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☆ Telstra partners with Elon Musk's Starlink for internet in remote Australia
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's top telecom firm Telstra Group (TLS.AX) said on Monday it will partner with Elon Musk's Starlink to provide fixed broadband and voice services to rural Australians. The telecommunications provider will bring home phone service and Starlink broadband services as a bundle to Australians, it said on a blog post. "The addition of Starlink will provide an additional connectivity option for people and businesses in rural and remote locations," the company added. Telstra expects to be able to offer the new service options to both customers and businesses towards the end of the year. Starlink, operated by Musk's SpaceX, has built a fast-growing network of more than 3,500 satellites in low-Earth orbit that can provide connectivity in remote areas.

Persons: Elon Musk's, Rishav Chatterjee, Krishna Chandra Organizations: Telstra Group, Telstra, Lines, Musk's SpaceX, Thomson Locations: Bengaluru

July 3 (Reuters) - AstraZeneca (AZN.L) said on Monday an experimental precision drug slowed progression of lung cancer in a late-stage trial, but the company's shares fell as much as 6% as analysts said the benefits may not be as pronounced as hoped. It declined to provide more trial details, saying they would be presented at an as yet undisclosed medical conference. At 0855 GMT, shares in AstraZeneca were down 5.8% at their lowest level in more than three months. Gilead (GILD.O) has pioneered the targeting of TROP2 with an ADC named Trodelvy, approved to treat certain types of breast and bladder cancer. AstraZeneca said that the datopotamab deruxtecan trial would continue as planned to assess the effect of the drug on overall survival of patients, another important efficacy criterion.

Persons: datopotamab, AstraZeneca, British drugmaker, Kelun, Maggie Fick, Ludwig Burger, Sinchita Mitra, Lucy Raitano, Krishna Chandra Eluri, Susan Fenton Organizations: AstraZeneca, Japan's, Merck & Co, Biotech of, Barclays, Thomson Locations: British, Biotech of China, London, Frankfurt, Bengaluru

☆ Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's Kuniko (KNI.AX) said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis (STLAM.MI) to support the development of its Norwegian battery metals projects. Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said. Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31. Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko's Norway exploration projects for nine years. The funds from the Stellantis' equity investment will be used to advance Kuniko's brownfield and greenfield battery metals exploration projects in Norway, the company said.

Persons: Stellantis, Kuniko, Himanshi Akhand, Rishav Chatterjee, Rashmi Aich, Krishna Chandra Organizations: Thomson Locations: Norway, Bengaluru

☆ Chinese EV maker Xpeng's shares jump after pricing SUV below Tesla Model Y, lifts peers
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

June 30 (Reuters) - Electric-car maker Xpeng Inc priced its latest G6 sport utility vehicle about 20% lower than Tesla's (TSLA.O) Model Y in China, sending its U.S.-listed shares up 7.6% in premarket trading on Friday. U.S.-listed shares of its peers Li Auto and Nio also rose 0.3% and 2.2%, respectively, in trading before the bell. Xpeng is pinning hopes on the new SUV to help turnaround its sales, after the company reported lackluster deliveries in May. The price of Xpeng G6 starts at 209,900 yuan ($28,882.01), compared with Tesla Model Y's starting price of 263,900 yuan in China. Beijing's 520 billion yuan tax break for new energy vehicle purchases is also expected to boost demand.

Persons: Li Auto, Warren Buffett, Tesla, BEV, Chavi Mehta, Brenda Goh, Krishna Chandra Organizations: Xpeng Inc, HK, Tesla's, Tesla, Citigroup, Refinitiv, Thomson Locations: China, U.S, Bengaluru

☆ Canopy Growth sells California facility amid liquidity worries
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Pot producer Canopy Growth (WEED.TO) said on Thursday it has completed the sale of its facility in Modesto, California as a part of its divestitures to raise funding amid liquidity concerns. The sale of the facility was the fifth such deal since April 1 and has generated C$81 million ($61.10 million), the company said. "The proceeds from this transaction further the achievement of our target of C$150 million in total proceeds from facility divestitures by the end of September 2023," said CEO David Klein in a statement. Brokerage Benchmark slashed its price target on Canopy to zero earlier this week. ($1 = 1.3258 Canadian dollars)Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: David Klein, Sourasis Bose, Krishna Chandra Organizations: Thomson Locations: Modesto , California, Bengaluru

☆ US FDA approves BioMarin's gene therapy for hemophilia A
▼ + stars: | 2023-06-29 | by ( Nathan Gomes | ) www.reuters.com time to read: +3 min

It priced the one-time therapy, Roctavian, at $2.9 million. BioMarin said most study participants continued to respond to the gene therapy through year three and beyond, and it would continue to monitor them for 15 years. BioMarin's therapy will compete for market share with Roche's (ROG.S) Hemlibra, an antibody drug which mimics the function of the blood clotting protein missing in hemophilia A patients. In April, BioMarin cut its annual sales forecast range for Roctavian to $50 million to $100 million, from $100 million to $200 million. There are about 16,000 patients in the United States with hemophilia A in which they are missing the factor VIII clotting protein.

Persons: BioMarin, Joel Beatty, Robert W Baird, Roctavian, Beatty, Khushi Mandowara, Bhanvi Satija, Nathan Gomes, Akash Sriram, Deena Beasley, Krishna Chandra Eluri, Maju Samuel, David Gregorio Our Organizations: U.S . Food, Drug Administration, European Union, Los, Thomson Locations: U.S, California, Novato , California, hemophilia, United States, Bengaluru, Los Angeles

[1/3] Mark Walsh, CEO of Savers Value Village, celebrates his company's IPO on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 29, 2023. REUTERS/Brendan McDermidJune 29 (Reuters) - Thrift store operator Savers Value Village (SVV.N) fetched a market capitalization of nearly $4 billion in a strong debut on the New York Stock Exchange on Thursday, underscoring a resurgence in the IPO market as investors lap up new listings. Savers Value, owned by private equity firm Ares Management (ARES.N), joins a host of companies that have enjoyed a warm reception in recent months, reviving hopes the frosty IPO market has begun to thaw. So really this (an IPO) was the right smart option for us to move forward," said Savers Value CEO Mark Walsh. Savers Value and Ares raised over $401 million in the share sale on Wednesday.

Persons: Mark Walsh, Brendan McDermid, Avery Spear, Johnson, Ares, Niket Nishant, Sri Hari, Echo Wang, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Ares Management, U.S, U.S . Federal, Renaissance, Rivian, Kodiak Gas Services, Fidelis Insurance Holdings, Canada's Healthcare, Ontario, Norway's Norges Bank Investment Management, Thomson Locations: New York City, U.S, U.S ., Sri, Bengaluru, Echo, New York

☆ BioXcel cites issues at Alzheimer's drug trial site, shares plunge
▼ + stars: | 2023-06-29 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

June 29 (Reuters) - BioXcel Therapeutics (BTAI.O) flagged issues related to the recording of safety data at one of the sites for late-stage trial of its Alzheimer's drug, sending its shares plunging more than 67% in premarket trading on Thursday. The drug, named BXCL501, was being studied to treat patients with agitation related to Alzheimer's disease. The issue highlighted by the company overshadowed results of the drug's trial, which was also reported on Thursday. BioXcel said it plans to submit an application to expand the use of the drug in the second half of this year. The drug is already approved by the FDA for treating agitation associated with schizophrenia or bipolar I or II disorder in adults.

Persons: Vimal Mehta, Robyn Karnauskas, BioXcel, Khushi Mandowara, Krishna Chandra Eluri Organizations: BioXcel Therapeutics, U.S . Food, Drug Administration, Truist Securities, Thomson Locations: Bengaluru

☆ Nvidia sees no material impact from reported AI chip restrictions on China - CNBC
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: 1 min

June 28 (Reuters) - Nvidia (NVDA.O) expects no immediate material impact from the reported new restrictions on exports of artificial intelligence chips to China, CNBC reported on Wednesday citing CFO Colette Kress. Shares of the company pared losses and were flat in afternoon trading. The U.S. Commerce Department will stop the shipments of chips made by Nvidia and other chip companies to customers in China as early as July, the Wall Street Journal reported on Tuesday. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Colette Kress, Chavi Mehta, Krishna Chandra Organizations: Nvidia, CNBC, U.S . Commerce Department, Wall Street, Thomson Locations: China, Bengaluru

☆ Joby receives FAA nod to begin flight testing of its first built aircraft
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its air taxi, as it edges towards securing approval to begin commercial operations. The California-based company also said Toyota North America's CEO, Tetsuo Ogawa, will join its board on Saturday. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate which allows flight testing of its first production prototype without passengers. The aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said. The delivery is made under Joby's $131 million contract with the U.S. Air Force.

Persons: Tetsuo Ogawa, Joby, Aishwarya Nair, Krishna CHandra Organizations: Joby Aviation, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Edwards Air Force Base, U.S . Air Force, Thomson Locations: California, Bengaluru

☆ FTX begins talks to relaunch international cryptocurrency exchange, Wall Street Journal reports
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday citing CEO John Ray. The company "has begun the process of soliciting interested parties to the reboot of the FTX.com exchange," Ray said, according to the Journal's report. The failed crypto company has been holding talks with investors about backing a potential restart of the FTX.com exchange through structures such as a joint venture, the report added citing people familiar with the discussions. In the days leading up to the failure, customers of Sam Bankman-Fried's crypto exchange withdrew billions of dollars, hobbling the firm's liquidity. A rescue deal with rival exchange Binance also fell through, precipitating crypto's highest-profile collapse in recent years.

Persons: John Ray, Ray, FTX, shivers, Sam Bankman, Binance, Bankman, Manya Saini, Krishna Chandra Organizations: Wall Street, U.S, Thomson Locations: United States, Bengaluru

At least seven analysts trimmed their fiscal 2024 expectations for Nike's earnings per share since the beginning of June and 10 slashed their price targets on the company's stock, ahead of its fourth-quarter results. "Coming into this current calendar year ... wholesale orders are weak at the moment," said Morningstar analyst David Swartz, adding that declines in these orders will have a negative impact on Nike. Reuters GraphicsTHE CONTEXTIn March, Nike warned of earnings pressure amid its attempts to get rid of excess inventory through heavy discounts. In May, retailer Foot Locker, which has touted its 'renewed' relationship with Nike, also flagged declining sales, particularly for fashion-oriented sneakers. Barclays analysts noted Nike could see "moderation, and potentially negative, wholesale channel growth" in the fourth quarter.

Persons: David Swartz, Jane Hali, Jessica Ramirez, Kanye, Ananya Mariam Rajesh, Krishna Chandra Organizations: Nike, Wall, Associates, Adidas, Jordan Retro, LeBron, Nike Brand, Barclays, Reuters, Refinitiv, Thomson Locations: United States, China, Bengaluru

☆ Joby receives FAA nod to begin flight testing of electric air taxi
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] Joby Aviation founder JoeBen Bevirt poses next to a Joby Aviation Air Taxi ahead of their listing at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 11, 2021. REUTERS/Andrew Kelly/File PhotoJune 28 (Reuters) - Joby Aviation (JOBY.N) said on Wednesday the U.S. aviation regulator has given the nod for flight testing of its electric air taxi, taking it a step closer to securing approvals for commercial operations. Joby said the Federal Aviation Administration (FAA) had granted a Special Airworthiness Certificate, which allows flight testing of its first production prototype without passengers. Rival Archer received the green signal for flight testing in 2021. Joby's aircraft will be delivered to Edwards Air Force Base after completing initial testing, the company said.

Persons: JoeBen Bevirt, Andrew Kelly, Tetsuo Ogawa, Joby, Archer, Germany's, Aishwarya Nair, Krishna Chandra Eluri Organizations: Joby Aviation, Joby Aviation Air Taxi, New York Stock Exchange, REUTERS, U.S, Toyota North, Toyota, Archer Aviation, Vertical Aerospace, Federal Aviation Administration, FAA, Aerospace, Edwards Air Force Base, U.S . Air Force, Thomson Locations: Manhattan , New York City, U.S, California, Joby's, Bengaluru

☆ US FDA declines to approve Regeneron's higher-dose Eylea, shares tumble
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

The Food and Drug Administration cited an ongoing review of inspection findings at a third-party filler of the higher dose for the decision. Eylea, which recorded $9.65 billion in global sales last year, has been hit since Roche's (ROG.S) rival treatment Vabysmo was approved last year for wet AMD. Two late-stage trials had shown Eylea was as effective as the lower dose version when given at 8 milligrams at longer intervals without any additional safety issues. The two trials included treatment of patients with wet AMD and diabetic macular edema (DME). An estimated 1.1 million people in the U.S. have wet AMD, while 1.2 million are estimated to have DME, according to Regeneron.

Persons: Vabysmo, Regeneron, Eylea, Raghav Mahobe, Krishna Chandra Eluri, Maju Samuel, Sriraj Organizations: Regeneron Pharmaceuticals, Drug Administration, FDA, AMD, biosimilars, Thomson Locations: U.S, Bengaluru

☆ Fidelity preparing to submit spot bitcoin ETF filing - The Block
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

June 27 (Reuters) - Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange-traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter. The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application. A spot bitcoin ETF is a publicly-traded investment vehicle that tracks the price of bitcoin and offers investors exposure to the asset class. Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

Persons: Gary Gensler's, Niket, Krishna Chandra Organizations: Fidelity, BlackRock, Coinbase, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru

☆ Ford to cut jobs in the US, Canada to trim costs
▼ + stars: | 2023-06-27 | by ( Aishwarya Nair | ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Ford Motor Co (F.N) said on Tuesday it will begin layoffs this week, impacting mostly engineering jobs in the U.S. and Canada, as part of the Detroit automaker's move to exit unprofitable locations and cut headcount. The development comes after the company said in May it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023. "This is related to the Ford+ growth plan we introduced in 2021," the company added. CNBC reported on Monday job cuts were expected to affect all three of Ford's business units - Ford Blue, Model e and Ford Pro. In February, Ford also detailed plans to eliminate 3,800 product development and administration jobs in Europe in the next three years.

Persons: Ford, Stellantis, Jim Farley, Aishwarya Nair, Priyamvada, Krishna Chandra Organizations: Ford Motor, Detroit, Street Journal, General Motors, CNBC, Ford, Ford Pro, Thomson Locations: U.S, Canada, North America, Europe, Bengaluru

☆ IBM to buy software co Apptio for $4.6 bln to bolster cloud offering
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - IBM (IBM.N) said on Monday it will acquire cloud software company Apptio from Vista Equity Partners for $4.6 billion in cash, in the latest deal to bolster its capabilities in cloud and automation. IBM said it will finance the transaction with cash on hand and expects the deal to close in the latter half of 2023. IBM cut about 3,900 jobs early this year and reported under 1% year-over-year increase in revenue in the March quarter. Founded in 2007, Seattle-based Apptio helps companies manage and understand their spending on cloud services and offers functionalities such as IT budgeting, forecasting and financial analyses. Private equity firm Vista Equity Partners agreed to pay about $2 billion for Apptio in 2018, which was over double its market cap at the time.

Persons: Apptio, Yuvraj Malik, Krishna Chandra Organizations: IBM, Vista Equity Partners, Hat, Kyndryl Holdings, Apptio, Thomson Locations: Amazon.com's, Seattle, Bengaluru

☆ Meta launches Quest+ subscription for VR headsets
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Meta Platforms (META.O) on Monday launched Meta Quest+, a subscription-based service for its virtual reality (VR) headsets to shape a nascent but high-investment market. Chief Executive Mark Zuckerberg, in a broadcast channel on social media app Instagram, said the Meta Quest+ subscription will be available from Monday at $7.99 per month, or $59.99 annually, for its Quest 2, Pro and soon for Quest 3. Apple (AAPL.O) has entered the market dominated by Meta, showcasing its $3,499 augmented reality headset called the Vision Pro. The social media company's flagship VR headset Meta Quest Pro is currently priced at $999.99, down from its launch price of $1,499.99, and Quest 2 is being sold for $299.99, according to Meta's website. Termed as the next big thing, the adoption of virtual reality headsets has been limited to the gaming community despite the devices now having more advanced features.

Persons: Mark Zuckerberg, Jaspreet Singh, Krishna Chandra Organizations: Quest, Apple, Meta, Thomson Locations: Bengaluru

☆ Activist investor Elliott seeks ouster of NRG CEO - WSJ
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Activist investor Elliott Investment Management is increasing pressure on NRG Energy (NRG.N) and seeking to oust its CEO Mauricio Gutierrez, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Elliott is in talks with potential candidates to replace the U.S. power company's CEO as well as other top executives, the report said. In a statement to Reuters, an NRG spokesperson said that the company's board "fully supports NRG's CEO Mauricio Gutierrez and management team," adding that the company will be discussing its strategic plan with shareholders at its investor day. The report comes after Elliott sent a letter to NRG's board last month, pushing for a boardroom overhaul. The activist investor had urged the company to conduct a review of its home services strategy and add new independent directors.

Persons: Mauricio Gutierrez, Elliott, Rahat Sandhu, Rishabh Jaiswal, Krishna Chandra Eluri, Maju Samuel, Subhranshu Organizations: Investment Management, NRG Energy, Wall Street, Reuters, NRG, Elliott Investment, Thomson Locations: U.S, Bengaluru

☆ Tech companies including Google gripe about unfair cloud practices
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

June 21 (Reuters) - Technology trade groups as well as Alphabet's (GOOGL.O) Google have griped to the Federal Trade Commission about allegedly unfair business practices in the cloud, including by the industry's No. 2 by market share Microsoft (MSFT.O). They also follow scrutiny worldwide, including a recent probe by Europe's antitrust authority into Microsoft's licensing agreements that allegedly discouraged rival cloud usage. In one example of the public comments Tuesday, trade group NetChoice took aim at Microsoft and Oracle (ORCL.N). Google echoed the sentiment in its own filing, saying that "licensing terms enforced by Microsoft, Oracle, and other legacy on-premises software providers distort competition in the cloud."

Persons: NetChoice, Urvi Dugar, Jeffrey Dastin, Jaspreet Singh, Krishna Chandra Eluri, Christopher Cushing Organizations: Technology, Google, Federal Trade Commission, Microsoft, U.S, Oracle, Thomson Locations: Bengaluru, Palo Alto, Calif

☆ Moderna seeks US FDA authorization for updated COVID vaccine
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Moderna (MRNA.O) said on Thursday it has completed a submission to the U.S. Food and Drug Administration seeking authorization for its updated COVID-19 vaccine to target the XBB.1.5 subvariant. The submission from the company follows the FDA's advice last week to manufacturers that are updating their COVID-19 vaccines to develop monovalent shots to target XBB.1.5. Moderna said preliminary clinical data demonstrated a robust immune response by its XBB.1.5 monovalent vaccine against XBB descendent lineage viruses. Pending authorization, the updated shot would be available in time for the fall vaccination, Moderna said. Other COVID vaccine makers Pfizer (PFE.N)/BioNTech (22UAy.DE) and Novavax (NVAX.O) are already developing versions of their respective vaccines targeting XBB.1.5 and other currently circulating subvariants.

Persons: Moderna, Raghav Mahobe, Krishna Chandra Eluri Organizations: U.S . Food, Drug Administration, Pfizer, Thomson Locations: U.S, Bengaluru

☆ Australian general insurers to repay $550 million over pricing misconduct
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Australian general insurers will repay A$815 million ($550.29 million) to more than 5.6 million consumers due to their systemic failures in delivering on pricing promises, the country's corporate regulator said on Friday. A report published by the Australian Securities and Investments Commission (ASIC) found insurers did not always have adequate oversight and controls over the pricing promises made or delivered by the distributors of their products. Acting upon pricing failures reported since Jan. 1, 2018, ASIC's Deputy Chair Karen Chester said systemic pricing failures were a result of "unnecessary complexity in pricing promises and pricing practices — accounting for the lion's share (at least A$379 million) of the remediation". Back in October 2021, the regulator had directed 11 general insurers, including Insurance Australia Group (IAG.AX), QBE Insurance (Australia) Limited and the local subsidiary of Allianz (ALVG.DE) to complete comprehensive reviews to find, fix, report and repay customers for pricing failures. "It's now up to the boards of general insurers to ensure the prompt and full repayment of the A$815 million owed to their 5.6 million customers, implement the fixes needed and rebuild consumer trust," added Chester.

Persons: Karen Chester, It's, Jaskiran Singh, Krishna Chandra Organizations: Australian Securities and Investments Commission, Insurance Australia Group, QBE Insurance, Allianz, Thomson Locations: Australian, Australia, Chester, Bengaluru

☆ Surf Air Mobility expects NYSE debut on July 11
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility said on Thursday it expects the company's shares to start trading on July 11, setting the stage for the first major direct listing in the United States in months. Surf Air's shares are expected to trade on the New York Stock Exchange under the ticker "SRFM", it said in a filing with the Securities and Exchange Commission. Contrary to an initial public offering, shares are not sold in advance in a direct listing. The stock price at debut is determined by orders coming into the stock exchange. Advocates of direct listing argue it is a better way to price new stock rather than an IPO.

Persons: Slack, Niket, Krishna Chandra Organizations: Electric, Surf Air Mobility, New York Stock Exchange, Securities and Exchange Commission, Slack Technologies, Salesforce, Air, Thomson Locations: United States, Bengaluru

☆ Bankrupt Vice Media plans sale to Fortress Investment-led group
▼ + stars: | 2023-06-22 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

June 22 (Reuters) - A group of buyers including Fortress Investment Group may take over Vice Media after the consortium's $225-million offer for the bankrupt company emerged as the only "qualified" bid on the table, according to a legal filing. Popular with millennial audience through its websites Vice and Motherboard, Vice Media filed for bankruptcy protection last month in a move that capped years of financial difficulties and top-executive departures. GoDigital Media told Reuters in an emailed statement that it made a higher bid for Vice but the offer was turned down by the sellers. "We think Fortress's decision is the wrong choice, and the company, employees, partners and consumers will suffer," GoDigital said. Fortress and Vice did not immediately respond to Reuters' requests for comment on the potential deal, which must be approved by the bankruptcy judge.

Persons: GoDigital, Privately, James Murdoch's, Yuvraj Malik, Jonathan Stempel, Dietrich Knauth, Shailesh Kuber, Krishna Chandra Organizations: Fortress Investment, Media, U.S, Fortress, GoDigital Media, Reuters, Systems, TPG, Technology, Ventures, Antenna Group, Big Tech, Facebook, Google, Thomson Locations: Manhattan, Bengaluru, New York

☆ Intelsat, SES end talks on $10 bln merger - Bloomberg News
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

June 21 (Reuters) - Intelsat SA has ended negotiations to combine with SES SA (SESFg.LU) as it was not able to reach an agreement with the satellite company and its major stakeholders, Bloomberg News reported on Wednesday citing people familiar with the matter. SES had said in March it was in talks with Intelsat over a possible combination of their businesses that would create an industry giant. Bloomberg News reported in March the two companies were nearing a deal valued at more than $10 billion, including debt. Intelsat and SES did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Nilutpal, Krishna Chandra Organizations: Intelsat SA, SES SA, Bloomberg, SES, Intelsat, Bloomberg News, Thomson Locations: Bengaluru

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