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☆ Fitch downgrades Egypt one notch deeper into junk territory
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The downgrade reflects increased risks to Egypt's external financing, macroeconomic stability and the trajectory of already-high government debt, the rating agency said. The ratings agency said it expects Egypt to face a significant rise in external debt maturities in fiscal years ending June 2024 and June 2025, from that which ended in June 2023. The rating agency expects receipts from tourism, the Suez Canal and a recovery of remittances to help contain financing needs from larger imports. "Israel-Hamas war poses significant downside risks to tourism, although we build in some near-term hit," Fitch said. In October, fellow ratings agencies Moody's and Standard & Poor's (S&P) both downgraded Egypt's credit ratings by a notch.

Persons: Mohamed Abd El Ghany, Fitch, Vaibhav, Shailesh Organizations: REUTERS, Monetary Fund, Reuters, Thomson Locations: Cairo, Egypt, Egypt's, Suez, Gaza, Israel, Bengaluru

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun Khalid Sunil Khandelwal Scott Kilpatrick Jenny Kim Ashley King Joel Klaus Rene Klos Rossitsa, Michael Kondoleon Gregory Kontopoulos Larry Kornreich Shrivathsa Kota Konrad Krallmann Ken Kraska Alexander Kretzberg Bryant Krongard Simon Kubbies Adam Kulik Peter Kulka Ajeya Kumar Aditya Kurella Sara Lachapelle Raagini, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary LeDonne, Allison Lee Michael Lee Soohyun Lee Victoria Lewis Alice Li Qing Li George Lin Ali Lippert David Lipworth Bozhena Lisko, Murphy Mark Littlewood Zhenyi Liu Yelli Lobel Avinash Lobo Burke Loeffler Gabriela Lopez Cristian Lopez, Balboa Carlos Lopez Torrero Stephanie Louie Edward Lowe Reynolds Lowry Fei Luo Ranjan Luthra Sangeetha M Martin Ma Matthew Maciaszek Michael Magee Steffen Mahringer Poonam Majithia Terres Maloney Gopal Manchikanti Jade Mandel, Manfay Varun, Pierre Marboeuf Matt Margolin Thiago Marinheiro Kevin Martens Masato Maruyama Lucinda Mataka Rishi Mathur Pierre Maugest Scott Maxfield Andrei Maxim Michael McClurg Selina McCole Jeff McCown Andrea McGee Sinead McGuigan John McGuinness Benjamin McRoberts Amit Mehrotra Gaurav Mehta Kelly Mellecker Josef Menasche Raf Mercado Alexander Mielke Rachel Miles Christopher Miller Megan Miller Robert Miller Max Minton Edward Mitchell Oliver Money Tyler Moni Anna Montvai Taylor Moore Anthony Moschella Brandon Moy Faraz Munaim Sasha Munn Ashok Musuvathy Negar, Julian Naden Robinson Hiroki Nagamine Srijith Nair Cornelius Namiluko Sanjiv Nanwani Jay Narain Robert Andranik Nazarian Jovan Negovan Ryan Newman Michael Ng, Tasuku Nishihara John Nixon Kristy Nomi Alexandre Nunes Patrick O'Callaghan Yusuke Ochi KC O'Connor David Olivares Erica Olsen Victoria Ortengren Anas, Peter Pace Robert Packwood Nitin, Ellen Pak Ruth Pan Pedro Panizo Jayshri, Rahul Parikh Dan Parisi Freddie Parker Phil Parsons Peter Paruch Paul Pate Bella Patel Preya Patel Rakesh Patel Amit Patni Ed Paulinski Adam Pennacchio Kyle Penton Abhishek Periwal Michael Perrier Yoric Perrin Rasmus Persson Tommy Pinhas, Marco Poletti Megan Prasad Avijit Praveer James Puccinelli Sameer Punde Rob Pyne Na Qiao Valentina Quadri Marco Quirico Anya Radford Abhishek Rai Rahul Raj Ram Rajamony Ryan Ramsay Rami Rankoussi Nach Rao Pawan Rao Anurag Rathi Philip Renton Noel Reyes Ruth Reynolds Timothy Richards Peter Richter Brigid Riley Hutchinson Nick Rill Kristina Ristagno Vicky Ritter Martin Roberson James Roberts James Robinson Giorgio, Erin Roos Erin Ross Sumit Roy Conrad Ryan Soo, Ryu David Sage Jai Sahani Namita, Sarah Sakkej Karim Saleh Ayesha Salman Divya Samani Henrik Samuelsson Ryan Sansalone Vikram Sarker Shalini Satish Babu Charlotte Saury, Hania Schmidt Helene Schmitt Emily Schorr Wendy Schrunk Thomas Schwegler Michael Sciancalepore Brandon Seaman Benjamin Seigel Gamal Selvarajah Nicholas Semeniuk Devjoy Sengupta Michael Shafik Arpan Shah Shashwat Shah Shahnawaz Shahbaz Manoj Sharma Sachin Sharma Wazila, Gunduz Shirin Alex Silver Asmita Singh Kamalpreet Singh Andrew Sinnott Sapna, Dan Skinner Andrew Snow Stephanie Snyder Farouk Soussa Christopher Spahr Erik Sparks Matt Speltz Naveen Srinivasan Bhargav, Warren, Damian Steele Tobias Stein Catherine Stemp Dave Stringer Shekar Subramanian Jordan Sudy Philipp Suess Fatima Sultana Lu Sun Kumar Sundaram Fiona Syer Matthew Sykes Tofi, Filippo Taddei Sandhya Tadishetty Omer Tanvir Rita Taylor Zachary Tcheyan Brian Teague Wesley, Caitlin Terry Thomas Tesauro Hemal, Justin Therry Christine Thornburg Gregory Thysheril Angelo Tierno Alexander Tingle Ryan Townsend Cynthia Trillo Dimitris, Jessica Tung Jonathan Tung Ezgi, Zachary Upcheshaw Kiyomi, Nadine Urseanu Jim Vais Pim Valantagul Perrin Van Allen Annerieke van Dijk Jeroen van Dorp Dennis van Laer Todd van Stolk, Riley Jacqueline Vargas Alexander Vavalidis Edwin Velez Prasanna Venugopal Tim Verheyden Amanda Verstegen Ankit Vijay Vargiya Salvador Villanueva Arthur Villard Sichel Denzel Voesenek Bradley Wainwright Adam Walker Barbara Walters Omar Waly Daniel Wang Kenneth Wang Kristen Ward Gavin Warren Michael Washington Harry Webster Fredrik Weege Brian Weiss Thomas Weitz Nat Wells Joe Wenzel Tim Whitehead Henry Willans Matthew Williams Taylor Williams Katie Wilson Richard Wilson Stephanie Wisner Ilana Wolfe Jake Woodson Jeff Wu Qi Wu Jackson Yang Esma, Yoon Harm, John Zhai Jenny Zhang Lynn Zhang Raye Zhu Jane Zhuang Hans Zijlmans Carolyn Zimmer Samia Zitouni Mira Zorkot Organizations: Goldman, Wall, Carolina, Nick De Kock Ann de la Montaigne, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary Locations: Europe, Asia, India

☆ SolarEdge forecasts dour Q4 revenue as demand concerns loom; shares plunge
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Miniatures of solar panel and electric pole are seen in front of SolarEdge logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - SolarEdge Technologies (SEDG.O) on Wednesday forecast fourth-quarter revenue below Wall Street estimates on weak demand for its solar inverters, sending the company's shares down 22.3% in extended trade. While in the United States, higher interest rates and a metering reform in California, the country's largest solar market, have dented demand for solar. SolarEdge had trimmed its third-quarter revenue expectations last month due to high inventories and a slowdown in installation which led to substantial cancellations and backlog clearing from its European distributors in the quarter. Peer Enphase (ENPH.O) had also forecast a weak fourth- quarter revenue.

Persons: Dado Ruvic, Zvi Lando, Peer Enphase, Sourasis Bose, Shailesh Organizations: REUTERS, SolarEdge Technologies, Wall, Thomson Locations: Europe, United States, California, Bengaluru

☆ Tyler Technologies misses quarterly revenue estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Tyler Technologies (TYL.N) missed Wall Street estimates for third-quarter revenue on Wednesday, as the IT service provider faces stiff competition from bigger firms in an uncertain economy. Plano, Texas-based Tyler posted revenue of $494.7 million for the quarter ended Sept. 30, slightly below analysts' estimates of $495.9 million, according to LSEG data. Tyler now expects annual revenue in the range of $1.942 billion to $1.962 billion, compared with prior estimates of between $1.940 billion and $1.965 billion. The company raised its annual adjusted profit per share to a range of $7.66 to $7.80, from its prior estimate of between $7.60 and $7.75. Third-quarter profit per share stood at $1.10, compared with $1.26 per share, a year earlier.

Persons: Tyler, Jaspreet Singh, Shailesh Organizations: Tyler Technologies, Thomson Reuters, Oracle, Motorola Solutions, Gartner, Reuters, Thomson Locations: Plano , Texas, Bengaluru

☆ Paycom forecasts weak fourth-quarter revenue; shares tank
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Payroll processor Paycom Software (PAYC.N) on Tuesday forecast fourth-quarter revenue that was below market estimates hit by sluggish demand for payroll solutions and human resource management amid an uncertain economy, sending the company's shares down 28% in extended trading. Sticky inflation and high borrowing costs have clouded Paycom's outlook and hurt demand for the company's human resource and payroll services amid a resilient job market. Paycom forecast current-quarter revenue in the range of $420 million to $425 million, compared with estimates of $452.3 million, according to LSEG data. The company also cut its annual revenue forecast to a range of $1.679 billion to $1.684 billion. It posted revenue of $406.3 million for the third quarter ended Sept. 30, missing analyst estimates of $411.2 million.

Persons: Zaheer Kachwala, Shailesh Organizations: Paycom, Thomson Locations: Bengaluru

☆ WeWork plans to file for bankruptcy as early as next week, source says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/3] WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch Acquire Licensing RightsOct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

Persons: Kate Munsch, WeWork, Sandeep Mathrani, Anirban Sen, Manas Mishra, Manya, Shailesh Kuber, Anil D'Silva Organizations: REUTERS, SoftBank, Wall Street Journal, WSJ, Manya Saini, Thomson Locations: San Francisco , California, U.S, New York, New Jersey, Bengaluru

☆ Australia's NAB targets at least $633 mln in lending to indigenous businesses
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. Earlier this year, a review by the country's corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee accounts. NAB, the country's second biggest lender, said the new lending target highlights a surge of more than 140% based on its current lending of just A$413 million helping stimulate "sustainable business growth" among indigenous communities. "During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective," said Andrew Irvine, NAB Group Executive Business and Private Banking. ($1 = 1.5780 Australian dollars)Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Andrew Irvine, John Biju, Krishna Chandra Eluri Organizations: National Australia Bank, REUTERS, Nations, NAB, Executive Business, Private Banking, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia's Treasury Wine to buy US-based DAOU Vineyards for $900 mln
▼ + stars: | 2023-10-30 | by ( Roushni Nair | ) www.reuters.com time to read: +3 min

Bottles of Penfolds Grange, made by Australian wine maker Penfolds and owned by Australia's Treasury Wine Estates, sit on a shelf for sale at a wine shop in central Sydney, Australia, August 4, 2014. The wine producer has been resetting its strategy in an attempt to diversify outside of China, which used to contribute a third of its profits, after Beijing imposed tariffs on Australian wine in 2021 when Canberra called for an inquiry into the origins of COVID-19. The winemaker's combined premium and luxury portfolios delivered double-digit gross profit growth in fiscal 2023, according to its annual report. Including cost synergies of more than $20 million, the acquisition is expected to be mid to high-single-digit earnings per share (EPS) accretive in fiscal 2025, the first year of Treasury owning DAOU. Treasury said it would also issue A$157 million of new shares to the existing owners of DAOU.

Persons: David Gray, Penfolds Grange, Frank Family, Phillip Kimber, Roushni Nair, Shailesh Kuber, Krishna Chandra Eluri, Jamie Freed Organizations: Australia's Treasury Wine Estates, REUTERS, China Deal, Wine Estates, Treasury, P Capital, Thomson Locations: Australian, Sydney, Australia, China, Beijing, Canberra, Americas, Bengaluru

☆ BlackBerry CEO John Chen to depart - The Globe and Mail
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Blackberry CEO John Chen takes part in an event at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies BlackBerry Ltd FollowOct 30 (Reuters) - BlackBerry's (BB.TO) CEO John Chen has resigned and will exit the company on Friday, the Globe and Mail reported on Monday citing a source familiar with the matter. Chen joined BlackBerry in November 2013 and led the company's turnaround efforts in pivoting it from consumer hardware business to one that focused on enterprise software. Earlier this month, the company said it would separate the IoT and cybersecurity units and target a subsidiary initial public offering for the IoT business next fiscal year. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.

Persons: John Chen, Chris Wattie, Chen, Yuvraj Malik, Chavi Mehta, Shailesh Kuber, Krishna Chandra Organizations: BlackBerry, REUTERS, Globe and Mail, U.S, Thomson Locations: Ottawa , Ontario, Canada, Canadian, Bengaluru

☆ Pinterest beats third-quarter revenue estimates on ad market recovery
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - Pinterest (PINS.N) beat third-quarter revenue estimates on Monday, as a stabilizing digital advertising market helped draw marketers to the image-sharing platform ahead of the holiday season. Brokerages including Bernstein have been optimistic about the benefits from the partnership, saying it could drive up Pinterest's fourth-quarter revenue. The San-Francisco, California-based company's revenue rose 11% to $763.2 million for the quarter ended Sept. 30, compared with Wall Street estimates of $743.5 million, according to LSEG data. Global monthly active users (MAUs) on the image-sharing platform rose 8% to 482 million.

Persons: Dado Ruvic, Bernstein, Bill Ready, Jaspreet Singh, Shailesh Organizations: REUTERS, Global, Magna, Thomson Locations: San, Francisco , California, Bengaluru

☆ J&J says DoJ seeking information related to eye products in civil investigation
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: 1 min

The logo of Johnson & Johnson is seen on a Brussels' office of the company in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsOct 27 (Reuters) - Johnson & Johnson (JNJ.N) disclosed on Friday that the U.S. Department of Justice (DOJ) in July had sought documents and information related to the drugmaker's free and discounted eye surgery products in connection with a civil investigation. The company said it had begun complying with the DoJ's civil investigative demands. J&J said it is in ongoing discussion with DOJ regarding the inquiry. Reporting by Khushi Mandowara in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Yves Herman, J, Khushi, Shailesh Organizations: Johnson, REUTERS, U.S . Department of Justice, Thomson Locations: Brussels, Diegem, Belgium, Bengaluru

☆ Google paid $26 bln to be default search engine in 2021 - Bloomberg News
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. The amount of payments Google made for the default status has more than tripled since 2014, according to senior executive Prabhakar Raghavan who is responsible for both search and advertising, the report added. Google's revenue from search advertising came in at $146.4 billion in 2021, while the payments for the default setting were its biggest cost, Raghavan was mentioned as saying in the Bloomberg report. The company has argued the revenue share agreements are legal and that it has invested to keep its search and advertising businesses competitive. Google had objected to revealing the numbers, saying they would harm the company's ability to negotiate contracts in the future.

Persons: Paresh Dave, Prabhakar Raghavan, Raghavan, Judge Amit Mehta, Jaspreet Singh, Shailesh Organizations: REUTERS, Google, Justice, Bloomberg, Reuters, Thomson Locations: Mountain View , California, U.S, Bengaluru

☆ Enphase Energy forecasts fourth-quarter revenue below estimates
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Companies Enphase Energy Inc FollowOct 26 (Reuters) - Solar inverter maker Enphase Energy (ENPH.O) on Thursday forecast fourth-quarter revenue below Wall Street estimates, weighed down by excessive inventory levels in Europe on softening demand, sending the company's shares down 15% after hours. Solar equipment companies have seen rising inventory levels at distribution partners in the EU hamper installation rates. Enphase said revenue in Europe decreased about 34% sequentially due to inventory build-up and weakening demand in key markets like the Netherlands, France, and Germany. The company forecast current-quarter revenue between $300 million to $350 million, far short of analysts' estimates of $583.9 million, as per LSEG data. Enphase shares have lost more than half of their value this year.

Persons: SolarEdge, Enphase, Sourasis Bose, Shailesh Organizations: Enphase Energy, Wall, Thomson Locations: Europe, Netherlands, France, Germany, Bengaluru

☆ Australia's Westpac warns of $109 mln hit to fiscal 2023 profit
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022. The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022. The net impact of these one-off items will reduce the bank's common equity tier 1 capital ratio by 4 basis points, it added. ($1 = 1.5855 Australian dollars)(This story has been corrected to say Westpac warns of a hit, not lower fiscal 2023 profit, in the headline)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Roushni Nair, Shailesh Organizations: Westpac, Central Business District of, REUTERS, Westpac Banking Corp, Thomson Locations: Central Business District of Sydney, Australia, Bengaluru

☆ Arizona says closely monitoring use of self-driving vehicles
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsOct 25 (Reuters) - Arizona is closely monitoring the testing and use of self-driving vehicles in the state, its transportation department said on Wednesday, a day after California barred General Motors' (GM.N) Cruise from operating its driverless cars. The Arizona Department of Transportation said it was aware of the announcement from California and was closely monitoring the situation. "Public safety is our highest priority, and we are in regular communication with and closely monitoring Cruise and other companies testing and operating self-driving vehicles in Arizona," it said in a statement. Companies such as Cruise, Alphabet's (GOOGL.O) Waymo and Uber are testing their self-driving car technology in these states and cities.

Persons: Elijah Nouvelage, Hugo Soto, Martínez, Cruise, Waymo, Akash Sriram, Juby Babu, Hyunjoo Jin, Lisa Baertlein, Shailesh Kuber, Anil D'Silva Organizations: GM Bolt, REUTERS, General Motors, The Arizona Department of Transportation, California's Department of Motor Vehicles, Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, Arizona, California, Los Angeles, Texas , Tennessee, Pennsylvania, Florida, Nevada, Dallas, Nashville, Bengaluru, Hyunjoo, San Francisco

☆ KLA forecasts current-quarter revenue above estimates on AI boom
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Chipmaking equipment supplier KLA (KLAC.O) on Wednesday forecast second-quarter revenue above Wall Street estimates, boosted by growing adoption of artificial intelligence tools that require sophisticated processors. This has driven demand for equipment to make and design chips benefiting KLA and its peers such as ASML (ASML.AS) and Applied Materials (AMAT.O). KLA expects fiscal second-quarter revenue of $2.45 billion, plus or minus $125 million. Analysts were expecting revenue of $2.41 billion, according to LSEG data. The company reported revenue of $2.4 billion for the first quarter ended Sept. 30, compared with estimates of $2.36 billion.

Persons: Akash Sriram, Shailesh Organizations: Taiwan Semiconductor Manufacturing, Samsung Electronics, Thomson Locations: Milpitas , California, United States, China, Bengaluru

☆ ServiceNow raises annual forecast, beats profit estimates on AI strength
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - ServiceNow (NOW.N) raised its annual subscription revenue forecast on Wednesday, after beating third-quarter profit estimates helped by strong demand for the company's automation and artificial intelligence (AI) services. Enterprises have been dialing up spending on generative AI products and workflow automation, attempting to gain a foothold in the nascent AI market, benefiting companies like ServiceNow. "With the capabilities unlocked by generative AI, the window of opportunity is even more expansive, positioning us well to continue delivering a strong balance of growth and profitability," said ServiceNow CFO Gina Mastantuono. ServiceNow, which has tie-ups with companies like Nvidia (NVDA.O) and Accenture , reported quarterly revenue of $2.29 billion, above analysts' estimates of $2.27 billion. Subscription revenue came in at $2.22 billion, compared with estimates of $2.19 billion.

Persons: Gina Mastantuono, Zaheer Kachwala, Shailesh Organizations: Enterprises, Nvidia, Accenture, Subscription, Thomson Locations: Bengaluru

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

☆ Silver Lake working to take entertainment giant Endeavor private
▼ + stars: | 2023-10-25 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

Trading information and logo for Endeavor Group Holdings, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermid/File photo Acquire Licensing RightsOct 25 (Reuters) - Private equity firm Silver Lake said on Wednesday it was working on a proposal to take talent and media company Endeavor Group Holdings (EDR.N) private, after Endeavor announced it had begun a review to explore alternatives that better value the company. "Silver Lake is currently working toward making a proposal to take Endeavor private," it said. Endeavor Group, which has diversified holdings in talent-management, live sports and festivals, is valued at around $8.4 billion. The private equity firm acquired a minority stake in the William Morris Endeavor talent agency in 2012, and Silver Lake Co-CEO Egon Durban and managing partner Stephen Evans serve on Endeavor's board of directors.

Persons: Brendan McDermid, Silver Lake, Francois, Henri Pinault, Ari Emanuel, Emanuel, William Morris, Egon Durban, Stephen Evans, Jaspreet Singh, Dawn Chmielewski, Devika Syamnath, Shailesh Kuber, Rod Nickel, Tom Hogue, David Gregorio Our Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Silver, Endeavor, Creative Artists Agency, Endeavor Group, Boston Red Sox, Fenway Sports Group, PGA, Reuters, William, William Morris Endeavor, Thomson Locations: New York City, U.S, Bengaluru, Dawn, Los Angeles

☆ Baker Hughes beats profit estimates on robust international demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A model of an equipment is displayed by energy services firm Baker Hughes during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. oilfield technology firm Baker Hughes (BKR.O) joined rivals SLB (SLB.N) and Halliburton (HAL.N) in posting upbeat quarterly profit on Wednesday, driven by strong demand for its services and equipment in international markets. The move has benefited companies such as Baker Hughes, which provides services including drilling, well construction and completion. U.S. oil and natural gas prices have scaled back from the year-ago quarter's peak and dented some demand in North America. Baker Hughes also received contracts from several liquefied natural gas projects, as energy firms rush to build new LNG-producing facilities.

Persons: Baker Hughes, Chris Helgren, Lorenzo Simonelli, Sourasis Bose, Shailesh Kuber Organizations: REUTERS, SLB, Halliburton, Energy, Revenue, & Energy Technology, Thomson Locations: Vancouver , British Columbia, Canada, North America, U.S, Bengaluru

☆ Commonwealth Bank of Australia raises $794 mln worth of debt
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:A woman walks past a Commonwealth Bank of Australia logo and ATM in Sydney, Australia, February 7, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsOct 25 (Reuters) - Commonwealth Bank of Australia (CBA.AX) on Wednesday announced the issuance of A$1.25 billion ($794.38 million) worth of subordinated notes. The issue of subordinated securities will not have a material impact on its financial position, the country's largest lender said. The bank is issuing A$550 million worth of subordinated fixed to floating rate securities and A$700 million worth of subordinated floating rate securities, both due in a decade. "The subordinated securities potentially exchange into fully paid ordinary shares of CBA if a non-viability trigger event occurs," the bank said.

Persons: Daniel Munoz, Sameer Manekar, Shailesh Kuber Organizations: Commonwealth Bank of Australia, REUTERS, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru

☆ Bank of Montreal is exploring sale of RV loan portfolio - Bloomberg News
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsOct 24 (Reuters) - Bank of Montreal (BMO.TO) is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The potential sale comes at a time when several banks in North America shed loan portfolios to bolster balance sheets in the face of a 'higher-for-longer' interest rate environment. "We can't comment on specifics of a transaction," a Bank of Montreal spokesperson told Reuters in an emailed statement. The sale of loan portfolios, particularly those which are rate-sensitive, allows lenders to manage risk and keeps credit loss provisions or capital set aside to cover potential defaults in check.

Persons: Chris Wattie, Manya Saini, Jaiveer Shekhawat, Shailesh Organizations: of Montreal, BMO, REUTERS, Bank of Montreal, Bloomberg, Reuters, Thomson Locations: Ottawa , Ontario, Canada, North America, Bengaluru, Balu, Toronto

☆ 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

☆ TI forecasts weak fourth-quarter as industrial weakness deepens
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

A Texas Instruments Office is shown in San Diego, California, U.S., April 24, 2018. Broader demand from the industrial market – Texas Instruments' biggest by revenue share – has worsened. China is a key market for Texas Instruments, with about 25% of its revenue coming from companies headquartered there. The company forecast current-quarter revenue between $3.93 billion and $4.27 billion, compared with analysts' average estimates of $4.49 billion, according to LSEG data. Revenue in the quarter ended Sept. 30 fell 14% to $4.53 billion, compared with estimates of $4.58 billion.

Persons: Mike Blake, Chavi Mehta, Shailesh Organizations: Texas Instruments, REUTERS, Texas, United Auto Workers, Revenue, TI, Thomson Locations: San Diego , California, U.S, Dallas , Texas, China, chipmakers, Bengaluru

☆ Japan aims for joint EV, chip subsidy rules with U.S. and Europe - Nikkei
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

The Japanese government aims to invest 20 trillion yen ($133.62 billion) in green transformation over 10 years, according to Nikkei. The three countries could also discuss environmental and other requirements to qualify for EV subsidies, Nikkei added. Nishimura also discussed plans to bolster Japanese investment in the so-called Global South, which is comprised of emerging and developing countries mainly in Asia, Africa and Latin America, Nikkei said. His ministry aims to facilitate 2 trillion yen in public and private investment in these countries over five years. ($1 = 149.6800 yen)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Industry Yasutoshi Nishimura, Issei Kato, Yasutoshi Nishimura, Nishimura, Roushni Nair, Shailesh Organizations: Economy, Trade, Industry, REUTERS, U.S, Nikkei, EV, Thomson Locations: Tokyo, Japan, Europe, Asia, Africa, Latin America, Bengaluru

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