DIRS.INFO The most relevant business & tech news

☆ TomTom raises 2023 revenue outlook as automotive drives Q4 beat
▼ + stars: | 2023-02-03 | by ( Federica Mileo | ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Dutch navigation and digital mapping company TomTom (TOM2.AS) raised its 2023 revenue forecast on Friday, after posting better-than-expected fourth-quarter revenue driven by strong automotive performance. After being hit by the global chip shortage that has disrupted the automotive and electronics industries, TomTom is now starting to benefit from the recovery in global car production. The Amsterdam-based firm, whose customers include Volkswagen (VOWG_p.DE) and Microsoft (MSFT.O), forecast revenue for the current fiscal year in a range of 540 million euros to 580 million euros ($588.33 million-$631.91 million), with free cash flow of between 0% and +5% of the revenue. The group had previously guided for a revenue of 500-550 million euros, with 425-475 million euros generated from its core location technology business, and free cash flow at breakeven. The company posted revenue of 139 million euros for the quarter ended Dec.31, beating company-compiled analysts' average forecast of 120 million euros.

☆ Fitch says no immediate impact on Adani ratings after Hindenburg report
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research's report last week. Hindenburg's scathing attack on the conglomerate questioned the firm's debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. Fitch has ratings on eight entities within the Adani group, including Adani Transmission Ltd (ADAI.NS), Adani Electricity Mumbai Ltd, and Adani International Container Terminal. The ratings agency added that it expected no material changes to Adani Group's cash flow forecast. The agency added there were no significant offshore bonds maturing in the near term, reducing refinancing risks and near-term liquidity risks.

☆ Sanofi forecasts moderate profit growth on Dupixent demand
▼ + stars: | 2023-02-03 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Feb 3 (Reuters) - Sanofi (SASY.PA) on Friday forecast moderate earnings growth this year, saying higher demand for bestselling asthma and eczema drug Dupixent would be partly offset by competition for its multiple sclerosis pill Aubagio and product launch costs. Aubagio, with 2 billion euros in sales last year, will face competition from cheaper products over the next few months after losing patent protection, Sanofi said. The company reaffirmed its target to achieve sales of Dupixent, jointly developed with Regeneron (REGN.O), of 10 billion euros this year, up more than 20% from 8.29 billion euros in 2022. Sanofi reported a 20.7% rise in fourth-quarter business operating income, or adjusted earnings before interest and tax, to 2.72 billion euros ($2.96 billion), edging past an average analyst estimate of 2.69 billion euros posted on the company's website. Revenue from Dupixent surged 42% to 2.4 billion euros during the quarter ended Dec. 31, slightly above a consensus of 2.37 billion euros.

☆ Roche flags 2023 earnings decline on slump in COVID products
▼ + stars: | 2023-02-02 | by ( Ludwig Burger | ) www.reuters.com time to read: +1 min

Last year, group revenue edged 1% higher to 63.3 billion Swiss francs ($69.78 billion), the company reported, beating market expectations of 63.2 billion francs, while core operating profit gained 1% to 22.2 billion Swiss francs, just shy of the average analyst estimate of 22.4 billion francs. The onus to reinvigorate the pipeline will be on chief executive officer-designate Thomas Schinecker, who is Roche's head of diagnostics, and due to be promoted to group CEO in March. In the wake of Schinecker's appointment, the head of Roche's pharmaceuticals division, Bill Anderson, decided in December to leave after 16 years with the Swiss drugmaker. Roche said on Thursday that Teresa Graham, currently Head of Global Product Strategy for Roche Pharmaceuticals, would succeed Anderson. ($1 = 0.9071 Swiss francs)Reporting by Ludwig Burger; Editing by Paul Carrel and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Airlines cancel over 1,400 U.S. flights as ice storm hits multiple states
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - Airlines canceled over 1,400 flights in the United States on Wednesday, after an ice storm hit states from Texas to West Virginia. A total of 1,467 flights within, into or out of the United States were canceled, while 527 flights were delayed as of 6.48 a.m. The Federal Aviation Administration (FAA) on Tuesday warned in a tweet that travelers could expect to see some snowy conditions in certain areas including Dallas, Fort Worth and Memphis, which could delay certain flights. loadingAirlines canceled nearly 1,400 flights in the United States on Wednesday, after a severe winter storm hit their operations in certain regions. Low-cost carrier Southwest Airlines Co (LUV.N) led cancellations with 487 flights, while Fort Worth, Texas-based peer American Airlines Group Inc (AAL.O) closely followed, canceling nearly 480 flights.

☆ Darktrace begins 75 mln pound share buyback
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - British cybersecurity firm Darktrace Plc (DARK.L) said on Wednesday it was commencing a buyback plan of up to 35 million shares, amounting to up to 75 million pounds ($92.36 million), which would be completed by Oct. 31. The announcement comes a day after Darktrace's shares slumped after a short-selling fund questioned its financial statements, to which the firm responded that it had full confidence in its accounting practices. ($1 = 0.8120 pounds)Reporting by Muhammed Husain in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Feb 1 (Reuters) - North American pipeline operator TC Energy Corp (TRP.TO) on Wednesday raised its cost estimate more than expected for completing its troubled Coastal GasLink project, sending share prices sharply lower. The company attributed the cost increase to a labor shortage, poor work by contractors and adverse weather. TC is looking to sell C$5 billion worth of assets this year to raise funds to repay debt and pay for projects including Coastal. TC Energy raised its overall 2023 capital expenditure outlook to C$11.5 billion-C$12 billion from C$9.5 billion earlier, partly due to Coastal's higher costs. An impairment will be recognized to TC Energy's equity investment in Coastal in its fourth-quarter results scheduled for Feb. 14, the company said.

☆ UK's Johnson Matthey joins hands with Plug Power for hydrogen tech partnership
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - British chemicals firm Johnson Matthey (JMAT.L) said it had entered into a long-term supply and joint development agreement with Plug Power for hydrogen technology-related products. Johnson Matthey, which makes catalytic converters for vehicles and refines platinum group of metals (PGMs) used chiefly by automakers, said on Tuesday that the group would supply a substantial portion of U.S.-based Plug's demand for components of fuel cells and electrolysers. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Shell CEO in first changes combines LNG, upstream operations
▼ + stars: | 2023-01-30 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

SummarySummary Companies New CEO took office Jan. 1Upstream boss to oversee expanded unitExecutive committee to shrink to seven from nine membersLONDON, Jan 30 (Reuters) - Shell (SHEL.L) will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan's first changes since taking charge of the energy giant earlier this month. The new division, which combines Shell's most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell's integrated gas division, which included Shell's LNG and renewables businesses, with a vow to simplify and improve the company's operations. Under the internal restructure, renewables operations will be combined with Shell's oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ UK's JD Sports says some customer data compromised for online orders
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - UK's JD Sports Fashion Plc (JD.L) said on Monday it had been the target of a cyber incident, resulting in unauthorised access to customer data relating to some online orders placed between November 2018 and October 2020. The company said the affected JD Sports group brands are JD, Size?, Millets, Blacks, Scotts and MilletSport. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ British EV startup Arrival to lay off half of its staff
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Companies Arrival SA FollowJan 30 (Reuters) - British electric vehicle startup Arrival SA said on Monday it would lay off 50% of its staff, bringing the total headcount down to about 800 employees. The startup has faced difficulties raising funds and had announced shifting its focus to the United States to minimize costs leveraging benefits from the Inflation Reduction Act. The company also appointed Igor Torgov, who joined in February 2020, as its chief executive officer, effective immediately. With the layoffs and other cost reductions, the company said its cost of operating the business will halve to about $30 million per quarter. Reporting by Akash Sriram in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Drugmaker Amgen lays off 300 U.S. employees
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Drugmaker Amgen Inc (AMGN.O) said on Monday that it let go about 300 U.S. employees or about 1.2% of its total workforce, citing recent organizational changes to its commercial team. The company had about 24,200 staff members in over 50 countries, as of December 31, 2021, according to its latest annual regulatory filing with the U.S. Securities and Exchange Commission. Big Tech firms and Wall Street titans have led a string of layoffs across corporate America in recent weeks. Amgen's move to trim its workforce shows how rapid interest rate hikes and a fading boom in demand post pandemic has begun to weigh on the healthcare sector. Reporting by Bhanvi Satija in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Taiwan's Foxconn and others accelerate investment in Mexico - Nikkei
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Foxconn (2317.TW) and other Taiwanese tech suppliers are increasing their production capacity in Mexico to meet a growing demand for electric vehicles (EVs) and servers to be made in North America, Nikkei Asia reported on Tuesday. Mexico is one of the key locations for the Foxconn's strategic investments this year, according to the report, citing a person with direct knowledge of the matter. Foxconn, the world's biggest contract electronics manufacturer and a key iPhone assembler, will have local manufacturing options in Ohio, Wisconsin and Mexico for EV clients, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Airbus seeks outside investment for solar-powered Zephyr drone programme
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Airbus (AIR.PA) said on Monday it was seeking outside investment for its high-altitude surveillance and communications drone programme Zephyr, in a bid to scale the business and accelerate its commercialization. The solar-powered Zephyr drone is designed to linger at an altitude of about 70,000 feet (21 kilometres) for months at a time for surveillance or to provide a temporary boost to communications. "Airbus plans to maintain ownership in Aalto, but will consider outside investment to help accelerate the company's objectives." The Financial Times newspaper, which first reported the news on Monday, said that Airbus was planning to spin off the drone unit with the aim of starting commercial operations by the end of next year. Sameer Halawi, who has been leading the programme since last summer, told FT that the Zephyr was "at a final design stage".

☆ UK funeral service provider Dignity agrees to $349 mln takeover
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Shares of FTSE Small Cap firm hit over 9-month highCo agrees to sweetened 550 pence/share offerJan 23 (Reuters) - Funeral services provider Dignity Plc (DTY.L) has agreed to a sweetened 281 million pound ($349 million) takeover by a consortium backed by investment firms SPWOne V Ltd, Castelnau Group (CGL.L) and Phoenix Asset Management Partners. Dignity's shares climbed more than 8% to a more than nine-month high of 547 pence by 0918 GMT on Monday. The stock, which fell about 30% in 2022, has rebounded after disclosing the buyout talks. Dignity, which owns 725 funeral locations and 46 crematoria in Britain, has faced pricing pressures and regulatory requirements from Britain's competition watchdog. ($1 = 0.8052 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan expects smaller contraction in UK economy in 2023
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: 1 min

Jan 20 (Reuters) - J.P.Morgan said the UK economy was expected to contract by 0.1% this year, revising it from the previously forecast 0.3% decline in the gross domestic product (GDP), buoyed by a recent drop in natural gas prices. The UK government is likely to pull back plans to raise household energy bills to 3,000 pounds ($3,710.70) in April, which should help bring down inflation faster than expected, J.P.Morgan economists wrote in a research note on Thursday. ($1 = 0.8085 pounds)Reporting by Subhadeep Chakravarty in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Gold set for fifth straight weekly rise on Fed slowdown bets
▼ + stars: | 2023-01-20 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was little changed at $1,930.04 per ounce, as of 0308 GMT and was up 0.5% for the week. With lower rates translating into lesser returns on interest-bearing assets like government bonds, investors may prefer zero-yield gold. The dollar index was headed for a second consecutive weekly drop, making bullion cheaper for overseas buyers. Both metals headed for a second straight week of declines. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon to hike prices of some music subscription plans from Feb
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - E-commerce giant Amazon.com Inc (AMZN.O) said on Thursday it will increase the prices of some of its music subscription plans from February. The price of Amazon Music's 'Unlimited Individual Plan' will go up by $1 to $10.99 per month, while its 'Unlimited Individual Student Plan' will go up to $5.99 from $4.99 per month, according to the company's FAQ page. Amazon raised its music streaming service's price for Amazon Prime members in May last year, according to a Verge report. The company raised the price of its annual U.S. Prime subscriptions by 17% in February last year, looking to offset higher costs for shipping and wages. It subsequently raised prices in Europe in July.

☆ Australia-to-Asia power project will go up for sale in January
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, Jan 20 (Reuters) - A huge solar power project in Australia that collapsed last week will be put up for sale before the end of January and the sale process is expected to take about three months, administrators at FTI Consulting said on Friday. "Indicative timing for the sale process is approximately three months," the administrators said in a statement released after the first meeting of creditors. Sun Cable designed its key project, Australia-Asia PowerLink, to send power from a 20 gigawatt (GW) solar farm with the world's biggest battery in northern Australia across what would be the world's longest undersea cable, to Singapore. Tech billionaire Cannon-Brookes, who is chairman of Sun Cable, backs that plan. However, iron ore magnate Forrest's private firm Squadron Energy called for an overhaul of the project, aiming to scrap the undersea cable plan.

☆ Bank of Japan keeps yield control policy unchanged
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +7 min

MARKET REACTION:The Japanese stock market cheered the BOJ's decision with the Nikkei share average (.N225) jumping more than 2% after the midday break. Therefore, among equities, we think Japanese financials sector will have a rerating of valuations over the next 3-6 months." That could escalate when the new governor of the bank will be announced and towards the policy meeting in March." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"The can has been kicked down the road and the attention will shift to the next meeting. CHARU CHANANA, MARKET STRATEGIST, SAXO MARKETS, SINGAPORE:"I think the speculations will still continue.

☆ Gold slips as dollar gains momentum
▼ + stars: | 2023-01-18 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold will bounce around $1,900 level in near term - analystBarrick set to report highest quarterly gold output for 2022Jan 18 (Reuters) - Gold prices inched lower on Wednesday as the U.S. dollar firmed, while expectations of a slowdown in the pace of Federal Reserve interest rate hikes limited the losses. A stronger dollar tends to make gold more expensive for buyers holding other currencies. If the narrative continues to be that inflation is cooling and interest rates will come down, then it will be bullish for gold." FEDWATCHLower interest rates tend to be beneficial for bullion, decreasing the opportunity cost of holding the non-yielding asset. On the physical front, Canadian miner Barrick Gold Corp (ABX.TO) reported on Tuesday a 13.4% sequential rise in gold production in what could be its highest quarterly output last year.

☆ Whirlpool partners Arcelik in Europe, quits MidEast and Africa
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +3 min

Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for 20 million euros ($21.65 million) in cash. The moves come after Whirlpool launched a review of its Europe, Middle East and Africa (EMEA) operations in April 2022 and said it planned to focus on higher margin businesses. The U.S. firm said the Middle Eastern and African businesses being sold to Arcelik had sales of around $4.2 billion in 2021. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year. The deals are expected to be completed in the second half of the 2023, subject to regulatory approval, Arcelik said.

☆ Whirlpool to divest most of EMEA ops, form new entity with Turkey's Arcelik
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

The home appliance maker launched a review of the EMEA business in April 2022, acknowledging that it would take the company a longer time to achieve attractive EBIT margin levels amid geopolitical tensions in Europe. Whirlpool will form a new Europe-focused entity with Turkish household appliances manufacturer Arcelik (ARCLK.IS) by divesting its major domestic appliance business in the region, it said in a statement. The new entity will include Arcelik's European units such as major domestic appliance, small domestic appliance and consumer electronics. Whirlpool will own 25% of this new entity, while Arcelik will have the rest, the U.S.-based company added. The entirety of Whirlpool's EMEA business reported sales of $5.01 billion last year.

☆ Japan yields top BOJ cap for third day on eve of crucial policy decision
▼ + stars: | 2023-01-17 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

The 10-year JGB yield rose 0.5 basis point to 0.505% as of 0820 GMT, although only one trade had been executed so far at 0136 GMT. "There is a strong cautiousness about taking fresh positions ahead of tomorrow," said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. So far this month, the central bank has snapped up more than 17 trillion yen in debt, an unprecedented amount that calls into question the sustainability of the programme. The stakes are extremely high for Governor Haruhiko Kuroda and his colleagues, with speculators waiting to sniff out any hint that the central bank is headed for the exit door after decades of stimulus. "There's not much left for the BOJ to do except abandon the YCC framework," Muguruma said.

☆ Google-backed ShareChat cuts 20% of workforce
▼ + stars: | 2023-01-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +1 min

BENGALURU, Jan 16 (Reuters) - India's ShareChat, a short video-sharing platform backed by Google (GOOGL.O) and Temasek, said on Monday it let go of around 20% of its employees at a time when startups are facing increasing pressure from investors to cut costs. Bengaluru-based ShareChat is valued at $5 billion, has more than 2,200 employees and is "spreading its team globally across India, USA and Europe," according to its website. It was not immediately clear if the company has updated its website since the decision to reduce its workforce. Investors have become more circumspect of high valuations in a turbulent stock market that has hammered tech shares across the globe. Reporting by Anuran Sadhu in Bengaluru; Writing by Praveen Paramasivam in Chennai; Editing by Rashmi Aich and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Rashmi"

25 mentions found