Investment Management, Svea, Thomson Locations: Salesforce, America, Wachtell, New York, Bengaluru

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ IMAX proposes to take full control of China unit in $124 mln deal
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Cinema operator IMAX (IMAX.N) said on Wednesday it has proposed to acquire full ownership of its Hong Kong-listed, China subsidiary in a deal valued at about $124 million. The acquisition of IMAX China will improve the company's operational flexibility and enable it to apply its technology in the Chinese market, IMAX said. It has offered to buy shares of its Chinese subsidiary at HK$10 each, a 49% premium to their 30-day average closing price. Daniel Manwaring will continue as IMAX China CEO after the completion of the deal and will oversee the local business functions including distribution, marketing and finance, the cinema operator said. IMAX China, established in 2011, will remain headquartered in Shanghai with offices in Beijing.

Persons: Daniel Manwaring, Akanksha, Vinay Dwivedi Organizations: HK, IMAX, Thomson Locations: Hong Kong, China, IMAX China, Shanghai, Beijing, Bengaluru

☆ Crypto firm Circle to cut workforce, focus on core activities
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet. Coinbase Global (COIN.O), Chainalysis and Gemini all announced layoff plans earlier in the year after more than a trillion dollars were wiped out from the sector in 2022. "Circle is redoubling its focus on core business activities and execution," the company said in an email to Reuters, adding that it was continuing to hire in "key areas of focus." Crypto news portal CoinDesk reported about the developments at Circle earlier in the day. Reporting by Pritam Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas, Vinay Dwivedi Organizations: Coinbase, Gemini, Reuters, Thomson Locations: Bengaluru

☆ Meta's social media apps back up after brief outage - Downdetector.com
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Facebook, Whatsapp and Instagram logos are displayed in this illustration taken October 4, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 10 (Reuters) - Meta Platforms' (META.O) social media apps Instagram and Facebook, messaging app WhatsApp and Twitter-rival Threads were all back up after a brief outage affecting thousands of users on Monday, according to Downdetector.com. At the peak of the outage, lasting over an hour, over 14,000 users reported issues with accessing Instagram, while around 7,000 and 2,700 users faced issues with Facebook and WhatsApp, respectively. Meta's newest offering Threads also experienced an outage, with about 470 users reporting problems accessing the app. The outage could have affected a larger number of users.

Persons: Dado Ruvic, Meta, Savyata Mishra, Jyoti Narayan, Vinay Dwivedi, Krishna Chandra Organizations: REUTERS, Facebook, Twitter, Thomson Locations: Bengaluru

☆ Meta's Facebook, Instagram, Whatsapp down for thousands of users - Downdetector.com
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

[1/2] Facebook, Whatsapp and Instagram logos are displayed in this illustration taken October 4, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoJuly 10 (Reuters) - Thousands of U.S. users across Meta Platforms' (META.O) social media offerings Instagram and Facebook, and messaging app WhatsApp reported outages on Monday, according to Downdetector.com. As many as 13,000 users reported issues with accessing Instagram, while around 5,400 and 1,870 users faced outages on Facebook and WhatsApp, respectively. Downdetector tracks outages by collating status reports from a number of sources including user-submitted errors on its platform. The outage could have affected a larger number of users.

Persons: Dado Ruvic, Meta, Savyata Mishra, Vinay Dwivedi Organizations: REUTERS, Facebook, Thomson Locations: Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. All 11 S&P 500 sectors ended down. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch. Second-quarter corporate reports will arrive in coming weeks with S&P 500 earnings expected to fall 5.7% from a year-ago, according to Refinitiv data.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Dow, Nasdaq, Reserve, Commonwealth Financial Network, Dow Jones, Microsoft, Apple, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: U.S, New York, Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained on solid ground despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Treasury yields jumped following the labor market data. The benchmark 10-year yield burst above 4% while the two-year Treasury yield, which typically moves in step with interest rate expectations, hit a 16-year high. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Reserve, Commonwealth Financial Network, Nasdaq, Dow Jones, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, Thomson Locations: U.S, New York, Bengaluru

Private payrolls increased more than expected in June, the ADP National Employment report showed, indicating the labor market remained strong despite growing risks of a recession from higher interest rates. Another survey showed the number of Americans filing new claims for unemployment benefits increased moderately last week. "The Fed has been hopeful to see a modest deterioration in the labor market," said Randy Frederick, managing director of trading and derivatives for Charles Schwab. "But since the ADP number was almost twice of what was expected, it generally implies there's potential for more rate hikes going forward." Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: payrolls, Randy Frederick, Charles Schwab, Lorie Logan, Janet Yellen, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, ADP, Dallas, Twitter, Dow Jones, Nasdaq, Institute for Supply, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: ., Beijing, Washington, China, U.S, Bengaluru

Most tech and growth megacaps, whose valuations come under pressure when borrowing costs rise, fell in early premarket trading, with Alphabet (GOOGL.O) and Tesla (TSLA.O) down 0.7% each. Meta Platforms (META.O) rose 1.8% after attracting millions of users within hours of launching Threads on Wednesday. After a dismal 2022, big growth and technology stocks have seen outsized gains in 2023, with the Nasdaq Composite (.IXIC) clocking its best first-half in 40 years. ET, Dow e-minis were down 139 points, or 0.4%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 69.25 points, or 0.45%. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen's, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, Nasdaq, Wall, Meta, Twitter, Victoria, Interactive Investor, Investors, Institute for Supply, Dow e, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, Coty, Thomson Locations: Beijing, Washington, China, U.S, Bengaluru

Key economic data is due before the meeting, including the monthly U.S. jobs report on Friday. “The markets are in a wait-and-see for the economic data,” said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management. Materials (.SPLRCM) fell most among S&P 500 sectors, shedding 2.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions between Beijing and Washington rise over access to high-tech microchips. The S&P 500 posted 18 new 52-week highs and one new low; the Nasdaq Composite recorded 55 new highs and 65 new lows.

Persons: ”, Paul Nolte, “, Jack Ablin, Lewis Krauskopf, Sinead Carew, Bansari Mayur Kamdar, Johann M, Marguerita Choy, Vinay Dwivedi Organizations: Fed, Dow, Nasdaq, U.S, U.S . Federal, Murphy, Sylvest Wealth Management, “, Dow Jones, Semiconductor, Intel, Texas, Twitter, Meta, Cresset, United Parcel Service, Teamsters Union, UPS, NYSE, Thomson Locations: U.S ., China, Beijing, Washington, Philadelphia, New York, Bengaluru

SummarySummary Companies UPS slips after Teamsters say it walked away from talksModerna climbs on deal to develop mRNA medicines in ChinaChip stocks slide on China's export curbsFed minutes awaited at 2:00 p.m. ETFutures down: Nasdaq 0.51%, S&P 0.42%, Dow 0.42%July 5 (Reuters) - Wall Street futures fell on Wednesday as investors awaited minutes of the Federal Reserve's June meeting for clues on the central bank's monetary policy path, while Sino-U.S. tensions and weak economic data from Beijing dented sentiment. Investors are focused on the Fed minutes, expected to be released around 2 p.m. More economic data, including the non-farm payrolls report on Friday, is scheduled for release this week. ET, Dow e-minis were down 146 points, or 0.42%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 78 points, or 0.51%.

Persons: Ipek Ozkardeskaya, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Moderna, Dow, Wall, Sino, Microsoft, Investors, Fed, Swissquote Bank, Traders, Nvidia, Micron Technology, Netflix, Wolfspeed Inc, Renesas Electronics Corp, Tesla, Dow e, Nasdaq, United Parcel Service, Teamsters, Rivian, Thomson Locations: China, U.S, Beijing, Washington, Germany, Bengaluru

Investors are focused on the Fed minutes, expected to be released around 2 p.m. Bets for a 25-basis-point rate hike in July stood at 83%, while traders have priced in a 32% chance the U.S. central bank would deliver another hike by October, according to Refinitiv data. "Stocks have accounted for another 25 basis point rate hike when the Fed meets later this month, but a lot of people are divided on whether or not there's going to be another rate hike (after July)." More economic data, including the non-farm payrolls report on Friday, is scheduled for release later this week. Declining issues outnumbered advancers by a 3.73-to-1 ratio on the NYSE and a 2.24-to-1 ratio on the Nasdaq.

Persons: Robert Pavlik, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Netflix, Dow, Nasdaq, Sino, Dakota Wealth, Fed, Traders, U.S, Nvidia, Micron Technology, Semiconductor, SOX, Renesas Electronics Corp, Tesla, Dow Jones, United Parcel Service, Teamsters Union, Moderna, NYSE, Thomson Locations: China, U.S, Beijing, Washington, Philadelphia, Bengaluru

July 3 (Reuters) - Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries on higher production and stable demand for its electric vehicles, sending the company's shares up more than 14% on Monday. Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 12,640 vehicles in the second quarter, compared with Visible Alpha estimates of 11,000 vehicles. The company made 13,992 vehicles at its facility in Normal, Illinois, which was 4,597 more than in the first quarter. Rivian's production and delivery numbers come just a day after Tesla beat estimates with record deliveries in the second quarter. Rivian posted a smaller loss in the first quarter in May and its finance chief said last month the company expects demand to remain stable through 2023.

Persons: Tesla, Rivian, Needham, Chris Pierce, Danni Hewson, AJ Bell, Chavi Mehta, Vinay Dwivedi, Shounak Organizations: Rivian, EV, Thomson Locations: Normal , Illinois, Bengaluru

SummarySummary Companies Tesla jumps on upbeat Q2 vehicle deliveriesChinese automakers climb on strong June salesOil stocks up as Saudi Arabia, Russia announce supply cutsFutures: Nasdaq up 0.18%, Dow down 0.14%, S&P flatJuly 3 (Reuters) - Nasdaq futures rose on Monday as Tesla shares extended gains after the electric-vehicle maker reported record vehicle deliveries in the second quarter. Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company's quarterly vehicle deliveries topped market estimates on the back of incentives and steeper discounts. ET, Dow e-minis were down 49 points, or 0.14%, S&P 500 e-minis were up 1.5 points, or 0.03%, and Nasdaq 100 e-minis were up 27.5 points, or 0.18%. Trading volumes are expected to be thin with markets open for just half the day, ahead of the Independence Day holiday on Tuesday. U.S.-listed shares of Chinese carmakers Xpeng , Li Auto and Nio rose between 5.8% and 9.1% after the companies reported a surge in June vehicle deliveries compared with a year earlier.

Persons: Tesla, Susannah Streeter, Hargreaves Lansdown, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Nasdaq, Dow, Hargreaves, Investors, Dow e, Chevron, Exxon Mobil, Fidelity National Information Services, Financial, Thomson Locations: Saudi Arabia, Russia, Worldpay, Bengaluru

Tesla (TSLA.O) gained 7.4% to hit a nine-month high, a day after its car deliveries topped market estimates on the back of incentives and steeper discounts. The consumer discretionary sector (.SPLRCD) that includes Tesla rose 1.5%, leading gains among the top 11 S&P 500 sectors, while healthcare stocks (.SPXHC) declined. Fidelity National Information Services (FIS.N) added 5.4% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services firm, according to a Financial Times report. Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and a 1.53-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 33 new lows.

Persons: Hogan, Investors, Li Auto, Bansari Mayur Kamdar, Johann M, Pooja Desai, Vinay Dwivedi Organizations: Dow, Nasdaq, Riley, General Motors, Ford, EV, Rivian Automotive, Traders, Apple, Microsoft, Dow Jones, Fidelity National Information Services, Financial, NYSE, Thomson Locations: Worldpay, Bengaluru

☆ Constellation Brands results top estimates on strong Modelo Especial sales
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Constellation Brands (STZ.N) first-quarter results topped Wall Street expectations on Friday, as the Corona beer maker benefited from higher pricing and steady demand for its alcoholic beverages. Constellation’s beer business posted an 11% increase in sales in the quarter ended May 31, mainly on strong growth across Modelo Especial, the Modelo Chelada brands as well as Corona Extra. Modelo Especial dethroned Anheuser-Busch InBev's (ABI.BR) Bud Light as the top selling beer in the U.S. in June after the latter faced backlash over a social media promotion with transgender influencer Dylan Mulvaney. Constellation net sales rose more than 6% to $2.52 billion, beating analysts' average estimate of $2.47 billion, according to Refinitiv IBES data. The company's first-quarter profit of $2.91 per share beat analysts' average estimate of $2.83 as per IBES data from Refinitiv.

Persons: Busch, Bud Light, influencer Dylan Mulvaney, Kim Crawford, Juveria, Vinay Dwivedi Organizations: Constellation Brands, Modelo Especial, Modelo, Anheuser, Constellation, Refinitiv, Thomson Locations: U.S

☆ Bausch + Lomb to buy Novartis dry-eye drug for $1.75 bln
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

June 30 (Reuters) - Bausch + Lomb Corp (BLCO.TO) will purchase a dry-eye drug from Swiss pharma company Novartis (NOVN.S) for $1.75 billion, the companies said on Friday, as the contact lens maker seeks to capitalise on a growing market for the disease's treatment. Acquisition of the drug, Xiidra, will mark the first big deal by CEO Brent Saunders since he returned to the company in March. Sales of the anti-inflammation eye drop Xiidra, mainly from the U.S. market, were $487 million last year, up 4%. The deal will also include potential milestone payments worth up to $750 million. Reporting by Leroy Leo in Bengaluru and Ludwig Burger in Frankfurt; Editing by Anil D'Silva and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent Saunders, Leroy Leo, Ludwig Burger, Anil D'Silva, Vinay Dwivedi Organizations: Lomb, Swiss pharma, Novartis, Thomson Locations: U.S, Bengaluru, Frankfurt

☆ Tifin CEO on the intersection of investing & A.I.
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTifin CEO on the intersection of investing & A.I. Vinay Nair, Tifin founder and CEO, joins 'Squawk on the Street' to discuss the company's business, when investors will get metrics from Tifin's business, and more.

Persons: Vinay Nair

☆ Inflection AI raises $1.3 bln in funding from Microsoft, others
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

June 29 (Reuters) - Artificial intelligence startup Inflection AI said on Thursday it had raised $1.3 billion in funding from a clutch of investors including Microsoft (MSFT.O) and Bill Gates. The funding comes less than two months after the company, founded by LinkedIn co-founder Reid Hoffman and Google DeepMind co-founder Mustafa Suleyman, released its chatbot, Pi. Similar to OpenAI's popular ChatGPT, Pi uses generative AI technology to interact with users through dialogues, allowing people to ask questions and share feedback. Hoffman, former Google CEO Eric Schmidt and NVIDIA (NVDA.O) also participated in the latest funding round, the company said. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Gates, Reid Hoffman, Mustafa Suleyman, Hoffman, Eric Schmidt, Niket, Vinay Dwivedi Organizations: Microsoft, LinkedIn, Google, NVIDIA, Thomson Locations: Bengaluru

☆ Biotech firm Tevogen Bio enters $1.2 bln SPAC deal for US listing
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Biotech firm Tevogen Bio will go public in the United States through a blank-check merger that values the combined entity at about $1.2 billion, the companies said on Thursday. The deal with Semper Paratus Acquisition (LGST.O) will help Tevogen speed up the development of its COVID-19 therapy, TVGN 489. A special-purpose acquisition company (SPAC), also known as a "blank-check firm," is a listed entity that merges with a private firm to take it public. Such shell companies help private firms avoid the longer route of an initial public offering for going public. Reporting by Manya Saini and and Pritam Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: SPACs, Manya Saini, Pritam Biswas, Vinay Dwivedi Organizations: Biotech, Semper, Holdings, New York Stock Exchange, Thomson Locations: United States, Bengaluru

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