DIRS.INFO The most relevant business & tech news

☆ OVHcloud cuts sales growth target citing economic conditions
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

April 19 (Reuters) - French cloud services provider OVHcloud (OVH.PA) on Wednesday trimmed its forecast for full-year revenue growth, citing the macroeconomic context and delays in certain projects. The company now sees organic revenue growth between 13% and 14% in 2023, against a previous outlook of growth in range of 14%-16%. Societe Generale analyst Derric Marcon earlier this week pointed to an interview this month where Amazon's (AMZN.O) CEO suggested a continued slowdown in AWS, the U.S. company's cloud services arm. OVHcloud updated its adjusted core profit (EBITDA) margin target for full-year 2023, forecasting that it will be above 36%, against a previous forecast for it to be in line with the 39.0% posted in 2022. It reported half-year sales of 439 million euros ($481.41 million), broadly in line with the 437.3 million expected on average in a company-provided poll.

Charles de Gaulle airport is negatively affected, both as a destination and as a hub," said Olivier Ponti, VP of Insights at travel data firm ForwardKeys. Some 33,300 flights were cancelled this year over Easter, compared with 7,800 last year, while 9,000 flights were delayed by more than three hours, compared to 6,800 last year. Around 73% of flights were on time, compared with 76% in 2022 and 81% in 2019. There were 33,700 flights cancelled, compared with 26,600 last year, while 10,800 flights, which made up 1% of all total flights, were delayed by more than three hours, up from 9,500 last year. Air traffic authority Eurocontrol previously warned that delays could continue into the northern hemisphere summer, especially if strikes keep going.

☆ Elon Musk says he's concerned that SpaceX's Starship could melt the launchpad if it 'fireballed' during takeoff
▼ + stars: | 2023-04-17 | by ( Kate Duffy | Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Elon Musk said the destruction of the launchpad is his biggest concern about the Starship launch. The launchpad would melt if Starship "fireballed" on launch day, he said. SpaceX is scheduled to launch Starship on Monday, but Musk warned about possible delays. Musk said it would take SpaceX several months to rebuild the launchpad if Starship exploded and melted it. Launching the enormous Starship is an engineering featThe Starship rocket on SpaceX's launchpad near Brownsville, Texas.

☆ Elon Musk says he's concerned that SpaceX's Starship could melt the launch pad if it 'fireballed' during takeoff
▼ + stars: | 2023-04-17 | by ( Kate Duffy | Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Elon Musk said the destruction of the launch pad is his biggest concern about the Starship launch. The launch pad would melt if Starship "fireballed" on launch day, he said. SpaceX is scheduled to launch Starship on Monday, but Musk warned about possible delays. His biggest concern was that a "fireball" incident could melt the launch pad if one of the engines failed. "If we get far enough away from the launch pad before something goes wrong, I think I would consider that a success.

REUTERS/Ken CedenoWASHINGTON, April 12 (Reuters) - Zambia could lose gains achieved so far from macroeconomic reforms if its ongoing debt restructuring is further delayed, Treasury Secretary Felix Nkulukusa said on Wednesday. The next IMF payout to Zambia from the loan is contingent upon its bilateral creditors reaching an agreement on the long-delayed debt restructuring. The country recently completed the first review of the programme, and the next one is expected in about three months. Ceyla Pazarbasioglu, director of the IMF's Strategy Policy and Review Department, was more optimistic about Zambia's debt restructuring during the panel. The IMF official said that creditors have asked to share and exchange information "sooner" during debt restructuring talks, and added that the Washington-based lender is willing to do so.

☆ Banking turmoil was not a crisis but 'the downside risks are real,' IIF boss warns
▼ + stars: | 2023-04-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Tim Adams Anjali Sundaram | CNBCThe banking sector turmoil that led to the collapse of several lenders was not a systemic crisis and has now subsided, according to Tim Adams, CEO of the Institute of International Finance. Speaking to CNBC on the sidelines of the International Monetary Fund Spring Meetings in Washington D.C. on Tuesday, Adams said the March chaos was a "period of market turmoil or turbulence," but dismissed the notion that it was a "crisis." The IIF is a global trade body for the financial services industry, with around 400 members in more than 60 countries. Adams said the primary concern among members was the downside risk to growth, particularly in advanced economies. The IMF on Tuesday lowered its five-year global growth forecast to around 3%, marking the lowest medium-term forecast in an IMF World Economic Outlook report since 1990.

☆ European markets set to open mixed ahead of key U.S. inflation data
▼ + stars: | 2023-04-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

European markets are keeping an eye on key U.S. inflation data. European markets are set to open mixed Wednesday as investors await key inflation data from the U.S. set for release later in the day. That data will likely determine the U.S. Federal Reserve's path in its tightening cycle. Investors will also be digesting the International Monetary Fund's latest global growth report, released Tuesday, which included its weakest medium-term growth forecast for more than 30 years. U.S. stock futures were flat in overnight trading Tuesday, while markets in the Asia-Pacific were mostly higher on Wednesday as investors turned their focus to March's highly anticipated inflation report.

☆ Asia markets mostly rise ahead of U.S. inflation report, bank earnings
▼ + stars: | 2023-04-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Sydney Harbour taking in the Harbour Bridge, Opera House and ferries at sunrise during the COVID-19 pandemic on April 20, 2020 in Sydney, Australia. Markets in the Asia-Pacific mostly rose on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle. Economists polled by Dow Jones expect a 6% year-over-year increase in the U.S. consumer price index. New York Fed President John Williams emphasized in an interview with Yahoo Finance overnight that the central bank will remain "data dependent." In Japan, the Nikkei 225 rose 0.4% and the Topix gained 0.6% as traders further digested Japan's producer price index and machinery orders report.

Reuters GraphicsNOTHING 'BROKEN' YETInternational economic officials gathering in Washington this week for the IMF and World Bank spring meetings can take some comfort that pandemic-era risks are continuing to diminish. An aggressive year of central bank rate hikes hasn't yet "broken" any of the economies involved, with the U.S. unemployment rate at 3.5%, near its lowest level since the late 1960s. Still, that terminal rate remains unclear, and the end of synchronized tightening by the Fed, BoE and European Central Bank doesn't mean tight monetary policy is going away. Wages, services and food are driving price growth to the point that the ECB's attention has shifted almost entirely to underlying inflation on fears that rapid price growth is at risk of getting stuck above target. The U.S. central bank is expected to increase its benchmark overnight interest rate by another quarter of a percentage point next month, and signal whether more hikes may be warranted.

The latter could slam global growth back to about 1% this year, effectively a recession on a per-capita GDP basis. 'PERILOUS' RISKSThe IMF's Global Financial Stability Report warned of a "perilous combination of vulnerabilities" in financial markets, saying that some participants had failed to adequately prepare for the impact of interest rate increases. Despite the warnings, the IMF's chief economist, Pierre-Olivier Gourinchas, said inflation is still the bigger problem and that price stability should take precedence over financial stability risks for central banks' monetary policy. Only in the event of a very severe financial crisis should those priorities be reversed, he said in a news conference. She added that the global financial system was also resilient due to reforms enacted after the 2008 financial crisis.

☆ UK economy set for smaller hit in 2023 than previously feared - IMF
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

British gross domestic product will contract by 0.3% in 2023, the IMF said in its latest set of global forecasts, a smaller shrinkage than the 0.6% contraction the Fund predicted in January. Britain is no longer the only Group of Seven economy set for a fall in GDP this year as Germany is now expected to shrink by 0.1%, the IMF forecasts showed. But its contraction this year is set to be the biggest among the Group of 20 economies, according to the IMF's forecasts. After narrowly avoiding recession in 2022, Britain's economy has shown some signs of resilience in early 2023. The IMF said it expected Britain's economy would grow by 1.0% in 2024, weaker than most other G7 economies with the exception of Italy while matching Japan's expected growth rate.

☆ IMF warns deeper financial turmoil would slam global growth
▼ + stars: | 2023-04-11 | by ( David Lawder | ) www.reuters.com time to read: +5 min

The IMF's U.S. outlook improved slightly, with growth in 2023 forecast at 1.6% versus 1.4% forecast in January as labor markets remain strong. "Our advice is for monetary policy to remain focused on bringing down inflation," IMF chief economist Pierre-Olivier Gourinchas told reporters. The report included two analyses showing financial turmoil causing moderate and severe impacts on global growth. This "moderate tightening" of financial conditions could slice 0.3 percentage point off of global growth for 2023, cutting it to 2.5%. This scenario could slash 2023 growth by as much as 1.8 percentage points, reducing it to 1.0% - a level that implies near-zero GDP growth per capita.

☆ IMF chief economist: stability risks should not deter central bank inflation fight
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, April 11 (Reuters) - Central banks should not halt their fight against inflation because of financial stability risks, which look "very much contained," International Monetary Fund chief economist Pierre-Olivier Gourinchas told Reuters. Gourinchas said most large central banks, including the Federal Reserve, the European Central Bank and the Bank of England, are already near the peak of their rate hike cycles. SEPARATE TRACKSInstead, authorities should contain stability risks with tools used after the failures of Silicon Valley Bank and Signature Bank, such as central bank lending facilities and other backstops, which would free up monetary policy to stay focused on bringing inflation down. "And in my sense, if they're expecting that because they think the Fed or central banks should take into consideration financial stability arguments...we're not there," Gourinchas said. This could lead to an adjustment of yields on longer-term securities upwards as market expectations become more "realigned with what the central banks are communicating."

☆ IMF chief economist: Severe downside growth risk from bank lending tightening
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF chief economist: Severe downside growth risk from bank lending tighteningPierre-Olivier Gourinchas, chief economist at the International Monetary Fund, speaks to CNBC's Joumanna Bercetche on inflation, the global growth forecast and why he doesn't see risks from a wage price spiral.

☆ France says pesticide ban will not hit grain exports
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

He said that EU countries including Germany and Bulgaria were also using the pesticide on grain exports to Algeria. The questions in Parliament followed a weekend report by l'Opinion newspaper that said French grain exports would come to a halt from April 25. With the deadline looming, French grain producers had called for a swift response from the government. "We are depriving ourselves of a quarter of the outlets for French cereals," Eric Thirouin, head of French grain growers group AGPB, told Reuters. Exports put at risk by the ANSES decision amount to about 4 billion euros ($4.37 billion) in trade surplus, compared with a total grain trade surplus of about 11 billion euros last year, he said.

☆ Banks in 'more precarious situation' creating risks for global growth, IMF chief economist warns
▼ + stars: | 2023-04-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Interest rate rises have increased banks' vulnerabilities — and their response presents a significant risk to global growth, the International Monetary Fund's chief economist warned Tuesday. "Banks are in a more precarious situation. They have healthy cushions, but it's certainly going to lead them to be a little bit more prudent and maybe cut down lending somewhat," Gourinchas said. In one scenario, the IMF sees funding conditions for banks tightening further and squeezing lending, bringing its forecast of 2.8% global growth in 2023 down to 2.5%. Gourinchas said its models had also forecast a more adverse scenario where financial stability is not contained.

☆ NBA roundup: Warriors hang 157 on Blazers, glide into playoffs
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +12 min

Shaedon Sharpe added 18 points to go with a team-high seven rebounds, while Jeenathan Williams had 17 points for Portland. New Orleans' Brandon Ingram had 42 points and 12 rebounds, CJ McCollum scored 23 points and Trey Murphy III had 20. Lindell Wigginton scored 17 points and Bobby Portis had 16 for the Bucks. Jaden Hardy led all scorers with 25 points, with Theo Pinson forging a triple-double (23 points, 13 rebounds, 12 assists) for the Mavericks. De'Aaron Fox, who scored 13 points, played less than 18 minutes.

☆ French rescue workers recover two bodies from rubble of collapsed buildings
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

PARIS, April 10 (Reuters) - French rescue workers have found two bodies in the rubble of buildings in the southern city of Marseille which collapsed following an explosion, the city's mayor said on Monday. Authorities have previously said that nine people were believed missing after Sunday's explosion, which destroyed two residential buildings and caused a third to partially collapse. "This morning we are in great sorrow and pain," Marseile's Mayor Benoit Payan wrote in a tweet, adding that the rescue operations were continuing "relentlessly". The collapse caused a fire which has complicated rescue efforts and which was continuing to burn on Monday morning. Around 200 people have been evacuated from buildings near to the blast, said housing minister Olivier Klein, who was due to visit Marseille on Monday.

The Lebanese bank did not respond to a message seeking comment. Bank statements seen by Reuters show how the Salameh accounts at AM Bank ballooned from $15 million in 1993 to more than $150 million by 2019. Lebanese prosecutors suspect the accounts, from which regular cash withdrawals were made, were used to conceal money laundering activity, a Lebanese judicial source said on Saturday. According to the lawyer, French prosecutors have summoned his client with a view of naming him a formal suspect. If French prosecutors suspected Salameh of wrongdoing, they could not hear him as a witness, Sur said.

☆ JPMorgan's dealmaking flurry being scrutinized by US regulator - FT
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

JPMorgan had sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court in December. The OCC audit was scheduled before JPMorgan's lawsuit, the report said. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity. JPMorgan and the OCC did not immediately respond to Reuters request for comment. Reporting by Baranjot Kaur in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Strikes have rolled through France, Portugal, Britain and Germany in recent weeks and could cause air travel disruption in parts of Europe through the Easter holidays, officials at airlines, airports and air traffic authorities told Reuters. There's no doubt about it," said Steven Moore, who is in charge of air traffic management operations at Eurocontrol. Airlines say they have to pay compensation without themselves getting compensated for air traffic delays. Consumer groups say air traffic control strikes are not new and airlines should be quicker to react and pay compensation. He called last week on the European Commission to do more to stop such strikes hitting overflights, by introducing minimum service rules, though industry experts say strikes are a national issue.

By offloading some of the risk on their loans, the banks can significantly reduce how much capital they need to set aside to cover potential losses, according to law firm Clifford Chance. A bank can normally transfer risks of losses equivalent to around 7% to 12% of a loan portfolio, two market sources said. With synthetic structures, a bank transfers the risk via credit derivatives or guarantees but keeps holding the underlying exposures. The IFC sold BNP a $50 million guarantee on $1 billion of loans to emerging markets, they said, without disclosing terms. While Europe has been at the forefront for risk transfers, the stock of loans covered by SRTs is small relative to European banks' balance sheets.

☆ UK plans streamlined post-Brexit border checks
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] Flags of the Union Jack and European Union are seen ahead of the meeting of European Commission President Ursula von der Leyen and British Prime Minister Boris Johnson, in Brussels, Belgium December 9, 2020. Olivier Hoslet/Pool via REUTERSLONDON, April 5 (Reuters) - Britain has set out plans to simplify and speed up post-Brexit border checks after repeated delays that the government previously blamed on the COVID-19 pandemic and then the war in Ukraine. "The Border Target Operating Model ... sets out a new model for importing goods into the UK from countries inside and outside the EU (the European Union)," the government said in the introduction to the draft proposals. Arrangements for goods moving into Northern Ireland from Great Britain will follow the deal Prime Minister Rishi Sunak struck with the EU in February on post-Brexit trade rules for the region, the government said. It plans to publish the final version by the end of the year after the six-week engagement period.

☆ Frank's founder just got hit with federal charges, but questions remain about JPMorgan's handling of the deal
▼ + stars: | 2023-04-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Drop any Wall Street (or non-Wall Street) questions you have for me here. A quick refresher: JPMorgan accused Javice of juicing Frank's customer numbers in a lawsuit filed at the end of last year. Prosecutors charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud, and conspiracy. I've joked about it before, but Taylor Swift really should teach a class on this stuff for Wall Street. It's not the president or Wall Street or Congress that's to blame.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

Search resuls for: "olivier"

25 mentions found