DIRS.INFO The most relevant business & tech news

Investors will look for clues on whether inflation is continuing to ease following the Labor Department's consumer price index (CPI) report on Wednesday. Shares of PayPal Holdings (PYPL.O) dropped and pressured the benchmark S&P 500 after the company cut its margin forecast. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. Under Armour Inc (UAA.N) fell 5.66% as the sports apparel maker forecast its annual sales and profit below street expectations. The S&P 500 posted 14 new 52-week highs and 14 new lows; the Nasdaq Composite recorded 77 new highs and 171 new lows.

Shares of PayPal Holdings (PYPL.O) dropped 12% and led declines on the benchmark S&P 500 index (.SPX) after the company cut its margin forecast. They were also among the top drags on the Nasdaq Composite index (.IXIC). Shares of other Apple suppliers including Qualcomm (QCOM.O), Broadcom (AVGO.O), Qorvo (QRVO.O) and Corning (GLW.N) fell between 1.2% to 2%. The action-packed week will see the release of the much-awaited inflation data on Wednesday. The S&P index recorded 13 new 52-week highs and 12 new lows, while the Nasdaq recorded 52 new highs and 130 new lows.

Yields on U.S. short-dated Treasury bills , jumped sharply as investors sold off bonds, which mature as early as June. That weighed on shares of high-growth companies, including Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O), which fell about 0.5% each. ET, Dow e-minis were down 82 points, or 0.24%, S&P 500 e-minis were down 15.25 points, or 0.37%, and Nasdaq 100 e-minis were down 73.25 points, or 0.55%. Chip-gear maker Skyworks Solutions Inc's (SWKS.O) shares tumbled 11.7% after forecasting current-quarter revenue and earnings below estimates. Shares of other Apple suppliers including Qualcomm (QCOM.O) and Qorvo (QRVO.O) fell 0.9% and 2.3%, respectively.

Shares of PayPal Holdings (PYPL.O) dropped 10.5% and led declines on the benchmark S&P 500 index (.SPX) after the company cut its margin forecast. They were also among the top drags on the Nasdaq Composite index (.IXIC). Shares of other Apple suppliers including Qualcomm (QCOM.O), Broadcom (AVGO.O), Qorvo (QRVO.O) and Corning (GLW.N) fell between 0.9% to 2%. That weighed on shares of high-growth companies, including Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O), which fell about 0.3% each. The S&P index recorded six new 52-week highs and 10 new lows, while the Nasdaq recorded 20 new highs and 54 new lows.

☆ Financials bounce back from Friday's slide to lift Indian shares
▼ + stars: | 2023-05-08 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

The Nifty 50 (.NSEI) was up 0.81% at 18,215.75 as of 10:04 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.87%. Nifty Bank (.NSEBANK) and Nifty Private Bank (.NIFPVTBANK) also gained over 1%. On Monday, IndusInd Bank Ltd (INBK.NS) rose nearly 5% and was the top Nifty 50 gainer. Analysts expect the Nifty 50 to witness consolidation in the near-term with resistance seen near 18,200 levels. read more($1 = 81.7330 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Western Alliance says no unusual deposit outflows after First Republic sale
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A screen displays the logo and trading info for Western Alliance Bancorporation on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 14, 2023. REUTERS/Brendan McDermidMay 3 (Reuters) - Western Alliance Bancorp (WAL.N) said on Wednesday it had not experienced unusual deposit outflows following the sale of collapsed lender First Republic Bank to JPMorgan Chase & Co (JPM.N), as the U.S. regional bank sought to reassure investors. Phoenix-based Western Alliance said its total deposits were $48.8 billion as of Tuesday, up from $48.2 billion as of Monday. The statement from Western Alliance came after reports that PacWest Bancorp (PACW.O) was exploring strategic options including a sale or capital raising. The news sent shares of several regional lenders tumbling in after-market trading, led by a 52% plunge at PacWest and 23% decline at Western Alliance.

☆ India's HDFC beats Q4 profit estimates on home loan demand
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

HDFC said profit after tax rose to 44.26 billion rupees ($541.09 million) for the three months ended March 31, from 37 billion rupees a year earlier. Analysts, on average, had expected profit after tax of 38.86 billion rupees, according to Refinitiv IBES data. The lender said it provided individual loans worth 93.40 billion rupees during the quarter, compared with 83.67 billion rupees a year earlier. HDFC is on track to merge with India's largest private lender HDFC Bank Ltd (HDBK.NS). The RBI in April allowed HDFC and HDFC Bank selective regulatory relief in order to smooth out the merger between the two entities.

While the Fed is widely expected to raise rates by 25 basis points at its policy rate announcement at 1800 GMT, the hopes of a pause in increases have grown after a banking crisis that has threatened to hurt economic growth. Lloyds Banking Group (LLOY.L) edged down 0.8% despite beating quarterly profit estimates, as the bellwether lender echoed rivals in maintaining its full-year forecasts. However, energy stocks (.FTNMX601010) were a drag, down 1.2%, tracking weakness in crude prices. Haleon (HLN.L) lost 3.8% as the world's biggest standalone consumer health business reported first-quarter profit below analyst expectations. Luxury carmaker Aston Martin Lagonda (AML.L) lost 2.2% after it reported a narrower quarterly pre-tax loss and maintained its 2023 outlook.

☆ India's Axis Bank reports wider-than-expected Q4 loss on Citi deal
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

Axis reported a loss of 57.28 billion rupees ($700.1 million) for the three months ended March 31, compared to a profit of 41.18 billion rupees a year earlier. Analysts had forecast the bank to report a loss of 8.06 billion rupees, according to Refinitiv IBES data. It reported a standalone operating profit, which excludes provisions and contingencies, of 91.68 billion rupees, compared to 64.66 billion rupees a year earlier. The bank's net interest income, the difference between interest earned and expended, grew 33% to 117.42 billion rupees. Provision and contingencies for the quarter stood at 3.06 billion rupees, down from 9.87 billion rupees a year ago.

☆ London's FTSE 100 gains on upbeat results; Capricorn Energy drops
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The London Stock Exchange Group offices in the City of London, Britain, December 29, 2017. REUTERS/Toby MelvilleSummarySummary Companies FTSE 100 up 0.1%, FTSE 250 off 0.2%April 27 (Reuters) - The UK's FTSE 100 edged higher on Thursday, snapping a three-day losing streak as markets cheered upbeat corporate updates, while shares of Capricorn Energy fell due to a full-year operating loss. The blue-chip index (.FTSE) was up 0.1%, while the mid-cap FTSE 250 (.FTMC) lost 0.2%, as of 0717 GMT. Banks (.FTNMX301010) added 0.7%, led by Barclays (BARC.L) gaining 2.7% after the lender's first-quarter profit exceeded expectations as strong performance from its credit card business offset pressure on other business lines. Unilever (ULVR.L) gained 1.3% after it smashed quarterly sales forecasts as another big rise in prices triggered only a small dip in volumes.

☆ India's Bajaj Finance beats Q4 profit expectations on strong loan demand
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 26 (Reuters) - Indian non-bank lender Bajaj Finance Ltd's (BJFN.NS) fourth-quarter profit beat estimates on Wednesday, led by strong customer addition on the back of demand for loans. Consolidated net profit rose 30.5% to 31.58 billion rupees ($386.4 million) for the quarter ended March 31, beating analysts' expectations of 30.93 billion rupees, according to Refinitiv IBES data. The company's customers increased by about 3.1 million in the fourth quarter, it said earlier this month. Net interest income, the difference between interest earned on loans and paid on deposits, rose 28% to 77.71 billion rupees, while interest income jumped 33.6% year-on-year. ($1 = 81.7400 Indian rupees)Reporting by Meenakshi Maidas in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Britain's house prices show weak rise in AprilBunelm gains on Stifel upgradeMedica Group surges on buyout dealFTSE 100 down 0.2%, FTSE 250 adds 0.2%April 24 (Reuters) - London's FTSE 100 fell on Monday as energy stocks and base metal miners lost ground on weak demand outlook, while caution set in ahead of a busy week of earnings. Oil giants BP (BP.L) and Shell (SHEL.L) lost 0.9% and 1.2%, respectively, as crude prices fell more than 1% on concerns about rising interest rates, global economic slowdown and fuel demand outlook. The FTSE 100 (.FTSE) fell 0.2%, while the mid-cap FTSE 250 (.FTMC) was up 0.2%, as of 0821 GMT. Growth companies, including Microsoft Corp (MSFT.O), Google parent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O), are scheduled to report their earnings this week. The FTSE 100 logged its fifth consecutive weekly rise on Friday, marking its longest streak of weekly gains in more than a year, buoyed by commodity stocks, even as weak global economic growth outlook keeps investor sentiment subdued.

☆ Tesla hikes US prices days after sixth price cut this year
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Tesla's Model S Plaid and Model X Plaid- the performance versions of those models - are now priced at $107,490, up from $104,990 earlier, the company's website showed. The price of the Model X is now roughly 2.6% higher at $97,490, while that of the Model S was increased around 2.9% to $87,490. However, the prices of all four models are still both between 16% and 23% cheaper than at the start of the year. Tesla had cut prices on both versions of the Model S and Model X by $5,000 earlier this month, days after reporting deliveries of these vehicles slumped by 38% in January to March. Ford Chief Executive Jim Farley said on Thursday that Tesla was pioneering a more dynamic way of pricing electric vehicles that other manufacturers would have to follow.

☆ Glencore copper output dips, expects strong trading profit
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Glencore (GLEN.L) on Friday reported lower copper, zinc and nickel production in the first quarter but said it expects its trading division to exceed the top end of annual guidance. It now expects full-year marketing earnings before interest and tax (EBIT) to exceed the top end of its annual range between $2.2 billion and $3.2 billion in 2023. Glencore last month made a $22.5 billion takeover offer for Teck, which was rejected by the Vancouver-based miner's board as exposing its shareholders to thermal coal and energy trading. The bid included a proposed spinning out of thermal and steelmaking coal operations, rebranding the remaining company as GlenTeck. The all-share offer came as Teck's own plan to spin off its metallurgical coal business and focus on copper and zinc nears an April 26 vote.

☆ Gold gains as traders gear up for US inflation data
▼ + stars: | 2023-04-12 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies All eyes on CPI data due at 1230 GMTA soft inflation print could send gold above $2,032 - analystApril 12 (Reuters) - Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." A "weaker U.S. dollar and returning investment flows have been holding (gold) prices, ANZ said in a note.

☆ 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.

After missing a target to install 175 GW in renewable energy capacity by 2022, India is now trying to boost non-fossil capacity - solar and wind energy, nuclear and hydro power, and bio-power - to 500 GW by 2030. Its renewable energy capacity, excluding big hydro and nuclear power, exceeds 122 GW, while non-fossil capacity currently stands at more than 175 GW, according to government data as of February 28. Coal currently accounts for over half of India's 412.2 GW power generation capacity. Out of the targeted 50 GW in new green energy tenders every year, 10 GW will be for installation on wind turbines, according to the memo. Solar currently makes up over half of India's renewable energy capacity, while wind energy accounts for nearly a third.

☆ UK's Cineworld to terminate sale process for US, UK businesses
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Movie chain operator Cineworld Group (CINE.L) said on Monday it will terminate the sale process for its U.S., UK and Ireland businesses after failing to find an all-cash buyer, while also reaching a conditional deal with lenders to exit bankruptcy. The global company, which is under Chapter 11 bankruptcy protection, said it will continue to consider proposals for the sale of its 'Rest of World' business, comprising its operations outside the U.S., UK and Ireland. A court filing on Sunday showed Cineworld plans to raise $2.26 billion to exit bankruptcy proceedings in the first half of 2023. "This agreement with our lenders represents a 'vote-of-confidence' in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment," CEO Mooky Greidinger said in a statement. Reporting by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ FTSE 100 up as oil stocks rise; Cineworld slumps
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.5%, FTSE 250 flatApril 3 (Reuters) - UK's FTSE 100 hit a three-week high on Monday, lifted by oil giants as crude prices rallied following a surprise output cut by OPEC+, while theatre chain Cineworld neared record lows as it failed to find a buyer for its U.S., UK and Ireland businesses. Energy heavyweights Shell Plc (SHEL.L) and BP Plc (BP.L) advanced over 4% each as crude oil prices jumped more than 5% following an unexpected output cut over the weekend by the Organization of the Petroleum Exporting Countries(OPEC) and its allies. The broader energy sector (.FTNMX601010) was up 4.3%, on course for its biggest daily gain in more than four months. The export-oriented FTSE 100 (.FTSE) rose 0.5%, kicking off the new quarter with gains, as the pound slipped. Reporting by Johann M Cherian in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Shipbuilder Austal sinks on former U.S. executives' indictment for financial fraud
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Australian shipbuilder Austal Ltd (ASB.AX) sank as much as 8.4% to its lowest level in more than four years on Monday after the United States Department of Justice indicted three of its former U.S. employees on manipulating financial information. Austal, which builds ships for the U.S. Navy and is working on parts of the Virginia class submarines, plunged to its lowest level since October 25, 2018, and marked its worst intraday drop since January 17. The U.S. Securities and Exchange Commission (SEC) has also filed civil charges against the three individuals, Austal said. Austal is down 17% so far this year, as of last close, compared with a 2.1% increase in the ASX All Ordinaries index (.AORD). Reporting by Sameer Manekar in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Rio Tinto boosts FTSE 100, worries of recession fade
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.1%, FTSE 250 flatMarch 31 (Reuters) - UK's FTSE 100 inched up on Friday as miner Rio Tinto rose after signing a partnership to develop a copper project, while relief that the domestic economy avoided a recession last year also aided sentiment. Data by the Office for National Statistics showed UK's economy grew in the fourth quarter as the country narrowly avoided a recession. Anglo-Australian miner Rio Tinto (RIO.L) rose 0.9% after signing a joint venture with Canada's First Quantum Minerals Ltd (FM.TO) to develop the La Granja copper project in Peru. Industrial metals miners (.FTNMX551020) housing Rio Tinto added 0.3% by 0721 GMT. The commodity heavy FTSE 100 (.FTSE) was up 0.1%, while the FTSE 250 (.FTMC) was flat.

☆ Fitch says contagion risks loom over two Adani entities
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Ratings agency Fitch said two Adani Group subsidiaries are exposed to "heightened contagion risks", possibly affecting their financial flexibility, due to governance weakness at the parent conglomerate and other Adani group companies. Fitch said that Adani Transmission Ltd (ADAI.NS) and Adani Ports and Special Economic Zone (APSE.NS) are prone to risks, according to a note released late on Tuesday. Fitch early last month said it had seen no immediate impact on its ratings of Adani Group entities and their securities following short-seller Hindenburg Research's Jan. 24 report on the conglomerate. Fitch still said "cash flow generation from January 2023 to March 2024 will boost the liquidity of the rated groups." Reporting by Juby Babu in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema, Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ European stocks extend recovery as banking fears ebb
▼ + stars: | 2023-03-28 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The continent-wide STOXX 600 index (.STOXX) climbed 0.4%, extending its rebound after last week's market rout caused by the collapse of Credit Suisse and two mid-sized U.S. lenders. European banks (.SX7P) rose 1.2%, adding to Monday's 1.4% gain. Credit Suisse shares rose 1.7%. The European banks index was on track for its worst monthly showing since March 2020, when financial markets were roiled by pandemic fears. Embracer (EMBRACb.ST) tumbled 13.8% to the bottom of the STOXX 600 after the Swedish gaming group pushed back dates for expected completion of several deals announced last year.

☆ Aussie start-up firm SafetyCulture appoints Tesla Chair as director
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Australian technology firm SafetyCulture on Monday said it has appointed Robyn Denholm, chair of electric vehicle maker Tesla Inc (TSLA.O), as a director to its board. Denholm, who has been an advisor to the Australian firm since late 2021, is replacing Rick Baker, co-founder of Blackbird Ventures, the company said in a statement. The collapse of U.S.-based technology-focused lender Silicon Valley Bank and the ensuing volatility in global financial markets in recent weeks has stoked concerns of higher funding costs for start-up businesses. Denholm's new role is in addition to her roles as Tesla Chair and Chair of The Technology Council of Australia, the company said. Denholm has been in various senior roles in the global technology industry, including former chief financial officer at Australian firm Telstra and is an operating partner at Blackbird Ventures.

☆ Gold inches lower on steady dollar, with focus on banking risks
▼ + stars: | 2023-03-27 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for 2nd session in a rowGrowth worries, banking stresses could benefit gold- analystMarch 27 (Reuters) - Gold prices edged down for a second straight session on Monday as the U.S. dollar firmed, while authorities attempted to assuage investor fears of a widespread crisis in the global banking sector. Spot gold was down 0.1% at $1,975.59 per ounce, as of 0350 GMT. Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the United States closer to recession, Minneapolis U.S. Federal Reserve President Neel Kashkari said on Sunday. While gold is considered a hedge against inflation and economic uncertainties, higher interest rates tend to discourage investment in non-yielding bullion. Spot silver fell 0.6% to $23.08 per ounce, platinum was 0.2% lower at $974.60 and palladium slipped 0.7% to $1,405.48.

Search resuls for: "Sonia Cheema"

25 mentions found