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☆ Lachlan Murdoch backs Fox board role for former Australian PM who called climate change science 'absolute crap'
▼ + stars: | 2023-09-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Former Australian prime minister Tony Abbott has been nominated to Fox Corp's board of directors. The rightwing politician is a controversial figure who's called climate change science "absolute crap." The nomination came just a day after Lachlan Murdoch took the reins of the Fox media empire. Abbott and Johnson "bring skills, experience and perspectives that will contribute to the board and benefit Fox," Lachlan Murdoch said in a press release. A representative for Lachlan Murdoch declined to comment, and Abbott did not immediately respond to a request for comment from Insider, made outside normal working hours.

Persons: Tony Abbott, Lachlan Murdoch, Rupert Murdoch, Lachlan, Peggy Johnson, Abbott, Johnson, Murdoch, He's, Microsoft Abbott, Anne Dias, Jacques Nasser Organizations: Fox, Service, Media, News Corp, Liberal Party, Murdoch, Australian, Bloomberg, UK Board of Trade, Sydney Morning Herald, Microsoft Locations: Wall, Silicon

☆ Rupert Murdoch's 2023 pay at Fox swells 24% to $22.9 million
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Murdoch wed former supermodel Jerry Hall in a low-key ceremony in central London on Friday, the fourth marriage for the media mogul. REUTERS/Stefan Wermuth/File Photo Acquire Licensing RightsCompanies Fox Corp FollowNews Corp FollowSept 22 (Reuters) - Fox Corp's (FOXA.O) former chairman Rupert Murdoch's total compensation for 2023 climbed more than 24% to $22.9 million, a regulatory filing showed on Friday. At Fox, his 2023 compensation includes an annual base salary of $5 million and about $7.6 million in stock awards and options. Lachlan's compensation at Fox stands at $21.8 million for 2023, little changed from last year's $21.7 million.

Persons: Rupert Murdoch, Murdoch, Jerry Hall, Stefan Wermuth, Fox, Rupert Murdoch's, Lachlan Murdoch, Tony Abbott, Peggy Johnson, Deborah Sophia, Pooja Desai Organizations: Companies Fox Corp, News Corp, Fox, Tony Abbott AC, Thomson Locations: London, Britain, Bengaluru

☆ S&P 500, Nasdaq notch biggest weekly losses since March
▼ + stars: | 2023-09-22 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March. On Thursday, the S&P 500 dipped below its 100-day moving average - a key support level - for the first time since March, Its failure to break above that level suggests the index is still under downward pressure. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) suffered the steepest percentage loss, while tech (.SPLRCT) and energy (.SPNY) were the only gainers. The S&P 500 posted one new 52-week high and 35 new lows; the Nasdaq Composite recorded 33 new highs and 321 new lows.

Persons: Brendan McDermid, Alibaba, Zachary Hill, Hill, Jerome Powell, Michelle Bowman, Robert Pavlik, Li Auto, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Reuters, UAW, Dow, Nasdaq, Horizon Investments, Benchmark U.S, Treasury, Dakota Wealth, Dow Jones, Ford Motor, United Auto Workers, Activision, Microsoft, PDD Holdings, Baidu, Bloomberg, Hong, NYSE, Thomson Locations: New York City, U.S, Hong Kong, Charlotte , North Carolina, Fairfield , Connecticut, Bengaluru

Lachlan Murdoch and his siblings attended Dalton, a private school on Manhattan’s Upper East Side, and other elite schools, including Trinity School. In 1999, Lachlan Murdoch assumed responsibility for print operations in the U.S. [1/3]Then Newscorp chairman Rupert Murdoch and son Lachlan Murdoch in the crowd before Super Bowl LI at NRG Stadium in Houston, Texas, U.S., February 5, 2017. The newly constituted Fox was reduced to a handful of assets, including the Fox broadcast network, Fox News, Fox Sports and Fox Business, with Lachlan Murdoch serving as its executive chair and chief executive officer. As chief executive of Fox Corp since 2019, Lachlan Murdoch has presided over the media properties during seismic change in the industry, as viewers cut cable subscriptions in favor of streaming services.

Persons: Lachlan Murdoch, Rupert Murdoch, Murdoch, Rupert Murdoch’s, Anna, Australian Broadcasting Corp’s, Paddy Manning’s, “, Lachlan, James, Dalton, Manning, Robert Deutsch, Walt Disney, Brother James Murdoch, Chris Mitchell, ”, James Murdoch, Kathryn, Fox, Donald Trump, Dawn Chmielewski, Helen Coster, Kenneth Li, Nick Zieminski Organizations: News Corp, Fox Corp, Wall Street Journal, Fox News, Sun, Fox Sports, Fox Entertainment, Australian Broadcasting, New, New York Post, The New York Times, Daily News, Wall Street, San Antonio Express, Monopoly, Trinity School, Trinity Conservative Society, Princeton, News Ltd, U.S ., New York, Century Fox, Walt, Fox, Fox Business, Disney, New York Times, Daily, Dominion Voting Systems, Thomson Locations: Australia, United States, London, New York, U.S, Illyria, NRG, Houston , Texas, Los Angeles

☆ Rupert Murdoch's exit ends chapter for polarising figure in his native Australia
▼ + stars: | 2023-09-22 | by ( Byron Kaye | ) www.reuters.com time to read: +5 min

Even at a time when media consumption is splintering from traditional routes, particularly among younger people, Murdoch's influence is embedded in the country's information ecosystem because of its massive reach, media experts said. His local properties include Sky News Australia, a cable TV channel fashioned on the partisan style of U.S. network Fox News. "The Murdoch papers still have that key reach with working-class demographics that can still be influential," he said. "He has been in lots of ways a controversial figure, but an influential figure too, and this is an end of an era at News." Murdoch's exit cuts a native tie between News Corp and Fox Corp and Australia, where Murdoch was born.

Persons: Rupert Murdoch, Jonathan Ernst, Rupert Murdoch's, Stephen Mayne, Murdoch, Mayne, Shane Homan, Honan, Jim Chalmers, Chalmers, Penny Wong, Malcolm Turnbull, it's, Turnbull, Lachlan Murdoch, James Murdoch, Byron Kaye, Jamie Freed Organizations: USS, Air, Space Museum, REUTERS, Rights, Fox Corp, News Corp, Sky News Australia, Fox, Sky, Monash, Australian Broadcasting Corp, Labor, Labor Party, News, America, ABC, Google, Thomson Locations: New York, U.S, Adelaide, Australia, Britain, Australian, Sydney, Canada

His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition solidifies Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. Lachlan was appointed CEO of the new Fox Corp. Murdoch controls News Corp and Fox Corp through a Reno, Nevada-based family trust that holds a roughly a 40% stake in voting shares of each company. The shares in Fox and News Corp owned by Murdoch’s children through the trust are a combination of both classes of shares.

Persons: Rupert Murdoch, Rafael Nadal, Kevin Anderson of, Mike Segar, Lachlan Murdoch, Murdoch, Lachlan, Fox, Brian Wieser, James, Chloe, Grace, Wendi Deng, Jonathan Miller, Sumner Redstone, Ted Turner, John Malone, Miller, Helen Coster, Aditya Soni, Dawn Chmielewski, Krishna Chandra Eluri, Saumyadeb Chakrabarty, Nick Zieminski Organizations: Fox News, Fox Corp, News Corp, Fox, Dominion, Systems, Wall, Walt Disney Co, Lupa Systems, Corp, Thomson Locations: York, U.S, Kevin Anderson of South Africa, Australia, United States, American, Reno , Nevada, London, New York, Bengaluru, Dawn, Los Angeles

☆ Rupert Murdoch: the billionaire mogul at the helm of a global media empire
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Murdoch wed former supermodel Jerry Hall in a low-key ceremony in central London on Friday, the fourth marriage for the media mogul. REUTERS/Stefan Wermuth/File Photo Acquire Licensing RightsSept 21 (Reuters) - Rupert Murdoch stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O) on Thursday, ending a long reign that saw him develop and lead a global media empire. SPLIT OF THE MURDOCH EMPIREBowing to pressure from shareholders, Murdoch separated News Corp's (NWSA.O) publishing and entertainment assets in 2013. Murdoch reportedly has an unflattering opinion of the former president and has also criticized Fox News anchors for siding with Trump.

Persons: Rupert Murdoch, Murdoch, Jerry Hall, Stefan Wermuth, Ann Lesley Smith, Michael Bloomberg, Donald Trump, Niket Nishant, Noor Zainab Hussain, Saumyadeb Organizations: Fox Corp, News Corp, Daily Express, San, Murdoch's, New York Times, Fox News, Trump, Forbes, Thomson Locations: London, Britain, Australia, United States, U.S, New York City, San Francisco, Bengaluru

☆ NextEra workers roll the dice with big bet on company stock
▼ + stars: | 2023-09-21 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

America’s largest renewable power company is among several U.S. energy and utility companies, including Exxon and Southern Company, that continue to promote big, concentrated bets on company stock in worker retirement plans. Nearly 50% of the investments in NextEra’s employee-funded 401(k) retirement plan are in company stock, the highest among all 30 companies in the S&P 500 Utilities Sector (.SPLRCU). NextEra declined to comment on its use of company stock in employee 401(k) plans. "If we saw a concentration of more than 20% in a single company stock, we would definitely tell them it's a big risk." `Keith Rasmussen, a retired geologist, said he still feels the financial repercussions of holding big bets on company stock in his retirement plans.

Persons: Robert Knoche, Yoon, NextEra, ”, Alicia Munnell, Kristin McKenna, McKenna, Ryan Frazier, Keith Rasmussen, jolt, Rasmussen, “, ” Rasmussen, Richard Valdmanis, Anna Driver Organizations: REUTERS, Exxon, Southern Company, Corporate America, Enron, Utilities, Vanguard Group, Center for Retirement Research, Boston College, Employees, Silicon Valley Bank, Darrow Wealth Management, SEC, Corporations, U.S . Securities, Exchange Commission, Southern Co, Dominion Energy Inc, Dominion, Chesapeake Energy Corp, Thomson Locations: Douglas County , Kansas, U.S, Silicon, Boston, Atlanta , Georgia

☆ Senate moves forward with plans to promote 3 generals and circumvent Tommy Tuberville's ongoing blockade
▼ + stars: | 2023-09-20 | by ( Madison Hall | ) www.businessinsider.com time to read: +2 min

Senate Leader Chuck Schumer is trying to circumvent Tuberville's military promotion blockade. He filed three cloture motions to attempt to force the Senate to vote to promote three generals. The Senate normally promotes military officers en masse, but Tuberville's stopped them for months. By filing the cloture motions, Schumer forced the legislative body to promptly schedule cloture-related votes regarding the three generals. If the cloture motions pass with at least two-thirds of the Senate's vote, the lawmakers will then be required to vote on whether or not to confirm the three generals' promotions.

Persons: Chuck Schumer, Tuberville's, GOP Sen, Tommy Tuberville, Schumer, Randy George, Eric Smith, Charles Q, Brown, Tuberville, Roe, he's, Smith Organizations: Service, GOP, Joint Chiefs, Staff, Senators, Marine Corps Locations: Wall, Silicon

"Indonesia is not an easy market to do business on your own," said Kim, adding that, beyond government sales, VKTR was in talks with large domestic businesses to sell BYD EV buses. TAKING ON TESLAThai EV buyers contributed 24% of BYD's overseas sales in the second quarter, making it the Chinese automaker's largest foreign market, according to Counterpoint, whereas fewer than 1% of Tesla's sales are in Southeast Asia. BYD's Southeast Asia playbook and its embrace of dealerships contrasts with Tesla, whose direct-to-consumer approach is hard to replicate, since no other new EV brand has its buzz or the outsized media presence of its CEO Elon Musk. BYD and its partner Sime Darby Motors are experimenting with a new approach to draw young, tech-savvy consumers towards the Chinese brand in Singapore. The partnership has launched five "BYD by 1826" showrooms that double as white-tablecloth restaurants where dishes are named after BYD EV models.

Persons: Edgar Su, EVs, Tesla's, Soumen, BYD, Sime Darby, Indonesia's, Chee, Kiang Lim, Ayala, Antonio Zara, Rever, Alex Kim, Kim, VKTR, Tesla, Elon Musk, Darby, Jeffrey Gan, Devjyot Ghoshal, Stefanno Sulaiman, Jamie Freed Organizations: REUTERS, Rights, Counterpoint Research, Reuters, Commission, Ayala Corp, Thailand's, Urban Science, Brothers, Ayala Corp's, Motors, Thai EV, Asia playbook, Darby Motors, Sime, Sime Darby Motors, Thomson Locations: Singapore, Rights BANGKOK, JAKARTA, Southeast Asia, Thailand, Malaysia, Philippines, China, Shenzhen, Bangkok, Indonesia, Jakarta, Asia, Hong Kong, Macau

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator. Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output.

Persons: Amit Dave, ONGC Videsh, Vladimir Putin, Videsh, Rajarshi Gupta, ONGC, Gupta, Japan's, Rod Nickel, David Gregorio Our Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Exxon Mobil, World Petroleum Congress, Thomson Locations: Ahmedabad, India, Rights CALGARY , Alberta, Sakhalin, Russia's Far, Calgary, Canada, Ukraine, Russia, Calgary , Alberta

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, after pricing the share sale above its indicated range, according to people familiar with the matter. Klaviyo priced 19.2 million shares at $30 apiece, the sources said, requesting anonymity as the discussions are confidential. The company revised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report earlier on Tuesday that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Timothy Gardner Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York

NEW YORK, Sept 19 (Reuters) - Marketing automation company Klaviyo Inc (KVYO.N) secured a valuation of $9.2 billion in its initial public offering (IPO) on Tuesday, the company said, after pricing the share sale above its indicated range. Klaviyo said it priced 19.2 million shares at $30 apiece. It had raised its indicated IPO price range from $25-$27 per share to $27-$29 per share on Monday. Reuters was first to report that Klaviyo was considering pricing the IPO above its targeted range at $30 per share. Bloomberg News first reported about the IPO being priced at $30.

Persons: Klaviyo, Andrew Bialecki, Ed Hallen, ”, Goldman Sachs, Morgan Stanley, William Blair, Echo Wang, Anirban Sen, Dimpal, Timothy Gardner, Miral Organizations: Klaviyo Inc, Reuters, Bloomberg News, BlackRock Inc, SoftBank, Nasdaq, New York Stock Exchange, Citigroup Inc, Barclays Plc, Mizuho Financial Group, underwriters, Thomson Locations: U.S, New York, Bengaluru

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "International investors are seeing the value of portfolio diversification that Southeast Asia provides," Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: DoubleDragon, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, Tay, Anuruk Karoonyavanich, Yantoultra Ngui, Scott Murdoch, Sumeet Chatterjee, Miral Organizations: Nasdaq, REUTERS, U.S, IPOs, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America's, U.S ., Deloitte, International, DBS, Thomson Locations: New York City, U.S, Asia, SINGAPORE, SYDNEY, United States, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Indonesia, Southeast, Southeast Asia, China, Sydney

Sept 18 (Reuters) - Maplebear Inc , the parent of grocery delivery app Instacart, disclosed on Monday it fetched a $9.9 billion fully diluted valuation after pricing its initial public offering (IPO) at the top of its indicated range. The IPO was priced at $30 per share after the company marketed it with a range of $28 to $30 per share. The IPO raised $660 million based on 22 million shares sold. Arm's fully diluted valuation has risen to $62 billion following three days of its shares trading. These investors include Norges Bank Investment Management, a division of Norges Bank, and entities affiliated with venture capital firms TCV, Sequoia Capital, D1 Capital Partners and Valiant Capital Management.

Persons: Instacart, Echo Wang, Rosalba O'Brien, Jamie Freed Organizations: Inc, Nasdaq, U.S, Klaviyo Inc, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Sequoia, D1, PepsiCo, CVS, Thomson Locations: TCV, Sequoia, New York

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsBEIJING, Sept 15 (Reuters) - China will impose sanctions against U.S. aerospace and defence firms Northrop Grumman (NOC.N) and Lockheed Martin (LMT.N) for providing weapons to Taiwan, the Chinese foreign ministry said on Friday. The sanctions are being enacted under China's Anti-Foreign Sanctions Law, ministry spokesperson Mao Ning told a regular press briefing. Mao named Lockheed Martin Corp's branch in Missouri as the prime contractor that was directly involved in an arms sale to Taiwan on Aug. 24 and said Northrop Grumman has repeatedly participated in the sale of weapons to Taiwan. Taiwan has also reported dozens of Chinese fighters, bombers and other aircraft flying into its air defence zone this week. China's wide-ranging law to counter foreign sanctions came into force in 2021 in an apparent move to legalise tit-for-tat retaliation against punitive actions taken by foreign countries.

Persons: Kim Kyung, Northrop, Lockheed Martin, Mao Ning, Mao, Northrop Grumman, Joe Biden, Joe Cash, Liz Lee, Kim Coghill, Christian Organizations: Lockheed, Japan Aerospace, REUTERS, Rights, U.S, Northrop Grumman, China's, Foreign, Thomson Locations: Japan, Tokyo, Rights BEIJING, China, Taiwan, U.S, Missouri, China . U.S, Shandong, Taiwan's, Beijing

☆ Trucking firm Estes Express submits revised $1.525 bln bid for Yellow's shipment centers
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Yellow said Estes' new bid is the best and superior to Old Dominion Freight Line Inc's (ODFL.O) $1.5 billion August stalking horse bid. Privately held Estes had submitted a $1.3 billion bid last month to acquire Yellow's shipment centers. A stalking horse bid is an initial bid on the assets of a bankrupt company, setting the low-end bidding bar so that other bidders cannot underbid the purchase price. "Estes Stalking Horse Bid is an improvement over the Old Dominion Bid because it offers more money for the Acquired Assets and less fees in terms of bid protections," Yellow said in a filing with the U.S. Bankruptcy Court in Delaware. The nearly 100-year-old company filed for bankruptcy with just $39 million cash on hand, which it said was not enough to run a months-long bankruptcy sale for its 12,000 trucks, real estate holdings and other assets.

Persons: Mike Blake, Yellow, Estes, Ducera, Juby Babu, Subhranshu Sahu Organizations: U.S, Trucking, Express, Old Dominion, Old, Bankruptcy, Ducera Partners, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Delaware, Bengaluru

☆ SoftBank's Arm discusses pricing IPO at $52 per share-source
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. If this pricing is finalized, it would be above Arm's indicated $47-$51 price range and would raise $4.97 billion for SoftBank, based on 95.5 million shares sold. It would infer a valuation on Arm on a fully diluted basis of $55.5 billion. Arm did not immediately respond to a request for comment. Reporting by Anirban Sen in New YorkOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Anirban Sen Organizations: REUTERS, Arm Holdings, Thomson Locations: New York

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. The IPO raised $4.87 billion for SoftBank based on 95.5 million shares sold. It infers a valuation on Arm on a fully diluted basis of $54.5 billion, making it the largest stock market debut since electric car maker Rivian Automotive Inc (RIVN.O) in 2021. Arm did not immediately respond to a request for comment. Reporting by Echo Wang and Anirban Sen in New York Editing by Greg RoumeliotisOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Echo Wang, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, Arm Holdings, Rivian Automotive Inc, Thomson Locations: New York

☆ Feeling the heat: 44% of Japan firms see earnings hit from extreme weather - Reuters poll
▼ + stars: | 2023-09-13 | by ( David Dolan | ) www.reuters.com time to read: +2 min

REUTERS/Satoshi Sugiyama/File Photo Acquire Licensing RightsTOKYO, Sept 14 (Reuters) - Some 44% of Japanese companies see extreme weather events around the globe hitting earnings, a Reuters survey showed, highlighting the impact of scorching heat waves and torrential rains on firms in the world's third-largest economy. Disaster-prone Japan is no stranger to extreme weather events, including typhoons, floods and blistering heat. "Infrastructure is likely to be disrupted due to extreme weather conditions, which could result in emergency spending and lower productivity," wrote a manager at a company in the transport sector. The monthly Reuters Corporate Survey of 502 large and medium-sized non-financial Japanese firms, in which 248 responded, showed a majority of non-manufacturers had already felt or expected to feel the effects of extreme weather on their earnings. Flooding has been a particular headache for Japanese companies.

Persons: Satoshi Sugiyama, Japan Inc's, Fumio, David Dolan, Jacqueline Wong Organizations: Mitsubishi Motor, Rights, Reuters Corporate Survey, Reuters, Nikkei Research, Investment, Thomson Locations: Kurashiki, Japan

☆ Wall Street bosses see deal drought easing as IPOs spur optimism
▼ + stars: | 2023-09-12 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +2 min

[1/2] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. Goldman Sachs (GS.N) CEO David Solomon told Reuters in an interview on Tuesday that the optimism that the U.S. economy will avoid a recession is prompting capital markets to reopen. "The environment is definitely better," said Solomon, who noted that Goldman was involved in most of the share offerings. Venkatakrishnan told investors at a conference in New York. The dealmaking slowdown had prompted thousands of layoffs at investment banks, including at Morgan Stanley (MS.N), Goldman Sachs and Citigroup (C.N) in recent months.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, Solomon, Goldman, Instacart, we'll, C.S, Venkatakrishnan, Morgan Stanley's, Dan Simkowitz, BofA, Alastair Borthwick, Morgan Stanley, Tatiana Bautzer, Lananh Nguyen, Mark Porter, Jamie Freed Organizations: Goldman, REUTERS, Reuters, Arm Holdings, underwriters, Barclays, Bank of America, Citigroup, Thomson Locations: New York City, U.S, British, New York

☆ Asia stock markets weaken amid ongoing retreat from Chinese property sector
▼ + stars: | 2023-09-11 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

A man walks past an electronic board showing Japan's Nikkei average and stock prices outside a brokerage, in Tokyo, Japan, March 17, 2023. Australian shares (.AXJO) reversed earlier losses to be up 0.12% and Japan's Nikkei stock index (.N225) slid 0.19%. The Hang Seng Property Index (.HSNP), a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index (.HSMPI) was off 3.24%. "We need the property market to stabilize first in order for any meaningful kind of economic rebound to happen in China," said David Chao, Invesco's Asia Pacific market strategist. Those should put a floor under the property market some time soon."

Persons: Androniki, David Chao, Daniel Zhang, Brent, Scott Murdoch, Edwina Gibbs, Simon Cameron, Moore Organizations: Nikkei, REUTERS, Rights, Alibaba, HK, Index, Chevron, Thomson Locations: Tokyo, Japan, Asia, China, Pacific, Hong Kong, Asia Pacific, Beijing, Shanghai, Shenzhen, United States, Wells, Australia, Sydney

Google has grabbed a 90% market share in search in the U.S. in recent years, according to government estimates. Rather, the makers of phones and web browsers set Google search as their default because they wanted to deliver the "highest quality" experience for their customers, Google claimed in its January filing. The Justice Department has the burden to show that Google's business deals harmed competition for search. The trial court in that case found Microsoft unlawfully tried to block rival browser Netscape Navigator. The Google trial at the U.S. District Court for the District of Columbia is expected to last about 10 weeks.

Persons: Alphabet's, Rather, Judge Amit Mehta, Barack Obama, Mehta, Peter Navarro, Donald Trump, Stewart Rhodes, Mike Scarcella, Amy Stevens, Diane Craft Organizations: Microsoft, U.S . Justice Department, Apple, Google, Mozilla, The, Department, GOOGLE, Justice, DOJ, Netscape, U.S, District of Columbia, WHO, U.S . Foods, U.S . Capitol, Thomson Locations: Washington, U.S

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