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☆ Surf Air Mobility shares slump 75% in NYSE debut
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Electric aviation and regional air travel company Surf Air Mobility (SRFM.N) shares slumped 75% below their reference price in a direct listing on Thursday. Unlike an initial public offering, in a direct listing shares are not sold in advance. The stock price at debut is determined by orders coming into the stock exchange. Surf Air Mobility had earlier this month pushed its listing date from July 11 to the week of July 24. The company had last year confidentially filed for a U.S. direct listing after terminating its $1.42 billion merger with a blank-check firm.

Persons: confidentially, Slack, Jaiveer Singh Shekhawat, Pritam Biswas, Arun Koyyur Organizations: Electric, Surf Air Mobility, New York Stock Exchange, Slack Technologies, Salesforce, Thomson Locations: Bengaluru

☆ 1st Source says 450,000 records affected in client data breach
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 24 (Reuters) - Commercial and Consumer bank 1st Source Corp (SRCE.O) said on Monday a security breach that involved a popular file transfer tool, MOVEit, has impacted about 450,000 records. A third party had gained access to data of its commercial and individual clients, 1st Source reported earlier this month, adding that it was in the process of identifying and notifying individual clients affected. Last month, the U.S. security researchers reported that hackers had stolen data from the systems of a number of users shortly after MOVEit's developer Progress Software Corp (PRGS.O) disclosed that a security flaw had been discovered. MOVEit, made by Massachusetts-based Progress, allows organizations to securely transfer files and data between business partners and customers. Reporting by Pritam Biswas in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas Organizations: Consumer, Corp, Progress Software Corp, Thomson Locations: U.S, Massachusetts, Bengaluru

☆ Capital One Financial beats profit estimates on higher interest income
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Consumer lender Capital One Financial (COF.N) reported a second-quarter profit on Thursday that beat analysts' estimates, helped by higher income from borrowers following a rise in benchmark lending rates. The U.S. Federal Reserve has aggressively hiked interest rates over the past 12 months to tackle sticky inflation, a move which has boosted profitability for consumer facing banks, allowing them to earn more from loans. Net interest income at Capital One, which is the difference between what banks earn from lending and pay out on deposits, rose 9% to $7.11 billion in the second quarter. Analysts had expected a profit of $3.23 per share, according to data from Refinitiv. Total deposits at Virginia-based Capital One were up 12% at $343.71 billion in the second quarter.

Persons: Pritam Biswas Organizations: Consumer, U.S . Federal Reserve, Capital, Thomson Locations: Virginia, Bengaluru

☆ Singapore opposition members quit in latest political shake-up
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/5] Workers' Party Chairman Sylvia Lim and Secretary-General Pritam Singh attend a press conference at their headquarters in Singapore, July 19, 2023. REUTERS/Edgar SuSINGAPORE, July 19 (Reuters) - Two senior members of Singapore's largest opposition party quit on Wednesday after admitting to an inappropriate relationship, the latest scandal to hit a country otherwise used to stable and drama-free politics. Seah had also denied the relationship when asked by party leaders at that time, Singh said, adding the pair's behaviour was "unacceptable". Both the WP and the PAP have in the past sacked members for extramarital relationships. Reporting by Chen Lin, Writing by Xinghui Kok, Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Sylvia Lim, Pritam Singh, Edgar Su SINGAPORE, Leon Perera, Nicole Seah, Singh, Perera, Seah, Chong Ja Ian, Chen Lin, Xinghui Kok, Kanupriya Kapoor Organizations: Workers ', REUTERS, Workers ' Party, Action Party, National University of Singapore, Thomson Locations: Singapore

☆ Warburg Pincus names Asia real estate chief Perlman as president
▼ + stars: | 2023-07-19 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Private equity firm Warburg Pincus on Wednesday named its Asia head of real estate Jeffrey Perlman as successor to Timothy Geithner as president. Geithner, who was U.S. Treasury Secretary in the Obama administration and had headed the Federal Reserve Bank of New York, will become the chair of the New York-based investment firm. "Now is the ideal time to put in place a plan for the next generation of leadership at the firm," Warburg CEO Chip Kaye said. Warburg Pincus has already raised more than the targeted $16 billion in its global flagship private equity fund, said a person with knowledge of the matter. Founded in 1996, Warburg has more than $83 billion in assets under management and its portfolio spans more than 250 companies.

Persons: Warburg Pincus, Jeffrey Perlman, Timothy Geithner, Geithner, Obama, Warburg, Chip Kaye, Kaye, Perlman, Pritam Biswas, Niket, Kane Wu, Arun Koyyur Organizations: Wednesday, Treasury, Federal Reserve Bank of New, Reuters, Ou Asset Management Co, HK, Industrial Development JSC, Thomson Locations: Asia, Federal Reserve Bank of New York, York, China, Ou, Southeast Asia, Pacific, Bengaluru, Hong Kong, Lincoln

☆ Singapore is facing a wave of political scandals. Here's what we know so far
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Here's what we know so far:The news has involved the private lives of some of its leaders and highly paid ministers. SINGAPORE — A series of revelations has rocked Singapore's political scene in the past few weeks. Those dealings involved the Singapore Land Authority, a government agency under the charge of Shanmugam in the Law Ministry. The outcome of the review was debated in the Singapore Parliament. I think it's quite clear to me."

Persons: Tan Chuan, Jin, Vivian Balakrishnan, Shanmugam, Lee Hsien Loong, Pritam Singh Organizations: SINGAPORE, Law, Home Affairs Minister, Singapore Land Authority, Law Ministry, Prime, Singapore's Locations: Singapore

☆ Crypto firm Circle to cut workforce, focus on core activities
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet. Coinbase Global (COIN.O), Chainalysis and Gemini all announced layoff plans earlier in the year after more than a trillion dollars were wiped out from the sector in 2022. "Circle is redoubling its focus on core business activities and execution," the company said in an email to Reuters, adding that it was continuing to hire in "key areas of focus." Crypto news portal CoinDesk reported about the developments at Circle earlier in the day. Reporting by Pritam Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Pritam Biswas, Vinay Dwivedi Organizations: Coinbase, Gemini, Reuters, Thomson Locations: Bengaluru

☆ 1st Source says data compromised in MOVEit data breach
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Financing firm 1st Source Corp (SRCE.O) said on Monday a third party gained access to data of its commercial and individual clients as part of the security breach involving popular file transfer tool MOVEit reported last month. The company did not disclose the scale of the data breach, but said it is in the process of identifying and notifying individual clients who have been impacted. 1st Source said it used the software for secure file transfers supporting internal operations and client services. Last month, the U.S. security researchers reported that hackers had stolen data from the systems of a number of users shortly after MOVEit's developer Progress Software Corp (PRGS.O) disclosed that a security flaw had been discovered. MOVEit allows organizations and governmental agencies to transfer files and data between business partners and customers.

Persons: Pritam Biswas, Shailesh Organizations: Source Corp, Progress Software Corp, Thomson Locations: U.S, Bengaluru

☆ Applied Digital shares tumble after Wolfpack Research takes short position
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Shares of Applied Digital (APLD.O) slumped on Thursday after Wolfpack Research disclosed a short position in the digital infrastructure company and accused it of "an embarrassing and predictable stock promotion." Insiders at B Riley hold a 48.4% stake in Applied Digital and will exit their position as it becomes clear that the company's claims "make no sense," Wolfpack alleged. The short-seller said Stability AI, Applied Digital's biggest prospective AI customer, was also "dubious." Applied Digital, Stability AI and B Riley did not immediately respond to Reuters' requests seeking comment. Dallas, Texas-based Applied Digital is the latest target in a series of short-seller attacks that have shaken corporate America this year.

Persons: Riley, Carl Icahn's, Pritam Biswas, Maju Samuel Organizations: Applied Digital, Wolfpack Research, Wolfpack, Reuters, Riley, Applied, Hindenburg Research, Icahn Enterprises, Thomson Locations: Dallas , Texas, America, Bengaluru

☆ Biotech firm Tevogen Bio enters $1.2 bln SPAC deal for US listing
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Biotech firm Tevogen Bio will go public in the United States through a blank-check merger that values the combined entity at about $1.2 billion, the companies said on Thursday. The deal with Semper Paratus Acquisition (LGST.O) will help Tevogen speed up the development of its COVID-19 therapy, TVGN 489. A special-purpose acquisition company (SPAC), also known as a "blank-check firm," is a listed entity that merges with a private firm to take it public. Such shell companies help private firms avoid the longer route of an initial public offering for going public. Reporting by Manya Saini and and Pritam Biswas in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: SPACs, Manya Saini, Pritam Biswas, Vinay Dwivedi Organizations: Biotech, Semper, Holdings, New York Stock Exchange, Thomson Locations: United States, Bengaluru

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