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☆ Canada's wireless giant Rogers misses quarterly revenue estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - Rogers Communications Inc (RCIb.TO), missed Wall Street estimates for first-quarter revenue on Wednesday, hit by slower growth in the Canadian telecom giant's wireless and media businesses. The company's total revenue rose to C$3.84 billion ($2.82 billion) in the first quarter ended March 31, compared with C$3.62 billion a year earlier. Analysts were expecting revenue of C$3.93 billion, according to Refinitiv data. ($1 = 1.3628 Canadian dollars)Reporting by Eva Mathews in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Fox announces new unit to house digital businesses
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Media company Fox Corp (FOXA.O) on Wednesday said it would house its standalone digital businesses under a new unit, Tubi Media Group, along with its news, sports and entertainment digital platforms. Fox's standalone digital businesses include free, ad-supported streaming platform Tubi, which Fox acquired in 2020; Tubi founder Farhad Massoudi will now step down as its chief executive officer. Paul Cheesbrough, who previously served as technology chief and president of Fox's digital unit, will become the CEO of the new division, the company said. On Monday, Fox News Media and its top-rated host Tucker Carlson agreed to part ways, less than a week after parent Fox settled a defamation lawsuit in which Carlson played a central role, for $787.5 million. Fox said Tubi Media Group will announce the new CEO for Tubi Streaming in the near future.

☆ In surprise move, Peru's president names four new ministers
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

LIMA, April 23 (Reuters) - Peru's President Dina Boluarte on Sunday swore in new ministers of justice, education, work and external trade in a surprise move in the South American nation that has endured intense political infighting for years. Boluarte assumed power in December when then-President Pedro Castillo illegally tried to dissolve Congress and reorganize the judiciary. Protests against Boluarte taking power became violent and 50 people were killed. Boluarte swore in Daniel Maurate as minister of justice, Antonio Varela as minister of work, Magned Marquez as minister of education and Juan Carlos Mathews as minister of external trade. Reporting by Marco Aquino; Editing by Lisa Shumaker and Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

☆ Landlords pumped billions into apartment buildings during the pandemic. That bet could now go horribly wrong.
▼ + stars: | 2023-04-16 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

Big money investors pumped billions into buying up apartment buildings in the pandemic era. But fault lines have emerged for investors who paid top dollar for assets that depended on substantial rent increases and persistent low interest rates to achieve profitability. In those years, investors purchased $355.5 billion and $299.2 billion worth of apartment buildings, according to MSCI — unprecedented sums that far surpassed the previous $194 billion record of multifamily sales in 2019. "It's early, but it's going to become a bigger story, especially if interest rates stay high and lending standards are tight," said Alan Todd, the head of commercial-mortgage-backed-securities strategy at BofA Global Research. As these short-term debts come due, they will be difficult to swap with commensurately sized loans today, because of the falling values, higher interest rates, and lender caution.

☆ Landlords who bought thousands of apartments are facing a reckoning
▼ + stars: | 2023-04-11 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +9 min

Investors showed outsize interest in apartment buildings during the pandemic. Rents and occupancy rates were rising, interest rates remained relatively low, and rental-property prices were climbing with no sign of letting up during a surge in housing demand. Laguna Point did not respond to a request for comment. Marc McDevitt, a senior managing director at Cred iQ, said it was possible Laguna Point had lost some, or even all, of its investment in the deal. While offices have been going through a paradigmatic shift as more workers do their jobs remotely, apartment buildings have experienced robust demand from tenants.

☆ NBA roundup: Warriors hang 157 on Blazers, glide into playoffs
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +12 min

Shaedon Sharpe added 18 points to go with a team-high seven rebounds, while Jeenathan Williams had 17 points for Portland. New Orleans' Brandon Ingram had 42 points and 12 rebounds, CJ McCollum scored 23 points and Trey Murphy III had 20. Lindell Wigginton scored 17 points and Bobby Portis had 16 for the Bucks. Jaden Hardy led all scorers with 25 points, with Theo Pinson forging a triple-double (23 points, 13 rebounds, 12 assists) for the Mavericks. De'Aaron Fox, who scored 13 points, played less than 18 minutes.

☆ PDD Holdings names Jiazhen Zhao co-CEO
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - PDD Holdings Inc (PDD.O), which owns discount e-commerce platforms Pinduoduo and Temu, on Tuesday named Jiazhen Zhao as co-chief executive officer of the company, effective immediately. Zhao, who is one of the founding members of PDD and has served as senior vice president since 2018, joins CEO Chen Lei to steer the company as it grapples with tepid consumer demand as China's post-reopening recovery remains patchy. "In the future, Jiazhen will concentrate more on supply chain management and China operations, while my focus will be more on globalization efforts," Lei said in a statement. Zhao was behind PDD's Duo Duo Grocery business and led the operations of some product categories in the Pinduoduo platform, including agriculture. Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla shares slip as margin worries overshadow record deliveries
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - Tesla Inc (TSLA.O) shares fell 5% on Monday, dragged down by growing worries about the electric-vehicle maker's profit margins after aggressive price cuts led to only a modest increase in quarterly deliveries. After slashing prices on its vehicles by as much as 20% in January, Tesla posted record deliveries of 422,875 vehicles in the first quarter but they were up just 4% on the prior quarter. Bernstein analysts said Tesla "will need to further lower prices this year and/or next year to achieve its volume targets, incrementally pressuring margins." "We maintain that price cuts have and will undermine industry profitability (including Tesla's), but that incumbents are deep pocketed and not likely to back down," they added. Tesla shares were trading at $197, having gained 9% last week in the run-up to the deliveries report.

☆ Biden Administration to Move Forward With Changes to Medicare Payments
▼ + stars: | 2023-04-01 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

The new plan will eliminate or trim the payments associated with some health conditions. The Biden administration will move ahead with changes that could reduce federal payments to many private Medicare plans, but will phase them in more slowly than it had planned under an earlier proposal that drew huge pushback from the industry. The final payment policy for the private Medicare plans, known as Medicare Advantage, was released Friday and will take effect next year. The rollout of the changes, which will now take place over three years rather than one, means that the effect in 2024 will be substantially less than under the earlier proposal.

The deal was opposed by consumer advocates and politicians on worries it could lead to higher prices due to an overlap between Rogers and Shaw's wireless divisions. Rogers reaffirmed its conditions, including setting up a western headquarters in Calgary, creating 3,000 new jobs in Western Canada and investing C$6.5 billion to upgrade connectivity. If it breaches the commitments, Rogers (RCIb.TO) will have to pay a fine of as much as C$1 billion, Champagne said at a news conference in Ottawa. Champagne said if wireless prices do not go lower, he would seek further legislative and regulatory powers. Rosa Addario, a spokesperson for internet advocacy group OpenMedia, said the concessions sought by the government were unlikely to result in lower prices.

☆ Factbox: Canada clears Rogers-Shaw deal but with conditions
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Canada on Friday granted the final approval for Rogers Communications Inc's (RCIb.TO) C$20 billion ($15 billion) buyout of Shaw Communications Inc (SJRb.TO), clearing the deal that will create the country's No. 2 telecoms company. Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw's Freedom Mobile unit to Quebecor Inc's (QBRb.TO) Videotron under some conditions. CONDITIONS ACCEPTED BY ROGERS* Will have to create 3,000 new jobs in Western Canada and maintain them for a minimum of 10 years after the closing date* Invest at least C$2.5 billion to enhance its 5G network in Western Canada, and C$3 billion in additional network service expansion projects* Expand access to low-cost broadband internet plans and launch a new low-cost mobile offering for low-income Canadians* Invest C$1 billion to expand broadband internet access, at speeds of at least 50/10 megabits per second, and 5G mobile service in areas where it is not currently available* Establish a western headquarters in Calgary and maintain it for a minimum of 10 years after the closing date* To report to Innovation, Science and Economic Department and to the public every year on specific progress it has made towards commitments in the agreement* Will have to offer wireless plans to Shaw Mobile customers at Shaw's current prices for 5 years after deal close* To pay C$100 million for every year in which any "material element" of any commitment is not metCONDITIONS ACCEPTED BY VIDEOTRON* Will need to offer plans that are comparable to those currently available in Quebec, and offer options at least 20% cheaper than that of major players* Cannot transfer Freedom Mobile licenses for 10 years* Will have to expand its 5G wireless network in Freedom Mobile's pre-existing operating territory within 2 years* Will increase data allotments of existing Freedom Mobile customers by 10% as a near-term bonus, while investing to bring down prices overall* Will expand mobile service into the Canadian province of Manitoba via the use of a signed Mobile Virtual Network Operator (MVNO) agreement and offer plans comparable to what it offers in Quebec* To pay C$25 million for every year in which any "material element" of any commitment is not metCompiled by Eva Mathews in Bengaluru; Edited by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Manchester United back in the black ahead of potential sale
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Manchester United (MANU.N) swung to a second-quarter net profit on the back of higher commercial revenue and lower wages, the club said on Thursday. Net profit came in at 6.3 million pounds ($7.78 million) in the three months to Dec. 31, against a 1.4 million pound loss a year earlier. United said ticket sales for the current 2022/23 season have surpassed the record set in 2016/17, hitting a cumulative 2.3 million tickets sold. Prices for adult season ticket renewals have been increased by about 5% for next season, the club said. Short-term borrowing at the end of last year jumped 95% to 206.2 million pounds, the club said.

☆ Dreaded Medical Paperwork Required by Health Insurers to Be Trimmed
▼ + stars: | 2023-03-29 | by ( Anna Wilde Mathews | Stephanie Armour | ) www.wsj.com time to read: 1 min

UnitedHealthcare said it would cut its use of the prior authorization process. The paperwork required by health insurers to get many medical procedures or tests—one of the biggest gripes of doctors and patients—is getting rolled back. UnitedHealth Group Inc.’s UnitedHealthcare, the largest health insurer in the U.S., said it would cut its use of the prior authorization process. Starting in the third quarter, it will remove many procedures and medical devices from its list requiring the signoff.

☆ Apple to host annual developers' conference from June 5
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Apple Inc (AAPL.O) said on Wednesday it will host its annual developers' conference from June 5 to June 9, where the iPhone maker is expected to unveil its latest software updates. Analysts will also look for hints from Apple about the much-anticipated mixed-reality headset that can overlay digital objects on a view of the real world. For new devices, the company sometimes gives developers a heads-up so they can start working on apps. Prior to 2020, Apple hosted the Worldwide Developers Conference (WWDC) in San Jose, California, with thousands of developers and Apple employees in attendance. The company said it will host developers and students at Apple's headquarters in Cupertino, California on June 5 to watch the keynote and State of the Union videos along with the online attendees.

☆ Former Aetna CEO to Take Helm of Health Insurer Oscar
▼ + stars: | 2023-03-28 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

Mark Bertolini said he would initially focus on ensuring Oscar meets its goal of having profitable insurance business this year. Mark Bertolini , former chief executive of health insurance giant Aetna Inc. and hedge fund Bridgewater Associates, will take the helm of Oscar Health Inc. as it seeks to turn a profit and carve out a role as a technology supplier in the healthcare industry. Mr. Bertolini, 66 years old, will take the post effective next Monday, the company said. He will succeed Mario Schlosser , 44, who co-founded Oscar in 2012 with Joshua Kushner and will take the new title of president of technology, reporting to Mr. Bertolini.

☆ Microsoft introduces AI-powered cybersecurity assistant
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

March 28 (Reuters) - Microsoft Corp (MSFT.O) on Tuesday launched a tool to help cybersecurity professionals identify breaches, threat signals and better analyze data, using OpenAI's latest GPT-4 generative artificial intelligence model. The tool, named 'Security Copilot', is a simple prompt box that will help security analysts with tasks like summarizing incidents, analyzing vulnerabilities and sharing information with co-workers on a pinboard. The assistant will use Microsoft's security-specific model, which the company described as "a growing set of security-specific skills" that is fed with more than 65 trillion signals every day. The launch comes amid a flurry of announcements from Microsoft to integrate the AI into its most popular offerings. Reporting by Eva Mathews in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Blackbaud rejects $71/shr offer from stakeholder Clearlake
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Blackbaud Inc (BLKB.O) on Monday rejected a buyout offer from its largest shareholder Clearlake Capital that valued the software firm at $3.78 billion. Clearlake made an offer of $71 per share in cash, a premium of nearly 23% to Blackbaud's Friday close. Blackbaud provides donor management software for non-profit organizations, foundations and corporations. The private equity firm has been snapping up software firms as remote and hybrid working trends fueled demand for cloud services. It bought management software provider Cornerstone OnDemand and Quest Software in 2021.

☆ Microsoft launches image-creation tool on Bing powered by OpenAI's tech
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - Microsoft Corp (MSFT.O) on Tuesday rolled out an image-creation feature for search engine Bing and browser Edge that will use the technology behind OpenAI's DALL-E to create pictures based on text prompts. The tool, named 'Bing Image Creator', will be available to users of the latest AI-powered version of Bing and Edge preview. Bing Image Creator will be integrated into Bing chat, rolling out initially in Creative mode starting Tuesday for users on desktop and mobile, Microsoft said in a blog post. At the center are Microsoft and Alphabet Inc's (GOOGL.O) Google, touting AI features for their most popular products from spreadsheet software Excel to Gmail. The software giant also launched new features - Visual Stories and Knowledge Cards 2.0 - for Bing users.

☆ 'I'm back:' Trump returns to YouTube and Facebook after two-year ban
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +3 min

The posts on his Facebook page and YouTube channel, which were titled "I'M BACK!," show a CNN video announcing Trump's election as president in the 2016 race against Hillary Clinton. Meta Platforms Inc (META.O) had reinstated Trump's Facebook and Instagram accounts earlier this year. His Twitter account was reinstated in November by the platform's new owner Elon Musk but Trump has yet to post on Twitter. Trump's campaign team did not immediately respond to a request for comment. YouTube banned Trump in 2021 for violating its policy of inciting violence after his supporters stormed the U.S. Capitol as Congress was certifying Joe Biden's victory in the 2020 presidential election.

☆ French minister to raise protection of minors with Pornhub's new owners
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

PARIS, March 17 (Reuters) - A French government minister will meet the new owners of the pornography website Pornhub to ensure minors are protected and that the site does not break any laws, he said on his Twitter account on Friday. Earlier this week, Canadian private equity firm Ethical Capital Partners said it had bought MindGeek, which has faced complaints over Pornhub's content. MindGeek said it would work with Ethical Capital Partners (ECP) on matters of trust and safety with regulators. "We have spoken with the partners at ECP. Reporting by Sudip Kar-Gupta and Eva Mathews; Editing by Barbara Lewis and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ BuzzFeed transfers most of its cash out of crisis-hit SVB
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - BuzzFeed Inc (BZFD.O) said on Thursday it had moved most of its cash from Silicon Valley Bank (SIVB.O) to other financial institutions, days after the digital media firm's stock slumped on news of its exposure to the troubled bank. Its shares have lost roughly 11% since the company said on Monday that most of its $56 million in cash and cash equivalents was held at the bank whose collapse sent shockwaves through the global financial system. The company's decision to move its money comes despite the U.S. Federal Deposit Insurance Corporation (FDIC) having guaranteed all depositors of SVB access to their money. BuzzFeed said it did not expect any disruption to its ongoing operations. Reporting by Eva Mathews in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Twitch CEO Emmett Shear to step down, president Clancy to take over
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Amazon.com Inc-owned (AMZN.O) Twitch's Chief Executive Officer Emmett Shear said on Thursday he will resign from the role after over 16 years at the live video streaming company. Twitch's president, Dan Clancy, who has been at the company since 2019 will take on the role of CEO effective immediately, Shear said in a blog post, adding that he will remain on as an advisor. "In October 2006 we started working on live video for the internet. More than 16 years later, I'm now a father and ready to move to my next phase of life," Shear tweeted. Shear co-founded live streaming platform Justin.tv which became Twitch in 2011 and quickly gained traction in the gaming community.

☆ Pornhub owner MindGeek sold to Canada's Ethical Capital
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - Canadian private equity firm Ethical Capital Partners (ECP) on Thursday said it had acquired Pornhub owner MindGeek, which has been mired in controversy over recent years. The financial terms of the deal were not disclosed. Luxembourg-based MindGeek has been a centerpiece in the adult entertainment industry since the advent of video streaming, but concerns over the company's business model triggered the departure of its top management last year. Pornhub, MindGeek's flagship site, was also cut off by Visa and Mastercard's payment networks in 2020 following investigations that identified unlawful content on the platform. Reporting by Eva Mathews in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FTC asks social media, video streaming firms info on misleading ads
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

March 16 (Reuters) - The U.S. Federal Trade Commission (FTC) on Thursday issued orders to eight social media and video streaming firms including Meta Platforms Inc (META.O), Twitter, TikTok and YouTube seeking information on how the platforms screen for misleading advertisements. The companies did not immediately respond to Reuters' requests for comment. "Social media has been a gold mine for scammers who tout sham products and other scams that have cost consumers enormously in recent years," said Samuel Levine, director of the FTC's consumer protection bureau. "This study will help the FTC ensure that social media and video streaming companies are doing everything they can to keep scammers and deceptive ads off their platforms." read moreReporting by Eva Mathews in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit furloughs almost all employees, pauses ops for a week - CNBC
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) is furloughing nearly all its employees and pausing operations for a week as it looks for funding, CNBC reported on Wednesday, citing people familiar with the matter. The satellite launch firm's executives briefed employees on the situation in an all-hands meeting earlier in the day and told them that the company aimed to provide an update on the furlough and funding situation by next week, according to the report. Virgin Orbit did not immediately respond to a Reuters request for comment. Shares of the company dropped 8.9% to 92 cents in extended trading. Reporting by Eva Mathews in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

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