DIRS.INFO The most relevant business & tech news

☆ Canada’s Rogers Communications Moves Closer to Deal for Shaw
▼ + stars: | 2022-12-30 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Rogers Communications’ deal to merge with Shaw Communications was announced last year. Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc. got a boost Thursday after Canada’s Competition Tribunal ruled against a government challenge to the deal. The Competition Tribunal, known as Canada’s merger court, said the deal’s terms “are not likely to prevent or lessen competition substantially” for consumers, contrary to claims made by the country’s Competition Bureau.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

Rogers-Shaw and Quebecor await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile Inc's spectrum license to Videotron. However, in its Thursday ruling, the tribunal said acquiring Freedom Mobile would allow Videotron to expand in new markets and ensure robust competition. The antitrust commissioner could still appeal after the tribunal details its decision over the next couple of days. The objection by the Competition Bureau was the main hurdle to overcome," Cormark Securities analyst David McFadgen said. He said there are "significant" revenue synergies for Rogers from bundling services, while Quebecor has better growth prospects from the Freedom Mobile deal.

The declines made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) the top decliners among major S&P 500 sectors, down more than 1.2% each. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 20% and the tech-heavy Nasdaq (.IXIC) nearly 34% this year. The S&P 500 growth index (.IGX) is down about 30% this year while the value index (.IVX) has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows.

SummarySummary Companies Wall St eyes first annual drop in four yearsU.S.-listed shares of Shaw Communications jumpFutures down: Dow 0.40%, S&P 0.59%, Nasdaq 0.94%Dec 30 (Reuters) - Wall Street was set to open lower on the final trading day of a roller-coaster year marked by aggressive interest-rate hikes to curb inflation, the Russia-Ukraine war and recession fears. Investors avoided riskier bets and fled to safer assets such as the U.S. dollar, pushing down the benchmark S&P 500 (.SPX) 19% and the tech-heavy Nasdaq (.IXIC) 33% this year. "(The) back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. ET, Dow e-minis were down 132 points, or 0.4%, S&P 500 e-minis were down 22.75 points, or 0.59%, and Nasdaq 100 e-minis were down 104 points, or 0.94%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

The two companies had appealed the tribunal after the competition bureau rejected Shaw's proposal to sell Freedom Mobile Inc to rival Quebecor Inc's (QBRb.TO) Videotron unit for C$2.85 billion to facilitate the deal. However, in its Thursday ruling, the tribunal said such a sale would allow Videotron to expand in new markets and ensure competition remains robust. "I am very disappointed that the Tribunal is dismissing our application to block the merger between Rogers and Shaw," Matthew Boswell, Commissioner of Competition, said. The antitrust commissioner could still appeal after the tribunal lays out the details of its decision over the next couple of days. Rogers-Shaw and Quebecor now await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile's spectrum license to Videotron.

☆ Canada competition tribunal rules in favor of $14.8 bln Rogers-Shaw deal
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - Canada's competition tribunal approved on Thursday Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.77 billion) bid for Shaw Communications Inc (SJRb.TO), ending the companies' 20-month-old dispute with the antitrust authority. Canada's competition bureau had blocked the merger - one of the country's biggest - on grounds that it would reduce competition. In a ruling late on Thursday, the Competition Tribunal dismissed the Commissioner of Competition's request to oppose the deal, saying that the deal is "not likely to prevent or lessen competition substantially." The panel also ruled that the proposed deal is not likely to lead to "materially higher" prices or a decline in service, quality or innovation. "I am very disappointed that the Tribunal is dismissing our application to block the merger between Rogers and Shaw.

☆ Canada competition tribunal approves C$20 bln Rogers-Shaw merger
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

Dec 29 (Reuters) - Canada's competition tribunal on Thursday approved the C$20 billion ($14.77 billion) merger between Rogers Communications Inc (RCIb.TO) and Shaw Communications Inc (SJRb.TO) that would create the country's second-largest telecom provider after Bell. The tribunal dismissed the Commissioner of Competition's request to oppose the deal, according to the statement. ($1 = 1.3544 Canadian dollars)Reporting by Divya Rajagopal and Akriti Sharma; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Canada’s Rogers Communications Moves Closer to Deal for Shaw Communications
▼ + stars: | 2022-12-30 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Rogers and Shaw announced a deal last year to combine two of Canada’s largest communications companies. Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc. got a boost Thursday after Canada’s Competition Tribunal ruled against a government challenge to the deal. The Competition Tribunal, known as Canada’s merger court, said the deal’s terms “are not likely to prevent or lessen competition substantially” for consumers, contrary to claims made by the country’s Competition Bureau.

☆ Our best stories on financial tech in 2022
▼ + stars: | 2022-12-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we're going to recap all the great stories we've done this year on financial tech, whether it's up-and-coming startups or the projects at the biggest banks and investment firms. Wall Street and sports have a long history together. How top Wall Street firms are testing out cutting-edge tech. Shaw, here are 10 of the most innovative tech projects at top Wall Street firms. And we also identified the top Big Tech executives who could get poached by Wall Street firms looking to do more in the cloud.

☆ Stocks making the biggest moves premarket: Shaw Communications, Li Auto, Southwest and others
▼ + stars: | 2022-12-30 | by ( Peter Schacknow | ) www.cnbc.com time to read: +1 min

Shaw surged 10.1% in the premarket, while Rogers gained 0.4%. Li Auto (LI) – Li Auto said it expected to deliver more than 20,000 of its electric vehicles this month, higher than the 14,087 the China-based EV maker delivered in December 2021. Tesla (TSLA) – Tesla is down 1% in the premarket after posting its first back-to-back gains since November 22 to 23. Mesa Air Group (MESA) – The regional air carrier reported a bigger-than-expected quarterly loss and revenue that fell short of analyst estimates. Mesa shares fell 3% in premarket trading.

☆ Canadian watchdog yet to decide on Roger-Shaw merger, to give notice ahead of decision
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Canada's competition tribunal said on Thursday it had not arrived at a decision regarding the C$20 billion ($14.7 billion) merger between Rogers Communications Inc (RCIb.TO) and Shaw Communications Inc (SJRb.TO). "The Tribunal wishes to advise the public that it intends to provide 24-48 hours notice on its website of the time and date of the issuance of its decision," the competition watchdog said in a notice on its website. The much-awaited decision on the merger, one of the country's biggest, will put an end to a 20-month-old dispute with the antitrust authority. The agency had blocked the merger on grounds that it would reduce competition. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ FedEx cost cuts stanch losses, analysts see need for more
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Shares in FedEx rose 4.7% to $172 at midday Wednesday, a level far below their 52-week high of $266.79. FedEx has been underperforming its unionized rival United Parcel Service (UPS.N), which is squeezing greater profit from its leaner, more streamlined operating structure. FedEx has outlined plans to integrate its disparate businesses, revive its long-troubled Europe operations and appease activist investor D.E. On Tuesday, FedEx issued a new 2023 profit forecast, signaling that it may be "finding the floor," Susquehanna analyst Bascome Majors said. Reporting by Lisa Baertlein in Los Angeles; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ 15 of the best movie trilogies you need to see in your lifetime
▼ + stars: | 2022-12-19 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

The "Lord of the Rings" trilogy, released from 2001 to 2003, told a sprawling tale of good versus evil set in a fictional world called Middle Earth. "The Lord of the Rings: The Return of the King." New Line CinemaBased upon J. R. R. Tolkien's series of books, there hadn't (and still hasn't) been anything quite like director Peter Jackson's "Lord of the Rings" trilogy. And what a world Middle Earth is. The "Lord of the Rings" trilogy is available to stream on Max.

Persons: Peter Jackson's, Frodo, Gandalf, Saruman Locations: New Zealand

☆ Stocks slide but dollar gains as central banks continue inflation battle
▼ + stars: | 2022-12-15 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +5 min

Stocks fell, with the Dow Jones Industrial Average (.DJI) slipping 2.5%, the S&P 500 (.SPX) down about 2.6% and the Nasdaq Composite (.IXIC) off 3%. The STOXX (.STOXX) fell by about 2.85% as heavyweight stocks across sectors sank. U.S. Treasury yields fell on Thursday, with the yield on 10-year Treasury notes down 6.4 basis points to 3.439% and the 30-year down 8.1 basis points to 3.459%. China's economy, however, lost more steam in November as factory output slowed and retail sales fell again, hobbled by surging COVID-19 infections. U.S. crude fell 0.75% to $76.70 per barrel and Brent was at $81.85, down 1.03% on the day.

☆ VIEW Bank of England raises rates to 3.5%, says inflation has peaked
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +7 min

LONDON, Dec 15 (Reuters) - The Bank of England on Thursday raised interest rates by a widely expected 50 basis points (bps) to 3.50%, in its ninth straight increase - and its eighth this year. UK rates began rising in December 2021, making the BoE the first of the world's major central banks to kick off a monetary policy-tightening cycle. MONEY MARKETS: Interest rate swaps showed investors expected rates to peak at 4.46% by next August, compared with an anticipated terminal rate of 4.53% just before the decision. Their own numbers have been pointing to a recession for a little while, and they've still materially hiked interest rates. EDWARD HUTCHINGS, HEAD OF RATES, AVIVA INVESTORS, LONDON:"The Bank of England duly delivered on financial markets expectations of a 0.50% hike.

☆ Fidelity National agrees review, adds director after D.E. Shaw pressure
▼ + stars: | 2022-12-15 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Dec 15 (Reuters) - Fidelity National Information Services (FIS.N) said on Thursday that it will undertake a strategic review and add a new director to its board after pressure from hedge fund D.E. Ferris and the board will lead the review which will evaluate the company's business structures and portfolio of assets as well as focus on cutting costs and improving margins. Ferris had been FIS president where she led the integration of Worldpay and steered the company's global business strategy. FIS said on Thursday it had now appointed Jeffrey Goldstein, currently lead independent director, as independent chairman instead. Shaw's calls for a strategic review that could help boost the share price, the company said.

But only one policymaker, Catherine Mann, wanted to match November's bigger 0.75 percentage point increase - the BoE's largest in more than 30 years - and two MPC members voted to keep rates on hold. Sterling weakened against the U.S. dollar after the BoE's decision, falling to around $1.23, and it also declined against the euro. "While the 50-basis-point increase in the Bank rate was as expected, the extent of the divisions across the committee is an eye-opener," Philip Shaw, an economist with Investec, said. On Wednesday, the U.S. Federal Reserve also slowed the pace of its rate hikes while pointing to more tightening in 2023. That 0.4 percentage point fall in the annual rate was the largest since July 2021.

☆ Brock Purdy: From 'Mr. Irrelevant' to beating the NFL's GOAT
▼ + stars: | 2022-12-15 | by ( Ben Morse | ) edition.cnn.com time to read: +12 min

And this bull is now a steer, so he’s irrelevant. Justin Casterline/Getty ImagesWhen Purdy was selected by the 49ers – and that famous red and white jersey was brought out with “Mr. Irrelevant” celebrations began in 1976, when former 49ers receiver Paul Salata founded “Irrelevant Week” in Newport Beach, California. Purdy celebrates at midfield after the Iowa State Cyclones defeated the Oklahoma State Cowboys 24-21 at Jack Trice Stadium on October 23, 2021 in Ames, Iowa. “I’ve tried to keep myself from being surprised about Brock Purdy years ago because nothing surprises me anymore with him.”

☆ How Jordan Spieth’s sister inspired him to build a charity legacy
▼ + stars: | 2022-12-15 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

CNN —In September 2013, Jordan Spieth was powering towards one of the greatest rookie seasons golf has ever seen. But at just 19 years old, Spieth was putting the wheels in motion for a long-term charitable endeavor. It was ultimately because of his younger sister Ellie, who has autism, that Spieth launched his charitable mission, supporting programs and initiatives for children with special needs. Spieth and his sister ride the buggie at the Houston Open in 2016. “Letting kids be kids, creating a safe environment that also has everything that a kid wants to do – that’s what we had there.”

☆ World Cup 2022 - England 1-2 France: Harry Kane misses late penalty as Olivier Giroud heads defending champions into semifinals
▼ + stars: | 2022-12-11 | by ( Peter Smith | ) www.cnbc.com time to read: +9 min

France celebrates after beating England the Qatar 2022 World Cup quarter-final match in Al Khor on Dec. 10, 2022. But ultimately it was a penalty that caused England World Cup heartbreak again. England players console each other after losing to France in the Qatar 2022 World Cup quarter-final match in Al Khor on Dec. 10, 2022. How England's World Cup dream ended It was a dramatic ending to this epic first-ever knockout clash between these sides. Harry Maguire of England and Olivier Giroud of France clash during a FIFA World Cup Qatar 2022 quarter final match on Dec. 10, 2022 in Al Khor, Qatar.

☆ Bank of England set to raise rates to 3.5% after inflation hits 41-year high
▼ + stars: | 2022-12-07 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Financial markets currently price in a 78% chance that the BoE will raise rates by half a percentage point to 3.5% on Dec. 15, and a 22% chance of a rise to 3.75%. "The BoE has made it pretty clear that inflation is too high. With a range of views on the MPC about how near BoE rates are to a peak, a first-ever four-way vote split was possible, she added. Last month, seven MPC members voted to raise rates to 3%, but Silvana Tenreyro voted for a quarter-point rise to 2.5% and Swati Dhingra for 2.75%. Financial markets currently see BoE rates peaking at 4.75% by the middle of next year, while HSBC expects the BoE to stop at 3.75% in February and Investec predicts a peak of 4%.

☆ Dealmakers face pressure to clinch M&A quickly in volatile markets
▼ + stars: | 2022-12-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

HSBC wrapped up the deal in just eights weeks after saying it was considering selling its Canadian business in early October. From its first contact, RBC, Canada's biggest lender, told HSBC it could close the deal quickly if selected, a person familiar with the matter told Reuters. After the final bids went in around mid-November, RBC said it could turn everything around in a week, the person added. In the United States, deal timelines fell by almost 30% to 66 days this year from last year, where transactions took more than one day to close, the data shows. Deal announcements are one thing but getting all the regulatory approvals to close a deal are another matter altogether.

☆ Citadel celebrates banner year at Disney as Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been like riding a wild roller coaster. For thousands of employees of Citadel and Citadel Securities, the hedge fund and trading business founded by Ken Griffin, last weekend was spent riding the real things. This year is shaping up to be a record for Citadel and Citadel Securities, Ahmed confirmed. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses, while many Americans are struggling with rising prices for food, gasoline and rents. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

☆ Citadel celebrates banner year at Disney while Wall Street nurses losses
▼ + stars: | 2022-12-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

NEW YORK, Dec 6 (Reuters) - For much of Wall Street, trading this year has been akin to riding a wild roller coaster. This year is shaping up to be a record for Citadel and Citadel Securities, the spokesman confirmed. The Citadel Global Fixed Income Fund is up 28.1% for the year, while Citadel Tactical Trading is up 22.4% and Citadel Equities Fund is up 17.8%, an investor said. Across Wall Street, firms are preparing for leaner times by cutting jobs and bonuses. After the 2008 financial crisis, Wall Street firms that were criticized for their excesses have sometimes shied away from lavish gatherings or held them in private.

Search resuls for: "shaw"

25 mentions found