DIRS.INFO The most relevant business & tech news

☆ Tesla shares extend losses on demand worries in China
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - Tesla Inc (TSLA.O) shares fell 8% on Tuesday after a Reuters report that Tesla was planning to run a reduced production schedule in January at its Shanghai plant sparked worries of a drop in demand in the world's biggest car market. The world's most valuable automaker's production cuts at the Shanghai plant come amid a rising number of COVID-19 infections in the country. Hayes also added that Tesla's stock was facing a "perfect storm" of high-interest rates, tax loss selling and share sales by some funds that hold a significant amount of Tesla stock. Tax loss selling is when an investor sells an asset at a capital loss to lower or eliminate the capital gain realized by other investments, for income tax purposes. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Former ICICI Bank CEO Chanda Kochhar arrested in loan fraud case -source
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - India's federal investigating agency has arrested former ICICI Bank Ltd (ICBK.NS) Chief Executive Officer Chanda Kochhar in connection with a loan fraud case involving the bank and Videocon Group, a source from the Central Bureau of Investigation (CBI) told Reuters on Friday. Kochhar's husband, Deepak Kochhar, was also arrested as part of the case, according to the source. Kochhar was ousted as ICICI bank's CEO in 2019 following allegations of corruption. Indian enforcement authorities previously alleged that ICICI Bank, under Kochhar, sanctioned "high value" loans to Videocon Industries, violating the bank's lending policies. In exchange, Videocon's owner invested in NuPower Renewables, a company founded by Deepak Kochhar, the authorities have alleged.

☆ Under Armour names Marriott veteran Linnartz as CEO to boost e-commerce
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

[1/2] Stephanie Linnartz, President of Marriott International speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 4, 2022. REUTERS/Mike BlakeDec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named veteran hotelier Stephanie Linnartz as its chief executive, betting that her experience in e-commerce and branding strategy will help revive sales at the apparel maker. Linnartz currently serves as president of Marriott International Inc (MAR.O) and has been with the hotel chain operator in various roles for the last 25 years. Interim CEO Colin Browne will resume his responsibilities as chief operating officer, Under Armour said in a statement. Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000.

☆ Alphabet links more of CEO Pichai's pay to performance
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Google-parent Alphabet Inc (GOOGL.O) said on Wednesday it had approved a new equity award for Chief Executive Officer Sundar Pichai that ties more of his pay to performance. The board recognizes Pichai's "strong performance" as CEO, the company said, adding that the vesting of a significant portion of the award would depend on Alphabet's total shareholder return relative to other S&P 100 companies. Alphabet said the award was tweaked to increase the performance stock units (PSUs) to 60% from 43% in 2019, while increasing the performance requirement for the payout. Pichai, who is given an equity award every three years, was granted two tranches of PSUs with a target value of $63 million each. The CEO was also given a grant of $84 million in the form of Alphabet's restricted stock units.

☆ Under Armour names Marriot's Linnartz as CEO
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Under Armour Inc (UAA.N) on Wednesday named Stephanie Linnartz as its chief executive officer, months after Patrik Frisk stepped down from the role, sending shares of the apparel company marginally down in extended trading. Joining Under Armour on Feb. 27, Linnartz will take the helm at a time when the company is grappling with weakening demand for sporting goods as decades-high inflation makes consumers cut corners. Former CEO Frisk, who joined Under Armour in 2017 and was named as CEO in 2020, had helped the company "dramatically improve" the health of its businesses during his time by focusing on building inventory. The company said Linnartz will receive a base salary of $1.3 million per year and a one-time sign-on cash bonus of $375,000. Meanwhile, Under Armour interim CEO Colin Browne will resume his responsibilities as chief operating officer.

☆ Australia blocks Telstra-TPG wireless internet deal, sparking legal fight
▼ + stars: | 2022-12-21 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Dec 21 (Reuters) - Australia's antitrust regulator blocked an asset transfer deal between Telstra and TPG, the country's No.1 and No.2 wireless internet firms, citing competition concerns, setting the scene for a legal battle over access to four million customers. In a deal announced in May, Telstra Group (TLS.AX) was to buy spectrum - airwaves which carry wireless internet - and transmission towers from TPG Telecom Ltd (TPG.AX), while TPG would keep selling 4G and 5G coverage using what would become Telstra's infrastructure. 3 wireless internet provider Optus, owned by Singapore Telecommunications (STEL.SI), opposed the deal saying it would build Telstra's market dominance. The decision sets up a second legal showdown between TPG and the ACCC in just over two years. "By knocking back this deal, the ACCC has helped ensure that our regional communities will continue to benefit from competition," said Optus CEO Kelly Bayer Rosmarin in a statement.

☆ Australia rejects Telstra, TPG's network-sharing deal; firms to appeal
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - The Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) regional network-sharing agreement with Telstra Group (TLS.AX), and said the deal would significantly weaken overall competition in the country. TPG's shares tanked nearly 6% to a record low following the news, while Telstra slipped 0.1%. In February, the telecom giants signed a regional multi-operator core network agreement under which Telstra — the country's largest telecoms operator — would gain access to TPG's 4G and 5G spectrums. TPG and Telstra expressed disappointment with the competition regulator's decision, which the latter said it would appeal against, while rival telecoms firm Optus — owned by Singapore Telecommunications (STEL.SI) — welcomed it. ACCC noted the network-sharing arrangement is proposed at a time when all the three companies — TPG, Telstra and Optus — are competing in the roll-out of 5G infrastructure including in regional areas.

☆ Nike beats estimates boosted by discounts, promotions; shares surge
▼ + stars: | 2022-12-21 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +3 min

Shares in the world's largest sportswear maker surged 13% in after-market trading. Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. Nike posted a profit of 85 cents per share in the second quarter ended November, topping an average estimate of 64 cents, according to Refinitiv data. Swartz said the China business was showing signs of improvement since the Chinese government had relaxed curbs. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'Silva, Sayantani Ghosh and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ UK names ex-Fed official Kroszner to BoE's Financial Policy Committee
▼ + stars: | 2022-12-21 | by ( David Milliken | ) www.reuters.com time to read: +1 min

LONDON, Dec 21 (Reuters) - Former U.S. Federal Reserve official Randall Kroszner will join the Bank of England's Financial Policy Committee (FPC) as a part-time external member for three years starting in February 2023, Britain's finance ministry said on Wednesday. "His leading academic voice in macroprudential policy ... and his experience at the Federal Reserve during the global financial crisis will be of real value to the committee," finance minister Jeremy Hunt said. The 13-member FPC monitors risks to Britain's financial system and sets capital buffers for British banks and maximum loan-to-income ratios for mortgage lending, as well as giving more general supervisory guidance. Bailey welcomed Kroszner's "significant international policy experience and extensive research on the financial sector". The committee has four scheduled meetings a year, but convenes more often at times of financial market stress.

☆ Intel splits graphic chips unit into two
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Intel Corp (INTC.O) is splitting its graphic chips unit into two, the company said on Wednesday, as it realigns the business to better compete with Nvidia Corp (NVDA.O) and Advanced Micro Devices (AMD.O). The consumer graphics unit will be combined with Intel's client computing group, which makes chips for personal computers, while accelerated computing teams will join its data center and artificial intelligence (AI) business, the company said. The move comes as Intel doubles down on accelerated computing, a growing segment dominated by Nvidia as AI use surges. Raja Koduri, who led the graphic chips unit, will return to his role as chief architect and oversee the company's long-term technology and chip design strategy. Koduri, who has led graphics technology ventures at iPhone maker Apple (AAPL.O) and AMD, joined Intel in 2017.

☆ TuSimple to lay off 25% of workforce
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Wednesday it will lay off 25% of its workforce, or nearly 350 employees, as the self-driving truck company seeks to chart a course out of the economic upheaval that has been raging throughout the year. The company said it expects to record a one-time charge of nearly $10 million to $11 million, most of which would be recorded in the fourth quarter. The downsizing also follows the dramatic removal of chief executive Xiaodi Hou in October after an investigation by the company's board revealed that some employees spent paid hours last year working for Hydron Inc, a startup working on autonomous trucks mostly in China. Earlier this month, TuSimple also ended a deal with Navistar to co-develop trucks with autonomous driving capability. Reporting by Niket Nishant in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Bombardier CEO voices concerns over awarding Canada's defense contract to Boeing
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Bombardier Inc (BBDb.TO) Chief Executive Eric Martel voiced concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co (BA.N) instead of tapping its home-grown aerospace industry through a bidding process. "As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing." Martel's comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing. Martel pushed for Bombardier's jets, saying the Canadian planemaker's Global 6500 aircraft "will be the right-sized solution and will respond to Canada's needs". Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Justin Bieber nears $200 mln deal to sell music rights - WSJ
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Singer Justin Bieber poses at the premiere for the documentary television series "Justin Bieber: Seasons" in Los Angeles, California, U.S., January 27, 2020. REUTERS/Mario AnzuoniDec 21 (Reuters) - Pop star Justin Bieber is nearing a deal worth about $200 million to sell his music rights to Blackstone Inc-backed (BX.N) Hipgnosis Songs Capital, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The pop star disclosed in June that he was diagnosed with Ramsay Hunt Syndrome, which left half of his face paralyzed, forcing him to cancel his performances. Fellow pop artist Justin Timberlake sold the rights to his songs, including hits such as "Cry Me A River" and "Rock Your Body", to Hipgnosis Song Management in May. Blackstone and Hipgnosis Song Management Ltd announced a partnership in October to invest about $1 billion to acquire music rights and manage catalogs.

☆ Australia's competition watchdog rejects Telstra-TPG network sharing deal
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) network sharing agreement with Telstra Corp (TLS.AX), saying the deal would significantly weaken competition in the country. 2 internet service provider - said it was "disappointed" with the Australian competition regulator's decision and is preparing an application for a review of the decision. In February, the companies signed a regional multi-operator core network agreement under which Telstra, the country's largest telecoms operator, would gain access to TPG's 4G and 5G spectrums. The deal was expected to deliver between A$1.6 bln ($1.07 bln) and A$1.8 billion of revenue to Telstra over the initial 10-year term. Reporting by Navya Mittal in Bengaluru; Editing by Anil D'Silva and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Nike beats revenue estimates on sportswear demand; shares jump
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - Nike Inc (NKE.N) beat Wall Street estimates for quarterly revenue on Tuesday, as persistent demand for its sneakers and sportswear in North America and Europe helped offset a sales slump in China, its most profitable market. Nike reported a sales jump of 30% in North America, its largest market, while its China business posted a 3% decline after COVID-related restrictions in the country hurt sales in the region. However, the company's profit margins were pressured by a stronger dollar, higher freight and logistics costs, as well as higher markdowns to clear excess inventory. The Beaverton, Oregon-based company's gross margins decreased 300 basis points to 42.9%, while net income for the reported quarter was flat on a year-over-year basis. The world's largest sportswear maker's revenue rose 17% to $13.32 billion for the second quarter beating analysts' estimates of $12.57 billion, according to IBES data from Refinitiv.

Fears about the Federal Reserve's plan to keep raising U.S. interest rates have weighed heavily on equities since its policy meeting last week. Among the S&P 500's 11 major sectors, the energy index (.SPNY) gained most, finishing up 1.52% as crude oil prices rose. Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 64 new highs and 399 new lows. On U.S. exchanges 10.52 billion shares changed hands, compared with the 11.15 billion average for the last 20 trading days.

In fixed income U.S. Treasury prices fell following the BOJ's shock move, with the benchmark 10-year Treasury yield was rising to a three-week high of 3.69%. Among the S&P 500's 11 major sectors, energy index (.SPNY) was leading gains, up 1.8%, as crude oil prices rose. The materials (.SPLRCM) and financials (.SPSY) sectors were the next biggest gainers with banks benefiting from a rise in Treasury yields. Advancing issues outnumbered declining ones on the NYSE by a 1.45-to-1 ratio; on Nasdaq, a 1.38-to-1 ratio favored advancers. The S&P 500 posted 1 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 44 new highs and 331 new lows.

☆ Nike results boosted by discounts, promotions; shares surge
▼ + stars: | 2022-12-20 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

Shares in the world's largest sportswear maker surged 13% in after-market trading. Steeper discounts and increased promotions to reduce excess inventory through the quarter helped the Beaverton, Oregon-based company boost sales and attract recession-wary customers. A profit of 85 cents per share for the second quarter ended November topped estimates of 64 cents, per Refinitiv data. Gross margins decreased 300 basis points to 42.9%, while net income for the reported quarter was flat on a year-over-year basis. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Nasdaq CEO to take on additional role as board chair
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

[1/2] file photo: President and CEO of Nasdaq Adena Friedman attends the Reuters NEXT Newsmaker event in New York City, U.S., November 30, 2022. REUTERS/Brendan McDermidDec 19 (Reuters) - Exchange operator Nasdaq Inc (NDAQ.O) said on Monday Chief Executive Officer Adena Friedman would take on the additional role of board chair. Friedman replaces Michael Splinter, who will take on the role of lead independent director for the exchange operator. Friedman has been Nasdaq's CEO for over five years. Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Nike sales may soar as discounts draw shoppers; margin squeeze looms
▼ + stars: | 2022-12-19 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Analysts are projecting a near 11% jump in quarterly sales as a bounce in its U.S. business may help overcome weakness in the China market. "While retailers were initially worried about the amount of Nike inventory being shipped, the consumer is showing up and buying the Nike brand," Credit Suisse analyst Michael Binetti wrote in a note on Friday. "Most retailers have been worryingly low on Nike inventory for 2 years and are just happy to have enough to drive their apparel & footwear categories at this point," Binetti said. Reuters GraphicsLockdowns in China in October and November are also expected to be a drag on its sales in the region for the second quarter. The company reported a 20% slump in Greater China revenue in the same period last year and a 16% fall in the prior quarter ended Aug. 31.

☆ INDIA RUPEE Rupee gains as dollar index slips; forward premiums climb
▼ + stars: | 2022-12-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Dec 19 (Reuters) - The Indian rupee rose against the dollar on Monday as the greenback declined against its major peers, while forward premiums added to last week's surge. The rupee last traded at 82.6950 per U.S. dollar, up from 82.87 in the previous session. There were decent dollar offers through the day, probably on account of a pickup in forward dollar sales and speculative positions, a trader at a private bank said. The rupee and other Asian currencies were helped by the dollar's weakness against its major peers. Market expectations about the peak Fed fund rate has not moved higher despite hawkish comments from Fed policymakers.

☆ Retail investors turn to ETFs as recession fears knock down meme stocks
▼ + stars: | 2022-12-16 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

Dec 16 (Reuters) - Retail investors are doubling down on Exchange Traded Funds (ETFs) as rising interest rates and volatile markets curb their appetite for risky assets such as meme stocks, SPACs and cryptocurrencies. On average, retail investors' portfolios are down about 39% in 2022 after recording gains of 18% in 2021, JPMorgan analysts Peng Cheng and Emma Wu said. The investment trend, however, is leaning more toward ETFs tracking broader markets and away from the meme stock frenzy of 2021 that saw retail investors banding together on social media forums to fuel eye-popping gains in GameStop (GME.N), AMC (AMC.N) and others. Retail investors' average daily trading volume in U.S. stocks has amounted to $13.8 billion so far in 2022, compared with $14.2 billion a year earlier, which was the peak of meme stock trading frenzy, according to the report. Meanwhile, the U.S. Securities and Exchange Commission on Wednesday voted to propose some of the biggest changes to American equity market structure in nearly two decades, aimed at boosting transparency and fairness while increasing competition for individual investors' stock orders.

☆ Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison?
▼ + stars: | 2022-12-16 | by ( Sindhu Sundar | Lakshmi Varanasi | ) www.businessinsider.com time to read: +6 min

Former Alameda CEO Caroline Ellison isn't named in prosecutors' charges against Sam Bankman-FriedBut the SEC's civil suit references her statements on the relationship between FTX and Alameda. Conspiracy charges and civil claims against SBF show others in the crosshairs, legal experts said. But her rise as CEO at Alameda, Bankman-Fried's other crypto company separate from FTX, may certainly put her in investigators' sights. The SEC's complaint on Tuesday claimed that Bankman-Fried "remained the ultimate decision-maker" at Alameda, even after Ellison took over the reins. Since Bankman-Fried's crypto empire began unraveling in November however, Ellison has stayed away from the public eye.

☆ Goldman Sachs to lay off up to 4,000 people -Semafor
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoDec 16 (Reuters) - Goldman Sachs Group Inc (GS.N) will lay off up to 4,000 people as the Wall Street bank struggles to meet profitability targets, news platform Semafor reported on Friday, citing people familiar with the matter. Goldman Sachs did not immediately respond to a Reuters request for comment. read moreGoldman's headcount swelled to over 49,000 at the end of September, up 14% from a year earlier. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'Silva and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ India court quashes tax dept's $448 mln block on Xiaomi's deposits -sources
▼ + stars: | 2022-12-16 | by ( Aditya Kalra | ) www.reuters.com time to read: +1 min

NEW DELHI, Dec 16 (Reuters) - An Indian court has quashed the income tax department's block on China-based Xiaomi Corp's (1810.HK) fixed deposits worth 37 billion rupees ($447.65 million), two people familiar with court proceedings said on Friday. Xiaomi and the income tax department did not immediately respond to Reuters' requests for comment. Indian tax officials froze the funds in February as part of an investigation into alleged tax evasion. read moreThe investigation concerned allegations that the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes, Reuters reported in May. A court is yet to pronounce a decision on the case following Xiaomi's challenge.

Search resuls for: "Anil"

25 mentions found