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☆ Fitch places Gabon on 'rating watch negative' following coup
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Soldiers of the Republican Guard stand on their armed pick-up in a street in Libreville, Gabon August 30, 2023 REUTERS/Scott Ngokila Acquire Licensing RightsSept 5 (Reuters) - Credit ratings agency Fitch said on Tuesday it has placed Gabon on "rating watch negative" (RWN), citing high political uncertainty in the Central African nation following a military coup last month. Fitch placed Gabon's 'B-' Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings on RWN in an unscheduled review. It said the coup may have weakened Gabon's financial prospects by hurting the operational capacity of institutions responsible for its treasury and debt management, and also affecting the country's access to regional debt markets. "We assume Gabon will rely more on the regional market for financing at higher interest costs as the coup heightens the market's nervousness," Fitch said. The credit ratings agency added that a resumption of the country's IMF programme was also now unlikely.

Persons: Scott Ngokila, Fitch, Ali Bongo, Bongo, Pushkala, Shailesh Organizations: Republican Guard, REUTERS, Central, IMF, Thomson Locations: Libreville, Gabon, Central, West, Bengaluru

☆ UK's Lloyds in talks with Barclay family, Carlyle over Very Group - FT
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 1 (Reuters) - Britain's Lloyds Banking Group (LLOY.L) is in talks with the Barclay family and U.S. private equity firm Carlyle (CG.O) over Very Group, an online retailer and financial services provider, the Financial Times reported on Friday. "The Very Group continues to perform well and is operating as normal with robust liquidity," a Very Group spokesperson said in an e-mail. Lloyds and Carlyle did not immediately respond to Reuters' requests for comment. The Barclay family could not be immediately reached. Reporting by Pushkala Aripaka and Saikeerthi in Bengaluru; Editing by Shailesh Kuber and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Barclay, Carlyle, Pushkala Aripaka, Shailesh Kuber, Maju Samuel Organizations: Lloyds Bank, REUTERS, Lloyds Banking Group, Financial Times, Telegraph, Lloyds, Thomson Locations: Saikeerthi, Bengaluru

☆ Ford makes UAW a contract offer
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsCompanies Ford Motor Co FollowAug 31 (Reuters) - Ford Motor (F.N) has made a contract offer to the United Auto Workers (UAW), the company said on Thursday. The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement. Wages, including overtime, and lump-sum bonuses for Ford's UAW-represented hourly workers would increase from $78,000 on average in 2022 to $92,000 in the first year of the contract, the automaker said. Reporting by Gursimran Kaur in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Gursimran Kaur, Shailesh Organizations: Ford, REUTERS, United Auto Workers, UAW, Ford's UAW, Thomson Locations: Liverpool, Britain, Bengaluru

☆ Dell raises full-year forecasts on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) raised its full-year forecast for revenue and profit on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. "AI is already showing it's a long-term tailwind, with continued demand growth across our portfolio," Chief Operating Officer Jeff Clarke said. The company forecast third-quarter revenue between $22.5 billion and $23.5 billion beating analysts' estimates of $21.67 billion, according to Refinitiv data. Dell reported second quarter revenue and EPS above analyst estimates.

Persons: Brendan McDermid, Jeff Clarke, Dell, Mikako Kitagawa, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Dell, Revenue, Gartner, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ SentinelOne raises full-year forecast, adds partnership with Wiz still on
▼ + stars: | 2023-08-31 | by ( Akshita Toshniwal | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 31 (Reuters) - SentinelOne Inc (S.N) raised its annual revenue forecast on Thursday, riding on resilient adoption of its AI-backed security offerings as macroeconomic fears abate. The cybersecurity company also clarified that it had just canceled a "reselling agreement" with Wiz and their partnership with the startup was still on. Startup Wiz said last week that it was considering a potential bid for SentinelOne, which has struggled to become profitable, after reports that it was considering putting itself up for sale. The Mountain View, California-based company expects revenue for the full-year to be $605 million, up from the $590 million to $600 million range it had forecast in June. The cybersecurity company also forecast revenue of $156 million for the third quarter, higher than analysts' estimate of $154.20 million.

Persons: Brendan McDermid, Tomer Weingarten, Wiz, Akshita, Shailesh Organizations: SentinelOne Inc, New York Stock Exchange, REUTERS, SentinelOne, CrowdStrike Holdings, Thomson Locations: New York City, U.S, View , California, Bengaluru

☆ Dell beats quarterly revenue estimates on AI strength, demand recovery
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. REUTERS/Brendan McDermid Acquire Licensing RightsAug 31 (Reuters) - Dell Technologies (DELL.N) beat quarterly revenue expectations on Thursday, as it benefited from the artificial intelligence (AI) boom and stabilizing demand for computer hardware and server products after a months-long slump. Servers and networking revenue for the second quarter came in at $4.27 billion, up 11% from the first quarter, driven by higher demand for AI-optimized servers, Dell said. The personal computer maker reported revenue of $22.93 billion for the quarter ended Aug. 4, compared with estimates of $20.85 billion, according to Refinitiv data. Its infrastructure solutions group which includes servers, storage devices and networking hardware, reported revenue of $8.46 billion, up 11% sequentially.

Persons: Brendan McDermid, Dell, Jeff Clarke, Clarke, Zaheer Kachwala, Shailesh Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Cisco, Nvidia, Big Tech, Revenue, HP Inc, Thomson Locations: New York, U.S, , Texas, China, Bengaluru

☆ Australia regulator sues Qantas alleging sale of tickets on cancelled flights
▼ + stars: | 2023-08-31 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble//File Photo Acquire Licensing RightsCompanies Qantas Airways Ltd FollowSYDNEY, Aug 31 (Reuters) - Australia's competition regulator sued Qantas Airways (QAN.AX) on Thursday, accusing it of selling tickets to thousands of flights after they were cancelled, putting the airline at risk of huge fines and reputational turbulence. The airline kept selling tickets for an average of 16 days after it had cancelled flights for reasons often within its control, such as "network optimisation", the ACCC added. Qantas kept selling tickets to one Sydney-to-San Francisco flight 40 days after it had been cancelled, the regulator said. At the Senate hearing, Joyce confirmed Qantas had written to the federal government in 2022 asking it to deny a request from Qatar Airways, a Qantas competitor on international routes, to increase flights to Australia.

Persons: Phil Noble, Rico Merkert, Alan Joyce, Joyce, Gina Cass, Gottlieb, Byron Kaye, Poonam, Shailesh Kuber, Rashmi Aich, Gerry Doyle, Edmund Klamann Organizations: Qantas, Melbourne International Airport, REUTERS, Rights Companies Qantas Airways Ltd, SYDNEY, Qantas Airways, Australian Competition, Consumer Commission, ACCC, Sydney University's Institute of Transport, Logistics Studies, Australia, Senate, Qatar Airways, Qatar, Thomson Locations: Melbourne, Australia, Sydney, Francisco, Bengaluru

☆ Aussie regulator takes Qantas to court for selling cancelled flights' tickets
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Australian competition regulator has taken Qantas Airways (QAN.AX) to court, alleging the flagship carrier in mid-2022 kept selling tickets for more than 8,000 cancelled flights for an average of over two weeks after the flights were called off. "We have commenced these proceedings alleging that Qantas continued selling tickets for thousands of cancelled flights, likely affecting the travel plans of tens of thousands of people," ACCC Chair Gina Cass-Gottlieb said. "However, this case does not involve any alleged breach in relation to the actual cancellation of flights, but rather relates to Qantas' conduct after it had cancelled the flights." ACCC said it would pursue orders including penalties, injunctions, declarations, and costs against the airline for its conduct after flight cancellations. Reporting by Poonam Behura in Bengaluru; Editing by Shailesh Kuber and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Gina Cass, Gottlieb, Poonam, Shailesh Kuber Organizations: Qantas Airways, Qantas, Australian Competition, Consumer Commission, Airlines, ACCC, Qantas Group, Jetstar, Thomson Locations: Australian, Bengaluru

☆ Shopify says merchants can use Amazon's 'Buy with Prime' option
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. REUTERS/Pascal Rossignol Acquire Licensing RightsAug 30 (Reuters) - Canada's Shopify (SHOP.TO) said on Wednesday Amazon (AMZN.O) will release an app in Shopify's app ecosystem that will give US-based merchants access to Amazon's "Buy with Prime" option. "Soon, Shopify merchants who also use Amazon’s fulfillment network will have the option to add the Buy with Prime app from our app ecosystem directly into Shopify Checkout, processed by Shopify Payments," the company said. The company said the new app would enable Shopify merchants to give Prime members access to Prime benefits like fast and free delivery outside of Amazon.com for the first time ever. Merchants and businesses have been turning to Shopify, which offers tools to create and manage online store-fronts, as retail spending picks up on signs of stabilizing macroeconomic conditions.

Persons: Pascal Rossignol, Granth, Shailesh Organizations: REUTERS, Shopify, Merchants, Thomson Locations: Lauwin, France, Bengaluru

☆ Nvidia-backed CoreWeave seeks stake sale at up to $8 bln valuation - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 30 (Reuters) - Specialized cloud provider CoreWeave is exploring a minority stake sale that values the company at as much as over $8 billion, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. CoreWeave did not immediately respond to a Reuters request for comment. CoreWeave is expected to achieve about $1.5 billion in revenue in 2024, the report added, citing a source. Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale. It has partnerships with AI startups and cloud providers, which it also competes with, to build clusters to power AI workload.

Persons: CoreWeave, Jaspreet Singh, Shailesh Organizations: Bloomberg, Nvidia, Microsoft, Google, Thomson Locations: Roseland , New Jersey, Bengaluru

☆ CrowdStrike lifts forecast for annual revenue, profit on resilient cybersecurity demand
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

CrowdStrike raised its annual revenue outlook to a range of $3.03 billion to $3.04 billion, up from its earlier forecast of between $3 billion and $3.04 billion. It expects adjusted profit per share for the Aug-October period at 74 cents, above estimates of 61 cents per share. Rival Palo Alto Networks forecast annual billings above market estimates earlier in August, as demand for its integrated cybersecurity offerings surged. CrowdStrike posted revenue of $731.6 million for the second quarter ended July 31, beating estimates of $724.1 million. Its adjusted profit per share came in at 74 cents, also ahead of estimates of 56 cents per share.

Persons: CrowdStrike, Jaspreet Singh, Shailesh Organizations: CrowdStrike Holdings, Global, Thomson Locations: Austin , Texas, billings, Bengaluru

☆ Apple starts testing 3D printers to make smartwatch casings - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo Acquire Licensing RightsAug 30 (Reuters) - Apple (AAPL.O) is testing 3D printers to make the steel frames of some of its upcoming smartwatches, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. The company also plans to apply the process to its titanium Ultra watch, but the shift isn't planned until 2024, the report said. Apple is set to host their fall event on Sept. 12, where analysts believe the world's most valuable company will unveil a new line of smartwatches and iPhones. Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Zaheer Kachwala, Shailesh Organizations: Apple Inc, Apple, REUTERS, Bloomberg, Thomson Locations: Manhattan , New York, U.S, Bengaluru

☆ US health officials look to move marijuana to lower-risk drug category
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tom Brenner/Pool/File Photo Acquire Licensing RightsAug 30 (Reuters) - The U.S. Department of Health and Human Services (HHS) has recommended easing restrictions on marijuana, a department spokesperson said on Wednesday, following a review request from the Biden Administration last year. Nearly 40 U.S. states have legalized marijuana use in some form, but it remains completely illegal in some states and at the federal level. The scheduling recommendation for marijuana was provided to the Drug Enforcement Agency (DEA) on Tuesday as part of President Biden's directive to HHS, the spokesperson said. "As part of this process, HHS conducted a scientific and medical evaluation for consideration by DEA. DEA will now initiate its review," a DEA spokesperson said.

Persons: Rachel Levine, Tom Brenner, Biden, Biden's, Karine Jean, Pierre said, Cannabis, George Archos, Sourasis Bose, Mrinalika Roy, Shilpi Majumdar, Shounak Dasgupta, Shailesh Organizations: Department of Health, Human Services, Health, Education, Labor, Capitol, REUTERS, U.S . Department of Health, Drug Enforcement Agency, HHS, DEA, Marijuana, Department of Justice, House Press, Tilray Brands, Cronos, Verano Holdings, Thomson Locations: Washington , U.S, U.S, United States, Canada, North America, Bengaluru

☆ HPE forecasts fourth-quarter revenue below estimates, shares fall
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Signs for Hewlett Packard Enterprise Co., cover the facade of the New York Stock Exchange November 2, 2015. HP Enterprise expects current-quarter revenue between $7.2 billion and $7.5 billion, the mid-point of which was below analysts' expectations of $7.49 billion, according to Refinitiv data. Rival Arista Networks (ANET.N) forecast a robust quarterly revenue after delivering better-than-expected results, helped by higher demand for its cloud gear following AI push. On an adjusted basis, HPE earned 49 cents per share for the third quarter ended July 31, compared with expectations of 47 cents. The Spring, Texas-based company posted quarterly revenue of $7.0 billion, beating analysts' estimate of $6.99 billion, according to Refinitiv IBES data.

Persons: Brendan McDermid, HPE, Akshita Toshniwal, Shailesh Organizations: Hewlett Packard Enterprise Co, New York Stock, REUTERS, Hewlett Packard Enterprise, Wall, HP Enterprise, Arista Networks, HP, Dell Technologies, Nvidia, Thomson Locations: , Texas

☆ SEC probes Change Company over mortgage-backed securities sold to Wall Street - Bloomberg News
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg Acquire Licensing RightsAug 28 (Reuters) - The US Securities and Exchange Commission (SEC) is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, Bloomberg News reported on Monday. "Neither Change nor its leadership is aware of any SEC investigation," the report said, citing the company. The SEC and The Change Company did not immediately respond to Reuters requests for comment. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Bourg, Steven Sugarman, Jaiveer Singh, Shailesh Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, US Securities and Exchange Commission, Bloomberg, Thomson Locations: Washington, California, Bengaluru

☆ Lockheed's Sikorsky wins $2.7 billion U.S. Navy contract
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

A Sikorsky CH-53K King Stallion helicopter is seen in Berlin, Germany, April 26, 2018. REUTERS/Axel Schmidt/file photo Acquire Licensing RightsAug 24 (Reuters) - Sikorsky, a unit of Lockheed Martin (LMT.N), said on Thursday it was awarded a $2.7 billion contract by the U.S. Navy to build 35 additional CH-53K helicopters. The agreement includes 12 U.S. Marine Corps Lot 7 aircraft, 15 U.S. Marine Corps Lot 8 aircraft, and eight aircraft for Israel. "This contract award for 35 CH-53K helicopters stabilizes Sikorsky's nationwide supply base, creates additional production efficiencies," said Sikorsky's president Paul Lemmo. Sikorsky said it will begin delivery of these aircraft in 2026.

Persons: Axel Schmidt, Lockheed Martin, Paul Lemmo, Sikorsky, Pratyush Thakur, Shailesh Organizations: Sikorsky, King Stallion, REUTERS, Lockheed, U.S . Navy, Berlin Air, . Marine Corps, U.S . Marine Corps, Thomson Locations: Berlin, Germany, Israel, Bengaluru

☆ Amazon in talks with Disney about ESPN streaming partnership - The Information
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO-The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. Disney and ESPN are still in the midst of determining an appropriate price for the new service, the report said. ESPN is considering charging between $20 and $35 a month for the new streaming service, which could make it the most expensive streaming service in the U.S, the report added. Amazon.com, Walt Disney and ESPN did not immediately respond to Reuters requests for comment. Reporting by Leroy Leo and Zaheer Kachwala in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Walt, Robert Iger, Leroy Leo, Zaheer Kachwala, Maju Samuel, Shailesh Organizations: REUTERS, Walt Disney Co, ESPN, Disney, Walt Disney, CNBC, Thomson Locations: Lauwin, France, U.S, Bengaluru

☆ Intuit forecasts robust annual profit; shares dip on weak consumer group outlook
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The company forecast Consumer Group growth of 7% to 8% for the financial year ending July 2024. "The Consumer Group guidance for FY24 is lighter than expected," Morningstar analyst Julie Sharma said. Intuit's main products include QuickBooks, TurboTax, Credit Karma, and Mailchimp among others, that serve more than 100 million customers by managing a wide range of accounting services. "We were expecting slightly better Credit Karma results," said Sharma, adding it appears that challenges regarding loans were worse than she expected. The company expects annual revenue between $15.89 billion and $16.11 billion, compared with market estimate of $15.99 billion.

Persons: Morningstar, Julie Sharma, Sharma, Jaspreet Singh, Shailesh Organizations: Intuit, Wall, Consumer, Consumer Group, Thomson Locations: TurboTax, View , California, Bengaluru

☆ Qantas to secure new planes from Airbus, Boeing
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The multi-billion dollar order is split between 12 Airbus A350s and 12 Boeing 787s, which will arrive from fiscal 2027 and into the next decade, Qantas said. Qantas said the deal was aimed at providing a replacement for its current Airbus A330 and Airbus A380 aircraft. This has the potential to meet up to 90% of the group’s interim SAF target for 2030, Qantas said. "SAF reduces lifecycle carbon emissions by up to 80 per cent and is a key part of Qantas’ emissions reduction plan," it said. Reuters earlier in the week had reported, citing industry sources, that Boeing was nearing a deal for its 787 Dreamliner aircraft with Qantas.

Persons: Loren Elliott, Vanessa Hudson, Stan Deal, Rishav Chatterjee, Shailesh Kuber, Maju Samuel Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways, Airbus, Boeing, SAF, Global, Incoming Qantas, Boeing Commercial Airplanes, Reuters, Thomson Locations: Australia, Sydney, Bengaluru

☆ SpaceX working with Cloudflare to speed up Starlink service- The Information
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

SpaceX logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsAug 23 (Reuters) - Elon Musk-owned SpaceX is working with Cloudflare (NET.N) to boost the performance of its satellite internet service Starlink, the Information reported on Wednesday, citing a person with direct knowledge of the project. Starlink is one of a growing number of makers of small satellites that are focused on providing satellite-based internet, including Amazon.com's (AMZN.O) Kuiper, Britain's OneWeb and venture capital-backed Planet. Cloudflare did not immediately respond to a Reuters request for comment. Reporting by Jose Joseph and Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elon Musk, Starlink, Cloudflare, Jose Joseph, Chavi Mehta, Shailesh Organizations: SpaceX, Elon, REUTERS, Thomson Locations: Bengaluru

☆ NetApp beats revenue estimates on rising demand for cloud services
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Aug 23 (Reuters) - NetApp (NTAP.O) reported first-quarter revenue above Wall Street estimates on Wednesday, driven by strong demand for cloud based services from businesses. Enterprise spending on cloud held strong as businesses moved to upgrade their technology infrastructure that is core to their operations and also incorporate newer AI capabilities. NetApp also reiterated its profit and revenue outlook for fiscal 2024. NetApp's total revenue for the quarter ended July 28 was $1.43 billion, compared to analysts' estimate of $1.41 billion, according to Refinitiv data. The company earned an adjusted profit of $1.15 per share, which beat expectations of $1.07 per share.

Persons: NetApp, Yamini, Shailesh Organizations: Enterprise, Thomson Locations: Sunnyvale , California, Bengaluru

☆ Qantas focuses on international capacity recovery after record annual profit
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

"Travel demand is incredibly robust and we've taken delivery of more aircraft and opened up new routes to help meet it," Qantas Group CEO Alan Joyce said. Qantas said its group domestic capacity is expected to remain above pre-COVID levels throughout fiscal 2024. Additionally, its profit was helped by the completion of the group's A$1 billion recovery programme launched in 2020, in the wake of the COVID-19 pandemic. The results beat the mid-point of Qantas' profit outlook of A$2.43 billion to A$2.48 billion, nearly A$850 million higher than its 2018 record levels of A$1.60 billion. The company, however, did not announce a final dividend, continuing the trend of non-payment for the past three years.

Persons: Loren Elliott, Alan Joyce, Refinitiv Eikon, Roushni Nair, Archishma Iyer, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways Ltd, Thomson Locations: Sydney, Australia, Bengaluru

☆ Fintech firm Ramp raises $300 mln at lowered valuation of $5.8 bln
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - Ramp, a developer of financial management software, has raised $300 million in its latest funding round to accelerate expansion in new categories, the company said on Tuesday, notching up a valuation of $5.8 billion. The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed. The latest funding round was co-led by Thrive Capital and Sands Capital along with existing investors Founder's Fund and General Catalyst among others. Previous investors in the fintech include Microsoft Corp (MSFT.O) CEO Satya Nadella, Goldman Sachs (GS.N), Redpoint Ventures and Thrive Capital. The financial management company intends to expand its software into adjacent categories in an attempt to make customer's businesses more "efficient", said Chief Executive Officer Eric Glyman.

Persons: Satya Nadella, Goldman Sachs, Eric Glyman, Pritam Biswas, Shailesh Organizations: New, Sands Capital, Founder's Fund, Catalyst, Microsoft Corp, Redpoint Ventures, Thomson Locations: York, Bengaluru

☆ NYSE suspends trading of WeWork warrants, to start delisting them
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. WeWork, which earlier this month warned about its ability to stay afloat, added that the company's common shares will continue to trade on the NYSE. WeWork had received a non-compliance notice from the NYSE in April, as its stock closed below $1 on average over a consecutive 30 trading-day period. In its efforts to regain listing compliance, WeWork last week had said it would proceed with a one-for-forty reverse stock split. WeWork's shares have lost almost all its value since it went public with an equity value just shy of $9 billion in 2021.

Persons: Kate Munsch, WeWork, recoiled, Adam Neumann, Jaspreet Singh, Shailesh Organizations: REUTERS, New York Stock Exchange, NYSE, Thomson Locations: San Francisco , California, U.S, WeWork's, Bengaluru

☆ Newmont gets Aussie regulatory nod for $16.8 bln Newcrest deal
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021. If the deal goes through, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$29.27 a share. Newcrest in mid-May said it would back the takeover offer in what would be the third-largest deal ever involving an Australian company. Newmont continues advancing other regulatory approvals and expects to close the transaction in the fourth quarter of this year, it said. The Australian Competition and Consumer Commission and Newcrest did not immediately respond to Reuters requests for comment.

Persons: Dado Ruvic, Newmont, Newcrest, Harish Sridharan, Shailesh Organizations: REUTERS, Newmont Corp, Newcrest, Foreign Investment, Board, Australian Competition, Consumer Commission, Thomson Locations: Japan, Philippines, Papua New Guinea, Bengaluru

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