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The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The company currently connects more than 17 million vehicles and Napier said Cubic can update the car from the assembly all the way through its lifetime. "We can update the car in the production line, we can update the car on the ship, we can update the car when it arrives anywhere," Napier said. Cubic will become a consolidated subsidiary of SoftBank Corp, and the deal is set to close in the first half of 2024. Jefferies served as lead financial adviser to Cubic on the deal, while PJT Partners acted as lead financial adviser to SoftBank.

Persons: Issei Kato, Junichi Miyakawa, Barry Napier, SoftBank, Napier, Jefferies, Nick Carey, Nick Zieminski Organizations: SoftBank, REUTERS, SoftBank Corp, Cubic Telecom, Japan, Volkswagen, Qualcomm, Consulting, McKinsey, Co, Reuters, Napier, SoftBank Group, Vision Fund, PJT, Thomson Locations: Tokyo, Japan, TOKYO, Dublin, Irish

☆ Canada's TD Bank's fourth-quarter profit falls on higher provisions
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - TD Bank Group (TD.TO) reported a fall in its fourth-quarter profit on Thursday, as Canada's second-largest lender set aside more rainy-day funds to cover for potential sour loans. Peer Scotiabank (BNS.TO), which kicked off the Canadian banks' earnings season on Tuesday, also earmarked higher funds to prepare for potential loan losses, dragging its profit down. TD's net interest income - the difference between what banks earn on loans and pay out on deposits - fell nearly 1.8%, to C$7.49 billion. The lender's personal and commercial business posted a 1% decrease in net income, while the U.S. retail unit dipped 17%. The bank's adjusted net income fell to C$3.51 billion ($2.58 billion), or C$1.83 per share, for the three months ended Oct. 31, from C$4.07 billion, or C$2.18 per share, a year earlier.

Persons: Arasu Kannagi Basil, Shilpi Majumdar, Pooja Desai Organizations: Bank Group, Bank of Canada, PCL, Scotiabank, Thomson Locations: U.S, Bengaluru

☆ Rakuten's mobile misadventure: from ambitious plan to millstone
▼ + stars: | 2023-11-29 | by ( Anton Bridge | ) www.reuters.com time to read: +5 min

By any measure, cash-bleeding Rakuten Mobile is deeply troubled. Rakuten is set for another tough year in 2024 with investors keen to see if it can achieve its goal of having the mobile unit break even. Those steps have raised some 800 billion yen ($5.4 billion). Then in October, SoftBank Corp (9434.T), Japan's No.3 mobile network provider, began offering a generous reward campaign for most mobile users using SoftBank Group's (9984.T) PayPay online payment system. Without profits, the mobile unit is not likely to entice would-be suitors and competition laws would probably prevent the likes of SoftBank and Docomo from bidding.

Persons: Japan's Rakuten, Hiroshi, Mickey, Rakuten, Mitsunobu Tsuruo, Rakuten's, NTT Docomo, Mikitani, Amir Anvarzadeh, Anton Bridge, David Dolan, Edwina Gibbs Organizations: Citi, Amazon Japan, Rakuten Securities, Rakuten Bank, SBI Securities, GUNNING, Rakuten Mobile, Reuters, NTT, SoftBank Corp, Asymmetric Advisors, Thomson Locations: TOKYO, ARPU

She replaces Mafalda Duarte, who left in July 2023 to lead the Green Climate Fund. Luis Tineo, interim CEO, will lead CIF until March, 2024. "Developing countries are at the forefront of the climate crisis, and we will only meet this decisive moment by working together to scale climate finance where it is needed most," Gbadegesin said in a statement. Among the largest multi-lateral climate funds in the world, CIF offers projects highly concessional capital that can leverage development bank and private sector money to fund low carbon, climate-resilient development. As well as the World Bank Group, including the International Finance Corp, CIF invests through the African Development Bank, the Asian Development Bank, the European Development Bank, and the Inter-American Development Bank.

Persons: Mafalda Duarte WASHINGTON, Tariye Gbadegesin, Gbadegesin, Mafalda Duarte, Luis Tineo, ”, Bob Natifu, Edward Webber, Simon Jessop, Valerie Volcovici, David Gregorio Our Organizations: Global, Investment Funds, World Bank, ARM Harith Infrastructure Investments, Climate Fund, Initiative, International Monetary Fund, Boston Consulting, Africa Finance Corp, Trust Fund Committee, International Finance Corp, African Development Bank, Asian Development Bank, European Development Bank, Inter, American Development Bank, Thomson Locations: South Africa, Indonesia

☆ Buffett's Berkshire Hathaway exits India's Paytm in $165 million deal
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rupak De Chowdhuri/File Photo Acquire Licensing RightsBENGALURU, Nov 24 (Reuters) - Billionaire Warren Buffett's Berkshire Hathaway (BRKa.N) has exited India's Paytm (PAYT.NS) after selling its entire stake in the company for about 13.71 billion rupees ($164.70 million) through a bulk deal on Friday. Berkshire Hathaway's BH International Holdings has sold more than 15.6 million shares of the digital payments firm, with a weighted average price of 877.29 rupees per share, exchange data showed. Who the buyers of the Paytm shares are is not known. Paytm did not immediately respond to a Reuters request for additional details, while Berkshire was not available for comment. As of September 2023, BH International Holdings had a 2.46% stake in the company, as per exchange data.

Persons: Warren Buffett's Berkshire Hathaway, Paytm, Vijay Shekhar Sharma, Hritam Mukherjee, Sonia Cheema, Pooja Desai Organizations: REUTERS, Rights, ., Holdings, BH International Holdings, SoftBank, HK, Ant, Thomson Locations: Kolkata, India, . Berkshire, Berkshire, Bengaluru

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

People walk past the headquarters of the Chinese ride-hailing service Didi in Beijing, China, December 3, 2021. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsNov 13 (Reuters) - Didi Global, China's largest ride-hailing company, on Monday reported its first quarterly profit since 2021, adding to signs of its comeback from regulatory challenges as domestic demand for mobility services continues to recover. Didi in 2021 came into the crosshairs of China's cyberspace regulator for pursuing a U.S. stock listing without an approval. Didi was fined $1.2 billion in July 2022 over data-security breaches, but began to emerge from these regulatory troubles in January after it was allowed to restore its apps. The company has also taken steps to streamline its business operations and focus on its core ride-hailing services.

Persons: Didi, Thomas Peter, Alibaba, Wei Cheng, Yelin, Sameer Manekar, Kim Coghill, Sherry Jacob, Phillips Organizations: REUTERS, Didi Global, HK, SoftBank, Monday, New York Stock Exchange, Thomson Locations: Beijing, China, U.S, Yelin Mo, Bengaluru

☆ SoftBank’s optimistic talk falls on deaf ears
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

SoftBank Group Corp Chairman and CEO Masayoshi Son speaks during their joint news conference with Toyota Motor Corp President Akio Toyoda (not pictured) in Tokyo, Japan October 4, 2018. REUTERS/Issei Kato Acquire Licensing RightsSINGAPORE, Nov 10 (Reuters Breakingviews) - All credit to SoftBank’s (9984.T) finance chief for trying to accentuate the positive. The weakening currency lopped off 183 billion yen. Taking such a big loss when analysts, per S&P Capital IQ, expected a $1.2 billion profit, though, was. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Akio Toyoda, Issei Kato, Yoshimitsu Goto, SoftBank, Antony Currie, Thomas Shum Organizations: SoftBank Group, Toyota Motor Corp, REUTERS, Rights, Reuters, X, SEC, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Arm’s

☆ SoftBank Loses $6.2 Billion in Quarter as WeWork Weighs on Investments
▼ + stars: | 2023-11-09 | by ( Megumi Fujikawa | Eliot Brown | ) www.wsj.com time to read: 1 min

SoftBank was WeWork’s biggest backer since it started investing in 2017. Photo: Kentaro Takahashi/Bloomberg NewsTOKYO— SoftBank Group sank deeper into the red in the July-September period as it reported write-downs related to the bankruptcy of office-sharing company WeWork and technology shares stayed under pressure amid rising interest rates in the U.S. The Japanese technology investor posted a net loss of 931.1 billion yen, equivalent to $6.2 billion, for the quarter ended Sept. 30. That is compared with a 477.6 billion yen loss in the April-June quarter and 3.034 trillion yen profit a year earlier, when it unwound its stake in Alibaba Group Holding .

Persons: SoftBank, Kentaro Takahashi Organizations: Bloomberg News TOKYO — SoftBank, U.S, Alibaba

☆ SoftBank Posts $6.2 Billion Loss After WeWork Bankruptcy
▼ + stars: | 2023-11-09 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

SoftBank has been WeWork’s biggest backer since it started investing in 2017. Photo: Kentaro Takahashi/Bloomberg NewsTOKYO— SoftBank Group sank deeper into the red in the July-September period as its technology investments struggled and losses piled up from the collapse of office-sharing company WeWork. SoftBank holds a majority stake in WeWork , which earlier this week filed for chapter 11 protection in the U.S. due to weakness in the office market. The Japanese investment company’s cumulative losses in WeWork total $14.3 billion.

Persons: SoftBank, Kentaro Takahashi Organizations: Bloomberg News TOKYO — SoftBank Locations: WeWork, U.S

☆ Arm shares sink as some analysts question valuation after weak forecast
▼ + stars: | 2023-11-09 | by ( Arsheeya Bajwa | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Qualcomm (QCOM.O) sees 10% sequential sales growth in smartphones given overall Android smartphone restocking. On the other hand, Arm only guided for mid to high single-digit sequential sales growth for its royalty revenues, the brokerage added. Arm on Wednesday forecast a third-quarter revenue range with a midpoint of $760 million, below analysts' estimates of $767.84 million, according to LSEG data. But its annual revenue forecast was above estimates, as it benefited from a surge in companies designing new chips to tap the boom in artificial intelligence applications.

Persons: Dado Ruvic, Frank Lee, Lee, Nvidia's, Justin Sumner, Arsheeya, Shailesh Organizations: REUTERS, Holdings, Apple, Qualcomm, HSBC, Voya Investment Management, Thomson Locations: Bengaluru

☆ SoftBank books $5.2 bln quarterly loss as investments and weak yen bite
▼ + stars: | 2023-11-09 | by ( Anton Bridge | ) www.reuters.com time to read: +2 min

The results underscore the volatility and risk inherent in founder Masayoshi Son's strategy of betting big on often risky start-ups. The Japanese conglomerate said it was squeezed by weakness in the yen that drove up costs on its dollar-denominated debt. SoftBank reported a 789 billion yen ($5.2 billion) net loss for the three months to end-September, compared with a 3.01 trillion yen profit a year earlier when it sold down a large portion of its stake in Chinese e-commerce giant Alibaba (9988.HK). Its Vision Fund investment unit, meanwhile, booked an investment profit of 21.4 billion yen in the latest quarter, after posting a 160 billion yen profit three months earlier. SoftBank said it exchanged unsecured WeWork notes into shares and convertible bonds and reflected a 21.6 billion yen loss from the transaction in the first half.

Persons: Thomas Peter, Masayoshi, SoftBank, Anton Bridge, Miyoung Kim, David Dolan, Tom Hogue Organizations: REUTERS, Rights, SoftBank, HK, Vision Fund, Thomson Locations: Tokyo, WeWork

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 8 (Reuters) - Semiconductor company Arm Holdings (O9Ty.F), on Wednesday gave a fiscal third-quarter sales outlook below Wall Street estimates, with the company attributing the forecast to a large deal that will likely land later than expected. Arm became publicly listed again in September after Japan's SoftBank Group (9984.T), which still owns more than 90% of Arm, sold off some of its shares. For the current fiscal third quarter, Arm expects a revenue range with a midpoint of $760 million, below analyst estimates of $767.84 million, according to LSEG data. Arm said that royalty revenue for the fiscal second quarter declined to $418 million, below analyst expectations of $420.3 million, according to data from Visible Alpha. Child told Reuters that Arm's second quarter royalty revenues still reflected a chip glut that affected the chip industry broadly.

Persons: Dado Ruvic, Japan's, Ben Bajarin, Jason Child, Child, Stephen Nellis, Max A, Yuvraj Malik, Aurora Ellis, Lisa Shumaker Organizations: REUTERS, - Semiconductor, Arm Holdings, Wednesday, Analysts, Creative, Reuters, Nvidia, Intel, Alpha, Thomson Locations: San Francisco, Bengaluru

Nov 9 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Producer and consumer price inflation figures will be released, the highlights of a regional calendar that also includes Japanese bank lending, trade and current account figures, Indonesian retail sales, and Philippines GDP. Global yields are moving too - the 10-year Japanese Government Bond yield is back below 0.85%, having come within two basis points of 1% last week. The decline in U.S. bond yields is removing some of the dollar's shine, which in turn is allowing Asian currencies to fight back. Yen traders on Thursday are also eyeing Japanese bank lending figures for October and September's trade and current account report.

Persons: Jamie McGeever, Pan Gongsheng, Ping, Fed's Powell, Josie Kao Organizations: Treasury, People's Bank of China, Financial, Ping An Insurance Group, Reuters, Nissan, Honda, Sony, Group, China PPI, CPI, Thomson Locations: Asia, Philippines, Beijing, China's, Japan, Philippine, China

☆ SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

WeWork had office space available at 777 locations worldwide as of the end of June. In a filing with the New Jersey bankruptcy court, WeWork listed assets of $15.06 billion and liabilities of $18.66 billion as of June 30. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: WeWork, SoftBank, Cadwalader, Taft, Kate Munsch, Adam Neumann, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur, Rashmi Aich, Jamie Freed, Edmund Klamann Organizations: SoftBank, New, REUTERS, JPMorgan Chase, Intelsat, Thomson Locations: Canada, New Jersey, Wickersham, San Francisco , California, U.S, WeWork, SoftBank, Tokyo, New York, Bengaluru

☆ SoftBank's WeWork, once most valuable U.S. startup, succumbs to bankruptcy
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +4 min

Profitability has remained elusive, as WeWork grapples with its expensive leases and corporate clients cancelling because some employees work from home. In a filing with the New Jersey bankruptcy court, WeWork listed estimated assets and liabilities in the range of $10 billon to $50 billion. Under its founder Adam Neumann, WeWork grew to be the most valuable U.S. startup worth $47 billion. WeWork engaged in debt restructurings, yet this was not enough to stave off its bankruptcy. Shortly before WeWork filed for bankruptcy, Neumann said in a statement, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

Persons: Kate Munsch, WeWork, Cadwalader, Taft, Adam Neumann, SoftBank, Sandeep Mathrani, Mathrani, David Tolley, Neumann, Greg Roumeliotis, Mrinmay Dey, Arun Koyyur Organizations: REUTERS, SoftBank, New, JPMorgan Chase, Intelsat, Thomson Locations: San Francisco , California, U.S, Canada, New Jersey, Wickersham, WeWork, New York, Bengaluru

☆ WeWork China will not participate in WeWork's strategic reorganisation
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

People are seen outside the building of Wework's co-working space during the National Day Golden Week holiday, in central Beijing, China October 2, 2018. REUTERS/Stringer/File Photo Acquire Licensing RightsBEIJING, Nov 7 (Reuters) - WeWork China will not participate in the strategic reorganisation of WeWork (WE.N) in the United States and Canada, it said on Tuesday. WeWork China is not a branch or unit of WeWork (WE.N), it said in a statement on WeChat, adding the company has independent operations and management capabilities. "Any operating conditions of WeWork in other regions around the world will not have any impact on WeWork China," it added. Reporting by Ella Cao, Albee Zhang and Ryan Woo; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Ella Cao, Albee Zhang, Ryan Woo, Christian Schmollinger Organizations: REUTERS, Rights, SoftBank, Thomson Locations: Beijing, China, Rights BEIJING, United States, Canada, WeWork China

☆ 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

Alo Yoga founders Danny Harris and Marco DeGeorge have hired investment bank Moelis (MC.N) to advise on options that include selling a stake in the company, the sources said. No transaction structure has been agreed, and it is possible that Alo Yoga decides against any deal, said the sources, who requested anonymity because the matter is confidential. Spokespeople for Alo Yoga and Moelis declined to comment. Alo Yoga is part of Harris and DeGeorge's company Color Image Apparel, which also includes their Bella+Canvas brand. Kim Kardashian’s underwear brand Skims, which sells active and loungewear, also raised financing this year at a roughly $4 billion valuation.

Persons: Alo Yoga's, Alo Yoga, Danny Harris, Marco DeGeorge, Alo, Taylor Swift, Katie Holmes, Hailey Bieber, Kendall Jenner, Harris, Dealmaking, Kim, Abigail Summerville, Leslie Adler Organizations: Nike, Wall Street Journal, SoftBank Group Corp, Thomson Locations: U.S, Harris, Los Angeles, athleisure, New York

☆ Indonesia's GoTo reports significant drop in Q3 underlying losses
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Oct 30 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia (GOTO.JK) reported 942 billion rupiah ($59.30 million) in underlying losses for the third quarter, a significant drop from last year's 3.7 trillion rupiah, the company said on Monday. The results came after the company reached a positive contribution margin since beginning of this year amid cost-cutting measures. "This was underpinned by a reduction in operating expenses as we eliminated redundancies and leveraged our technology to reduce costs," GoTo Group CFO Jacky Lo said in the statement. GoTo, which offers ride-hailing, e-commerce, and financial services, said its net losses for the period were at 2.4 trillion rupiah, a drop from last year's 6.7 trillion rupiah. ($1 = 15,885.0000 rupiah)Reporting by Stefanno Sulaiman; Writing by Stanley Widianto; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: GoTo Gojek Tokopedia, GoTo, Jacky Lo, Japan's, Stefanno Sulaiman, Stanley Widianto, Kanupriya Kapoor Organizations: Japan's SoftBank, Thomson Locations: JAKARTA

☆ Peace talks in the Middle East will take time to resume, World Bank chief says
▼ + stars: | 2023-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

MARRAKESH, MOROCCO - OCTOBER 13: Ajay Banga, President of the World Bank Group, speaks during the International Monetary Fund (IMF) meeting in Marrakesh, Morocco on October 13, 2023. Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest. Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region. The World Bank chief said that the conflict could have ramifications not only for the region, but also for the wider global economy — most notably for energy markets.

Persons: Ajay Banga, Abu Adem Muhammed, Banga, CNBC's Dan Murphy, I'm, Kristalina Georgieva Organizations: World Bank Group, International Monetary Fund, Anadolu, Getty, CNBC, World Bank, Future Investment Initiative Institute, Palestinian, Israel Locations: MARRAKESH, MOROCCO, Marrakesh, Morocco, Israel, Riyadh, East, Gaza, Saudi Arabia, Banga, Russia, Ukraine

Oct 20 (Reuters) - Shares of mid-sized U.S. banks fell on Friday after a string of earnings reports heightened investor concerns that the boost to lenders from the Federal Reserve's interest rate hikes was tapering off. Regions Financial (RF.N) dropped to the lowest level since March, when an industry crisis began following an outflow of deposits that engulfed three banks. The lender, shares of which were last down 11% at $14.71, said it expects net interest income (NII) in the fourth quarter to decline about 5% from current levels. Huntington Bancshares' (HBAN.O) stock dipped 1.3%, while Comerica (CMA.N) dropped 6.6%, dragging down the S&P 500 Banks index (.SPXBK) by 2.1%. Huntington Bancshares posted an 8% drop in third-quarter profit as interest income declined.

Persons: Wells, Mike Mayo, Mayo, Terry McEvoy, Huntington Bancshares, NII . Huntington Bancshares, Jaiveer Singh, Shilpi Majumdar Organizations: Regions, Regions Financial, Reuters, Stephens, Comerica, Third Bancorp, Thomson Locations: NII ., Bengaluru

☆ SK Hynix denies report about approaching SoftBank on Kioxia merger
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration Acquire Licensing RightsSEOUL, Oct 18 (Reuters) - South Korea's SK Hynix Inc (000660.KS), the world's second-largest memory chip maker, said on Wednesday it has not approached Japan's SoftBank Group (9984.T) to partner up in a possible deal with memory chipmaker Kioxia Holdings Corp.A Nikkei report earlier on Wednesday said SK Hynix is reluctant to back a merger between U.S. rival Western Digital's memory chip operations and Kioxia, in which SK Hynix holds a stake. The report went on to say that SK Hynix had sounded out SoftBank for a partnership in case the merger falls through. "SK Hynix denies Nikkei's report that the company approached SoftBank for collaboration with regard to the Kioxia-Western Digital deal," the company said in a statement, without commenting on its stance on the merger. Kioxia and Western Digital Corp (WDC.O) are pursuing a merger as a global chip glut and weak demand for flash memory chips strengthens pressure for chipmakers to consolidate.

Persons: Florence Lo, Japan's, SoftBank, Kioxia, Joyce Lee, Anton, Simon Cameron, Moore, Louise Heavens Organizations: SK Hynix, REUTERS, Rights, Korea's SK Hynix Inc, Japan's SoftBank, Kioxia Holdings Corp, Nikkei, Wednesday, U.S, Western, SoftBank Group, Western Digital Corp, Thomson Locations: Rights SEOUL

☆ Goldman profit tops estimates as dealmaking cushions hit from GreenSky, real estate
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +3 min

The Wall Street giant's net profit slumped 33% to $2.06 billion, or $5.47 per share, it said on Tuesday. Goldman's investment banking fees of $1.55 billion was largely unchanged from last year as debt underwriting activity resumed and the market for initial public offerings picked up. Goldman had taken a charge of $504 million on GreenSky in the second quarter. Solomon has shifted the firm's focus back to its traditional strengths - investment banking and trading, and aims to grow in asset and wealth management. Investment banking results have been mixed for peers, with JPMorgan Chase (JPM.N) reporting a 6% decline in revenue, while Citigroup (C.N) said fees jumped 34%.

Persons: Goldman Sachs, Brendan McDermid, Solomon, Goldman, SoftBank Group's, Morgan Stanley, Niket Nishant, Noor Zainab Hussain, Saeed Azhar, Lananh Nguyen, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Arm Holdings, Sixth Street Partners, Investment, JPMorgan Chase, Citigroup, U.S . Federal, Thomson Locations: New York, U.S, Bengaluru

☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

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