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☆ Google to open up UK in-app payments to satisfy regulator's concerns
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

April 19 (Reuters) - Britain's competition regulator said proposals from Alphabet Inc's (GOOGL.O) Google to give app developers the freedom to break away from Google Play's billing system looked to be sufficient to address its concerns about in-app payments. Britain's Competition and Markets Authority (CMA) said in June that Google's complete control over in-app payments unfairly restricted developers by forcing them to use Google Play's billing system, reducing competition and hurting users. "Under the commitments, developers will be able to add an alternative in-app billing system, alongside Google Play's billing system, for their mobile and tablet users in the UK," Google said in a blog post. "At checkout, users will be able to choose which billing system to use." The CMA invited comments on Google's proposals by May 19 before it makes a final judgment.

April 18 (Reuters) - Goldman Sachs Group Inc (GS.N) is exploring the sale of its Greensky fintech business, the bank's CEO said on Tuesday, its latest move to scale down its retail ambitions. Greensky, which facilitates home improvement loans to consumers, was acquired by Goldman in September 2021 in a $2.24 billion stock deal, which closed a year ago. At the time, Goldman said it expected "significant growth" from combining GreenSky's products with those offered by its Marcus digital bank. GreenSky is a "good business" that is performing well, Goldman CEO David Solomon told analysts after the company reported first quarter earnings that sank 19%. Goldman booked a $470 million loss on the sale of some Marcus loans, which dragged down first quarter results.

☆ UK's THG gets buyout proposal from Apollo, shares jump
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Apollo must announce a firm intention to make an offer by May 15 or walk away, the British company said. Oil services company John Wood Group (WG.L) said on Monday it is engaging with Apollo over a possible 1.66 billion-pound offer, while CVC Capital and Francisco Partners have tabled a 2.1 billion-pound takeover bid for payments provider Network International (NETW.L). Last week, EQT entered talks with veterinary pharma group Dechra (DPH.L) over a 4.63 billion-pound deal. THG, formerly known as The Hut Group, is set to publish full-year results on Tuesday. ($1 = 0.8063 pounds)Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Banknote printer De La Rue's chairman steps down
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - British banknote printer De La Rue Plc (DLAR.L) said on Friday chairman Kevin Loosemore has resigned from his role and will leave office on May 1. Loosemore's resignation comes weeks after its third-largest shareholder Crystal Amber Fund Limited (CRSL.L) had called for a general meeting to oust the company's chairman. Crystal Amber has nominated Pepyn Dinandt as a candidate. Earlier this week, De La Rue, which designs paper and polymer banknotes for government and central banks across the world, warned on its 2023 profits as demand for cash hit its lowest in over two decades. Crystal Amber was concerned that going concern doubts, which were raised by the company in November, could hurt De La Rue's ability to win new contracts and retail existing ones.

☆ Wells Fargo names Saul Van Beurden as CEO for consumer banking unit
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - Wells Fargo (WFC.N) has named Saul Van Beurden as the chief executive officer of its consumer and small business banking (CSBB) unit, effective May 15, it said in a statement on Thursday. Reporting by Siddarth S in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ American Airlines profit forecast disappoints; shares tumble
▼ + stars: | 2023-04-12 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining rival United Airlines (UAL.O) in signaling a hit from persistently high labor and fuel costs. "We had expected American to come in towards the better end in a similar manner as JetBlue's guidance update provided in mid-March," Syth added. Airlines' shares in 2023The airline industry has been able to survive the broader economic slowdown in the United States, thanks also to tight airline capacity due to shortages of aircraft and spare parts. On an adjusted basis, it forecast a quarterly per-share profit of between 1 cent and 5 cents, compared with its previous forecast of a near break-even. Southwest Airlines Co (LUV.N) closed down 1.4%, United was down 6.5% and Delta was down 2.4%.

☆ American Airlines signals profit hit from rising labor, fuel costs
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines (UAL.O) to signal a hit from persistently high labor and fuel costs. The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Higher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses. American had in January said that its fuel price has increased by nearly 70%. However, on an adjusted basis, it forecast quarterly profit per share between 1 and 5 cents compared to analysts' expectation of 6 cents, according to Refinitiv data.

☆ Waymo vehicles pull over in California due to fog
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Alphabet Inc's (GOOGL.O) self-driving technology unit Waymo said on Wednesday that some of its vehicles in San Francisco encountered dense fog and briefly pulled over to the side of the road. The incident, which occurred at around 6.00 a.m. Pacific Time, impeded some traffic movement before the cars moved out of the area as the fog began to clear, Waymo said. "We have software updates planned to improve our fog and parking performance to address such situations in the future," the company said in a statement to Reuters. The company's cars use a system consisting of lidar sensors, cameras and radar sensors to perceive their surroundings. Last week, General Motors' (GM.N) robotaxi unit Cruise said it is recalling self-driving software in 300 vehicles after one of its driverless vehicles crashed into the back of a San Francisco bus.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Blackstone raises $30.4 billion for latest real estate fund
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Blackstone Inc (BX.N) said on Tuesday it had raised $30.4 billion for its latest global real estate fund, as the private equity behemoth looks to double down on the industry. The fund, called Blackstone Real Estate Partners X, is 48% bigger than the asset management giant's previous real estate fund which closed in 2019. "Sector selection has never been more critical as we witness the bifurcation of performance within real estate," Ken Caplan, global co-head of Blackstone Real Estate, said in a statement. Blackstone shares were up nearly 1% in premarket trading. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

Companies Robinhood Markets Inc FollowApril 6 (Reuters) - The California Department of Financial Protection and Innovation (DFPI) said on Thursday it has joined a multi-state settlement with Robinhood Financial LLC (HOOD.O), which will pay up to $10.2 million in penalties for operational and technical failures. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Dominion Energy, National Grid pursuing pipeline sales - WSJ
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Utility firms Dominion Energy (D.N) and National Grid Plc (NG.L) are separately considering a potential sale of parts of their natural gas pipeline networks, the Wall Street Journal reported on Thursday, citing people familiar with the matter. National Grid on the other hand is exploring a possible sale of part of its pipeline network serving the Northeastern U.S. Eliminating natural gas appliances would mean transitioning to electric equipment such as heat pumps. Dominion and National Grid's shares on the New York Stock Exchange were trading 0.4% and 1% higher, respectively. Dominion and National Grid declined to comment when contacted by Reuters.

☆ AI stocks tumble after short-seller attack on C3.ai
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

Shares of C3.ai were down 10% in early trading, while those of Thai security firm Guardforce AI (GFAI.O) fell more than 14%. Data analytics firm BigBear.ai (BBAI.N) lost 7% and conversation intelligence company SoundHound AI (SOUN.O) declined 4%. C3.ai was one of the trending stocks on investor-focused social media platform Stocktwits.com. Kerrisdale had disclosed its short position in C3.ai last month and accused the company of "poor customer traction, failing sales partnerships and financial pressures." "It is not necessarily a systemic risk and should not affect other AI stocks near-term.

☆ Exxon quits drilling in Brazil after failing to find oil - WSJ
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

Companies Exxon Mobil Corp FollowApril 5 (Reuters) - Exxon Mobil Corp (XOM.N) has ended a major campaign to find oil in Brazil, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. However, the company has not ruled out future projects in the country, the report added, citing sources. Exxon had bet billions of dollars on offshore drilling in Brazil, and the country was one of the three geographic areas the company was counting on for most of its future production. The other two - Guyana and U.S. shale country - are performing well, but Exxon is yet to make a major oil discovery as an operator in Brazil's water. The reported news comes less than a day after Exxon signalled that its first-quarter operating profits dropped about 25% from last year's record levels on easing oil and gas prices.

☆ LayerZero Labs valued at $3 billion after latest fund-raise
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - LayerZero Labs said on Tuesday that it has raised $120 million in an early stage funding round, that has tripled the blockchain messaging protocol's valuation to $3 billion. The Series B fund-raise saw participation from 33 investors, including a16z crypto, Christie's, Circle Ventures, OpenSea Ventures, Samsung Next, and Sequoia Capital, amongst others. In February, Via said it bagged a valuation of $3.5 billion after a funding round led by 83North. Last year, the New York-based blockchain infrastructure provider had raised $135 million in a funding round led by Sequoia Capital, FTX Ventures among others that valued it at $1 billion. It has received backing from some of the strongest crypto-focused companies in the entire world, including Binance, Blockdaemon, Christie's, Circle Ventures, Coinbase, OpenSea Ventures, and many more.

☆ Apollo sweetens bid for Britain's Wood Group with $2.1 bln offer
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Wood privately rejected fourth offer - ApolloWood Group's shares down 2.2%April 4 (Reuters) - Private equity firm Apollo Management has made what it said was a final offer to buy John Wood Group (WG.L) for 1.66 billion pounds ($2.1 billion) in cash, after the British oilfield services and engineering firm rejected four earlier proposals. The 240 pence per share bid represents a premium of about 55% to Wood's closing share price on Feb. 22, the day before it made Apollo's proposals public. Apollo said Wood Group had privately rejected its previous offer of around 1.64 billion pounds, that the firm had made on March 6. Shares in London-listed Wood Group were down 2.2% at 200 pence at 1516 GMT, much lower than the possible offer price, indicating that investors do not expect the deal to go through. Wood separately said it noted the sweetened possible offer from Apollo for the company, and added it continues to engage with its shareholders.

☆ Indian edtech startup Unacademy to lay off 12% of staff - document
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 30 (Reuters) - Indian edtech startup Unacademy is laying off 12% of its workforce, citing a funding winter and pressure to turn profitable, according to an internal mail from the company's chief executive seen by Reuters on Wednesday. "Today... funding is scarce and running a profitable business is key," CEO and co-founder Gaurav Munjal said in an email sent to all staff. A spokesperson for Unacademy declined to comment on the layoffs and did not disclose the number of job cuts or the current headcount. Indian business news publication Moneycontrol reported earlier in the day that the SoftBank-backed startup laid off about 380 employees, reducing its total employee count to under 3,000. Companies that have cut staff include Tiger Global-backed Vedantu and Byju's - India's biggest startup valued at $22 billion.

☆ Trump-backed SPAC Digital World regains compliance with Nasdaq listing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it had been cleared by the Nasdaq over non-payment of certain dues. Earlier this month, Digital World revealed that it had received a notice from the exchange over non-payment of some dues which could lead to a potential de-listing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations. The deal was inked in October 2021 and late last year shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ WHO revises COVID-19 vaccine recommendations for Omicron-era
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A 50 years old and immunocompromised resident receives a second booster shot of the coronavirus disease (COVID-19) vaccine in Waterford, Michigan, U.S., April 8, 2022. The health agency defined high-risk populations as older adults, as well as younger people with other significant risk factors. Meanwhile, it said healthy children and adolescents were "low priority" for COVID-19 vaccination, and urged countries to consider factors like disease burden before recommending vaccination of this group. It said the COVID-19 vaccines and boosters were safe for all ages, but the recommendations took into account other factors like cost-effectiveness. Some high-income countries like the United Kingdom and Canada are already offering those at high-risk COVID-19 boosters this spring, six months after their last dose.

☆ UK's WPP buys Obviously to expand social influencer marketing business
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - British advertising group WPP (WPP.L) said on Monday it has acquired Obviously, a New York-based social influencer marketing agency, for an undisclosed sum. The deal comes less than a week after WPP agreed to buy Goat, an influencer marketing specialist, which focusses on marketing campaigns that aim to improve customer engagement for brands including Dell, Tesco, Uber and Natura. Obviously's team of nearly 100 people will join WPP subsidiary VMLY&R, a marketing agency with over 13,000 employees, WPP said. WPP said Obviously's proprietary "next-generation" tech platform helps the agency service large-scale complex campaigns for enterprise clients including Google, Ford, Ulta Beauty and Amazon. Obviously was founded by Mae Karwowski and Maxime Domain in 2014 and has operations in San Francisco and Paris.

☆ WeWork reaches deals to cut debt, extend maturities
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Under the deals announced Friday, key investor SoftBank Group Corp's (9984.T) $1.0 billion unsecured notes would be converted to equity. The Japanese company held a stake of about 46% in WeWork before the restructuring was announced, as per Refinitiv data. About $1.9 billion of pro-forma debt will now mature in 2027, WeWork said, adding that it would have less than $2.0 billion in net debt once the deal closes. WeWork, which went public in 2021 after a two-year struggle, is yet to post a quarterly profit. PJT Partners LP advised WeWork on the debt restructuring, while Houlihan Lokey advised SoftBank.

☆ Goldman Sachs, other banks expect smaller hike from ECB in May
▼ + stars: | 2023-03-17 | by ( Subhadeep Chakravarty | ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Goldman Sachs, Morgan Stanley and at least two other banks expect the European Central Bank to deliver a smaller quarter-point hike in May, as it grapples with stress in the banking sector and high core inflation. Goldman's terminal rate forecast for the ECB now stands at 3.5%, down from 3.75% expected previously when it forecasted a 50-bps raise in May. For Morgan Stanley, a smaller May hike expectation leaves the peak rate forecast at 3.75% by July, down from 4% expected earlier. The changes in forecast follow the ECB's decision on Thursday to press ahead with a 50-bps hike in its deposit facility rate, taking it to 3%. Traders see the ECB rate peaking at around 3.23% by September or October.

☆ WeWork reaches deal to convert $1 billion of SoftBank's debt to equity
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - WeWork Inc (WE.N) said on Friday it had reached a deal to convert about $1 billion of key investor SoftBank Group Corp's (9984.T) unsecured notes into equity, in an effort to restructure its finances. Shares of the company rose 2.2% to $1 before the bell. Last month, WeWork forecast weak current-quarter revenue in a sign that its business was feeling the heat of mass layoffs, as companies reduce their real estate footprint. In January, the New York-based company also planned to eliminate about 300 roles across countries after announcing last year that it would exit about 40 underperforming U.S. locations due to high expenses and a strong U.S. dollar. Reporting by Kannaki Deka and Priyamvada C in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Novo Nordisk's diabetes drug Ozempic back in supply in US after months of shortage
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Novo Nordisk's (NOVOb.CO) best-selling diabetes treatment drug Ozempic is back on the shelves in the United States after months of shortage, the U.S. Food and Drug Administration (FDA) website showed on Friday. The main active ingredient in Ozempic is semaglutide, also the key ingredient in Novo's obesity drug Wegovy, which has been seeing supply shortage due to high demand. The company said the 0.25 mg, 0.5 mg and the 1 mg doses of Ozempic are available for patients. The 2 mg dose, however, has limited availability until the end of this month, largely due to the demand coupled with overall global supply constraints. "While product continues to be manufactured and shipped, patients in some areas of the country will experience delays with the 2mg dose," Novo Nordisk said.

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