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Zubale/Handout via REUTERS Acquire Licensing RightsMEXICO CITY, Nov 30 (Reuters) - E-commerce startup Zubale is setting its sights on expanding throughout Brazil and Mexico with a fresh $25 million capital injection, the company said on Thursday. In Mexico, the startup already operates in 90 cities and is eyeing another 40 over the next two years, said Monroy. He added that Zubale plans to first boost the technology behind its gig service in Mexico, Latin America's second-largest economy, to increase both workers' productivity and earnings. Zubale is also going to "speed up market penetration" of its software in Mexico, where the products are "still really green," Monroy said. The $25 million investment announced on Thursday comes from backers such as QED Investors and NFX, and follows a $40 million Series A funding round last year.
Persons: Sebastian Monroy, Zubale, Thiego Goularte, Goularte, Monroy, Kylie Madry, Rashmi Organizations: Reuters, REUTERS Acquire, MEXICO CITY, Carrefour, Sao Paulo, Thomson Locations: Sao Paulo, Brazil, Handout, MEXICO, Mexico, Sao, Rio de Janeiro
Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 30 (Reuters) - Metro Bank (MTRO.L) on Thursday announced sweeping cost-cutting plans aimed at bolstering its finances, which could see the embattled British lender lay off 20% of its staff and axe some of its biggest customer perks including seven-day opening hours. The lender expects to take a lower-than-expected one-off restructuring charge of between 10 million pounds and 15 million pounds in 2023. Metro Bank did not immediately respond to a request for clarification on the precise number of roles at risk, but the lender employs around 4,000 people, according to its latest annual report. It is also reviewing its seven-day opening and extended store hours and will "selectively streamline lending" to focus on relationship banking to maximise risk-adjusted returns.
Persons: Hannah McKay, Jaime Gilinski, Daniel Frumkin, outflows, Yadarisa, Sinead Cruise, Elizabeth Howcroft, Rashmi Aich, Sherry Jacob, Phillips, Sharon Singleton Organizations: Metro Bank, REUTERS, Metro, Thomson Locations: London, Britain, Colombian, Bengaluru
Gold holds ground ahead of US inflation test
  + stars: | 2023-11-30 | by ( Harshit Verma | )   time to read: +2 min
An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru
[1/2] A delivery worker of Zomato, an Indian food-delivery startup, prepares to leave to pick up an order from a restaurant in Mumbai, India, July 13, 2021. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsNov 29 (Reuters) - Chinese payments group Alipay launched a $400 million accelerated bookbuild to sell its stake in Indian food delivery giant Zomato (ZOMT.NS), according the deal's term sheet on Wednesday. The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on Indian stock exchanges. Reporting by Baranjot Kaur in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Francis Mascarenhas, Alipay, Baranjot Kaur, Rashmi Organizations: REUTERS, Reuters, Thomson Locations: Mumbai, India, Zomato, Bengaluru
A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. The exporter-heavy FTSE 100 (.FTSE) fell 0.6% touching a two-week low intraday, while the more domestically-oriented FTSE 250 midcap index (.FTMC) also shed 0.6%. Personal goods (.FTNMX402040) led declines among the major FTSE 350 sectors, with Burberry Group (BRBY.L) falling 2.7% after HSBC reduced the stock's price target. Investors will look ahead to UK mortgage data, inflation prints across the eurozone, and a Personal Consumption Expenditures (PCE) report in the U.S. - the Federal Reserve's preferred inflation gauge - later this week. Man Group (EMG.L) fell 3.2% after Morgan Stanley downgraded the hedge fund manager's stock to "Equal-Weight" from "Overweight".
Persons: Toby Melville, inflation's, Andrew Jones, Janus Henderson, Dave Ramsden, Jonathan Haskel, Pearson, Morgan Stanley, Shashwat Chauhan, Sonia Cheema Organizations: London Stock Exchange Group, REUTERS, Royce, Burberry Group, HSBC, PT Pearson, Man, Janus Henderson Investors, Bank of England's, Thomson Locations: City, London, Britain, U.S, Bengaluru
Deutsche Bank sees 12% upside to S&P 500 through 2024-end
  + stars: | 2023-11-27 | by ( )   time to read: +1 min
The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsNov 27 (Reuters) - Deutsche Bank on Monday forecast the S&P 500 (.SPX) to end next year 12% higher as it expects corporate earnings to remain resilient even if the United States experiences a mild and short recession. Deutsche Bank analysts expect the index to end 2024 at 5,100 points. Deutsche Bank's 2024-end S&P 500 target is 8.5% higher than the 4,700 median forecast of 33 strategists polled by Reuters. "If earnings growth continues to recover as we forecast, valuations will remain well supported around the top of the range as is typical on the pricing in of a pickup in earnings growth," the strategists said.
Persons: Yves Herman, Roshan Abraham, Rashmi Aich, Mrigank Organizations: Deutsche Bank, REUTERS, Deutsche, Reuters, Reserve, BofA, Research, Thomson Locations: Brussels, Belgium, United States, U.S, Bengaluru
REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsSummaryCompanies Gold up 0.7% so far this weekPlatinum eyes second weekly gainDollar heads for second weekly fallNov 24 (Reuters) - Gold held steady on Friday, set for its second consecutive weekly gain, supported by a weaker U.S. dollar as markets grew confident that the Federal Reserve was done with its interest rate hikes. The dollar index (.DXY) slipped 0.2% against its rivals and was on track for a second weekly drop, making gold less expensive for other currency holders. Earlier this week, the Fed minutes showed the central bank would proceed "carefully" and "all participants judged it appropriate to maintain" the current rate setting. "There is that disconnect between market expectations for rates and what the Fed minutes showed and that's what's causing some hesitation in the price of gold," Waterer said. Platinum was flat at $915.57, but was heading for its second weekly rise.
Persons: Alexander Manzyuk, Tim Waterer, CME's, Waterer, Brijesh Patel, Sherry Jacob, Phillips, Rashmi Organizations: REUTERS, Federal, KCM Trade, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru
Gold ticks higher as weaker US dollar, yields lend support
  + stars: | 2023-11-23 | by ( )   time to read: +2 min
One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsNov 23 (Reuters) - Gold prices edged higher on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker dollar and lower U.S. Treasury yields buoyed demand for bullion. FUNDAMENTALS* Spot gold was up 0.1% at $1,992.59 per ounce, as of 0143 GMT, after hitting a three-week high of $2,007.29 on Tuesday. * Lower interest rates decrease the opportunity cost of holding gold. DATA/EVENTS (GMT) 0745 France Business Climate Mfg, Overall Nov0815 France HCOB Mfg, Serv, Comp Flash PMIs Nov0830 Germany HCOB Mfg, Serv, Comp Flash PMIs Nov0900 EU HCOB Mfg, Serv, Comp Flash PMIs Nov0930 UK Flash Comp, Mfg, Serv PMIs NovReporting by Brijesh Patel in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Denis Balibouse, CME's, Serv, Brijesh Patel, Rashmi Organizations: REUTERS, Treasury, . Federal Reserve, Trust, Climate Mfg, France HCOB, Germany HCOB, Mfg, Thomson Locations: Mendrisio, Switzerland, France, Germany, Bengaluru
A smartphone is seen on a selfie stick in Manhattan, in New York City, New York U.S., February 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 21 (Reuters) - The global smartphone market returned to growth in October after more than two years of slump, helped by a recovery in the emerging markets, according to data from Counterpoint Research. The data showed that global monthly smartphone sell-through volumes grew 5%, making October the first month to record year-on-year growth since June 2021, breaking the streak of 27 consecutive months of negative year-on-year growth. The global smartphone sales have been under stress for last two years affected by various issues starting with component shortages, inventory build-up and lengthening of replacement cycles, Counterpoint said in its report. "Following strong growth in October, we expect the market to grow year-on-year in the fourth quarter of 2023 as well, setting the market on the path to gradual recovery in the coming quarters," the market research firm said.
Persons: Andrew Kelly, Baranjot Kaur, Rashmi Organizations: New York City , New York U.S, REUTERS, Counterpoint Research, Thomson Locations: Manhattan, New York City , New York, East, Africa, China, India, Bengaluru
Caterer Compass forecasts strong growth in 2024
  + stars: | 2023-11-20 | by ( )   time to read: +1 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Catering group Compass Group (CPG.L) expects 2024 underlying operating profit to grow about 13%, aided by strong demand leading to high single-digit organic revenue growth and stronger margins, it said on Monday. Compass, the world's largest catering group, said adjusted operating profit rose nearly 30% to 2.12 billion pounds ($2.64 billion) for the year ended Sept. 30, in line with market expectations. "Going forward, we expect to sustain mid to high single digit organic revenue growth and ongoing margin progression leading to profit growth ahead of revenue growth and increased cash generation," CEO Dominic Blakemore said in a statement. Annual underlying revenue grew 18.8% to 31.3 billion pounds, registering growth across its markets. In financial year 2023, it signed 2.7 billion pounds of new business, with first-time outsourcing accounting for about 50%.
Persons: Dado Ruvic, Dominic Blakemore, Compass, Hofmann, Yadarisa, Rashmi Organizations: REUTERS, Compass, Manufaktur GmbH, Thomson Locations: Argentina, Angola, Bengaluru
A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes//File Photo Acquire Licensing RightsNov 19 (Reuters) - OpenAI's biggest backer, Microsoft (MSFT.O), is considering taking a role on the board if ousted CEO Sam Altman returns to the ChatGPT developer, the Information reported on Sunday citing two people familiar with the talks. Microsoft could either take a seat on OpenAI's board of directors, or as a board observer without voting power, the report added. Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Gonzalo Fuentes, Sam Altman, Urvi, Rashmi Organizations: Microsoft, REUTERS, OpenAI's, Thomson Locations: Issy, Paris, France, Bengaluru
Gold ticks higher as dollar slips on Fed pause bets
  + stars: | 2023-11-20 | by ( Brijesh Patel | )   time to read: +2 min
Spot gold rose 0.1% to $1,981.79 per ounce as of 0306 GMT, after rising 2.2% last week. The dollar slipped 0.2% to a more than a 2-1/2 month low against its rivals, making gold less expensive for other currency holders. Traders now widely expect the Fed to leave rates unchanged at its Dec. 12-13 policy meeting, according to the CME FedWatch tool. Lower rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 1.49% to 883.43 tonnes on Friday.
Persons: Alexander Manzyuk, Kyle Rodda, Brijesh Patel, Chris Reese, Rashmi Organizations: REUTERS, Federal, Fed, Traders, Holdings, SPDR, Trust, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru
Meta launches AI-based video editing tools
  + stars: | 2023-11-16 | by ( )   time to read: +1 min
Meta AI logo is seen in this illustration taken September 28, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 16 (Reuters) - Meta Platforms (META.O) on Thursday launched two new AI-based features for video editing that could be used for posting to Instagram or Facebook. The first is called Emu Video and it generates four-second long videos with a prompt of a caption, photo or an image, paired with a description. The new tools are an advancement of the parent model Emu that generates images in response to text prompts. Emu underpins a generative AI technology and some AI image editing tools for Instagram that lets one take a photo and change its visual style or background.
Persons: Dado Ruvic, OpenAI's ChatGPT, Priyamvada, Rashmi Organizations: REUTERS, Facebook, Microsoft, Google, Thomson Locations: Bengaluru
REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsCompanies Starbucks Corp FollowNov 13 (Reuters) - The Workers United union said on Monday that thousands of employees at hundreds of Starbucks (SBUX.O) stores will walk out on the coffee chain's key Red Cup day promotional event this week, citing staffing and scheduling issues. Starbucks hands out free reusable holiday-themed cups with coffee purchases on the popular promotional event Red Cup day, which falls on Thursday this week, in the midst of the key holiday season. The Workers United in a statement said that Red Cup day is "one of the most infamously hard, understaffed days for the baristas" at Starbucks, and called on baristas and supervisors at all Starbucks stores to walk out on Nov. 16. The union had called for protests at more than 100 Starbucks stores at Red Cup day last year. Workers United represents more than 360 unionized stores and more than 9,000 Starbucks employees, according to the union's website.
Persons: Carlo Allegri, . Workers United hasn't, they've, Juveria Tabassum, Rashmi Organizations: Empire, REUTERS, Companies Starbucks Corp, The Workers United, Starbucks, The Workers, Red, Workers, . Workers United, Reuters, Workers United, Thomson Locations: Manhattan, New York, U.S
UK's Landsec expects rents to counter lower building valuations
  + stars: | 2023-11-14 | by ( )   time to read: +1 min
Nov 14 (Reuters) - British commercial property company Land Securities Group (LAND.L) expects between low and mid single-digit percentage growth in annual London rental values despite continued pressure on building valuations. Valuations have been hit by high interest rates, hurting investment business within the sector and offsetting relatively better performance on the operational front. Landsec, which in May said it would invest more in prime retail space buoyed by a positive outlook for that portfolio, expects earnings per share for the full year to be broadly stable compared with last year's 50.1 pence. Central London accounts for about two thirds of Landsec's property portfolio. Its half-year pretax loss deepened by 0.5% to 193 million pounds ($237.3 million), hurt by declining property valuations.
Persons: Mark Allan, Aby Jose Koilparambil, Rashmi Aich, David Goodman Organizations: Land Securities Group, FTSE, Thomson Locations: London, Central London, Mayfield, Manchester, Bengaluru
Rivian to raise nearly $15 bln in debt for EV plant in Georgia
  + stars: | 2023-11-14 | by ( )   time to read: +1 min
The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake Acquire Licensing RightsNov 13 (Reuters) - Rivian Automotive (RIVN.O) plans to raise nearly $15 billion in debt to help build an electric vehicle manufacturing plant in Georgia, the EV maker said on Monday. The company has agreed to pay a minimum of nearly $300 million in property tax payments through 2047. Rivian had said in 2021 that it plans to set up the Georgia plant and had said at the time that it would be commissioned by 2024. The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.
Persons: Mike Blake, Morgan, Newton, Rivian, Anirudh, Rashmi Organizations: REUTERS, Rivian, Georgia Department of Economic, Joint Development Authority of, Thomson Locations: San Diego , U.S, Georgia, Joint Development Authority of Jasper, Walton, Bengaluru
REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBENGALURU, Nov 14 (Reuters) - U.S. electric car maker Tesla Inc (TSLA.O) is planning to double the number of components it imports from India, Indian trade minister Piyush Goyal said on Tuesday through a post on social media platform X. "Proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India," Goyal posted on X, earlier called Twitter, after visiting Tesla's manufacturing facility at Fremont, California. He was, however, unable to meet Tesla chief Elon Musk during his visit to the plant, Goyal added. He said in September Tesla was aiming to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year.
Persons: Mike Blake, Piyush Goyal, Goyal, Elon Musk, Tesla, Ashna Teresa Britto, Rashmi Aich Organizations: Tesla Inc, REUTERS, Tesla, Reuters, Thomson Locations: Costa Mesa , California, U.S, India, Fremont , California, Bengaluru
"Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits maker said. Last month, Mexico's Becle (CUERVO.MX), the world's largest tequila producer, said economic challenges in Europe and Latin America were slowing customer spending on liquor, which battered its profits. "Over time, as inflation moderates and productivity from our supply agility program flow through, we expect operating profit to grow ahead of organic net sales growth," Diageo said. Diageo narrowly beat earnings estimates for the year ended June 30, as sales of its more expensive liquor brands offset lower volumes. Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich, Emelia Sithole-Matarise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Clodagh, Johnnie Walker, Julio, Sophie Lund, Yates, Hargreaves Lansdown, Mexico's, Eva Mathews, Rashmi Aich, Emelia, Alexander Smith Organizations: REUTERS, Caribbean ., Diageo, Thomson Locations: Dublin, Ireland, North America, Africa, Latin America, Europe, America, Bengaluru
Pints of Guinness are seen in a pub, in Dublin, Ireland March 20, 2023. REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsNov 10 (Reuters) - Johnnie Walker whisky maker Diageo (DGE.L) on Friday said it expected organic operating profit growth to decline in the first half of its current financial year due to "materially weaker" performance in Latin America and Caribbean. "Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits company said in a statement. Latin America and Caribbean makes up nearly 11% of the company's net sales, according to Diageo. Sales in the region are now expected to decline by more than 20%, year-on-year, in the first half of fiscal 2024, the company added.
Persons: Clodagh, Johnnie Walker, Eva Mathews, Rashmi Organizations: REUTERS, Diageo, Thomson Locations: Dublin, Ireland, America, Caribbean, Bengaluru
According to the data, domestic investors accumulated a net 1.12 trillion yen ($7.40 billion) worth of overseas bonds last month in a third straight month of net buying. They also poured 736.6 billion yen into foreign equities, much lesser than about 1.17 trillion yen they put in the previous month. Japanese banks poured a net 609.2 billion yen into long-term overseas bonds last month after about 4.76 trillion yen worth of net buying a month ago. Meanwhile, trust accounts and insurers pulled out a net 210.8 billion yen and 270.6 billion yen, respectively. Year-to-date data indicated that Japanese investors were net purchasers of U.S. bonds, buying about 18.81 trillion yen worth by September, while they emerged as net sellers of European debt, offloading 1.25 trillion yen.
Persons: Kim Kyung, Gaurav Dogra, Patturaja, Rashmi Organizations: REUTERS, Japan's Ministry, Finance, Reuters Graphics Reuters, Treasury, Thomson Locations: Tokyo, Japan, Bengaluru
Meta strikes deal to sell VR headset in China - WSJ
  + stars: | 2023-11-10 | by ( )   time to read: 1 min
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsNov 9 (Reuters) - Meta Platforms (META.O) has struck a deal with Tencent Holdings (0700.HK) to sell a new, lower-priced version of its virtual-reality (VR) headset in China, a return to the country 14 years after Facebook was shut out, the Wall Street Journal reported on Thursday. The preliminary deal will make Tencent the exclusive seller of Meta's headsets in China, the Journal said, citing sources. Meta and Tencent did not immediately respond to Reuters' requests for comment. Reporting by Shubham Kalia in Bengaluru; Editing by Rashmi Aich and Mrigank DhaniwalaOur Standards: The Thomson Reuters Trust Principles.
Persons: Yves Herman, Tencent, Shubham, Rashmi Aich Organizations: REUTERS, Tencent Holdings, HK, Facebook, Wall Street, Thomson Locations: Brussels, Belgium, China, Bengaluru
British homebuilder Taylor Wimpey flags market uncertainty
  + stars: | 2023-11-09 | by ( )   time to read: +1 min
A builder working for Taylor Wimpey builds a roof on an estate in Aylesbury, Britain, February 7, 2017. REUTERS/Eddie Keogh/File Photo Acquire Licensing RightsNov 9 (Reuters) - UK homebuilder Taylor Wimpey (TW.L) on Thursday flagged "significant market uncertainty" as high mortgage rates dent demand, but forecast annual operating profit at the top end of its previous outlook range. Taylor Wimpey's trading update echoed sector peer Persimmon's (PSN.L), which on Tuesday marginally lifted its annual home-build targets while pointing to "highly uncertain" market conditions in 2024. Taylor Wimpey said year-to-date cancellation rate improved to 18%, compared with 24% during the four weeks to July 30, while its total order book excluding joint ventures as at Nov. 5stood at about 1.9 billion pounds ($2.33 billion), down 27% from a year earlier. ($1 = 0.8143 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Taylor Wimpey, Eddie Keogh, Taylor Wimpey's, Aby Jose Koilparambil, Rashmi Organizations: REUTERS, Bank of, FTSE, Thomson Locations: Aylesbury, Britain, Bank of England, Bengaluru
Aussie 'big four' banks hike home loan rates after RBA decision
  + stars: | 2023-11-09 | by ( )   time to read: +1 min
People use Commonwealth Bank of Australia (CBA) bank ATMs in Sydney, Australia May 3, 2018. The National Australia Bank (NAB.AX), ANZ Group Holdings (ANZ.AX) and Westpac Banking Corp (WBC.AX), the other three of Australia's "big four", had hiked their home loan rates on Wednesday by 0.25%. The rate hike by the National Australia Bank (NAB.AX) and ANZ Group Holdings (ANZ.AX) would be effective from Nov. 17, while Westpac Banking Corp (WBC.AX) would raise rates from Nov. 21, the lenders said in separate statements on Wednesday. CBA said its home loan variable rate change would be effective from Nov. 17. Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons: Edgar Su, Rishav Chatterjee, Upasana Singh, Savio D'Souza, Rashmi Organizations: Commonwealth Bank of Australia, REUTERS, Thursday, National Australia Bank, ANZ Group Holdings, Westpac Banking Corp, Reserve Bank of Australia, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru
Corteva posts smaller quarterly loss on higher seed prices
  + stars: | 2023-11-08 | by ( )   time to read: +1 min
The logo and trading info for Corteva Agriscience, a former division of DowDuPont, is displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., June 3, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - U.S. agricultural chemical and seed company Corteva (CTVA.N) on Wednesday reported a smaller third-quarter loss, helped by higher prices for its seeds. Corteva's third-quarter seed net sales rose to $878 million from $862 million a year earlier. However, sales volumes declined as a result of its exit from Russia and lower-than-expected corn planted area in Brazil. Corteva posted a net loss of $321 million, or 45 cents per share, in the quarter ended Sept. 30, compared with a loss of $331 million, or 46 cents per share, a year earlier.
Persons: Agriscience, Brendan McDermid, Corteva, Sourasis Bose, Shounak Dasgupta, Shilpi Majumdar, Rashmi Organizations: New York Stock Exchange, REUTERS, FMC Corp, Thomson Locations: DowDuPont, New York, U.S, Russia, Brazil, Indianapolis, South America, Bengaluru
WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."
Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru
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