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Barclays Bank logo is seen in this illustration taken March 12, 2023. The redundancies account for about 3% of employees in the bank's U.S. consumer division, said the source, who declined to be identified discussing personnel matters. "These decisions are never easy and employees whose roles have been impacted will receive a full range of transition services." Venkatakrishnan said the lender will update investors on the areas impacted when Barclays reports full year results in February. The bank is already drawing up plans to cut hundreds of jobs in its domestic retail bank and cut staff in its investment bank, Reuters reported last month.

Persons: Dado Ruvic, C.S, Venkatakrishnan, murkier, Lananh Nguyen, Lawrence White, Chizu Nomiyama, Nick Zieminski Organizations: Barclays Bank, REUTERS, Barclays Plc, Barclays, Reuters, Thomson Locations: U.S, New York, London

☆ Dollar bounces, euro heavy on US/euro zone growth outlook divergence
▼ + stars: | 2023-10-25 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Against the dollar, the euro was last 0.05% higher at $1.0595, having declined 0.75% on Tuesday. The euro is the most heavily weighted currency in the dollar index, which measures the greenback against a basket of six peers. "By contrast, the U.S. Federal Reserve could continue to raise interest rates just because the economic data looks strong." Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise.

Persons: Dado Ruvic, Tina Teng, Matt Simpson, Bitcoin, John Glover, Rae Wee, Lincoln Organizations: REUTERS, Rights, Wednesday, European Central Bank, CMC Markets, U.S . Federal Reserve, Bank of Japan, New Zealand, Reserve Bank of Australia's, Thomson Locations: Rights SINGAPORE, Australia, Wednesday .

Britain's biggest mortgage lender on Wednesday reported a pre-tax profit of 1.9 billion pounds ($2.3 billion) for the three months to September 30, in line with the 1.8 billion expected by analysts in forecasts compiled by the bank. The bank's quarterly profit was up on 576 million pounds the prior year, which was restated due to accounting changes. Analysts welcomed the steady set of results, noting a bad loan charge of just 187 million pounds - versus 668 million in the same quarter a year earlier - was much lower than expected. However, Lloyds said it increased its deposits by 500 million pounds during the third quarter, reversing a trend of outflows seen by many banks this year. Deposits remained down 5 billion pounds year to date at 470 billion pounds.

Persons: Dado Ruvic, Zoe Gillespie, Banks, Iain Withers, Lawrence White, Jason Neely Organizations: Lloyds Bank, REUTERS, Lloyds Banking Group, savers, Lloyds, Barclays, RBC Brewin, Thomson

☆ UniCredit revamps Buddy online banking service to ease cloud shift
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's UniCredit (CRDI.MI) on Wednesday announced improvements to its mobile banking service Buddybank, in a move that Chief Executive Andrea Orcel said would ease the eventual transition to a cloud-based core banking infrastructure. UniCredit had managed to unify the backend structure supporting traditional commercial banking operations and Buddybank, Orcel told a press conference. To shift to Buddy R-Evolution, UniCredit customers have only to download the application in order to access their current account without any changes to their bank details. A change of bank details caused disruptions this month for customers of rival Intesa Sanpaolo (ISP.MI) which is gradually shifting younger, digitally-savvy clients to its cloud-based mobile bank Isybank.

Persons: Dado Ruvic, Andrea Orcel, UniCredit, Buddy R, Orcel, Intesa Sanpaolo, Valentina Za, Keith Weir Organizations: REUTERS, Wednesday, Thomson

☆ Asian stocks bounce on China spending plans; inflation jolts Aussie
▼ + stars: | 2023-10-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.9% and the Hang Seng (.HSI) 2%. China's top parliament approved a 1 trillion yuan ($137 billion) bond issue, state media reported adding the funds would be spent rebuilding disaster zones and improving infrastructure. Investors pulled forward European rate cut expectations a little and the euro was nursing losses at $1.0594. The annual pace of inflation in Australia slowed in the third quarter, but at 5.4% was above forecasts of 5.3%. Oil fell in commodity trade on Tuesday, thanks to the weak economic data from Europe, and was nursing losses on Wednesday.

Persons: Dado Ruvic, hawkish, Bonds, Steven Leung, UOB Kay Hian, Leung, Glenn Yin, Lincoln Organizations: REUTERS, Japan's Nikkei, Treasury, Central, Central Huijin, Investors, 25bp, ANZ, Brent, AETOS Capital Group, U.S . Securities, Exchange Commission, Thomson Locations: China, SINGAPORE, Asia, Pacific, Japan, Tokyo, U.S, Hong Kong, Central, Australia, Europe, Melbourne, United States, Russia, Israel, Gaza, BlackRock

☆ US 'frankly raised' disagreements with China at first financial working group meeting
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. officials "frankly raised areas of disagreement" with China at the first meeting of a new financial working group, where financial stability, supervision and regulation were discussed, the U.S. Treasury said on Wednesday. Attendees included senior officials from China's central bank and the U.S. Treasury Department, according to a Treasury statement. "The two-hour virtual meeting included a substantive and wide-ranging discussion on domestic and global financial stability, financial supervision and regulation, sustainable finance, and anti-money laundering and countering the financing of terrorism," the Treasury said. The financial working group and a parallel economic working group were launched last month after U.S. Treasury Secretary Janet Yellen's visit to Beijing in July aimed at fostering regular communications between the world's two largest economies. The economic working group, led by senior officials from the Treasury and China's Finance Ministry held its first meeting on Monday.

Persons: Dado Ruvic, Janet Yellen's, Yellen, Pan Gongsheng, Ismail Shakil, Costas Pitas, David Lawder, Paul Grant, Diane Craft Organizations: REUTERS, U.S . Treasury, U.S . Treasury Department, Treasury, U.S, China's Finance Ministry, People's Bank of China, International Monetary Fund, Bank, Reuters, Thomson Locations: China, China's, Beijing, Marrakech, Morocco, U.S

☆ Amazon Web Services to launch European sovereign cloud
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the AWS (Amazon Web Service) cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSTOCKHOLM, Oct 25 (Reuters) - Amazon (AMZN.O) Web Services (AWS) said on Wednesday it will launch a sovereign cloud in Europe for government and customers in highly regulated industries. The sovereign cloud will store data on servers located in the European Union, and only EU-resident AWS employees will have control of the operations and provide support, the cloud-computing division of Amazon said in a statement. Microsoft (MSFT.O) and Oracle (ORCL.N) have also launched their cloud versions for European government customers. AWS will launch first in Germany and make its service available to all European customers.

Persons: Dado Ruvic, Supantha Mukherjee, Christopher Cushing Organizations: REUTERS, Rights, Services, European Union, Amazon, European, Microsoft, Oracle, Thomson Locations: Rights STOCKHOLM, Europe, European Union, Germany, Stockholm

☆ Qualcomm unveils new PC laptop chip with AI features for 2024
▼ + stars: | 2023-10-24 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. Qualcomm executives said that the company's new Snapdragon Elite X chip will be available in laptops starting next year and has been redesigned to better handle artificial intelligence tasks like summarizing emails, writing text and generating images. Qualcomm will be the first to market with a chip to challenge Apple, whose laptop and desktop computers have more than doubled their market share since the iPhone maker introduced custom-designed chips in 2020. Qualcomm claimed on Tuesday that the X Elite is faster than Apple's M2 Max chip at some tasks and more energy efficient than both Apple and Intel (INTC.O) PC chips. Reporting by Stephen Nellis in San Francisco; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Alex Katouzian, Katouzian, Francis Sideco, You've, Sideco, Stephen Nellis, Lisa Shumaker Organizations: Qualcomm, REUTERS, Microsoft, Reuters, Nvidia, Devices, Apple, Intel, TIRIAS, Thomson Locations: San Diego , California, San Francisco

☆ Bitcoin leaps to 2023 high on ETF bets
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

Bitcoin rose more than 6% to $35,198, its highest since May 2022. It had surged 10% on Monday in its best session for almost a year and its price has doubled in 2023. Crypto-linked shares such as Coinbase Global (COIN.O) or bitcoin owner MicroStrategy (MSTR.O) rose in after-hours trade. An exchange-traded fund (ETF) owning bitcoin on behalf of fund investors is seen as a driver of demand because it would allow anyone reluctant to trade crypto markets a means of buying exposure to bitcoin through the stockmarket. So the ETF would make a large audience and increase liquidity," said Steen Jakobsen, CIO at Saxo.

Persons: Dado Ruvic, MicroStrategy, Steen Jakobsen, Kyle Rodda, Capital.com, Javier Milei, Tom Westbrook, Rae Wee, Brigid Riley, Shri Navaratnam Organizations: REUTERS, BTC, Investment, BlacRock's, Reuters, U.S . Securities, Exchange Commission, Saxo, BlackRock, SEC, Hamas, Thomson Locations: Asia, SINGAPORE, BlackRock, U.S, Singapore, Tokyo

☆ Instagram linked to depression, anxiety, insomnia in kids - US states' lawsuit
▼ + stars: | 2023-10-24 | by ( Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | October | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Meta Platforms Inc FollowOct 24 (Reuters) - Dozens of U.S. states are suing Meta Platforms (META.O) and its Instagram unit, accusing them of contributing to a youth mental health crisis through the addictive nature of their social media platforms. "Research has shown that young people’s use of Meta's social media platforms is associated with depression, anxiety, insomnia, interference with education and daily life, and many other negative outcomes," the complaint said. The lawsuit is the latest in a string of legal actions against social media companies on behalf of children and teens. Meta deceptively denied publicly that its social media was harmful, the lawsuit said. Nine other states are expected to file similar lawsuits on Tuesday, bringing the total number of states suing to 42.

Persons: Dado Ruvic, ByteDance's, Meta, We’re, Jonathan Stempel, Diane Bartz, David Shepardson, Nate Raymond, Rod Nickel, Lisa Shumaker Organizations: REUTERS, Meta, YouTube, Menlo, Thomson Locations: Oakland , California, California, Illinois, , California, New York

☆ UniCredit 'rebalancing' Amundi relationship in fee income drive
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

It's rebalancing a little bit, and will rebalance going forward," UniCredit CEO Andrea Orcel told analysts when presenting the bank's third quarter results. Sources told Reuters in May that UniCredit had been trimming the proportion of Amundi funds in its total AUM, paying penalties for failing to meet contractual minimums. Orcel said UniCredit will maintain its current "open architecture" approach to asset management, which involves partnering with all major players, including Amundi, to offer "best in class" products. Since taking over at UniCredit in 2021, the former investment banker, has been working to boost revenue from asset management in an effort to increase net fee income as a proportion of UniCredit's overall revenue. As he sought to review the 10-year Amundi distribution deal, Orcel signed an agreement with Azimut (AZMT.MI) in late 2022 giving the Italian asset manager access to UniCredit's clients.

Persons: Dado Ruvic, UniCredit, Amundi, It's, Andrea Orcel, Orcel, Valentina Za, Alexander Smith Organizations: REUTERS, Reuters, BlackRock, Thomson Locations: UniCredit, Italian

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ Logitech feeling more confident after Q2 - CFO
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

Logitech logo is are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Oct 24 (Reuters) - Logitech International (LOGN.S) is feeling more optimistic after slowing its rate of sales decline and offsetting the downturn with cost cuts during its second quarter, Chief Financial Officer Chuck Boynton said on Tuesday. Still, it was too early to say when the maker of computer mice and keyboards would return to sales growth, he told Reuters. "From last quarter to now we're probably feeling a little more optimistic, but that happens when the pace of change in the negative starts to slow," Boynton said after Logitech posted its second quarter earnings. Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Chuck Boynton, Boynton, John Revill, Rachel More Organizations: Logitech, REUTERS, Rights, Reuters, Thomson

☆ Snap sees upbeat fourth quarter as new ad features start to pay off
▼ + stars: | 2023-10-24 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Revenue for the third quarter ended September rose 5% to $1.19 billion, beating analysts' expectations of $1.11 billion, according to LSEG data. For the fourth quarter, the Santa Monica, California-based company expects revenue to be between $1.32 billion and $1.38 billion. Snap, however, said it saw a risk to its sales in the fourth quarter as a war in the Middle East could tamp down spending from a large number of brand-oriented advertising campaigns. Daily active users on Snapchat were 406 million, beating Wall Street expectations of 405.7 million. Snap's net loss widened to $368 million in the quarter from $360 million a year earlier.

Persons: Dado Ruvic, Scott Kesler, Evan Spiegel, Thomas Monteiro, Khushi, Anil D'Silva Organizations: REUTERS, Revenue, Meta, Investing.com, Thomson Locations: Santa Monica , California, Bengaluru

☆ Crypto lender BlockFi begins post-bankruptcy wind-down
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO; Figurines with smartphones and computers are seen in front of the BlockFi logo in this illustration, November 28, 2022. BlockFi estimated in court filings that customers who had interest-bearing Earn accounts will receive between 39.4% and 100% of the value in their accounts. In its bankruptcy filing in November 2022, BlockFi had cited its loans to FTX's sister firm Alameda as one of the reasons for its collapse. Those with BlockFi Interest Accounts and Retail Loans will be repaid over the coming months, but the amounts they receive could vary based on the outcome of the FTX bankruptcy, BlockFi said. Crypto lenders, the de facto banks of the crypto world, boomed during the pandemic, attracting retail customers with double-digit rates in return for their crypto deposits.

Persons: Dado Ruvic, BlockFi, Sam Bankman, Fried, Crypto, Niket, Dietrich Knauth, Shailesh Kuber, Anil D'Silva, Will Dunham Organizations: REUTERS, Arrows Capital, Thomson Locations: Jersey City , New Jersey, Alameda, Manhattan, Bengaluru, New York

☆ Nvidia says U.S. speeded up new export curbs on AI chips
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 24 (Reuters) - Chip designer Nvidia (NVDA.O) said new U.S. export curbs on the sale of its high-end artificial intelligence chips to China came into effect on Monday as regulators advanced the deadline. The restrictions were supposed to come into play 30 days from Oct. 17 when the Biden administration unveiled measures to stop countries, including China, Iran and Russia, from receiving advanced AI chips designed by Nvidia and others. The restrictions bar exports of Nvidia's modified advanced AI chips A800 and H800 - both of which were created for the Chinese market to comply with previous export rules. The Nvidia A100, H100 and L40S chips are also impacted by the curbs.

Persons: Dado Ruvic, Nvidia, Biden, Aditya Soni, Arun Koyyur, Anil D'Silva Organizations: NVIDIA, REUTERS, Nvidia, Devices, U.S . Department of Commerce, Intel, Gaudi, Thomson Locations: China, Iran, Russia, U.S, Bengaluru

Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 24 (Reuters) - The ProShares Short Bitcoin Strategy ETF , which allows traders to bet on a fall in bitcoin futures, hit a record low on Tuesday as the cryptocurrency surged on growing optimism that the launch of an exchange-traded fund tracking bitcoin is imminent. Bitcoin, the world's largest cryptocurrency, hit an 18-month high on Tuesday, extending Monday's 10% surge, on speculation over the likely approval of a spot bitcoin ETF that was fueled by BlackRock's iShares ETF listing on the website of clearing house DTCC. Meanwhile, other bitcoin-linked ETFs, like the ProShares Bitcoin Strategy ETF that tracks bitcoin futures, and Valkyrie Bitcoin Miners ETF (WGMI.O), gained more than 9% each. The Valkyrie Bitcoin and Ether Strategy ETF (BTF.O) was up 9.4%, leading gains among recently launched funds that track Ether futures.

Persons: Dado Ruvic, Bitcoin, Lucas Kiely, " Kiely, Bansari Mayur, David Holmes Organizations: REUTERS, BlackRock's, BTC, Strategy, Thomson Locations: Bengaluru

The letter, issued a week before the international AI Safety Summit in London, lists measures that governments and companies should take to address AI risks. Currently there are no broad-based regulations focusing on AI safety, and the first set of legislations by the European Union is yet to become law as lawmakers are yet to agree on several issues. "It (investments in AI safety) needs to happen fast, because AI is progressing much faster than the precautions taken," he said. Since the launch of OpenAI's generative AI models, top academics and prominent CEOs such as Elon Musk have warned about the risks on AI, including calling for a six-month pause in developing powerful AI systems. "There are more regulations on sandwich shops than there are on AI companies."

Persons: Dado Ruvic, Yoshua Bengio, Geoffrey Hinton, Andrew Yao, Daniel Kahneman, Dawn Song, Yuval Noah Harari, Elon Musk, Stuart Russell, Supantha Mukherjee, Miral Organizations: REUTERS, Rights, Safety, European, Elon, Thomson Locations: Rights STOCKHOLM, London, European Union, British, Stockholm

☆ Dollar dips ahead of key US data, bitcoin soars
▼ + stars: | 2023-10-24 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsTOKYO, Oct 24 (Reuters) - The dollar softened against a basket of currencies on Tuesday, mirroring a dip in Treasuries yields as investors awaited key U.S. economic data before the Federal Reserve's monetary policy meeting next week. The dollar index last sat around 105.57, having lost over 0.5% in the previous session as U.S. Treasury yields tumbled. Bitcoin returned the market spotlight with the virtual currency soaring on speculation that the United States could soon approve a bitcoin exchange-traded fund. The PMI data could set the market expectations ahead of the GDP report, said Matt Simpson, senior market analyst at City Index. Traders see the 150 threshold as a possible line-in-the-sand for Japanese authorities to intervene in the currency market.

Persons: Dado Ruvic, Jerome Powell, Bitcoin, Matt Simpson, Kyle Rodda, bitcoin, Brigid Riley, Sam Holmes Organizations: REUTERS, Rights, Federal, Treasury, PMI, Fed, European Central Bank, Traders, Capital.com, Thomson Locations: United States

☆ Computer parts maker Logitech's second-quarter sales fall
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 24 (Reuters) - Logitech International (LOGN.S) suffered a drop in sales in the second quarter, it said on Tuesday, as the computer peripherals maker struggled to hold on to the gains made during the pandemic. Sales fell 8% to $1.06 billion for the quarter ended September, it said in an exchange filing. However, it reported sales of $2.03 billion in the first half, beating its own forecast of $1.875-$1.975 billion. Non-GAAP operating income rose 17% to $183 million in the second quarter, the Swiss-U.S. company said. It expects sales this fiscal year to be in the range of $4-$4.15 billion and non GAAP operating income between $525 million and $575 million.

Persons: Dado Ruvic, Bracken Darrell, Daniel Borel, Borel, Wendy Becker's, John Revill, Maria Ponnezhath, Dhanya Ann Thoppil Organizations: Logitech, REUTERS, U.S, Thomson Locations: Swiss

Gas accounted for around 51% of Italy's total electricity generation in 2022, making the country the most gas-reliant among Europe's largest economies, data from Ember shows. INDUSTRIAL BASEKey to natural gas' staying power in Italy's generation mix is the country's high level of industrial energy demand. However, Italy's power costs have climbed sharply since Russia's invasion of Ukraine in 2022 cut natural gas supplies to Western Europe and sent regional power costs soaring. This week's ENI deal offers additional protection for consumers by further reducing Italy's reliance on Russia for natural gas supplies, even as it cements Qatar's position as Italy's top LNG supplier. Higher gas supplies may also help reduce overall power costs, and in turn should help boost the competitiveness of Italy-based businesses relative to regional rivals.

Persons: Dado Ruvic, Gavin Maguire, Edwina Gibbs Organizations: REUTERS, Italy's ENI SpA, Gas, Energy Institute, United States, Department of Commerce, LSEG, ENI, Reuters, Thomson Locations: LITTLETON , Colorado, QatarEnergy, Southern, Italy, Europe Italy, Europe, United, Ukraine, Western Europe, Germany, Russia, United States, Algeria, Qatar

☆ Genesis says NY AG lawsuit may force "no deal" bankruptcy liquidation
▼ + stars: | 2023-10-24 | by ( Dietrich Knauth | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Crypto lender Genesis Global said on Tuesday a New York civil fraud lawsuit could lead to a bankruptcy liquidation that does not resolve its claims against parent company Digital Currency Group (DCG). Rather than await the outcome of the lawsuit, Genesis intends to propose a "no deal" bankruptcy plan to distribute available crypto assets to customers and set up a process to preserve litigation claims against DCG and others, Genesis attorney Sean O'Neal said at a court hearing in New York. "It's not an easy decision, but it is an obvious decision," he told U.S. Bankruptcy Judge Sean Lane. Genesis believes creditors would be better off under a bankruptcy plan that includes a DCG settlement, but the company is running out of time to finalize a plan and send it to creditors for a vote, O'Neal said. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Letitia James, Genesis, DCG, Sean O'Neal, Sean Lane, O'Neal, litigate Genesis's, Mark Zuckerberg, Dietrich Knauth, Richard Chang Organizations: REUTERS, Genesis Global, Digital Currency Group, . New York, Gemini, U.S, New York, Meta, Thomson Locations: York, ., New York

☆ Snap revenue view above estimates on boost from new ad targeting tools; shares soar
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 24 (Reuters) - Snap (SNAP.N) forecast fourth-quarter revenue largely above estimates on Tuesday after posting better-than-expected revenue and user growth for the latest three months as efforts to revamp the ad targeting tools of its photo messaging app paid off. The Santa Monica, California-based company said it expected fourth-quarter revenue to be between $1.32 billion to $1.38 billion. Revenue for the third quarter ended September rose 5% to $1.19 billion, beating analysts' expectations of $1.11 billion, according to LSEG data. Daily active users on Snapchat were 406 million, beating Wall Street expectations of 405.7 million. Snap's net loss widened to $368 million in the third quarter from $360 million a year earlier.

Persons: Dado Ruvic, Khushi, Anil D'Silva Organizations: REUTERS, Facebook, Meta, Revenue, Thomson Locations: Santa Monica , California, Bengaluru

The company's revenue rose 13% to $56.5 billion in the quarter ended Sept. 30, compared with analysts' consensus estimate of $54.52 billion, according to LSEG data. Revenue from Microsoft's Intelligent Cloud unit, which houses the Azure cloud-computing platform, grew to $24.3 billion, compared with analysts' estimate of $23.49 billion, LSEG data showed. Microsoft said on Tuesday that its fiscal first-quarter profit was $2.99 per share, above analyst estimates of $2.65 per share, according to LSEG data. Sales of its Windows operating system and other products in the segment grew to $13.7 billion, compared with analysts' consensus estimate of $12.82 billion, according to data from LSEG. The segment containing the LinkedIn social network and its office productivity software grew to $18.6 billion, compared with analysts' consensus estimate of $18.20 billion, according to LSEG data.

Persons: Dado Ruvic, Jesse Cohen, Jeremy Goldman, Anna Tong, Stephen Nellis, Yuvraj Malik, Devika Syamnath, Peter Henderson, Matthew Lewis Organizations: Microsoft, REUTERS, Investing.com, Alpha, Intelligence, Thomson Locations: Investing.com ., Redmond, Washington, San Francisco, Bengaluru

☆ Companies Look to Human Moderators to Keep AI Apps in Line
▼ + stars: | 2023-10-23 | by ( Belle Lin | ) www.wsj.com time to read: 1 min

Analysts say that content safety filters will soon become a requisite for enterprises to sign up for any generative AI-based tools vendors sell. Photo: dado ruvic/ReutersBusinesses weighing the risks and benefits of generative artificial intelligence are running up against a challenge social-media platforms have long wrestled with: preventing technology from being hijacked for malicious ends. Taking a page from those platforms, business technology leaders are turning to a mixture of software-based “guardrails” and human moderators to keep its use within prescribed bounds.

Persons: dado ruvic Organizations: Reuters

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