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☆ Salesforce to raise prices of some cloud products from August
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Salesforce (CRM.N) will raise prices for some of its cloud and marketing tools by an average 9% from August, the maker of software for customer relations management said, sending its shares up nearly 4% in early trading on Tuesday. Its first price hike in seven years comes at a time when Salesforce and several other technology companies are increasing their spending to include generative artificial intelligence (AI) to their products and services. The price hike also comes as revenues from cloud services that grew at a scorching pace during the pandemic lockdown have started to slow. Growth at big cloud players such as Microsoft (MSFT.O), Amazon.com (AMZN.O) and Alphabet (GOOGL.O) has come under pressure as enterprise clients look to optimize their cloud spending amid rising cost of borrowing. The new prices for Tableau, Sales Cloud, Service Cloud, Marketing Cloud and Industries will cover new and existing customers, Salesforce said.

Persons: Salesforce, Akash Sriram, Shweta Agarwal Organizations: Microsoft, Marketing Cloud, Industries, Thomson Locations: Bengaluru

☆ TPG to buy Forcepoint unit from Francisco Partners
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Forcepoint said on Monday buyout firm TPG (TPG.O) would purchase its government cybersecurity business from parent Francisco Partners. The deal was for $2.45 billion, the Wall Street Journal had reported over the weekend, citing people familiar with the matter. Forcepoint, TPG and Francisco did not immediately respond to requests for details on the deal value. The unit, Forcepoint Global Governments and Critical Infrastructure (G2CI), is focused on critical infrastructure for U.S. government and federal agencies. Francisco, which bought Forcepoint from Raytheon Technologies (RTX.N) in 2021, will retain a minority stake in G2CI and will continue as a controlling shareholder in Forcepoint Commercial business, the software company said.

Persons: Forcepoint, Francisco, Samrhitha, Shweta Agarwal Organizations: TPG, Francisco Partners, Wall Street Journal, Forcepoint Global, Raytheon Technologies, Forcepoint, Thomson Locations: G2CI, Bengaluru

[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.

Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York

☆ Novavax to receive $350 million from Canada for unused COVID shots
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Novavax Inc FollowJuly 7 (Reuters) - Novavax Inc (NVAX.O) said on Friday Canada will pay $349.6 million to settle the forfeiting of certain doses of its COVID-19 vaccine previously scheduled for delivery. The U.S. vaccine maker also reached a deal with the country's public works and government services department to amend the advance purchase contract after a sharp decline in global demand left a raft of COVID-19 doses unused. The number of vaccine doses due for delivery has been reduced and the schedule for remaining doses to be shipped revised under the amended terms, the company said. The payment will be made in two equal installments in 2023 and the original value of the contract remains unchanged. Novovax – which has its COVID-19 vaccine as the only marketed product after 35 years in business – has raised doubts about its ability to remain in business, flagging uncertainties around its revenue and funding crunch.

Persons: –, Khushi, Shweta Agarwal Organizations: Novavax, Canada, Biologics, Thomson Locations: U.S, Bengaluru

☆ AbbVie trims full-year profit forecast due to higher R&D expenses
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Abbvie Inc FollowJuly 6 (Reuters) - AbbVie Inc (ABBV.N) cut full-year profit forecast due to unfavorable impact from R&D and milestone expenses, the drugmaker said on Thursday. The company now expects adjusted profit between $10.57 and $10.97 per share, compared with $10.72 to $11.12 per share it previously expected. Reporting by Khushi Mandowara in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Khushi, Shweta Agarwal Organizations: AbbVie, Thomson Locations: Bengaluru

☆ Levi Strauss trims annual profit forecast on higher costs, slowing consumer spending
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Levi Strauss & Co (LEVI.N) cut its annual profit forecast on Thursday, in a sign that higher costs were weighing on the denim maker's margins at a time when its wholesale sales remained under pressure in North America. Annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. Industry peer American Eagle Outfitters (AEO.N) had also cut its full-year revenue forecast in May amid weak consumer spending environment. San Francisco-based Levi's has been grappling with higher costs, more promotions and supply chain snarls despite multiple price hikes on its products. Its quarterly revenue fell 9.1% to $1.34 billion, roughly in-line with analysts' expectations, according to Refinitiv data.

Persons: Levi Strauss, Granth, Shweta Agarwal Organizations: Dockers, Industry, Eagle Outfitters, Revenue, Target, Nordstrom, Thomson Locations: North America, United States, San Francisco, Europe, Americas, Bengaluru

☆ NZ's Vista Group to streamline business, cut jobs to turn cashflow positive
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - New Zealand's Vista Group International Ltd (VGL.NZ) on Thursday disclosed plans to reduce 6%-8% of its global workforce and streamline operations in an effort to turn cashflow positive a year earlier than targeted. Shares of Vista rose 4.7% to NZ$1.77 by 1129 GMT, marking its highest level since September 2022. "This updated, more stable, development program should result in a modest reduction in the total spend over time and a lower cash consumption in the near term," the company said. It now expects total capital expenditure to be about NZ$20 million ($12.36 million) per year ongoing. The restructuring and transformation program will be completed by the end of 2023, the company said.

Persons: Roushni Nair, Shweta Agarwal Organizations: Zealand's, International, NZ, Zealand, Thomson Locations: Bengaluru

☆ Trump-tied SPAC reaches agreement with SEC staff over merger
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - A blank-check firm, which was set to merge with former U.S. President Donald Trump's media company and under regulatory investigation, has reached an agreement with the staff of the Securities and Exchange Commission, a filing showed on Monday. The special purpose acquisition company (SPAC), Digital World Acquisition Corp (DWAC.O), said in the filing that the agreement was in principle and not yet definitive, and the terms were subject to the SEC's approval. In October 2021, Trump's newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. But the SPAC deal was in doubt after the Justice Department and the SEC said they were investigating it. If the SEC approves the settlement, it will enter a cease-and-desist order finding DWAC violated certain antifraud provisions in connection with the proposed merger.

Persons: Donald Trump's, DWAC, Arshreet Singh, Shweta Agarwal Organizations: U.S, Securities and Exchange Commission, Trump Media & Technology, Justice Department, SEC, Thomson

☆ US FDA declines to approve Amneal's Parkinson's drug over safety concerns
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - The U.S. Food and Drug Administration (FDA) has declined to approve Amneal Pharmaceuticals' (AMRX.N) drug designed to help control symptoms in Parkinson's disease patients for a longer duration, citing inadequate safety data. The complete response letter comes as a surprise, said Barclays analyst Balaji Prasad. The decision does not impact 2023 forecast as it did not include the revenue from the drug, the company said. Amneal has another Parkinson's drug, Rytary, on the market but has been struggling to gain a foothold in the treatment space. Only 4% of patients use the drug since its approval in 2015, as per company estimates.

Persons: Balaji Prasad, Amneal, Raghav Mahobe, Khushi, Sriparna Roy, Pooja Desai, Shweta Agarwal, Sriraj Organizations: U.S . Food, Drug Administration, Amneal Pharmaceuticals, FDA, Barclays, Thomson Locations: U.S, Bengaluru

☆ Goldman Sachs may exit partnership with Apple - WSJ
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoJune 30 (Reuters) - Goldman Sachs (GS.N) is considering exiting its partnership with Apple (AAPL.O), the Wall Street Journal reported on Friday. The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019. Apple, Goldman Sachs and American Express did not immediately respond to Reuters requests for comment. Apple said earlier this year that it will partner with Goldman Sachs to offer high-yield savings to card customers as banks compete for customer dollars.

Persons: Goldman Sachs, Andrew Kelly, Apple, Arshreet Singh, Shweta Agarwal Organizations: New York Stock Exchange, REUTERS, Apple, Wall Street, American Express, Thomson Locations: New York City , New York, U.S

☆ US regulators consider to limit major lenders' borrowings from FHLBs - Bloomberg News
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ Odey Asset Management pushes to restructure funds -letters
▼ + stars: | 2023-06-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

June 30 (Reuters) - Odey Asset Management (OAM) has proposed to restructure two of its key funds, according to letters to investors reviewed by Reuters, as part of efforts to extract founder Crispin Odey from the business after several assault and harassment allegations surfaced against him. The London-based investment firm is planning to switch shareholders' investments in the OEI Mac and Odey European funds to two new funds, which would then be rehoused under a new firm, the letter added. Freddie Neave, who took over managing OEI Mac and Odey European from Crispin Odey three weeks ago, would run the new funds and leave to work at the new firm. "It is expected that Crispin Odey would not switch to the new fund and would remain in the existing fund," OAM said in both letters. The firm the alternative to this proposal would be to compulsorily redeem investors in the funds.

Persons: Crispin Odey, Freddie Neave, OEI, James Hanbury, Odey, Carolina Mandl, Juby Babu, Shweta Agarwal, Nick Zieminski Organizations: Odey, Management, Reuters, OEI Mac, Lancaster Investment Management, Financial Times, Tortoise Media, Thomson Locations: London, New York, Bengaluru

☆ US regulators consider to limit major lenders' borrowings from FHLBs, Bloomberg reports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File PhotoJune 30 (Reuters) - U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. The Federal Housing Finance Agency (FHFA) might still adjust its plans before announcing the recommendations in the coming months, the report added. Federal Home Loan Banks are 11 U.S. government-chartered institutions that raise money for low-cost lending to their member regional banks. For many of the member banks, they are a preferred final stop for cash before banks in need turn to the Federal Reserve itself as a last resort. Federal Housing Finance Agency did not immediately respond to a Reuters request for comment.

Persons: Sarah Silbiger, FHFA, Jaiveer Singh, Shweta Agarwal Organizations: REUTERS, Loan, Bloomberg, Federal Housing Finance Agency, Reuters, Silicon Valley Bank, Signature Bank, Credit Suisse, Federal, Loan Banks, Federal Reserve, Thomson Locations: Washington , U.S, Silicon, U.S, Bengaluru

☆ Fidelity spot bitcoin ETF application refiled with U.S. SEC
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - Asset manager Fidelity is once again seeking to list and trade shares of its Wise Origin Bitcoin Trust spot bitcoin exchange-traded fund, according to a filing by listing exchange Cboe Global Markets (CBOE.Z) with the U.S. Securities and Exchange Commission. Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks. The SEC has rejected dozens of spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021, and raising hopes that a spot bitcoin ETF would soon be approved. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: VanEck, Bitcoin, Niket, John McCrank, Shinjini Ganguli, Shweta Agarwal, Daniel Wallis Organizations: Fidelity, U.S . Securities, Exchange Commission, BlackRock, Nasdaq, NYSE Arca, Intercontinental Exchange Inc, Coinbase, SEC, Thomson Locations: Bengaluru, New York

☆ Silver Lake secures 63% stake in Software AG after months-long pursuit
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG (SOWGn.DE) and intends to pursue a delisting of the business software developer. Earlier this month, Bain Capital and Rocket Software sold all their shares in Software AG to Silver Lake, helping the company gain a 41% stake. Silver Lake had in April offered to buy Software AG for 30 euros per share, valuing the German software developer at 2.2 billion euros ($2.39 billion). The bid prompted a counteroffer from Rocket Software, owned by private equity firm Bain Capital. In May, the software developer said it supported a sweetened 32 euros per share offer from Silver Lake for the company.

Persons: Silver Lake, Silver, Juby Babu, Shweta Agarwal, Sriraj Organizations: Silver, Software AG, Bain Capital, Rocket Software, Software, Silver Lake, Thomson Locations: Silver, Bengaluru

☆ BlackBerry reports surprise profit on cybersecurity strength
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoJune 28 (Reuters) - BlackBerry (BB.TO) posted a surprise profit for the first quarter on Wednesday as its cybersecurity business benefited from higher client spending, while its enterprise software continued to gain traction in automotive sector. The Canadian technology company is banking on resilient demand for its cybersecurity products on rising security threats in the information technology sector. BlackBerry reported a surprise profit of 6 cents per share for the quarter ended May 31, while analysts were expecting a loss of 5 cents per share. Revenue in the cybersecurity business unit rose 5.5% sequentially to $93 million, while revenue from licensing and other services came in at $235 million, majorly comprising of proceeds from patent sale. Waterloo, Canada-based BlackBerry earlier had announced its plans to conduct a review of strategic alternatives, including possible separation of its core businesses - cybersecurity and software systems.

Persons: Dado Ruvic, Akshita, Shweta Agarwal Organizations: REUTERS, BlackBerry, Refinitiv . Revenue, Malikie Innovation, Thomson Locations: U.S, Canadian, Refinitiv ., Waterloo, Canada, Bengaluru

☆ US considering new restrictions on AI chip exports to China - WSJ
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - The United States is considering new restrictions on exports of artificial intelligence chips to China, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Shares of Nvidia (NVDA.O) fell more than 2%, while Advanced Micro Devices (AMD) (AMD.O) fell about 1.5% on the news in extended trading. The Commerce Department will stop the shipments of chips made by Nvidia and other chip companies to customers in China as early as July, the report said. Nvidia, Micron, and AMD are among the U.S. chipmakers caught in the crossfire between China and the Biden administration. Months later, Jensen Huang-led Nvidia said it will offer a new advanced chip called the A800 in China to meet export control rules.

Persons: chipmakers, Biden, Jensen Huang, Granth Vanaik, Akash Sriram, Maju Samuel, Shweta Agarwal Organizations: Wall Street, Nvidia, Devices, Commerce Department, Micron, AMD, U.S, The Commerce Department, Thomson Locations: United States, China, Bengaluru

☆ KPMG to cut 5% of US jobs in fresh round of layoffs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The firm had over 39,000 employees in the U.S. at the end of its last fiscal year on Sept. 30. KPMG, which cut about 2% of its U.S. workforce in February as per a Financial Times report, was the first of the world's four biggest accountancy firms to slash jobs in the country. The latest round of job cuts would take place through the rest of its 2023 financial year, the firm said. KPMG's fresh round of layoffs were first reported by the Financial Times. Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.

Persons: Ernst, Niket, Shweta Agarwal Organizations: KPMG, Big, Times, Young's U.S, Deloitte, Financial, EY, PricewaterhouseCoopers, Thomson Locations: U.S, Bengaluru

☆ Euro advances, surges to 15-year peak vs yen, after ECB lifts rates
▼ + stars: | 2023-06-15 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The ECB lifted rates by 25 basis points (bps), as expected, to 3.5%, the highest in 22 years. "There were hawkish elements in the latest ECB press conference, in particular the upwardly revised 2025 inflation forecasts. Versus the yen, the euro rose 1.2% to 153.52 , hitting 153.68 yen, the highest since September 2008, following the ECB decision. We have assumed for some time that the rate-cycle peak would be a negative for the dollar peak yields will bolster risk-taking and encourage investors to deploy capital away from the U.S.

Persons: Dado Ruvic, Mark Wall, Christine, Lagarde, Jerome Powell, Shaun Osborne, Gertrude Chavez, Dreyfuss, Samuel Indyk, Rocky Swift, Shweta Agarwal, Emelia, Jonathan Oatis Organizations: U.S, REUTERS, YORK, European Central Bank, ECB, Deutsche Bank, U.S . Federal Reserve, Bank of, Scotiabank, U.S ., Reuters, U.S . Labor Department, Thomson Locations: Bank of Japan, Toronto, New York, London

☆ Dollar ekes out gain after Fed hike hint; yen slips
▼ + stars: | 2023-06-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The euro was last flat versus the dollar at $1.0841 after touching a four-week high of $1.0865 on Wednesday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed. The kiwi dollar sank 0.6% to $0.6172 after data showed New Zealand's economy slipped into a technical recession in the first quarter, putting further rate hikes in doubt.

Persons: Jerome Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt, Sim Moh Siong, Samuel Indyk, Rocky Swift, Edmund Klamann, Sohini Goswami, Shweta Agarwal Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX, People's Bank of China, Singapore, Thomson Locations: The Bank of Japan

☆ Spotify to lay off 200 workers in podcast division
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.

Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru

☆ Online pet goods retailer Chewy surges on sales forecast lift, Canada foray plans
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

June 1 (Reuters) - Shares of Chewy Inc (CHWY.N) rose nearly 20% in premarket trading on Thursday after the online pet supplies retailer raised its annual revenue forecast and said it would enter the Canadian market. The company posted a surprise profit for the first quarter as its sales benefited from strong customer loyalty, prompting at least two brokerages to raise their price target. "Canadian marketplace represents upwards of $15 billion in annual pet sales and is ~10% points underpenetrated online vs. the U.S.," said Roth MKM in a note. The company now expects its full-year revenue between $11.15 billion and $11.35 billion, compared with its prior forecast range of $11.10 billion to $11.30 billion. Excluding items, the company posted net income per share of $0.20 for the first quarter, compared with analysts' expectations of a loss of $0.04 per share.

Persons: Chewy, Roth, Ryan Cohen, Sumit Singh, Vansh Agarwal, Shweta Agarwal Organizations: Chewy Inc, Thomson Locations: Canada, U.S, Bengaluru

☆ Cloud-based Restaurant365 hits unicorn status after $135 mln funding round
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - U.S. cloud-based restaurant manager Restaurant365 has turned a 'unicorn' after a $135 million funding round, the company said on Friday. Start-up funding space, which is reeling from liquidity crunch since last year, has started to see some signs of relief. Earlier in the week, Reuters reported that U.S. property insurer SageSure achieved an unicorn status after closing a $250-million funding round. "L Catterton has deep experience investing in world-class restaurant brands globally," says Ian Friedman, Partner at L Catterton who will join Restaurant365's board. "The primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry," the company said.

☆ India's Glenmark Pharma reports lower Q4 profit as domestic sales weaken
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, May 19 (Reuters) - India's Glenmark Pharmaceuticals Ltd (GLEN.NS) reported a 12.3% decline in fourth-quarter profit on Friday, hurt by higher input costs and lower demand in its domestic drugs business. Consolidated profit before exceptional items and tax fell to 3.09 billion rupees ($37.78 million) for the three months ended March 31, from 3.52 billion rupees a year earlier, the cetirizine maker said in a stock exchange filing. Glenmark, which caters to the therapeutic areas such as diabetes, cardiovascular and oral contraceptives, reported a 11.5% rise in quarterly net sales. Input costs for the quarter rose 11% to 8.77 billion rupees from a year earlier. Glenmark Pharma shares had climbed 9.6% in the March quarter, comfortably outperforming the Nifty Pharma index (.NIPHARM) that fell 4.6%.

☆ Recalled Peloton treadmills get US regulator approval for repair
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - The U.S. Consumer Product Safety Commission (CPSC) on Thursday approved a repair for a rear guard of Peloton Interactive Inc's (PTON.O) recalled 'Tread+' treadmill. "The approved rear guard repair eliminates the potential for entrapment near the rear roller of the treadmill," the safety regulator said in a statement. "The rear guard repair features a breakaway design that pivots away from the treadmill when it comes into contact with a person or object, shutting off power to the unit and decelerating the belt." To date, in addition to the reported death, Peloton has received a total of 351 incident reports of pull-unders, including 90 reports of injuries to consumers, according to the CPSC. Peloton will offer the guard free of charge to all members who own a 'Tread+', the virtual workout company said in a statement on its website.

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