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☆ Wall Street says Europe's a better bet than the U.S. right now — and names its top stock picks
▼ + stars: | 2023-01-30 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

European stocks are are having a good year so far. While the underperformance has been marginal, the outlook for U.S. stocks is decidedly more muted — Wall Street is still wary of a recession. European stocks are therefore worth a look in the near term, according to Bernstein, which expects more upside for them. Stock picks One of Bernstein's top plays is low leverage stocks, which the bank defines as stocks with a low net debt to equity ratio. Bank of America has a number of European picks with exposure to higher Chinese consumer spending and improving overall demand in light of China's reopening.

☆ Prosus, Naspers cutting 30% of jobs at corporate offices
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationAMSTERDAM, Jan 25 (Reuters) - Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) are cutting up to 30% of jobs at their corporate offices, the Dutch technology investor said. "We are adapting to a changing macro environment and have been working for some time to strengthen our cost structures," a Prosus spokesperson said in a statement on Wednesday. Prosus and Naspers have around 15 corporate offices around the world, with the largest ones in Johannesburg and Amsterdam. There is no figure available for the number employed at corporate offices located around the globe, a spokesperson said. There was no schedule for the cuts to the corporate offices.

☆ The 10 most active European and US investors betting on India as Asia's tech powerhouse, as it hits 100 startups worth $1 billion or more
▼ + stars: | 2022-12-21 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Funding from US and European HQ'd investors into Indian startups. 2021 was a banner year, with nearly 75% of the total funds into Indian startups coming from foreign investors. Foreign investor traction in India remains strong, said Draganov, who expects US and European venture capitalists to maintain their presence in India in the coming years. Using data from Dealroom and PitchBook, Insider profiled the most active investors that are headquartered in Europe and the US that have backed Indian startups since 2016. Based on the deal volume and size of investments into Indian startups since 2016, here are the top European and US firms investing into Indian startups, in alphabetical order.

☆ GoStudent, a $3 billion education startup backed by Coatue and SoftBank, has started a fresh wave of layoffs that could hit over 100 jobs, sources say
▼ + stars: | 2022-12-14 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

SoftBank-backed education startup GoStudent is cutting jobs for the second time in three months. The Austrian startup has already cut roles in Italy, Germany, and Vienna, Insider understands. GoStudent has raised $686 million to date and is also backed by Coatue and Prosus. GoStudent, a $3 billion edtech startup backed by some of the world's biggest tech investors, has started laying off staff for the second time in three months, Insider understands. According to public layoffs tracker Layoffs.fyi, almost 1,000 tech companies have cut more than 150,000 staff.

☆ Analysis: European food delivery shapes up with Getir's Gorillas buy
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +6 min

QUICK COMMERCEThe Gorillas acquisition makes Getir Europe's largest quick commerce company. LESS CAPITAL, FEWER COUPONSMore than a dozen smaller European quick commerce companies failed or were acquired since mid-2021. While profits may still be distant for the privately-held quick commerce companies, Europe's listed meal delivery companies have all set formal targets for earnings before interest, taxes, depreciation and amortisation (EBITDA). Shares in the European delivery companies are down around 60% from a year ago, but have traded sideways since June. So to "all the naysayers saying 'quick commerce is over - No.

But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations. In a statement to Reuters, Snapdeal said it has decided to withdraw the IPO prospectus "considering the prevailing market conditions", without elaborating. It adding that Snapdeal may reconsider an IPO in future depending on its need for capital and market conditions. The change of Snapdeal's plans comes as tech stocks in India that listed in recent years face investors' wrath. In August, TPG and Prosus-funded Indian online pharmcy PharmEasy withdrew papers for its $760 million IPO, while Warburg Pincus-backed seller of wireless earphones, boAT Lifestyle, also withdrew its papers in October.

☆ Norwegian online grocery firm Oda raises $151 mln as value declines
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

OSLO, Dec 6 (Reuters) - Norwegian online grocery firm Oda said on Tuesday it had raised 1.5 billion Norwegian crowns ($151 million) in a round of funding from investment companies Kinnevik (KINVb.ST), Verdane and Summa Equity. The latest funding valued Oda at 3.5 billion crowns, less than half the 7.5 billion it was valued at during a similar round in April 2021. The company, which tuned a profit in Norway last year, said it will adjust its costly international growth ambitions. Rasmussen Group, Prosus and Kinnevik have agreed to contribute 621 million crowns in equity through debt conversion, Oda said. ($1 = 9.9332 Norwegian crowns)Reporting by Terje Solsvik, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

☆ Tencent’s Top Shareholder Prosus Embraces Tech’s New Normal
▼ + stars: | 2022-11-23 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

The chill in technology markets has spread to Prosus, the problematic Amsterdam-listed investment company that sometimes appears insulated from wider trends by its $94 billion stake in Chinese internet giant Tencent. Prosus said Wednesday that its half-year consolidated trading losses more than doubled to $449 million, as it continued to invest in its roughly $30 billion portfolio of e-commerce ventures, which are engaged in cash-hungry businesses such as food delivery and fintech. It also signaled that this would be the peak period for cash burn as it adapts to the rising cost of capital by cutting costs and shifting its operating focus toward profitability. The company thinks its e-commerce investments need another two years to break even.

☆ Rebound in oil, mining stocks lifts European shares
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - European shares edged higher on Tuesday, supported by a recovery in commodity stocks after a rout in the previous session, with investors weighing mixed signals from European Central Bank (ECB) policymakers on their stance on interest rates. The pan-European STOXX 600 index (.STOXX) rose 0.2%, hovering near its strongest levels in over two months. Miners (.SXPP) gained 1.4%, after dropping 1.6% on Monday due to worries about surging COVID-19 cases in China. That followed remarks from other ECB officials this week that suggested the central bank could slow its pace of rate hikes. Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Nov 17 (Reuters Breakingviews) - Naspers (NPNJn.J) has a new Tencent (0700.HK) quandary. In June, they launched an open-ended plan to gradually sell Tencent shares and use the proceeds to repurchase stock in both companies. The problem, however, is that Tencent stock has underperformed that of Naspers and Prosus. Over the same period Naspers shares rose 6% while those of its Dutch subsidiary are down 19%. “The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement.

☆ This biotech stock soared 20% last week — and analysts are giving it another 36% upside
▼ + stars: | 2022-11-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

U.S. biotech firm Horizon Therapeutics was among the top global performers last week, with its stock soaring nearly 21% for the week. It raised its full-year 2022 net sales guidance to a range of between $3.59 billion and $3.61 billion. Analysts covering the stock are positive on its future performance, with nearly 87% giving it a "buy" rating and price target upside of 36%, according to FactSet. The stock bucked the trend of a decline in global stocks last week, with the MSCI World Index dipping around 2% for the week. Still, seven global stocks, including Horizon, soared more than 20%.

☆ Broken Deal Triggered Currency Losses for Barclays, Deutsche Bank and Citigroup
▼ + stars: | 2022-11-02 | by ( Ben Dummett | Patricia Kowsmann | ) www.wsj.com time to read: 1 min

Barclays PLC, Deutsche Bank AG and Citigroup Inc. lost money on currency-hedging products they sold to a client for an acquisition that fell through, the latest example of the damage spread during the worst stretch for deal making in years. Prosus NV, best known as the largest investor in Chinese internet giant Tencent Holdings Ltd., agreed in August 2021 to acquire India’s BillDesk, an online payments platform, for 345 billion rupees, equivalent to about $4.7 billion at the time. To protect the price against swings in the rupee, Prosus bought derivative contracts from the banks that allowed it to lock in the exchange rate ahead of the deal’s closure. Prosus had the flexibility to get rid of the hedge for no fee if the deal didn’t close.

☆ Prosus and Naspers deny report they are in talks to sell Tencent stake
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program. "The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement. Tencent shares rose sharply on Friday, gaining 10% to $226.2 HKD. Naspers shares, which usually follow movements in Tencent, rose 8.7% in Johannesburg.

☆ Prosus & Naspers deny report they are in talks to sell Tencent stake
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly SongAMSTERDAM, Nov 1 (Reuters) - Technology investment firm Prosus NV (PRX.AS) and its South African parent Naspers (NPNJn.J) on Tuesday rejected as "untrue" a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent (0700.HK). In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by CITIC of China to sell its entire Tencent stake was "speculative and untrue". Prosus holds a 28% stake in Tencent worth $70 billion at current prices. It has said it intends to sell the stake down gradually to fund a share repurchase program. "The Naspers Board and Prosus Board reiterate their continued confidence in Tencent's long term prospects and continue to believe that the share repurchase programme is in the best interests of Prosus, Naspers and their respective shareholders," they said in a statement.

☆ European stocks jump on Fed slowdown hopes, Prosus slides on China woes
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - European shares rose on Monday, driven by hopes that the Federal Reserve could slow its pace of interest rate hikes, while investors braced for a busy week of earnings and a key interest rate decision from the European Central Bank. The continent-wide STOXX 600 index (.STOXX) rose 1.3% by 0708 GMT, with travel and leisure (.SXTP), retail (.SXRP) and banking (.SX7P) sectors leading the gains. Wall Street's main indexes rallied on Friday after a report said the Fed will likely debate on a smaller interest rate hike in December. read moreMeanwhile, Italian stocks (.FTMIB) rose 1.4% after Giorgia Meloni was sworn in as Italy's first woman prime minister on Saturday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. says seven board directors resigned under antitrust pressure
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Oct 19 (Reuters) - Seven directors on the boards of five companies have resigned because of the U.S. Justice Department's concerns over the directors holding similar board positions at rival companies, the department said on Wednesday. Two others representing Thoma Bravo on the SolarWinds board also resigned, the department said. SolarWinds said in a legal filing dated Oct. 14 that the three board members had decided to resign after receiving a letter from the Justice Department alleging that their board service broke antitrust law. A spokesperson for Udemy said a director stepped down on Sept. 23 because of U.S. Justice Department concerns. Directors also resigned from the board of Definitive Healthcare (DH.O), Redwire Corp (RDW.N) and CTS Corp (CTS.N) because they were on the boards of competing companies, the department said.

☆ Prosus to sell Russian classifieds business Avito to Kismet for $2.4B
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

AMSTERDAM, Oct 14 (Reuters) - Prosus (PRX.AS), the Dutch-based technology investor, said on Friday it has agreed to sell its Russian online marketplace Avito for 151 billion roubles ($2.46 billion), to Kismet Capital Group. The buyer, Russian investment firm Kismet, was founded by Ivan Tavrin, former CEO of telecoms company MegaFon. Several Western companies opting to exit the Russian market have taken significant financial losses in doing so. "Our goal has been to manage the sale of the business in a responsible and structured way," Naspers said in a statement. "We believe that this is best achieved through this deal.”Avito, Russia's largest online marketplace, has around 5,000 employees and 90 million users.

☆ India’s edtech startup flunks the growth class
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +2 min

Children recite the preamble to the Constitution of India during an assembly at a school in Mumbai, India, January 27, 2020. REUTERS/Francis MascarenhasMUMBAI, Sept 16 (Reuters Breakingviews) - India’s most valuable startup is not growing much at all. It reveals the company’s top line shrunk 3% to $304 million while losses ballooned around 14 times to roughly $570 million. But the endless controversy around the Indian company is also ammunition for those calling for more regulation of the red hot-industry. (By Una Galani)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

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