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☆ U.S. bank deposits have started moving to money market funds - Goldman Sachs
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Goldman Sachs said deposits have started to move out of U.S. banks and towards money markets funds, as investors seek the safety in Treasury securities amid worries about stresses in the banking sector. Retail money market funds have seen large and accelerating inflows over the last week, Goldman said in a note on Thursday, likely suggesting some migration away from deposits. Following the collapse of SVB Financial Group and Signature Bank, U.S. regional bank stocks have had a bruising last few days, as investors worried about possible deposit outflows causing capital issues at other regional banks. Money markets appear to have continued functioning fairly well in recent days, and facilities such as the Federal Home Loan Banks lending channel and the Bank Term Funding Program should help maintain "healthy" market functioning even if financing needs spike, Goldman notes. Reporting by Susan Mathew in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Twitch CEO Emmett Shear to step down, president Clancy to take over
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Amazon.com Inc-owned (AMZN.O) Twitch's Chief Executive Officer Emmett Shear said on Thursday he will resign from the role after over 16 years at the live video streaming company. Twitch's president, Dan Clancy, who has been at the company since 2019 will take on the role of CEO effective immediately, Shear said in a blog post, adding that he will remain on as an advisor. "In October 2006 we started working on live video for the internet. More than 16 years later, I'm now a father and ready to move to my next phase of life," Shear tweeted. Shear co-founded live streaming platform Justin.tv which became Twitch in 2011 and quickly gained traction in the gaming community.

☆ Toronto stocks join global selloff as Credit Suisse sparks concerns
▼ + stars: | 2023-03-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

March 15 (Reuters) - Canada's resources-heavy main stock index fell on Wednesday, dragged by energy and financial stocks, as Credit Suisse's turbulence sparked renewed concerns of a banking crisis. Global financial stocks slumped once again after a brief relief rally on Tuesday as Credit Suisse (CSGN.S) hit a record low after the Swiss lender's biggest backer said it would not buy any more shares. Energy stocks (.SPTTEN) were the top decliners, falling 5.7%, as oil prices extended losses with Brent crude hitting a three-month low. Financials (.SPTTFS), Canada's largest sector by weight, joined a global selloff in bank stocks, falling 2.2%. Canadian stocks have lost nearly all of their yearly gains in the last few days, with the index now at par after the collapse of U.S. lenders SVB and Signature sparked contagion concerns in global financial stocks.

☆ U.S. FDA approves Acadia's Rett syndrome drug
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +3 min

The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. After the FDA declined to approve the expanded use of Nuplazid, Acadia said it would not pursue that indication for Nuplazid further. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

The Food and Drug Administration made its assessment in briefing documents ahead of a meeting of the agency's external advisers on Thursday to discuss full approval to use Pfizer's oral pill for high-risk COVID-19 patients exhibiting mild to moderate symptoms. Paxlovid has been authorized for emergency use since late 2021, and a full approval is likely to allow Pfizer to expand its advertising campaign for the drug. Over 12 million courses have been delivered to pharmacies, and patients have used over 8 million courses of the treatment, according to Federal data. Paxlovid has shown reduction in risk of hospitalization or death by 86% in non-hospitalized, high-risk adult patients in Pfizer' study, which did not include vaccinated participants. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Shailesh Kuber and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

March 14 (Reuters) - Shares of Uber Technologies (UBER.N) and Lyft Inc (LYFT.O) rose in premarket trading on Tuesday following a California court's ruling on treating drivers as independent contractors rather than employees, removing some future regulatory risks for the rideshare companies. A three-judge panel of the state appeals court on Monday reversed a lower court ruling in 2021 that the ballot measure, known as Proposition 22, was unconstitutional. Jefferies analysts estimate Lyft, DoorDash (DASH.N) and Uber have potentially avoided a hit of between $20 million and $170 million to their 2024 core earnings. Uber has dominated the rideshare and food delivery space thanks to massive scale, flexibility and presence in multiple global markets, crushing rivals Lyft and DoorDash. Shares of Lyft, which on Monday hit a record low, were up 6% in premarket trading.

☆ U.S. FDA approves Acadia's genetic Rett syndrome drug
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

March 10 (Reuters) - The U.S. Food and Drug Administration approved Acadia Pharmaceuticals Inc's (ACAD.O) drug for the treatment of Rett syndrome, a genetic brain disorder, the company said on Friday, making it the first approved drug for the condition. The approval comes months after the FDA declined to approve expanded use of Acadia's drug Nuplazid to treat psychosis related to Alzheimer's disease. Acadia said it plans to make the drug available to patients by the end of April. He forecast peak U.S. trofinetide sales of $487.2 million by 2035. Improvement of symptoms was measured according to the assessment scales Rett Syndrome Behaviour Questionnaire and the Clinical Global Impression of Improvement.

☆ Moderna to hire around 2,000 employees amid mRNA development push
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

Companies Moderna Inc FollowMarch 10 (Reuters) - Moderna Inc (MRNA.O) said on Friday it was planning to hire about 2,000 employees globally by 2023-end and set up new offices on the U.S. West Coast, as it aims to scale up development of new products amid declining COVID vaccine sales. The COVID vaccine maker said it will open new offices in California and Seattle, adding that its Genomics unit will expand to south San Francisco. Last month, Moderna forecast rising costs for 2023 and a decline in COVID vaccine sales, raising concerns that the company could post a loss this year. The firm had about 3,900 full-time employees as of Dec. 31, according to a regulatory filing. Reporting by Raghav Mahobe in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Adani seeks to sell stake in Ambuja Cement for $450 mln to reduce debt - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement (ABUJ.NS) for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter. Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd (ACC.NS) – for $10.5 billion, its largest-ever acquisition. Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.

☆ U.S. FDA clears Abbott's blood test for concussions
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - The U.S. Food and Drug Administration has cleared Abbott Laboratories' (ABT.N) blood test that would help doctors assess traumatic brain injury (TBI), commonly known as concussions, the company said on Tuesday. The clearance marks the first commercially available laboratory blood test for TBI, according to the company, helping the doctors to rule out need for a CT scan in patients with mild TBI. Abbott already has a plasma test for TBI and was cleared by the FDA in 2021. The new test measures two indicators in the blood that, in elevated concentrations, are tightly correlated to brain injury, the company said. Reporting by Raghav Mahobe in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Qualtrics gets $12.4 bln buyout offer from Silver Lake, Canada's CPPIB
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Software maker Qualtrics International Inc (XM.O) said on Monday it has received a $12.4 billion go-private offer from private equity firm Silver Lake Management and Canada Pension Plan Investment Board (CPPIB). The offer values Qualtrics at $18.15 per share, a premium of nearly 6% to the stock's last closing price. They have gained 8.8% since the start of February when Silver Lake first expressed its interest in Qualtrics. Qualtrics and Silver Lake have entered into an exclusivity agreement for the deal talks, which ends on March 15. Silver Lake already holds a near 4.2% stake in Qualtrics.

☆ Commodity stocks weigh on TSX; Ritchie Brothers rise
▼ + stars: | 2023-03-06 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Ritchie Brothers Auctioneers Inc's shares (RBA.TO) rose 3.1% as two leading proxy advisory firms recommended that shareholders vote against the asset management firm's planned takeover of U.S. auto retailer IAA Inc (IAA.N). ET (15:12 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 20.46 points, or 0.08%, at 20,602.04. The energy sector (.SPTTEN) and miners (.GSPTTMT) fell 0.9% each, tracking declines in commodity prices after China over the weekend set a lower-than-expected gross domestic product target of 5%. "The commodity stocks are weighing on the index because China is forecasting growth for the upcoming year not as high or as we would have anticipated," said Allan Small, senior investment advisor at Allan Small Financial Group. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ UK's FTSE 100 kicks off week on grim note; miners fall
▼ + stars: | 2023-03-06 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The export-oriented FTSE 100 (.FTSE) fell 0.2% and the more domestically-focussed FTSE 250 (.FTSE) was flat by 9:25 GMT. Copper prices were in the red as top consumer China set a lower-than-expected gross domestic product target of 5%. Flutter Entertainment Plc (FLTRF.L) rose 2.4% and Aston Martin Lagonda Global Holdings Plc surged 17.8% on price target raises by brokerages. Clarkson Plc (CKN.L) added 5.1% after the shipping services provider reported a strong annual profit. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-Phillips and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA panel to review expanded use of Merck-AstraZeneca's cancer drug
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

The U.S. Food and Drug Administration's (FDA) committee is scheduled to meet on April 28. The companies' are seeking approval of the drug Lynparza in combination with other medications – abiraterone and prednisone or prednisolone – for the treatment of a type of treatment-resistant prostate cancer in adult patients. Lynparza was approved in March last year by the FDA as a treatment for patients with early-stage breast cancer with certain mutations. The drug is also approved in the United States as a standalone treatment for another form of prostate cancer. Prostate cancer is the most common form of cancer among men in the United States with about 288,300 new cases of prostate cancer in 2023, according to the American Cancer Society’s estimates.

☆ Canadian Natural Resources Q4 profit misses on lower output, prices
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +1 min

Companies Canadian Natural Resources Ltd FollowMarch 2 (Reuters) - Canadian Natural Resources Ltd (CNQ.TO) missed market expectations for fourth-quarter profit on Thursday, as the energy firm was hurt by lower liquid prices and severe winter weather that hampered its production. Winter storm Elliott barreled through the United States and Canada in mid-December, hitting several oil production sites along the way that caused freeze-ins and equipment failures. Canadian Natural said its production declined 1.5% to 1.29 million barrels of oil equivalent per day (boepd) in the quarter ended Dec. 31. Canadian Natural said its fourth-quarter liquids realized price fell nearly 5% to C$69.34 per barrel. ($1 = 1.3612 Canadian dollars)Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber, Uttaresh.V and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Pfizer/BioNTech seeks U.S. nod for updated COVID vaccine as booster in kids under 5
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Pfizer Inc (PFE.N) and its German partner BioNTech SE (22UAy.DE) have applied for emergency use authorization of their Omicron-adapted COVID-19 vaccine in the United States as a booster dose for children aged six months through four years, the companies said on Wednesday. The Omicron-adapted vaccine is currently authorized by the U.S. health regulator as the third dose of the three-dose primary course of vaccination in the country for children in this age group. If the Food and Drug Administration (FDA) authorizes the vaccine as a booster dose, children who have completed their primary series - either with three doses of the Pfizer-BioNTech's original vaccine or with two doses of their original and one dose of the adapted vaccine - would be eligible to receive the booster dose at least two months after the completion of their primary series. Last week, the companies also filed an application to the FDA for a full approval of their Omicron-adapted COVID vaccine as a primary course and a booster dose for individuals 12 years of age and above. Reporting by Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Trump-backed SPAC Digital World to appeal Nasdaq delisting notice
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (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 will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues. "The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing. 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 and the departure of top executives. 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 Kuber and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ Chinese video streaming platform iQIYI to raise $600 mln through convertible bonds
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Chinese video streaming company iQIYI Inc (IQ.O) said on Wednesday it would raise $600 million through the issue of convertible notes and use the funds to repay debt. U.S.-listed shares of iQIYI were down nearly 7% in premarket trading. Video-streaming app Bilibili (9626.HK), , e-commerce group Pinduoduo (PDD.O) and peers have recently piled into the convertible debt boom. Bilibili in January raised money through a discounted sale of its American depositary shares for repurchasing a convertible note. The convertible notes will mature on March 15, 2028, the company said.

☆ China's Weibo ups stake in Inmyshow Digital with $315 mln acquisition
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - China's Weibo Corp (9898.HK) said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd (600556.SS) through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan ($314.7 million). ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4% stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57% stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. ($1 = 6.8640 Chinese yuan renminbi)Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

☆ Abercrombie & Fitch posts a fall in quarterly profit
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - Abercrombie & Fitch Co (ANF.N) on Wednesday reported a 41.5% drop in quarterly profit, as higher labor costs and inflationary pressures squeezed margins. The company's net income attributable to Abercrombie fell to $38.3 million, or 75 cents per share, in the fourth quarter, from $65.5 million, or $1.12 per share, a year earlier. Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Alphabet's Waymo cuts 137 jobs in second round of layoffs this year
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, laid off 137 employees in its second round of layoffs in 2023, the firm told Reuters on Wednesday. Including the latest job cuts, the division has let go of 8% of its workforce, or 209 employees, this year. Investors and industry watchers have been concerned as to how billions of dollars have been poured in the self-driving technology sector in a short span of time to commercialize it. Alphabet said in January it would slash 12,000 jobs, which will affect a large number of employees who support experimental projects. Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco and David Shepardson; Editing by Shailesh Kuber and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA to restrict unlawful import of veterinary tranquilizer Xylazine
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - U.S. health regulators on Tuesday issued an import alert for drug ingredients and products related to Xylazine, used largely as a veterinary tranquilizer but has been a drug of abuse, to restrict its unlawful entry into the United States. The Food and Drug Administration (FDA) said its move aims to prevent the drug from entering the U.S. market for illicit purposes, while maintaining availability for its legitimate uses in animals. Under the alert, the FDA will do an entry review of evidence offered by importers if incoming Xylazine is properly labeled, not adulterated, and for legitimate use. Xylazine is approved by the FDA only for veterinary use and German drugmaker Bayer's (BAYGn.DE) animal sedative drug Rompun is among the drugs which are based on Xylazine. "The FDA remains concerned about the increasing prevalence of Xylazine mixed with illicit drugs, and this action is one part of broader efforts the agency is undertaking to address this issue," FDA Commissioner Robert Califf said in the statement.

☆ Fed might raise policy rates to 6% - BofA
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - The U.S. Federal Reserve may hike interest rates to nearly 6%, BofA Global Research said, as strong U.S. consumer demand and a tight labor market would force the central bank to battle inflation for longer. The number is higher than a peak of 5.4% by September that traders are currently pricing in. "Aggregate demand needs to weaken significantly for inflation to return to the Fed's target. Further supply-chain normalization and a slowdown in the labor market will help, but only to a degree," said BofA in a noted dated Feb. 27. Reporting by Siddarth S in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Scotiabank profit falls on capital market slump, provisions
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - Bank of Nova Scotia (Scotiabank) (BNS.TO) reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the Canadian lender to set aside higher provisions. Canada's central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank's 2% target. Scotiabank booked provisions of C$638 million, up from C$222 million a year ago, as it braces for increased odds of more loan defaults in a rising interest rate environment. Canada's third-largest lender reported overall net profit of C$1.77 billion, or C$1.36 a share, compared with C$2.74 billion, or C$2.14 a share, last year. read more($1 = 1.3566 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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