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☆ Disney, Charter reach distribution deal ahead of 'Monday Night Football'
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Rival media companies Warner Bros Discovery (WBD.O) and Paramount Global (PARA.O) gained 2.3% and 2%, respectively. That deprived nearly 15 million Spectrum video subscribers of access to the U.S. Open tennis tournament, college football and other programming. Charter pays Disney more than $2.2 billion annually for the right to distribute the media giant's channels to subscribers. Companies like Charter say rising distribution fees are forcing cable companies to increase prices, causing consumers to leave. It wants to keep as many cable subscribers as possible while it prepares to offer ESPN directly to consumers on an app.

Persons: Brendan McDermid, Walt Disney, Robert Iger, Chris Winfrey, Akash Sriram, Maju Samuel Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Charter Communications, ESPN, NFL, Disney, Warner Bros Discovery, Paramount Global, ABC, U.S, Buffalo Bills, New York Jets, Charter, Companies, NBA, Thomson Locations: New York, U.S, New York City, Los Angeles, Bengaluru

☆ Mobileye appoints insider Rojansky as CFO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen on a jumbotron outside the Nasdaq MarketSite at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsSept 11 (Reuters) - Self-driving technology maker Mobileye Global (MBLY.O) named insider Moran Rojansky as its chief financial officer on Monday, succeeding Anat Heller who left the role in June for personal reasons. Rojansky, 43, has been with the Israel-based company since 2016 and most recently served as its interim finance chief. Heller will continue to serve as an adviser to the company's finance department and senior management, Mobileye said. The company, spun off from Intel (INTC.O) in October, has partnerships with prominent automakers including Volkswagen (VOWG_p.DE) and Porsche (PSHG_p.DE).

Persons: Shannon Stapleton, Moran Rojansky, Anat Heller, Heller, Mobileye, Arsheeya, Maju Samuel Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, REUTERS, Mobileye, PricewaterhouseCoopers, Intel, Volkswagen, Porsche, Polestar, Thomson Locations: New York City, U.S, Israel, Mobileye, Bengaluru

Sept 11 (Reuters) - Klaviyo is seeking a fully-diluted valuation of up to $8.4 billion in its initial public offering (IPO) in the United States, the marketing firm said on Monday, as it becomes the latest company to tap a growing wave of stock market listings. However, the company's proposed valuation is a climb-down from the $9.15 billion pre-money valuation at which Klaviyo last raised capital in 2021, reflecting a broader gloom in the technology startup ecosystem. Founded in 2012, Klaviyo helps store and analyze data for e-commerce brands that enables them to send out personalized marketing emails and messages to potential customers. Klaviyo posted 51% growth in revenue to $164.6 million for the three months ended June 30. The company is expected to debut in September, a busy month for stock market listings that could serve as a litmus test for other companies looking to go public.

Persons: Andrew Bialecki, Klaviyo, AllianceBernstein, Goldman Sachs, Morgan Stanley, Sri Hari, Manya, Niket Nishant, Shweta Agarwal, Maju Samuel Organizations: Arm Holdings, Neumora Therapeutics, Summit Partners, BlackRock, New York Stock Exchange, Citigroup, underwriters, Sri, Manya Saini, Thomson Locations: United States, Boston, United Kingdom, Australia, Bengaluru

☆ Barclays plans hundreds of job cuts in trading, investment bank units, Bloomberg reports
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

A view shows signage on a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls Acquire Licensing RightsSept 8 (Reuters) - Barclays Plc (BARC.L) is planning to cut hundreds of jobs across its trading and investment bank divisions, Bloomberg News reported on Friday, citing people familiar with the matter. The report added that the British lending group is planning to remove about 5% of client-facing staff in the trading division along with some dealmakers globally, as well as restructure teams within its UK consumer-banking unit. Reporting by Amna Karimi in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Amna, Maju Samuel Organizations: Barclays Bank, REUTERS, Barclays Plc, Bloomberg, Thomson Locations: London, Britain, Bengaluru

In top consumer China, premiums climbed to as high as $55 an ounce over global spot prices this week, traders said, from $20-$38 last week. The policy-measures to support the economy are expected boost physical gold demand, said Peter Fung, head of dealing at Wing Fung Precious Metals. Official data on Thursday also showed that the People's Bank of China increased its gold holdings to 69.62 million fine troy ounces at end-August. Local gold prices were trading around 59,200 rupees per 10 grams on Friday, up nearly 2% in three weeks. In Japan, where domestic gold rates were trading at record levels this week, dealers charged $0.5 premiums.

Persons: Peter Fung, Bernard Sin, Harshad Ajmera, JJ, Anushree Mukherjee, Swati Verma, Rajendra Jadhav, Maju Samuel Organizations: Chinatown, Metals, People's Bank of China, U.S ., MKS, JJ Gold, Traders, Rajendra, Thomson Locations: China, Japan, India, Greater China, Kolkata, Local, Hong Kong, Singapore, Tokyo, Bengaluru, Mumbai

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

☆ Summit Materials to merge with Cementos Argos's US operations in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would merge with the U.S. operations of Cementos Argos in a cash-and-stock transaction valued at $3.2 billion, creating the fourth-largest cement platform in the United States. Cementos Argos will receive about $1.2 billion in cash, subject to closing adjustments, and 54.7 million shares of Summit based on its closing price on Wednesday. Argos USA has assets comprising four integrated cement plants, 140 ready-mix plants and eight ports, giving Summit a "significantly improved scale" in high-growth markets. Cementos Argos will own about 31% of the combined company on upon the closing of the transaction.

Persons: Luisa Gonzalez, Cementos, Ananta Agarwal, Savio D'Souza, Maju Samuel Organizations: REUTERS, U.S, Summit, Argos USA, Thomson Locations: Argos, Bogota, Colombia, United States

Sept 7 (Reuters) - Defense technology startup Anduril Industries, founded by entrepreneur Palmer Luckey, said on Thursday it acquired autonomous aircraft maker Blue Force Technologies, as it looks to strengthen its autonomous fleet and software capabilities. The deal, whose terms were not disclosed, comes as aerospace companies ramp up their spending on artificial intelligence and autonomous aircraft amid geopolitical uncertainties. North Carolina-based Blue Force designs and manufactures composite aircraft and components. Anduril earlier this year also launched its Lattice for Mission Autonomy, an artificial intelligence-enabled software, used to collaborate teams of autonomous systems during missions under human supervision. Reporting by Abhinav Parmar in Bengaluru and Mike Stone in Washington; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Palmer Luckey, Chris Brose, Fury, Anduril, Luckey, Abhinav Parmar, Mike Stone, Maju Samuel Organizations: Defense, Industries, Blue Force Technologies, Force, Anduril, Reuters, Mission Autonomy, VR, Facebook, Thomson Locations: North Carolina, China, Bengaluru, Washington

☆ Walmart changes starting pay structure for entry-level store workers
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski Acquire Licensing RightsCompanies Walmart Inc FollowSept 7 (Reuters) - Walmart (WMT.N) is changing the hourly starting wage structure for entry-level store workers, as companies seek to reduce costs in a slowing job market. Deli, auto center and bakery workers will continue to receive higher starting wages as they are higher-skilled roles, she added. The Wall Street Journal, which was the first to report the wage structure changes that went into effect in mid-July, said the changes mean paying some new store workers less than it would have three months ago, citing documents seen by the Journal and store workers. Walmart pays its employees different starting wages based on where the store is based. The new wage structure will not change Walmart's minimum hourly wage of $14 or result in any pay cuts for existing employees, the spokesperson said.

Persons: Kamil Krzaczynski, Anne Hatfield, Hatfield, Walmart's, Ananya Mariam Rajesh, Siddharth Cavale, Maju Samuel, Frances Kerry Organizations: REUTERS, Walmart, Street, Journal, Midwest, Reuters, Thomson Locations: Chicago , Illinois, U.S, United States, Bengaluru, New York

[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 Photo Acquire Licensing RightsSept 7 (Reuters) - Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are poised for stronger results next year compared to other large-cap U.S. banks as dealmaking on Wall Street picks up and asset management businesses gain momentum, HSBC said on Thursday. The brokerage said that Goldman Sachs and Morgan Stanley should post high single-digit to low double-digit revenue growth in 2024 and sizable earnings growth in 2024 and 2025 after being weighted from a decade-long low in investment banking. Lead analyst Saul Martinez believes a "bifurcation" is emerging in revenue forecast between traditional and capital markets-focused banks and picks Goldman Sachs as the brokerage's preferred name in its coverage. "We see deal activity picking up: even in a sluggish economic growth environment, greater visibility regarding the direction of economic growth, interest rates, and inflation should trigger more equity and debt issuance and M&A activity," Martinez said.

Persons: Goldman Sachs, Andrew Kelly, Morgan Stanley, Saul Martinez, Martinez, JPMorgan Chase, Wells, Aniruddha Ghosh, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Wall, HSBC, Federal Reserve, Bank of America, JPMorgan, of America, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ Mastercard denies report of plans to raise credit card fees
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. The Wall Street Journal, citing sources and documents it had viewed, reported last week that fee increases were scheduled to start in October and April at Mastercard and rival Visa (V.N). "Mastercard is not raising interchange rates in the U.S. this fall and has no plans to do so," the company said. It is also not raising network fees in the U.S. required for the processing of Mastercard transactions this fall, the firm added. "We stand by our reporting," the Wall Street Journal said in a statement to Reuters.

Persons: Dado Ruvic, Manya Saini, Maju Samuel, Devika Organizations: REUTERS, Mastercard, Street, Visa, Reuters, Street Journal, Thomson Locations: U.S, Bengaluru

☆ Mastercard denies report it plans to raise credit card fees
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Master Card logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 5 (Reuters) - Mastercard (MA.N) on Tuesday denied a media report that this fall the payments processing giant is planning to increase credit card fees, which many merchants pay when they accept customers' credit cards. "Mastercard is not raising interchange rates in the U.S. this fall and has no plans to do so," the company said. It added that its also not raising network fees in the United States required for the processing of Mastercard transactions this fall. The world's largest payments processor added that despite strong growth in the use of its cards, overall interchange fees on Visa transactions have been flat for the past decade.

Persons: Dado Ruvic, Dow Jones, Manya Saini, Maju Samuel Organizations: REUTERS, Mastercard, Street, Visa, Thomson Locations: U.S, United States, Bengaluru

☆ Swiss takeover board rules NewGAMe's partial offer for GAM shares complies with rules
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsAug 31 (Reuters) - Switzerland's takeover board has ruled that a partial offer for up to 28 million shares of GAM Holding (GAMH.S) by an investor group comprising NewGAMe SA and Bruellan SA is in line with Swiss takeover rules, NewGAMe said on Thursday. The arrangement would be also that the investor group would propose new GAM board members at the upcoming extraordinary general meeting (EGM), where the fund manager's current board is expected to stand down. The regulator on Thursday also challenged the validity of the condition making NewGAME's offer conditional to Rock's candidates being elected to GAM's board, NewGAMe said. Last week, a takeover offer from Liontrust won the backing of just 33.64% of GAM's shareholders. ($1 = 0.8830 Swiss francs)Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, NewGAMe, Xavier Niel's NewGAMe, Liontrust, Kanjyik Ghosh, Maju Samuel Organizations: REUTERS, GAM, NewGAMe SA, Bruellan SA, Swiss, Rock Investment, Swiss Financial Market Supervisory Authority, Thomson Locations: Zurich, Switzerland, 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

☆ Meta may allow Facebook, Instagram users in EU to pay to avoid ads - NYT
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsSept 1 (Reuters) - Meta Platforms (META.O) is considering paid versions of Facebook and Instagram with no advertisements for users residing in the European Union (EU) as a response to scrutiny from regulators, the New York Times reported on Friday. Those who pay for the subscriptions would not see ads while Meta would also continue to offer free versions of the apps with ads in the EU, the report said, citing three people with knowledge of the plans. It is unclear how much the paid versions of the app would cost, the NYT report said. Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna Chandra Eluri and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Zaheer Kachwala, Krishna Chandra Eluri, Maju Samuel Organizations: REUTERS, Facebook, European Union, New York Times, Meta, Thomson Locations: Brussels, Belgium, EU, German, Bengaluru

☆ Lululemon raises annual forecasts for second time on buoyant demand
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Lululemon Athletica (LULU.O) lifted its annual sales forecast for a second time on Thursday, betting on steady demand for its activewear from affluent shoppers in North America and China. Like industry peer Hibbett (HIBB.O), Lululemon has also been launching new products such as "road-to-trail" running shoes and introducing new colors in its sports apparel in a bid to attract more customers to shop at its stores. The company now expects full-year 2023 revenue between $9.51 billion and $9.57 billion, compared with its prior estimate of $9.44 billion to $9.51 billion. Lululemon now expects annual profit between $12.02 and $12.17 per share, compared with its prior estimate of $11.74 to $11.94 per share. Reporting by Granth Vanaik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Hibbett, Lululemon, Granth, Maju Samuel Organizations: Nike, Dick's Sporting, Thomson Locations: North America, China, Bengaluru

In the second quarter ended July 30, Lululemon's North America sales rose 11% as its affluent customer base picked up more of its workout gear and crossbody bags. Sales in China, which accounted for roughly 12% of overall revenue, increased 61% thanks to resilient demand following the easing of pandemic curbs. Lululemon said inventories increased 14% in the second quarter, below the roughly 20% growth forecast in June. The company's gross margins increased 230 basis points to 58.8% in the second quarter. It expects annual profit between $12.02 and $12.17 per share.

Persons: Andrew Kelly, Lululemon, Calvin McDonald, Rachel Wolff, Granth, Maju Samuel Organizations: REUTERS, North, Lululemon's, Nike, Thomson Locations: Manhattan , New York, U.S, Lululemon's North America, United States, China, Bengaluru

☆ Salesforce lifts annual forecast as business software demand stays strong
▼ + stars: | 2023-08-30 | by ( Zaheer Kachwala | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier Acquire Licensing RightsAug 30 (Reuters) - Salesforce (CRM.N) raised its annual revenue forecast on Wednesday and projected quarterly sales above estimates as it benefits from a recent price hike and resilient demand for its cloud and business software offerings in an uncertain economy. The company expects revenue to be between $8.70 billion and $8.72 billion in the third quarter, compared with estimates of $8.66 billion, according to Refinitiv data. Its quarterly earnings per share forecast was also above estimates. Salesforce also bumped up its annual revenue forecast to between $34.7 billion and $34.8 billion, from the $34.5 billion to $34.7 billion range given in May. In the second quarter, revenue came in at $8.60 billion, beating expectations of $8.53 billion.

Persons: Porte, Benoit Tessier, Salesforce, Slack, Einstein, Marc Benioff, Charlie Miner, Zaheer Kachwala, Maju Samuel Organizations: Viva Technology, Porte de, REUTERS, Google, Thomson Locations: Paris, France, Bengaluru

☆ Salesforce forecasts third-quarter revenue above estimates
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

A logo of Salesforce is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier Acquire Licensing RightsAug 30 (Reuters) - Salesforce (CRM.N) projected third-quarter revenue above Wall Street estimates on Wednesday as it benefits from a recent price hike and resilient demand for its cloud and business software offerings in an uncertain economy. The company said it expects revenue to be between $8.70 billion and $8.72 billion in the current quarter, compared with estimates of $8.66 billion, according to Refinitiv data. Salesforce has also tried to buttress demand by rolling out artificial intelligence offerings such as Tableau and Slack, after it invested billions of dollars over the past few years in developing such tools. Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Porte, Benoit Tessier, Salesforce, Zaheer Kachwala, Maju Samuel Organizations: Viva Technology, Porte de, REUTERS, Google, Thomson Locations: Paris, France, San Francisco, Bengaluru

☆ American Airlines flight attendants vote to authorize strike - union
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

An American Airlines Airbus A321 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake Acquire Licensing RightsAug 30 (Reuters) - American Airlines' (AAL.O) flight attendants voted to authorize a strike if the company refuses to agree to "reasonable" contract terms, the Association of Professional Flight Attendants (APFA) said on Wednesday. An overwhelming 99.47% of the flight attendants represented by the labor union voted to authorize a strike, according to APFA that covers more than 26,000 flight attendants at the carrier. "Flight attendants are fired up and ready for a contract. They (the company) ignore this strike vote at their peril," Julie Hedrick, national president of APFA, said in a statement.

Persons: Mike Blake, Julie Hedrick, APFA, Priyamvada, Maju Samuel Organizations: American Airlines Airbus, Los Angeles International, REUTERS, American Airlines, Association of Professional, United Airlines, Delta Air Lines, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ SentinelOne scraps Wiz partnership nearly a week after bid interest
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 30 (Reuters) - SentinelOne (S.N) said on Wednesday it had terminated a partnership with cybersecurity startup Wiz, citing "lack of execution". The termination comes less than a week after Wiz said it was considering a bid for SentinelOne, which offers artificial intelligence-backed cybersecurity products. SentinelOne, launched in Israel in 2013, also said the partnership has not been productive for its business. Wiz, founded in 2020 and backed by Sequoia Capital, Insight Partners and Blackstone, offers products to detect and respond to threats to cloud systems. Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Wiz, Zaheer Kachwala, Maju Samuel Organizations: SentinelOne Inc, New York Stock Exchange, REUTERS, SentinelOne, Sequoia Capital, Insight Partners, Blackstone, Thomson Locations: New York City, U.S, Israel, Bengaluru

☆ U.S. Steel confirms multiple acquisition proposals
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - U.S. Steel (X.N) has entered into confidentiality agreements with "numerous third parties" and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout, the company said in a letter to its stockholders on Tuesday. Cleveland-Cliffs (CLF.N), which has made a $7.3 billion cash-and-stock offer, last week demanded U.S. Steel to provide the company and the United Steel Workers (USW) union with information about all the proposals it has received so far as a part of its strategic review. Earlier this month, Esmark scraped its bid for U.S. Steel, leaving Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs. "While we don’t know how long the process will take, the board of directors, management team and outside advisers are moving quickly to complete it," U.S. Steel said in the letter. Reporting by Pratyush Thakur in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Esmark, Mittal, U.S . Steel, Pratyush Thakur, Maju Samuel Organizations: . Steel, U.S, Steel, United Steel Workers, U.S . Steel, Arcelor, U.S ., Thomson Locations: Cleveland, U.S, Bengaluru

☆ U.S. Steel starts due diligence after entering agreements with 'numerous third parties'
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The U.S. Steel Corporation facility entry gate is seen in Gary, Indiana, U.S., on October 15, 2018. Chairman David Sutherland and CEO David Burritt said in the letter that the company will start to share due diligence information. They also said the company's board and outside advisers will fully evaluate all options and make the review public to hear from any party that may have interest in the company. Earlier this month, Esmark scraped its bid for U.S. Steel, leaving Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs. "While we don’t know how long the process will take, the board of directors, management team and outside advisers are moving quickly to complete it," U.S. Steel said in the letter.

Persons: Rajesh Singh, David Sutherland, David Burritt, Esmark, Mittal, U.S . Steel, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel Corporation, REUTERS, . Steel, U.S, Steel, United Steel Workers, U.S . Steel, Arcelor, U.S ., Thomson Locations: Gary , Indiana, U.S, Cleveland, Bengaluru

☆ Republic First Bancorp in preliminary talks with shareholders to raise capital
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Companies Republic First Bancorp Inc FollowAug 29 (Reuters) - Republic First Bancorp (FRBK.PK) is in talks with a group led by activist investor George Norcross regarding an equity investment and a broader capital raise, according to a regulatory filing on Tuesday. Although discussions are still preliminary, Norcross expects that such a transaction could provide for the resolution of pending litigation involving the bank, he said in the filing. The company last week saw its shares getting delisted from the Nasdaq after it failed to file its annual report with the securities regulator for the fiscal year 2022. The company may apply to list on a major exchange after it files all delayed reports and meets other listing requirements. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: George Norcross, Norcross, Norcorss, Jaiveer Singh, Maju Samuel Organizations: Bancorp, First Bancorp, Nasdaq, Group, Thomson Locations: Philadelphia, Bengaluru

☆ OpenAI on track to generate more than $1 bln revenue over 12 months - The Information
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

OpenAI logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAug 29 (Reuters) - OpenAI is on track to generate more than $1 billion in revenue over the next 12 months from the sale of artificial intelligence software and computing capacity that powers it, the Information reported on Tuesday. Earlier, the ChatGPT maker projected $200 million in revenue for this year. The Microsoft-backed company is generating more than $80 million in revenue per month, compared to just $28 million in the entire last year, the report added. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, OpenAI, ChatGPT, Kanjyik Ghosh, Maju Samuel Organizations: REUTERS, Microsoft, Thomson Locations: Silicon Valley, Bengaluru

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