DIRS.INFO The most relevant business & tech news

☆ TSX tumbles to near seven-month low as commodity-linked stocks fall
▼ + stars: | 2023-10-02 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. Rate-sensitive utilities (.GSPTTUT) fell nearly 3%, leading declines amid a dramatic run-up in 10-year U.S. Treasury yields that hit 16-year highs. "U.S. Treasury yields continue to march higher and that's just crushing the dividend-paying stocks like utilities in Canada," said Douglas Porter, chief economist of BMO Capital Markets. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.5 last month, from 48.0 in August. Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Douglas Porter, Eric Provost, Siddarth, Shailesh Kuber, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, TSX, Treasury, Toronto Stock, Materials, Brent, U.S . West Texas, BMO Capital Markets, Data, P Global Canada Manufacturing, Laurentian Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, Bengaluru

☆ VanEck launches ETF tied to ether futures
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Oct 2 (Reuters) - VanEck on Monday launched VanEck Ethereum Strategy ETF , becoming one of the first U.S. investment managers to bring a futures-based exchange traded fund (ETF) tied to the world's second-largest cryptocurrency ether to the market. The newly launched fund will be investing in ether futures focused solely on those traded on the Chicago Mercantile Exchange, the fund manager said. "EFUT is positioned to gather assets from those investors wanting to tap into this slice of the crypto market." ProShares, Bitwise and Invesco have also filed to list a variety of ETFs tied to ether, that are expected to launch later in the day, according to traders and media reports. Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Todd Rosenbluth, Bansari Mayur, Shweta Agarwal Organizations: Chicago Mercantile Exchange, Thomson Locations: Bengaluru

☆ Carnival's fuel costs overshadow better annual forecast on cruise boom
▼ + stars: | 2023-09-29 | by ( Juveria Tabassum | ) www.reuters.com time to read: +3 min

The Carnival cruise ship Sunrise is seen docked at Miami Port, in Miami, Florida, U.S., June 18, 2022. Unlike other major cruise operators, Carnival does not hedge against volatility in oil prices. The company was "not thinking" about fuel hedging at this point, CFO David Bernstein told Reuters in an interview. Instead, to reduce the fuel burn, Carnival was looking at fuel optimization technologies and enhancing itineraries, Bernstein added. CRUISE DEMAND THRIVESCruise operators have benefited from pent-up travel demand following the pandemic and travelers looking for better vacation deals.

Persons: Marco Bello, Morningstar, Jaime Katz, David Bernstein, Bernstein, Alex Brignall, Joshua Weinstein, Carnival, Juveria Tabassum, Devika Syamnath, Shweta Agarwal Organizations: Miami Port, Rivals, Cruise Lines, Royal, Reuters, Thomson Locations: Miami , Florida, U.S, Royal Caribbean, Atlantic

☆ Clorox says production sites back up after August cyberattack
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Clorox (CLX.N) said on Friday all its manufacturing facilities resumed operations and it is ramping up production to restock inventories after a cyberattack last month disrupted the bleach maker's business. Clorox began transitioning back to automated order processing earlier this week, the producer of Pine-Sol cleaner said, adding that it would also maximize shipping and was working to fully restore operations back to normal. It comes after the company last week warned of a material impact on its first-quarter results due to shipping delays caused by the incident. Cybersecurity attacks have also hit other companies in recent weeks. Reporting by Deborah Sophia in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Clorox, Deborah Sophia, Shweta Agarwal Organizations: Casino, MGM Resorts International, Caesars Entertainment, Thomson Locations: Bengaluru

Sept 29 (Reuters) - Air Canada (AC.TO) pilots staged a protest at Toronto's Pearson Airport on Friday, demanding better pay and benefits as talks over a new contract covering 4,500 pilots at Canada's largest carrier continue. We have to close the growing wage gap between us and our American counterparts," Chair of the governing body for the airline's pilots union Charlene Hudy told Reuters. Currently, the union is actively engaged in negotiations with Air Canada, and it anticipates that these discussions will persist throughout the entire month of October, Hudy added. "We are still early in the bargaining process and Air Canada remains engaged in productive discussions with ALPA," the carrier said on Friday. The pilots for the Montreal-based carrier, represented by the Air Line Pilots Association (ALPA) union, began bargaining for new labor terms this summer.

Persons: Charlene Hudy, Hudy, Shivansh, Shweta Agarwal Organizations: Air Canada, Toronto's Pearson, Canada's, Canadian, United Airlines, Delta Air Lines, American Airlines, American, Reuters, Air, Air Line Pilots Association, Thomson Locations: Montreal, Bengaluru, Wa Lone, Toronto

☆ Nvidia's French offices raided in cloud-computing competition inquiry -WSJ
▼ + stars: | 2023-09-28 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 28 (Reuters) - France's competition authority raided Nvidia's (NVDA.O) local offices this week on suspicion the chipmaker engaged in anticompetitive practices, the Wall Street Journal reported on Thursday. The French competition authority, which disclosed the dawn raid on Wednesday, did not say what practices it was investigating or which company it had targeted, beyond saying it was in the "graphics cards sector." The French competition authority said that its operation this week followed a broader inquiry into the cloud-computing sector. The broader inquiry revolves around concerns that cloud-computing companies could use their access to computing power to exclude smaller competitors. Nvidia declined to comment, while the French competition authority did not immediately respond to a Reuters request for comment.

Persons: Dado Ruvic, Chips, Samrhitha, Max A, Shweta Agarwal, Matthew Lewis Organizations: NVIDIA, REUTERS, Wall Street, Nvidia, Big Tech, Apple, Thomson Locations: Nvidia's, France, Bengaluru, Max, San Francisco

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The concerns over the limited use of the drug, however, dragged the shares down to settle 8% lower. That makes the label narrower than that in Europe, which allows use in all adults with late-onset Pompe disease. At least one analyst said the drug's label, which restricts its use only to switch patients, weighed on the drugmaker's shares. Amicus said it would launch the therapy immediately in the U.S. with a list price of around $650,000 for a patient weighing about 70 kilograms.

Persons: Andrew Kelly, Needham, Gil Blum, Sriparna Roy, Shinjini Ganguli, Sriraj, Shweta Agarwal Organizations: Food and Drug Administration, FDA, REUTERS, Amicus Therapeutics, U.S . Food, Sanofi, Amicus, Thomson Locations: White Oak , Maryland, U.S, Europe, Sanofi, Bengaluru

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 RightsSept 28 (Reuters) - Endeavor Group (EDR.N) and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, according to a source familiar with the negotiations. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity. PGA's talks with Endeavor and Fenway are still at an early stage, the source said, requesting anonymity because the matter is confidential. Both Fenway and Endeavor are already major players in the sporting industry.

Persons: Brendan McDermid, LIV, PGA's, Niket, Shilpi Majumdar, Shweta Agarwal Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Endeavor, Boston Red Sox, Fenway Sports, PGA, Saudi Arabia's Public Investment Fund, U.S, Senators, Fenway, Bloomberg News, Public Investment Fund, Major League Baseball's Boston Red Sox, Premier League club Liverpool, World Wrestling Entertainment, Thomson Locations: New York City, U.S, Saudi, Bengaluru

☆ Vedanta is preparing to demerge sprawling operations- Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. The move to demerge could help Vedanta's parent, Vedanta Resources, to manage its debt load, according to Bloomberg's report, which added that Vedanta Resources will remain the holding company for the new units. Vedanta did not immediately respond to a Reuters request for comment on the report outside business hours. The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed. Vedanta Resources has been scrambling to raise funds due to rating downgrades and concerns about meeting debt obligations.

Persons: Danish Siddiqui, Anil Agarwal, Agarwal, Akanksha, Shweta Agarwal Organizations: Vedanta, REUTERS, Danish, India's Vedanta, Bloomberg, Vedanta Resources, Resources, Hindustan Zinc Ltd, Vedanta Ltd, Thomson Locations: Mumbai, India, Hindustan, Bengaluru

☆ Nike Air Jordans are losing resale value. Is sneaker culture moving on?
▼ + stars: | 2023-09-27 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

The famous Nike swoosh and Air Jordan logo is seen on an Air Jordan 1, called "Notorious" released from 1984-1985, during a preview for "The Rise of the Sneaker Culture" exhibit at the Brooklyn Museum in the Brooklyn borough of New York, July 8, 2015. Some investors are concerned the Jordan brand, a major source of sales for Nike, may be "losing steam," Bernstein analysts said on Sunday. The company does not report what percent of its total revenues come from the Jordan brand. Sales of performance shoes from Nike's Jordan brand have also outpaced retro styles, which include Air Jordan 1 high-tops, Donahoe said in June. Donahoe told investors in June that the company had "reset" its running business, highlighting updates to existing styles including its Infinity road running shoes and Pegasus trail running shoes.

Persons: Brendan McDermid, Altan, Jordan, Bernstein, John Donahoe, Salomon, Donahoe, Altan's, Dylan Dittrich, Jessica Ramirez, Jane Hali, Katherine Masters, Deborah Sophia, Josie Kao, Shweta Agarwal Organizations: Nike, Air, Brooklyn Museum, REUTERS, Altan Insights, Nike's Air, Air Jordan, Reuters Graphics, Barclays, Associates, Thomson Locations: Air Jordan, Brooklyn, New York, North America, Jordan, American, U.S, 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

☆ Goodyear Tire to cut 700 jobs, sell retail stores in Asia Pacific
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

The Goodyear logo is seen at a tire workshop in Caracas, Venezuela December 10, 2018. REUTERS/Manaure Quintero/File Photo Acquire Licensing RightsSept 22 (Reuters) - Goodyear Tire & Rubber (GT.O) said on Friday it plans to cut 700 jobs and sell about 100 retail stores and fleet locations, under a rationalization plan for its Asia Pacific segment. Goodyear would also exit nine warehouse locations, a regulatory filing showed. The pre-tax charges are estimated between $55 million and $65 million. Goodyear, in August, swung to a loss of 73 cents per share for the second quarter, from a profit of 58 cents per share a year earlier.

Persons: Manaure Quintero, Kannaki, Shweta Agarwal Organizations: Goodyear, REUTERS, Goodyear Tire &, Thomson Locations: Caracas, Venezuela, Asia, Australia, New Zealand, Europe, East, Africa, Ohio, Bengaluru

☆ Adevinta confirms acquisition proposal from Blackstone-Permira consortium
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - EBay-backed online classifieds group Adevinta (ADEA.OL) said on Thursday it has received a proposal from a consortium led by Permira and Blackstone (BX.N) regarding a potential offer to acquire the company. Bloomberg News, which had earlier reported on the potential acquisition, said the consortium was studying a possible deal to take Adevinta private. Norwegian media group Schibsted (SCHA.OL), a major Adevinta shareholder, and eBay (EBAY.O) expressed their support for the proposal and will retain part of their current stake, Adevinta said. EBay in 2021 sold part of its stake in Adevinta to Permira for $2.25 billion. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shweta Agarwal and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Adevinta, Blackstone, Permira, Rishabh, Shweta Agarwal, Shounak Organizations: EBay, Permira, Blackstone, Bloomberg, eBay, Thomson Locations: Oslo, Norwegian, Adevinta, Permira, Bengaluru

☆ US venture firm GGV Capital to separate China business amid geopolitical tension
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - U.S. venture capital firm GGV Capital said on Thursday it plans to split its business into two, with one focused on Asia and the other on the U.S., as political pressure mounts on American companies to limit investments in Chinese technology. This comes after Sequoia Capital in June said it is splitting its businesses in China as well as India and Southeast Asia into two independent firms. Venture capital firm GGV said the separation of its Singapore arm that would solely focus on investing in China is expected to finish by the first quarter of next year. GGV Capital, which has around $9 billion in assets under management, has backed companies such as Airbnb, ByteDance and Alibaba to establish itself as a cross-border venture capital company. China-focused firms only raised $5.5 billion in U.S. dollar-denominated funding in the first half of the year, Preqin data showed, a far cry from its peak of $27.6 billion raised in the same period in 2021.

Persons: GGV Capital, GGV, Alibaba, Seher, Shweta Agarwal Organizations: GGV, Sequoia Capital, U.S, Wall Street Journal, GSR Ventures, Walden International, Qualcomm Ventures, Venture, ., Thomson Locations: Asia, China, India, Southeast Asia, Singapore, Bengaluru

☆ Fonterra's profit more than doubles on demand for dairy ingredients, shares rise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

The world's biggest dairy exporter also benefited from higher product pricing and strong demand for its dairy ingredients and foodservice channel. "We acknowledge that across the year, farmers will continue to feel the pressure from high input costs and a reduced farmgate milk price," CEO Miles Hurrell said. The dairy giant also expects inflationary pressures and farmgate milk price outlook to impact its production levels. That compares with normalized earnings of 80 NZ cents per share in fiscal 2023. The Auckland-based company declared a final dividend of 40 NZ cents per share, compared with 15 NZ cents declared last year.

Persons: Nigel Marple, Fonterra, Miles Hurrell, Hurrell, Himanshi Akhand, John Biju, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, Fund, NZ, Zealand, Thomson Locations: Rapa, Hamilton, China, Zealand, Auckland, Bengaluru

☆ Instacart planning to sell shares in IPO for $30 or more - Bloomberg News
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

Sept 18 (Reuters) - Grocery delivery app Instacart is planning to sell shares in its initial public offering (IPO) for $30 apiece and perhaps more, Bloomberg Newsreported on Monday, citing people familiar with the matter. The company is heading to the bourse almost three years after it kicked off preparations for going public. Instacart on Friday raised its proposed price range for its IPO, offering to sell 22 million shares now at $28 to $30 each compared to its previous price range of $26 to $28 each. San Francisco-based Instacart is in talks to price the shares at the top of that range or potentially higher at $31, according to Bloomberg. Instacart, which filed for the IPO as "Maplebear," declined to comment.

Persons: Bloomberg Newsreported, Instacart, Arunima Kumar, Shweta Agarwal Organizations: Bloomberg, bourse, Arm Holdings, Instacart, Thomson Locations: San Francisco, Bengaluru

Brochures are seen at a branch of Axis Bank in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui/File photo Acquire Licensing RightsNEW DELHI, Sept 15 (Reuters) - The co-CEO of Axis Bank's (AXBK.NS) investment banking unit Axis Capital, Chirag Negandhi, has resigned, according to an internal memo seen by Reuters on Friday. The investment bank will likely tap an outside candidate for Negandhi's role, two sources with direct knowledge of the matter told Reuters. Axis Capital named another co-Chief Executive Salil Pitale as the interim managing director and CEO, as per the memo. Negandhi spent more than 13 years at the Axis' investment banking unit and would continue for three more months, the source added.

Persons: Danish Siddiqui, Salil Pitale, Negandhi, Sriram Mani, Tanvi Mehta, Sethuraman, Shweta Agarwal Organizations: Axis Bank, REUTERS, Danish, Capital, Chirag Negandhi, Reuters, Axis Capital, Cyient DLM, Mankind Pharma, Bikaji, Thomson Locations: Mumbai, India, DELHI, Axis

☆ Canopy Growth seeks bankruptcy protection for BioSteel to trim costs
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018. REUTERS/Chris Wattie Acquire Licensing RightsSept 14 (Reuters) - Canada's Canopy Growth (WEED.TO) said on Thursday it would seek bankruptcy protection for its sports nutrition products' segment BioSteel, in the pot producer's latest attempt to rein in costs. Canopy's shares rose 9.6% in early trade after the company said it expects to lower debt by C$95 million over the next two quarters. Canopy first raised doubts about its ability to continue as a going concern in June and reiterated in August. Canopy had said in June it was facing an investigation from the U.S. Securities and Exchange Commission over the reporting of revenue from BioSteel.

Persons: Chris Wattie, Sourasis Bose, Shweta Agarwal, Shinjini, Shilpi Majumdar Organizations: REUTERS, U.S . Securities, Exchange Commission, Thomson Locations: Smiths Falls , Ontario, Canada, , Ontario, BioSteel, Bengaluru

☆ Delta Air raises Q3 revenue forecast on rebound in transatlantic travel
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Sept 14 (Reuters) - Delta Air Lines (DAL.N) on Thursday raised its current-quarter revenue forecast as Americans' thirst for travel to Europe lifted demand for transatlantic flights. Shares of the carrier, which also maintained its forecast for full-year profit, rose 2.7% before the bell. Transatlantic travel is the industry's most lucrative long-haul market, accounting for 11% to 20% of passenger revenue last year at the big three U.S. carriers: American Airlines (AAL.O), Delta Air Lines and United Airlines (UAL.O). The carrier said it expects third-quarter revenue to rise within the upper half of its forecast range of 11% to 14% growth. Atlanta-based Delta Air adjusted its estimate for fuel prices to a range of $2.75 and $2.90 per gallon for the current quarter, higher than the $2.50 to $2.70 per gallon it previously expected.

Persons: Mehr Bedi, Shweta Agarwal Organizations: Delta Air Lines, American Airlines, United Airlines, Delta Air, Thomson Locations: Europe, U.S, Russia, Saudi Arabia, Atlanta, 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

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

Sept 6 (Reuters) - Intuit (INTU.O) launched an artificial intelligence-powered assistant on Wednesday to help clients in financial decision-making when using its products, ranging from tax-preparation tool TurboTax to bookkeeping software QuickBooks. The generative AI tool named "Intuit Assist" marks the latest effort by the financial software company to capitalize on the technology that has taken the world by storm after the rise of OpenAI's ChatGPT. The service uses the company's proprietary generative AI (GenAI) operating system designed to run with its own large language models. Chief Data Officer Ashok Srivastava told Reuters that Intuit's models "competed favorably" against sophisticated third-party rivals in accuracy tests conducted internally. The assistant is currently available to all TurboTax customers and select customers of Intuit's remaining products, with more features lined up for the 2023 tax season, the company said.

Persons: Ashok Srivastava, Arsheeya Bajwa, Akash Sriram, Shweta Agarwal Organizations: Intuit, Reuters, Thomson Locations: Bengaluru

☆ Intel to offer foundry services to Tower Semiconductor after acquisition deal falls through
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO: Tower Semiconductor is seen on smartphone in front of displayed Intel logo in this illustration taken, February 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsSept 5 (Reuters) - Intel (INTC.O) will offer foundry services to Tower Semiconductor (TSEM.TA) in a new deal that will see the Israeli contract chipmaker invest $300 million in Intel's New Mexico factory, the companies said on Tuesday. "We see this as a first step towards multiple unique synergistic solutions with Intel," Tower CEO Russell Ellwanger said. The deal also strengthens Intel's foundry capacity as it advances on rivals such as industry leader Taiwan Semiconductor Manufacturing Co. In the second quarter, Intel's foundry business reported revenue of $232 million, up from $57 million a year earlier.

Persons: Dado Ruvic, Russell Ellwanger, Yuvraj Malik, Shweta Agarwal Organizations: Semiconductor, REUTERS, Intel, Tower Semiconductor, Taiwan Semiconductor Manufacturing, Thomson Locations: Intel's New Mexico, China, New Mexico, Ohio, Bengaluru

☆ CIBC's profit falls below estimates as it guards against bad loans
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%. CIBC's peers TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank (NA.TO) missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.

Persons: Carlos Osorio, Nivedita Balu, Pritam Biswas, Shweta Agarwal, David Holmes Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, Bengaluru

Search resuls for: "Shweta Agarwal"

25 mentions found