DIRS.INFO The most relevant business & tech news

☆ Italy’s fiscal weakness toughens its green plight
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Italian Prime Minister Giorgia Meloni looks on, on the day of the state funeral of the former Italian President and senator, Giorgio Napolitano in Rome, Italy, September 26, 2023. Rome also cut its GDP forecasts to 0.8% and 1.2% over the next two years, from 1% and 1.5% before. The ballooning deficit is chiefly a result of ill-fated renovation incentives introduced by previous governments and amounting to some 140 billion euros, or 7% of Italy’s GDP. Record-high euro zone interest rates are also increasing the cost of servicing Italy’s mammoth debt, seen at 140% of GDP by year-end. The risk is that Rome's green transition becomes a victim of its fiscal challenges.

Persons: Giorgia Meloni, Giorgio Napolitano, Yara, Europe’s, Lisa Jucca, ’, quagmire, Neil Unmack, Streisand Neto Organizations: Italian, REUTERS, Reuters, X, Thomson Locations: Italian, Rome, Italy, Ukraine

☆ Jittery markets may tie Dutch insurers' hands
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters Breakingviews) - Dutch insurers NN (NN.AS) and ASR (ASRNL.AS) have lost 3 billion euros of combined market value after court rulings in the Netherlands raised the prospect of large compensation claims. The respective 22% and 16% stock price collapse will put pressure on the two groups to reach a speedy resolution. But customers argue that the insurers marketing these policies failed to disclose how much of their premiums went to actual investments, and how much covered the sellers’ costs. Take Hague-based NN: it has 315,000 active woekerpolissen policies and 581,000 inactive ones, ING reckons. Its 2.1 billion euro market value loss is equivalent to a claim of 2,300 euros per policy.

Persons: Pamela Barbaglia, ’, quagmire, Neil Unmack, Streisand Neto Organizations: Reuters, ING reckons, JPMorgan reckons, Dutch, X, Thomson Locations: Netherlands, Ukraine

☆ Permira will have to work to exit classified hole
▼ + stars: | 2023-09-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Sept 22 (Reuters Breakingviews) - Permira is trying to salvage its bet on classified ads. But buying more may be the best way for Permira to make a healthy return, provided the business can be turbocharged. On Thursday, Adevinta said it had received a non-binding offer from Blackstone and Permira. Norwegian media group Schibsted, a 28% Adevinta shareholder, and eBay, which owns a 33% stake, expressed their support for the proposal and will retain part of their current stake, Adevinta said. In 2021 eBay sold 10% of its stake in Adevinta to Permira for $2.25 billion.

Persons: Adevinta, Permira, Blackstone, Aimee Donnellan, Streisand Neto Organizations: Reuters, Blackstone, eBay, Reuters Graphics Reuters, EBay, Permira, Thomson Locations: Norwegian, Adevinta, Oslo, Permira

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

☆ UK disinflationary shock sharpens Bailey’s dilemma
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 20 (Reuters Breakingviews) - Bank of England Governor Andrew Bailey finally got some good news on Wednesday. UK annual inflation fell to 6.7% in August, from 6.8% in July, confounding market expectations of a rise to 7%. Domestic disinflationary forces offset a nearly 30% rise in oil prices to bring headline inflation to the lowest level since February 2022. Higher petrol prices did add around 0.3 percentage points to the consumer price index, according to Capital Economics.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, disinflation, Francesco Guerrera, Bernie Sanders’s, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Capital Economics, CPI, Thomson Locations: London, Britain

☆ India entry into geopolitical storm will be costly
▼ + stars: | 2023-09-19 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 19 (Reuters Breakingviews) - India may pay a price from getting caught in the eye of a geopolitical storm, but it may be a small one. New Delhi has dismissed as “absurd” Canada’s allegation of its involvement in the June murder in British Columbia of a Sikh separatist leader that India had branded a “terrorist”. A trade deal with India, now stalled, may have helped Ottawa pivot away from the People’s Republic a little bit faster. But India accounted for barely $6.5 billion, or less than 1% of Canada’s trade with the world in 2020. Canada also expelled India's top intelligence agent following the row, while India expelled a senior Canadian diplomat.

Persons: Sajjan Jindal’s, Joe Biden, Narendra Modi, Jamal Khashoggi, Crown Prince Mohammed bin Salman, –, Tesla, Hardeep Singh Nijjar, Justin Trudeau, Nijjar, “, Trudeau, Lisa Jucca, Streisand Neto Organizations: Reuters, Resources, Crown, Canada, Apple, U.S . National Security Council, Thomson Locations: MUMBAI, India, New Delhi, British Columbia, China, Ottawa, People’s Republic, American, Vancouver, Australia, Canada, United States, Delhi, Saudi Arabia, Saudi, Istanbul . U.S, Canadian

☆ S4 misery offers reality check on tech exuberance
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 18 (Reuters Breakingviews) - Is the technology sector bouncing back? The tech-heavy Nasdaq Composite Index (.IXIC) is up 31% this year, and chip designer Arm enjoyed a 25% first-day pop on its listing. S4 on Monday downgraded its 2023 like-for-like net revenue growth forecast to “down on last year”. The news still sent S4 shares down 25% on Monday morning. Any recovery will require Sorrell to show he can keep winning business in an era of tech uncertainty.

Persons: Martin Sorrell, That’s, Publicis, Sorrell, Oliver Taslic, Neil Unmack, Streisand Neto Organizations: Reuters, Nasdaq, S4, Nvidia, Meta, X, Thomson

☆ Lonza’s CEO churn adds to company’s ailments
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Lonza’s (LONN.S) new broom will face even more challenges than its old one. Since he was appointed CEO in 2020, the Swiss group has increased capital expenditure as a percentage of revenue from 20% to 30% last year. Even before Monday’s fall, the stock was trading at 32 times its forward earnings, around the same level as before its pandemic surge. The disruption of another CEO exit, without a clear explanation, means that the hoped-for growth will take even longer to arrive. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Denis Balibouse, Pierre, Alain Ruffieux, Albert Baehny, Aimee Donnellan, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, Swiss, X, Thomson Locations: Lonza, Visp, Switzerland, Swiss

☆ Prosus CEO exit leaves Tencent elephant in room
▼ + stars: | 2023-09-18 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

REUTERS/Siphiwe Sibeko Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Bob van Dijk is passing an unsolved problem to his successor. The Tencent stake that it owns made up about 75% of the group’s $130 billion portfolio value as of Sept. 15. His workaround was to instead sell little chunks of Tencent shares, and use the proceeds to buy back Prosus stock. Still, the gap reflects shareholders’ ongoing struggles to value Prosus. Neither Prosus nor the 50-year-old van Dijk gave a reason for his exit, but the persistence of the discount won’t have helped.

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Africa’s, Van, van Dijk, It’s, Goldman Sachs, Prosus, Naspers, van Dijk’s, George Hay, Streisand Neto, Oliver Taslic Organizations: REUTERS, Reuters, Prosus, HK, Interim, Vision, Thomson Locations: Johannesburg, South Africa, Amsterdam, India, Brazil, Tencent

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ H&M looks out of sync with shoppers’ reality
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The H&M clothing store is seen in Times Square in Manhattan, New York, U.S., November 15, 2019. REUTERS/Mike Segar Acquire Licensing RightsMILAN, Sept 15 (Reuters Breakingviews) - H&M (HMb.ST) CEO Helena Helmersson is feeling the heat. H&M has probably been operating under the illusion that it could maintain pricing power while consumers are being hit by inflation. Its $120 billion rival Inditex (ITX.MC), whose Zara brand is considered more upmarket than H&M, has started to pause price increases. Right now, H&M trades on the same 20 times forward earnings multiple than Inditex.

Persons: Mike Segar, Helena Helmersson, “, That’s, Shein, Inditex's, Lisa Jucca, George Hay, Streisand Neto Organizations: REUTERS, Reuters, RBC, X, Thomson Locations: Manhattan , New York, U.S, Swedish

☆ Deliveroo lacks tasty recipe for takeover call
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 14 (Reuters Breakingviews) - Deliveroo’s (ROO.L) valuation makes it a plausible takeover target, but Chief Executive Will Shu has a weak hand in negotiating any deal. Activist investor Sachem Head Capital Management has built a stake in the London-listed food delivery company, Bloomberg reported late on Wednesday. Share prices of Deliveroo rose nearly 5% on Thursday morning. That’s below the 1.5 times average of rivals Delivery Hero (DHER.DE), Just Eat Takeaway.com (TKWY.AS), HelloFresh (HFGG.DE) and DoorDash (DASH.N). Lastly, Delivery Hero and Amazon’s 5% and 12.5% stakes could complicate any deal.

Persons: Will Shu, LSEG, Uber, Karen Kwok, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Head Capital Management, Bloomberg, X, Treasury, Thomson Locations: London

☆ Inditex can afford to start sharing its cash pile
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

An employee arranges clothes at one of the largest Zara stores in the world, in Madrid, Spain, April 7, 2022. REUTERS/Juan Medina/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters Breakingviews) - Marta Ortega is facing a test on Inditex’s (ITX.MC) bulging cash pile. In the same period, Inditex delivered 2.5 billion euros of net profit, up 40% year-on-year. Still, growing profits mean its cash pile will only get larger. Net cash is expected to balloon to 12 billion euros by year-end, LSEG data show.

Persons: Juan Medina, Marta Ortega, Massimo Dutti, Inditex, Ortega, Inditex’s, Aimee Donnellan, BoE, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Reuters Graphics Reuters, X, Treasury, UBS, Warner Bros Discovery, Thomson Locations: Zara, Madrid, Spain, Asia

☆ Pinault’s Hollywood foray is untimely distraction
▼ + stars: | 2023-09-08 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

REUTERS/Charles Platiau Acquire Licensing RightsLONDON, Sept 8 (Reuters Breakingviews) - The story of European business trying to mingle with Hollywood has often led to unhappy endings. The Pinault family, which controls $61 billion luxury group Kering (PRTP.PA), thinks it can buck the trend. Pinault may have overpaid for CAA, especially in the middle of a major strike of Hollywood writers and actors. The transaction, through holding company Artemis, adds Hollywood's premiere talent agency to Pinault’s family empire which spans fashion, wine and contemporary art. CAA was valued at $1.1 billion when TPG acquired a majority stake in 2014, four years after having originally invested in the talent agency.

Persons: Francois, Henri Pinault, Kering, Charles Platiau, Tom Hanks, Steven Spielberg, François, Ari Emanuel’s, Artemis ’, Gucci, Alessandro Michele, Pinault, Jean, Kering’s, Valentino, Brad Pitt, Salma Hayek, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, Hollywood, Universal Studios, Creative Artists Agency, CAA, Gucci, TPG, Endeavor, Thomson Locations: Paris, France, bask

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ Direct Line stays in ditch but now faces right way
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Vehicles are seen on the M1 motorway in Milton Keynes following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain May 11, 2020. REUTERS/Andrew Boyers Acquire Licensing RightsLONDON, Sept 7 (Reuters Breakingviews) - Direct Line (DLGD.L) is still in the ditch. The good news is that the company is at least now facing the right way. Direct Line’s scope to actually exit its ditch hinges on customers swallowing the price rises it’s belatedly pushing through. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Milton Keynes, Andrew Boyers, Adam Winslow, George Hay, Hong Kong, Neil Unmack, Streisand Neto Organizations: REUTERS, Reuters, RSA, X, Hong, Thomson Locations: Milton Keynes, Britain

☆ Europe faces dirtier inflation fight than US
▼ + stars: | 2023-09-06 | by ( Francesco Guerrera | ) www.reuters.com time to read: +6 min

The euro zone’s export-led economy is weak, consumers and businesses are borrowing less, and higher borrowing costs mean there’s further pain to come. The contrasting fortunes of Christine Lagarde, president of the European Central Bank, and Jerome Powell, chair of the U.S. Federal Reserve, can be summed up in two numbers. The equivalent figures for the euro zone were 5.3% and 0.6%, respectively. Euro zone inflation has halved from the 10.6% peak it reached in October 2022. Europe faces a longer and dirtier fight to tame rising prices.

Persons: Kai Pfaffenbach, Christine Lagarde, Jerome Powell, That’s, Lagarde, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: European Central Bank, REUTERS, Reuters, U.S . Federal, P, International Monetary Fund, ECB, Economics, Labour, Thomson Locations: Frankfurt, Germany, Europe, United States, U.S, China

☆ Saudi’s sweetened oil lollipop betrays its nerves
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 6 (Reuters Breakingviews) - Prince Abdulaziz bin Salman thinks he needs to sweeten his oil lollipop. The Saudi energy minister has announced that the world’s top oil exporter will extend its 1 million barrels a day production cuts for another three months until the end of this year. On the surface, global trends are helpful for oil, reducing the need for extended OPEC+ cuts. Besides uncertainties over the effectiveness of China’s latest property measures, one surprise has been the strength of Iranian supplies, which are set to rise by 1 million barrels this year to 3.5 million barrels per day by late September. Moreover, Washington may not sit idly by if higher oil prices sabotage the Federal Reserve’s inflation target and damage the economy.

Persons: Prince Abdulaziz bin Salman, Brent, Yawen Chen, Hong Kong, Neil Unmack, Streisand Neto Organizations: Reuters, Organization of, Petroleum, X, Hong, Thomson Locations: Saudi, Russia, U.S, China, Washington

☆ Missing metals hit green economy pressure point
▼ + stars: | 2023-09-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

On Thursday, copper producer Aurubis said it had discovered large discrepancies in inventory levels at its Hamburg recycling centre, which strips out used copper and precious metals from discarded computer circuit boards. The 3 billion euro company’s initial assessment of the incident, which comes after a separate theft case in June, suggests missing metals may lead to a hit of at least 100 million euros. That’s about one-fifth of its previously projected annual pre-tax profit of 450 million euros to 550 million euros for the financial year ending in September. And it will expand to roughly 30.1 million tons by 2031, according to McKinsey. But the consultancy reckons global demand will reach 36.6 million tons at the start of the next decade, leaving a gap of more than 6 million tons per year.

Persons: Trafigura, Aurubis, Liam Proud, Streisand Neto, Oliver Taslic Organizations: Reuters, International Energy Agency, McKinsey, Thomson Locations: Hamburg, European

☆ UBS cost-cut gains are a double-edged sword
▼ + stars: | 2023-08-31 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 31 (Reuters Breakingviews) - UBS’s (UBSG.S) acquisition of Credit Suisse looks increasingly good – maybe a little too good. There were three key questions for shareholders ahead of UBS’s delayed second-quarter results on Thursday, its first since completing the emergency rescue of Credit Suisse in June. And what would UBS do with Credit Suisse’s local business? He’s keeping Credit Suisse’s Swiss business, which allows him to establish a dominant position at home and wring out juicy cost savings. And while some Credit Suisse businesses are disappearing, Ermotti won’t mind.

Persons: Boss Sergio Ermotti, Ralph Hamers, UBS’s, Ermotti, it’s, Sergio Ermotti, Neil Unmack, Streisand Neto Organizations: Reuters, Credit Suisse, UBS, Credit, Suisse’s, Suisse, Swiss Competition, Thomson Locations: Suisse’s Swiss, Switzerland, Schweiz

☆ Shady export leaks suggest Russian sanctions work
▼ + stars: | 2023-08-29 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

That may be true, but the cracks mostly demonstrate the sanctions’ impact, and why they can be tightened. EU exporters did ship nearly 17 billion euros’ worth of goods to Kazakhstan in the 18 months starting in January 2022. And if exports had grown at the 17% pace of previous years, some 6 billion euros would remain unexplained. Meanwhile, Russia’s efforts to circumvent a G7 price cap on its oil shipments are another sign of Western sanctions’ overall effectiveness. EU exports to Russia declined by 30% to 75.7 billion euros over the same period.

Persons: Vladimir Putin, Francesco Guerrera, Streisand Neto, Oliver Taslic Organizations: Reuters, European Union, Reuters Graphics Reuters, Western, Union, Eurostat, Thomson Locations: Kazakhstan, Soviet, Moscow, Uzbekistan, Georgia, Azerbaijan, Armenia, Kyrgyzstan, Russia, China, India, Europe, United States, Central Asia, EU

☆ GAM’s end game still has a way to go
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsMILAN, Aug 24 (Reuters Breakingviews) - GAM’s (GAMH.S) long-running takeover saga has entered a critical phase. The ball is now with the opposing shareholders, which control nearly 10% of the asset manager. The NewGAMe crowd has proposed issuing a 25 million Swiss franc convertible bond to give GAM some breathing space. But this won’t cover expected losses, restructuring charges and pension costs amounting to at least 100 million Swiss francs, GAM has calculated. As things stand, to win the game of rescuing this embattled asset manager, investors will have to dig deep.

Persons: Xavier Niel, Sarah Meyssonnier, NewGAMe’s, Lisa Jucca, Coinbase’s, Aimee Donnellan, Streisand Neto Organizations: French, REUTERS, Reuters, Management, GAM, X, Thomson Locations: Paris, France, French, Ukraine

☆ India’s space startups are ready to blast off too
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave Acquire Licensing RightsBENGALURU, Aug 24 (Reuters Breakingviews) - Nearly seven million people watched India’s space program make history on Wednesday. The Indian Space Research Organisation (ISRO) became the first to land near the moon’s unexplored south pole. Peak XV Partners, formerly Sequoia India and Southeast Asia, in June led a $10 million investment in Digantara, which maps space debris. At $74 million, the bill for India’s moon mission was less than the cost of producing 2013 Hollywood space thriller "Gravity". New Delhi is finalising new foreign direct investment rules, and that will likely turbocharge India’s space startups.

Persons: Amit Dave, Elon Musk, Singapore’s GIC, Pranav Kiran, Coinbase’s, Una Galani, Streisand Neto Organizations: REUTERS, Rights, Reuters, Indian Space Research Organisation, ISRO, SpaceX, XV Partners, Sequoia, Skyroot Aerospace, Hollywood, Twitter, Thomson Locations: Gujarat Science City, Ahmedabad, India, Sequoia India, Southeast Asia, Digantara, New Delhi

☆ Leaving the office for dead may haunt investors
▼ + stars: | 2023-08-23 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Those moves may herald a requirement for a return to a five-day office week. Average office attendance is only 35%, according to AWA, a consultancy that studied companies in 22 countries during April and May of 2023. Still, a mass exodus of tenants is unlikely as office leases in financial districts like London’s Canary Wharf have around 10 years left. But investors fear that once leases come up for renewal, companies will cull space. If bosses have it their way, office stocks may come back from the dead.

Persons: France’s, BNY Mellon, Jamie Dimon, “, ” BNY Mellon, Francesco Guerrera, Streisand Neto Organizations: Reuters, Boston Properties, Google, JPMorgan, . Tech, Communications, Reuters Graphics, AWA, Alexandria Real, Thomson Locations: London , New York, San Francisco, London, U.S, Alexandria, Britain

☆ Arm’s IPO risks shine brighter than its potential
▼ + stars: | 2023-08-22 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Arm’s revenue is still dominated by its mainstay smartphone business, which contributed to the recent growth slowdown. Nor is Arm’s revenue particularly easy to forecast. In the most recent quarter, which ended on June 30, Arm’s revenue fell by more than 2% year-on-year to $675 million. Arm’s owner, SoftBank Group, was previously planning to sell between $8 billion and $10 billion of shares. SoftBank will have the right to appoint seven out of eight directors to Arm’s board after the IPO, provided its shareholding remains above 70%.

Persons: SoftBank Group's, That’s, Masayoshi Son, hasn’t, SoftBank, Liam Proud, Streisand Neto Organizations: Reuters, Nvidia, Reuters Graphics Reuters, U.S, Nasdaq, SoftBank, Thomson Locations: China, British

Search resuls for: "Streisand Neto"

25 mentions found