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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
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
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
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
[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
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
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.
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%.
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.
April 19 (Reuters) - Cloud and security services firm F5 Inc (FFIV.O) said on Wednesday it was reducing its workforce by 9% and cutting bonuses of senior executives to bring down costs. The technology industry has seen a wave of layoffs over the past few months as it grapples with slowing growth following a pandemic-led boom in digital services. F5's downsizing plan, which will affect 623 employees due to job cuts, also includes cutting back spending on office space and executive travel. The Seattle, Washington-based company also lowered its fiscal 2023 revenue growth forecast to "low-to-mid single-digit" from an earlier forecast of 9% to 11% growth, sending its shares down 5% in after-market trading. (This story has been refiled to fix syntax in the headline)Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
April 18 (Reuters) - Intuitive Surgical Inc (ISRG.O) beat estimates for first-quarter sales on Tuesday as the surgical robot maker recorded a rise in total procedure volumes. The company reported quarterly sales of $1.70 billion, beating analysts' estimates of $1.60 billion, according to IBES Refinitiv data. The medical device maker posted a 26% growth in procedure volumes of its surgical robot da Vinci in the first quarter through March from a year earlier. Investors are eyeing the launch of company's new multiport surgical robot, which could be a potential near-term catalyst, analysts said after Intuitive in January told its next generation system is not expected to be launched this year. Excluding items, Intuitive earned $1.23 per share in the first quarter, above analysts' average estimate of $1.20 per share, according to IBES data from Refinitiv.
Companies Lucid Group Inc FollowApril 13 (Reuters) - Lucid Group Inc (LCID.O) on Thursday reported March quarter production and delivery figures that were lower than the preceding December quarter. The luxury electric car maker produced 2,314 vehicles and delivered 1,406 in the first quarter, lower than 3,493 vehicles produced and 1,932 delivered in the previous quarter. Shares of the company fell 3% in after-market trade. Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
BNP Paribas appoints José Placido as its US unit's CEO
  + stars: | 2023-04-13 | by ( ) www.reuters.com   time to read: 1 min
April 13 (Reuters) - BNP Paribas (BNPP.PA) said on Thursday it has appointed José Placido as chief executive officer of its U.S. operations, effective April 1. José will assume the role of CEO of BNP Paribas USA and will oversee all U.S.-business activities while retaining in the role of CIB Americas' executive chief, the Paris-based bank said. The biggest euro-zone bank has also appointed Jean-Yves Fillion as the vice-chairman of the BNP Paribas USA Board of Directors. Jean-Yves Fillion was serving as CEO of BNP Paribas USA since 2016, overseeing both wholesale and retail operations. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
Apple to invest another $200 million in carbon removal fund
  + stars: | 2023-04-11 | by ( ) www.reuters.com   time to read: +1 min
April 11 (Reuters) - Apple Inc (AAPL.O) said on Tuesday it doubled its financial commitment to a fund it had established two years ago to invest in projects that remove carbon from the atmosphere. The iPhone-maker said it will invest up to an additional $200 mln in its Restore Fund, which was created in 2021 with an initial $200 million commitment. The additional investment is expected to help the fund start new projects and carry forward its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said. Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030. The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, Apple added.
UK new car sales jump 18% YoY in March; best ever month for EVs
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: +1 min
April 5 (Reuters) - New car registrations in the UK rose for the eighth consecutive month in March, recording an 18.2% growth from a year earlier, and also marked the best month ever for battery electric car sales, according to industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said new car registrations jumped to 287,825 units as supply chain challenges continued to ease, making the first quarter of 2023 the strongest three-month period since 2019. Battery electric vehicle (BEV) sales reached a record monthly high of 46,626, representing 18.6% year-on-year growth, while petrol-powered vehicles remained the most popular fuel type, comprising 56.3% of new units in March. John Wilmot, CEO of car leasing comparison website LeaseLoco, said in a note that it would be foolhardy to declare the car industry is out of the woods just yet, as current reported numbers were still well below pre-Covid levels. Reporting by Sinchita Mitra and Aby Jose Koilparambil in Bengaluru; Editing by Shweta Agarwal and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.
UK new car sales rise 17% in March; best ever month for EVs
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: 1 min
April 5 (Reuters) - New car registrations in the United Kingdom rose for the eighth consecutive month in March, recording a more than 17% rise from a year earlier, according to preliminary industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said it was the biggest month ever for battery electric car registrations. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Sinchita Mitra in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
March 30 (Reuters) - Roku Inc (ROKU.O) will lay off 6% of its workforce, or 200 employees, in its second round of job cuts, the U.S. streaming device maker said, sending its shares up nearly 3% before the bell on Thursday. In a bid to lower expenses, the company also decided to exit and sub-lease office facilities that it did not currently occupy. Majority of the restructuring charges will be incurred in the first quarter of fiscal 2023, while the job cuts will be completed by the end of the second quarter, the company said. Earlier this month, Roku said it had about $487 million, or 26% of its cash and cash equivalents, in deposits with SVB Financial Group (SIVB.O), which was closed down by California banking regulators. Reporting by Tiyashi Datta in Bengaluru; Editing by Arun Koyyur and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
March 29 (Reuters) - United Airlines Holdings Inc (UAL.O) CEO Scott Kirby said on Wednesday the carrier has reached an agreement in principle with a workers union over new contracts that include higher wages for its nearly 30,000 ground workers. The pacts come as airlines strive to retain workers with attractive pay and benefits after a faster-than-expected rebound in U.S. travel demand following the pandemic triggered a shortage. Members covered by the tentative agreements would get more details, the union said in a statement, adding that a ratification vote would be scheduled shortly. The agreements cover seven different work classifications at United Airlines, including fleet service workers, passenger service workers, storekeepers, central load planners, maintenance instructors, fleet technical instructors and security officers. Reporting by Nathan Gomes in Bengaluru; Editing by Shweta Agarwal and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
The drug, Evkeeza, was approved in February 2021 as an additional treatment with other lipid-lowering therapies for patients aged 12 years and above with homozygous familial hypercholesterolemia (HoFH). HoFH is an inherited condition that affects about 1,300 people in the United States. The expanded approval makes Regeneron's Evkeeza the first drug to treat kids under 10 with the condition. The drugmaker estimates there are roughly 200 pediatric patients suffering from HoFH in the United States. The company recorded $48 million in sales of Evkeeza in the United States in 2022.
Delta to launch flight academy to train more pilots
  + stars: | 2023-03-21 | by ( ) www.reuters.com   time to read: +1 min
March 21 (Reuters) - Delta Air Lines Inc (DAL.N) said on Tuesday it would launch a flight academy to train pilots for the airline as the industry struggles with a shortage of aviators. The carrier said the academy, operated in partnership with training provider Skyborne Airline, would start training its first batch of students in June. The Delta Propel Pilot Academy will be based in a 12,000-square-foot facility situated within Skyborne's Florida campus, the statement said. Atlanta-based Delta joins United Airlines Holdings Inc (UAL.O), which agreed to purchase a flight training academy in Phoenix in 2020, in an effort to bolster its roster of pilots. Reporting by Priyamvada C in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
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