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☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ Kazakh's fintech Freedom is being investigated by US SEC, DOJ - CNBC
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. The SEC's Boston regional office has been probing Freedom for months, the report said, citing documents seen by CNBC and people familiar with the matter. The allegations in the Hindenburg report are without merit, Freedom had said then. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, the CNBC report added. The SEC declined to comment on the existence or nonexistence of a possible investigation, whereas the Department of Justice and Freedom did not immediately respond to Reuters requests for comment.

Persons: Jim Bourg, Freedom, Hindenburg, Jaiveer Singh, Shinjini Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, U.S . Department of Justice, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, Department of Justice, Thomson Locations: Washington, Kazakhstan, U.S, Bengaluru

☆ PNC Bank buys $16.6 bln capital commitment portfolio from Signature Bridge Bank
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo Acquire Licensing RightsOct 3 (Reuters) - PNC Financial Services' (PNC.N) banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver. "PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. PNC Bank purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC, the company added. The FDIC closed Signature Bank in March amid an intensifying regional banking crisis and transferred all of its deposits and substantially all of its assets to Signature Bridge Bank, a full-service financial institution that is operating under a board appointed by the watchdog.

Persons: Ashraf Fahim, Jaiveer Singh, Anil D'Silva Organizations: PNC Bank, PNC Financial Services Group, REUTERS, PNC Financial Services, Signature Bridge, Federal Deposit Insurance Corp, PNC, FDIC, Bank, Thomson Locations: Washington , U.S, Bengaluru

☆ Ally Financial to lay off nearly 5% of staff
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo and trading information for Ally Financial Inc appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsOct 2 (Reuters) - Ally Financial (ALLY.N) said on Monday job cuts in various divisions of the digital banking firm will affect nearly 5% of its workforce. "After taking steps over the past year to pause hiring and manage staffing expenses through natural attrition, we have made the difficult choice to selectively reduce our workforce," Ally spokesperson Peter Gilchrist said in an emailed statement. The Detroit-based company offers various financial products and is best known for its auto-loan business. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Ally, Peter Gilchrist, Jaiveer Singh, Saeed Azhar, Shinjini Organizations: Ally Financial, New York Stock Exchange, REUTERS, Ally, Thomson Locations: New York, U.S, Detroit, Bengaluru

☆ Canada's RBC injects capital into City National to bolster US subsidiary's liquidity
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsSept 29 (Reuters) - Royal Bank of Canada (RBC) (RY.TO) on Friday said it had injected capital into City National to strengthen the Los Angeles-based subsidiary's liquidity position and pay down higher-cost borrowing. "This is part of the management actions that RBC is taking on the path to improving profitability at City National" an RBC spokesman told Reuters. RBC, which bought City National in 2015 for $5.4 billion, said in August that the subsidiary's losses in the third quarter stood at $38 million, compared with a profit of $102 million a year ago. RBC has also hired Greg Carmichael, the former CEO of U.S. regional lender Fifth Third Bancorp, to sit on City National's board.

Persons: Carlos Osorio, Dave McKay, Greg Carmichael, Mike Rizvanovic, Rizvanovic, Jaiveer Singh, Balu, Maju Samuel, Paul Simao Organizations: Royal Bank of Canada, REUTERS, RBC, City National, Reuters, Valley Bank, Fifth Third Bancorp, City, Thomson Locations: Toronto , Ontario, Canada, Los Angeles, California, U.S, Santa Clara, Bengaluru, Toronto

☆ Canada's RBC injects capital into unit City National to strengthen liquidity
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsSept 29 (Reuters) - Royal Bank of Canada (RBC) (RY.TO) on Friday said it had injected capital into City National to strengthen its subsidiary's liquidity position and pay down the higher cost of borrowing. The bank, however, did not disclose how much capital it has injected into the unit. "This is part of the management actions that RBC is taking on the path to improving profitability at City National" an RBC spokesman told Reuters. The bank also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit, which will be "eliminated at the Royal Bank of Canada consolidated level".

Persons: Carlos Osorio, Banks, Jaiveer Singh, Maju Samuel Organizations: Royal Bank of Canada, REUTERS, RBC, City National, Reuters, City, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ AI startup AlphaSense valued at $2.5 bln after latest funding round
▼ + stars: | 2023-09-28 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups. Big Tech companies including Amazon (AMZN.O) and Microsoft (MSFT.O) have been pouring billions into securing ties with AI startups that are reshaping their industry. When asked if AlphaSense has any plans for an initial public offering, CEO Jack Kokko told Reuters the company has "plenty of capital more than we could hope for" right now. Investing in new initiatives, especially in generative AI, is a focus too as the company explores expanding its product offering, Kokko said in an interview. AlphaSense helps its customers extract relevant information from a trove of public and private content such as equity research, earnings calls, company filings and news.

Persons: Goldman Sachs, AlphaSense, Jack Kokko, Kokko, Mary Meeker, Jaiveer Singh, Devika Organizations: Viking Global, Big Tech, Amazon, Microsoft, Reuters, Thomson Locations: Bengaluru

☆ Crypto exchange Kraken to offer US-listed stocks' trading - Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 27 (Reuters) - Crypto exchange Kraken is planning to offer trading in U.S.-listed stocks and exchange-traded funds, Bloomberg News reported on Wednesday, citing a person familiar with the matter. Kraken will initially offer trading in the United States and the United Kingdom through a service built by a new division called Kraken Securities, and is targeting to launch the service in 2024, the report said. It already holds the required regulatory permits in the United Kingdom and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the United States, the report added. Several of them are trying to get approval from the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund.

Persons: Dado Ruvic, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Bloomberg, Kraken Securities, Financial Industry, Authority, Reuters, U.S . Securities, Exchange Commission, Thomson Locations: United States, United Kingdom, Bengaluru

☆ Centerbridge teams up with Wells Fargo to launch direct-lending fund
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 26 (Reuters) - Private equity firm Centerbridge Partners is launching a direct-lending fund with backing from Wells Fargo (WFC.N), the companies said on Tuesday. The direct-lending market is dominated by private equity firms, which in recent months have been looking to expand their footprints in the sector as mid-sized banks tighten loan standards. The fund named Overland Advisors will target at least $5 billion in investible capital with a focus on meeting credit requirements of North American mid-sized companies, the San Francisco-based bank and Centerbridge said. Abu Dhabi Investment Authority and British Columbia Investment Management Corporation have agreed to provide nearly $2 billion in initial equity commitments.

Persons: Stephanie Keith, Wells, Centerbridge, JPMorgan Chase, forayed, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Centerbridge Partners, Overland, North, Abu, Abu Dhabi Investment Authority, Columbia Investment Management Corporation, JPMorgan, Reuters, Thomson Locations: New York City, U.S, Wells Fargo, San Francisco, Abu Dhabi, Bengaluru

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

Cboe declined to say whether those relations happened while Tilly was CEO or prior to his tenure at the helm. His resignation is the latest in a string of high-profile exits by CEOs whose personal conduct ran afoul of company policy. "When he became CEO, he grew that business from a little options exchange to a global, fintech and exchange leader. Cboe has exclusive rights to list flagship contracts linked to the Standard & Poor’s 500 stock index through 2032. "The silver lining is it doesn't look like it is related to strategic or financial issue for the company," Lau said of the CEO resignation.

Persons: Edward Tilly, Piper Sandler, Brendan McDermid, Cboe, Fredric Tomczyk, Tilly, Andrew Bond, Bond, Owen Lau, Lau, Rosenblatt's Bond, Steve Sosnick, Sosnick, Tomczyk, " Lau, Jaiveer Singh, Laura Matthews, Saqib Iqbal Ahmed, Arun Koyyur, Michelle Price, Megan Davies, Bill Berkrot, Nick Zieminski Organizations: CBOE, Inc, Piper Sandler Global Exchange, FinTech Conference, REUTERS, Rosenblatt Securities, Oppenheimer & Co, THE, Interactive, U.S . Securities, Exchange Commission, Thomson Locations: New York City, U.S, Bengaluru, New York, Lincoln

☆ India-Canada relations: how could trade be affected as tensions rise?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru

☆ Marketing firm Klaviyo lifts IPO price range, targets $9 bln valuation
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Sept 18 (Reuters) - Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion. Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week. A strong debut from SoftBank's Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics (NMRA.O) has tempered some optimism. Klaviyo's hike comes after another IPO contender, Instacart, raised its price range on Friday.

Persons: Klaviyo, Instacart, SoftBank, Andrew Bialecki, Ed Hallen, Jaiveer Shekhawat, Nivedita Bhattacharjee Organizations: Reuters, SoftBank's Arm Holdings, Neumora Therapeutics, BlackRock Inc, Thomson Locations: U.S, Dealogic, Bengaluru

☆ SoftBank-backed Neumora valued at $2.51 billion in lukewarm debut
▼ + stars: | 2023-09-15 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +2 min

Sept 15 (Reuters) - Shares of Neumora Therapeutics (NMRA.O), which is backed by Amgen (AMGN.O) and Japan's SoftBank (9984.T), fell in their market debut on Friday, giving the company a market capitalization of $2.51 billion. The ongoing surge in listings points to a nascent recovery in the U.S. IPO market amid growing expectations of a pause in interest rate hikes by the Federal Reserve. Neumora, which is developing drugs for brain diseases, raised $250 million by selling 14.7 million shares priced at the mid-point of its previously disclosed range. Neumora's debut comes a day after Arm Holdings' strong debut valued the chip designer at more than $60 billion. "Neumora opened up trading slightly below the IPO price, but taken in context with RayzeBio ... market sentiment for established, later-stage biotech IPOs appears strong," Mullin added.

Persons: Japan's SoftBank, Neumora, Riley Mullin, Mullin, Jaiveer Shekhawat, Pritam Biswas, Shounak Dasgupta Organizations: Neumora Therapeutics, Nasdaq, Federal Reserve, Arm Holdings, Renaissance Capital, Arch Venture Partners, Thomson Locations: Watertown , Massachusetts, U.S, Bengaluru

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowSept 15 (Reuters) - The former head of Wells Fargo's (WFC.N) retail bank on Friday avoided prison time after pleading guilty to an obstruction charge related to the bank's sweeping fake-accounts scandal. Prosecutors had sought a one-year prison term for Tolstedt, but the judge said it would unfairly make Tolstedt appear solely responsible for Wells Fargo's misconduct. That cap remains in place, though Wells Fargo remains the fourth-largest U.S. bank. Wells Fargo has also clawed back tens of millions of dollars of her pay.

Persons: Wells Fargo's, Carrie Tolstedt, Josephine Staton, Wells, Tolstedt, Martin Estrada, Wells Fargo, John Stumpf, Stumpf, Chris Prentice, Jonathan Stempel, Jaiveer Singh, Shounak Dasgupta, Matthew Lewis Organizations: REUTERS, Companies Wells, U.S, San, Wells, Prosecutors, Federal Reserve, Securities and Exchange Commission, Thomson Locations: Wells Fargo Bank, New York City, U.S, Los Angeles, San Francisco, America, Wells, New York, Bengaluru

☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

☆ Crypto firm DCG says Genesis' agreement with creditors to result in 70-90% recovery
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Sept 13 (Reuters) - Digital Currency Group (DCG), the parent of bankrupt crypto lender Genesis Capital, said in a court filing on Wednesday that it expects to provide a recovery of 70%-90% for all unsecured creditors under a previously announced agreement. Several crypto companies have been under pressure after the collapse of major exchange FTX sent shockwaves through the sector. Genesis, which filed for bankruptcy protection in January and owes at least $3.4 billion to creditors, reached an in-principle agreement on a restructuring plan a month later to resolve claims. Venture capital firm DCG owes Genesis Capital approximately $526 million due in May 2023 and $1.1 billion under a promissory note due in June 2032. "We strongly believe the proposed agreement represents the best outcome for all creditors," DCG said in a statement.

Persons: FTX, Genesis, DCG, Jaiveer Singh, Shweta Agarwal Organizations: Currency Group, Genesis, Gemini, . Venture, Thomson Locations: Bengaluru

☆ KKR to invest more than $1 bln in USI Insurance to become largest shareholder
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsSept 11 (Reuters) - USI Insurance Services said on Monday that existing shareholder KKR (KKR.N) plans to make a new equity investment of more than $1 billion to become the largest stakeholder. Private equity firm KKR and USI will purchase shares of USI held by pension fund Caisse de dépôt et placement du Québec (CDPQ) and certain other investors, as part of the agreement. More than 50% of the USI shares held by CDPQ will be purchased as part of the transaction. CDPQ and KKR bought USI in 2017 from investment manager Onex (ONEX.TO) for $4.3 billion, including debt. USI provides insurance and employee benefit-related products to U.S. companies.

Persons: Brendan McDermid, CDPQ, Onex, Jaiveer Singh, Shounak Dasgupta Organizations: KKR, New York Stock Exchange, REUTERS, USI Insurance, USI, Thomson Locations: New York, U.S, Bengaluru

☆ US authorities interview Winklevoss over claims against DCG and its CEO -source
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/file photo Acquire Licensing RightsSept 7 (Reuters) - U.S. authorities are probing claims of fraud that Cameron Winklevoss, the co-founder of crypto firm Gemini Trust Co, has made against the Digital Currency Group (DCG) and its founder Barry Silbert, according to a source familiar with the inquiry. Winklevoss has said that DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy in January. Gemini was the largest creditor of the bankrupt firm and is suing DCG and Silbert. Federal prosecutors in New York and investigators from the FBI and the Securities and Exchange Commission asked Winklevoss about his claims during an interview in recent months, the source said. Authorities have not accused DCG or Silbert of any misconduct and investigations do not always lead to charges.

Persons: Cameron Winklevoss, Lucas Jackson, Barry Silbert, Winklevoss, Silbert, Gemini, DCG, Chris Prentice, Jaiveer Singh, Devika Syamnath, Cynthia Osterman Organizations: New York State Department of Financial Services, REUTERS, Gemini Trust, Digital Currency Group, FBI, Securities and Exchange Commission, Bloomberg, SEC, Gemini, Thomson Locations: Manhattan, New York, Bengaluru

☆ Imbue raises $200 mln at over $1 bln valuation in AI funding boost
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

Sept 7 (Reuters) - AI research lab Imbue has raised $200 million in a Series B funding round, which included participation from Astera Institute and Nvidia (NVDA.O), at a valuation of over $1 billion, the company said in a blog post on Thursday. Companies across the world, from banks to big tech, have doubled down on investments in artificial intelligence (AI) after ChatGPT, a generative AI chatbot by Microsoft-backed MSFT.O OpenAI took the world by storm in late 2022. "The latest funding will accelerate our development of AI systems that can reason and code," the company said. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Imbue, MSFT.O OpenAI, Jaiveer Singh, Shailesh Organizations: Astera Institute, Nvidia, Companies, Microsoft, Thomson Locations: Bengaluru

☆ Cathie Wood's ARK Invest files for first US spot-ether ETF
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David Swanson Acquire Licensing RightsSept 6 (Reuters) - Cathie Wood's Ark Invest and crypto investment firm 21Shares are seeking regulatory approval to set up an exchange-traded fund (ETF) that would directly hold ether, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The case has been closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. Cboe Global Markets earlier this year filed a proposal with the U.S. SEC to list and trade shares of a spot bitcoin ETF by Ark Invest and 21Shares on the Cboe BZX exchange. The regulator has in recent years rejected dozens of applications for spot bitcoin ETFs, citing inadequate levels of trading surveillance that could leave the underlying spot market subject to fraud and manipulation.

Persons: Cathie Wood, David Swanson, 21Shares, Jaiveer Singh, Devika Organizations: ARK Invest, Milken, Global Conference, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, U.S . District of Columbia, Cboe, Ark Invest, Thomson Locations: Beverly Hills , California, U.S, U.S ., Bengaluru

☆ BlackBerry expects to report drop in quarterly revenue, shares dive
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

The Blackberry logo is shown on a office tower in Irvine, California, U.S., October 20, 2020. In its preliminary results announcement for the quarter, the company said it expects revenue of about $132 million, compared with $168 million last year. Four analysts polled by LSEG expect BlackBerry to report sales of $156.9 million. In August, media reports said private equity firm Veritas Capital made an offer to buy BlackBerry, months after the Canadian company began a strategic review. The company expects revenue in its cybersecurity unit to be about $80 million, lower than $111 million last year.

Persons: Mike Blake, John Chen, Jaiveer Singh, Devika Organizations: REUTERS, LSEG, Veritas Capital, Canadian, Thomson Locations: Irvine , California, U.S, Bengaluru

☆ Coinbase to launch new lending platform aimed at large institutional investors
▼ + stars: | 2023-09-05 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Employees of Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton Acquire Licensing RightsSept 5 (Reuters) - Crytocurrency exchange Coinbase Global (COIN.O) is launching a digital asset lending platform aimed at large institutional investors, a company spokesperson told Reuters on Tuesday. Coinbase has raised $57 million for its new crypto-lending platform, a regulatory filing showed. Coinbase last month had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Coinbase, Grayscale's, Jaiveer Singh, Shailesh Organizations: Coinbase Global Inc, Nasdaq, REUTERS, Reuters, Securities and Exchange Commission, SEC, Thomson Locations: New York, U.S, Bengaluru

☆ AI startup AI21 Labs valued at $1.4 bln after latest fund raise
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 30 (Reuters) - Israel-based AI startup AI21 Labs said on Tuesday it has raised $155 million in a Series C funding round which saw participation from technology heavyweights Alphabet's (GOOGL.O) Google and Nvidia (NVDA.O). With the latest round, AI21 has raised a total capital of $283 million at a valuation of $1.4 billion, the company said. AI21 is among a clutch of AI startups that have benefited from this boom, attracting strong interest from venture capital firms and other investors. "The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems," said Jensen Huang, founder and CEO of Nvidia. Founded in 2017, AI21 Labs has built a strong customer base, from consumers to Fortune 100 companies.

Persons: Alphabet's, AI21, OpenAI, Jensen Huang, Jaiveer Singh, Krishna Chandra Organizations: Google, Nvidia, Companies, Microsoft, AI21 Labs, Fortune, Thomson Locations: Israel, Bengaluru

☆ Republic First Bancorp in preliminary talks with shareholders to raise capital
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Companies Republic First Bancorp Inc FollowAug 29 (Reuters) - Republic First Bancorp (FRBK.PK) is in talks with a group led by activist investor George Norcross regarding an equity investment and a broader capital raise, according to a regulatory filing on Tuesday. Although discussions are still preliminary, Norcross expects that such a transaction could provide for the resolution of pending litigation involving the bank, he said in the filing. The company last week saw its shares getting delisted from the Nasdaq after it failed to file its annual report with the securities regulator for the fiscal year 2022. The company may apply to list on a major exchange after it files all delayed reports and meets other listing requirements. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: George Norcross, Norcross, Norcorss, Jaiveer Singh, Maju Samuel Organizations: Bancorp, First Bancorp, Nasdaq, Group, Thomson Locations: Philadelphia, Bengaluru

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